Can Target Corporation (NYSE:TGT) Maintain Its Strong Returns?
Can Target Corporation (NYSE:TGT) Maintain Its Strong Returns?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). By way of learning-by-doing, we'll look at ROE to gain a better understanding of Target Corporation (NYSE:TGT).
許多投資者仍在學習有用於分析股票的各種指標。本文面向那些想要了解毛利率（ROE）的人。通過學習實踐，我們將查看ROE，以更好地了解塔吉特公司（NYSE：TGT）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或roe是一項關鍵指標，用於評估公司管理層使用公司資本的效率。換句話說，它揭示了公司將股東的投資轉化爲利潤的成功。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
The formula for return on equity is:
權益回報率的計算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for Target is:
因此，根據上述公式，塔吉特的ROE爲：
30% = US$4.1b ÷ US$14b (Based on the trailing twelve months to May 2024).
30％= US $ 4.1b÷ US $ 14b（基於截至2024年5月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.30.
“回報”是過去十二個月的稅後收益。這意味着，對於股東的每1美元投資，公司可實現0.30美元的利潤。
Does Target Have A Good Return On Equity?
塔吉特股票的ROE良好嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, Target has a higher ROE than the average (12%) in the Consumer Retailing industry.
通過將公司ROE與行業平均水平進行比較，我們可以快速衡量公司的表現。這種方法的侷限性在於，即使在同一行業分類中，一些公司也與其他公司非常不同。如下圖所示，塔吉特在消費零售行業中的ROE高於平均水平（12％）。
That is a good sign. Bear in mind, a high ROE doesn't always mean superior financial performance. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . To know the 2 risks we have identified for Target visit our risks dashboard for free.
這是一個很好的信號。請記住，高ROE並不總是意味着優越的財務表現。公司資本結構中更高比例的債務也可能導致高ROE，高債務水平可能帶來巨大的風險。要了解我們已爲Target確定的2個風險，請免費訪問我們的風險儀表板。
Why You Should Consider Debt When Looking At ROE
爲什麼在觀察ROE時你應該考慮債務問題？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多數公司需要資金來增加利潤。這些現金可以來自保留的收益、發行新股（股權）或債務。在前兩種情況下，ROE將反映這種用於增長的現金利用情況。在後一種情況下，爲了增長所需的債務將提高回報，但不會影響股東權益。因此，債務的使用可以提高ROE，儘管在比喻意義上的惡劣天氣下存在額外的風險。
Target's Debt And Its 30% ROE
塔吉特公司的債務及其30％的ROE
Target clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.17. Its ROE is pretty impressive but, it would have probably been lower without the use of debt. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
塔吉特顯然使用了大量債務來提高回報，因爲其負債與權益比率爲1.17。它的ROE相當驚人，但如果沒有使用債務，它可能會更低。投資者應仔細考慮公司在不能輕易借貸的情況下的表現，因爲信貸市場隨着時間的變化而變化。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have the same ROE, then I would generally prefer the one with less debt.
企業獲得利潤並將其返還給股東的能力是企業能否賺錢的有用指標。如果一家公司可以在沒有債務的情況下實現較高的roe，那麼它可以被認爲是一家高質量的企業。如果兩家公司的roe相同，那麼我通常更喜歡負債較少的那一家公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to check this FREE visualization of analyst forecasts for the company.
但是ROE只是更大難題中的一部分，因爲高質量的業務往往交易於高倍數的收益中。必須考慮盈利增長相對於反映在當前價格中的盈利增長預期的速度。因此，您可能需要查看此公司分析師預測的免費可視化工具。
But note: Target may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但需要注意的是：塔吉特可能不是最佳的股票購買選擇。因此，請查看此免費高ROE、低債務有趣公司的列表。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。