Why Aramark (NYSE:ARMK) Looks Like A Quality Company
Why Aramark (NYSE:ARMK) Looks Like A Quality Company
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. To keep the lesson grounded in practicality, we'll use ROE to better understand Aramark (NYSE:ARMK).
雖然一些投資者已經熟知財務指標（波浪帽），但本文是爲那些想了解淨資產收益率（ROE）及其重要性的人而撰寫。爲了讓課堂務實，我們將使用ROE更好地了解Aramark（紐交所：ARMK）。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe，即淨資產收益率，是一種評估公司如何有效地從股東手中獲取投資回報的有用工具。換句話說，它是一種盈利能力比率，衡量公司股東提供的資本的回報率。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算：
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 Aramark is:
因此，根據上述公式，Aramark的ROE爲：
24% = US$703m ÷ US$2.9b (Based on the trailing twelve months to March 2024).
24% = 美元703m ÷ 美元2.9b（截至2024年3月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.24 in profit.
“回報”是每年的利潤。這意味着公司每1美元股東權益產生0.24美元的利潤。
Does Aramark Have A Good ROE?
Aramark的ROE好嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As you can see in the graphic below, Aramark has a higher ROE than the average (18%) in the Hospitality industry.
判斷一家公司的淨資產收益率是否好的一種簡單方法是將其與所在行業的平均值進行比較。但要注意，公司在同一行業分類內的差異很大，因此這並不是一項完美的指標。正如下圖所示，Aramark的ROE高於酒店業的平均水平（18%）。
That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. Our risks dashboardshould have the 3 risks we have identified for Aramark.
這正是我們希望看到的。話雖如此，高淨資產收益率並不總是表明高盈利能力。除了淨利潤的變化外，高淨資產收益率還可能是相對於股權的高負債的結果，這表明存在風險。我們的風險儀表板應有我們爲Aramark確定的3個風險。
How Does Debt Impact ROE?
債務對ROE的影響是怎樣的？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, 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 used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
大多數公司需要錢 - 從某個地方來獲取利潤。這份現金可以來自發行股票、留存收益或債務。在第一和第二個選項的情況下，淨資產收益率將反映出這種用於增長的現金使用情況。在後一種情況下，用於增長的債務將提高回報，但不會影響總股本。這將使ROE的表現比未使用債務要好。
Combining Aramark's Debt And Its 24% Return On Equity
結合Aramark的債務和24%的淨資產收益率
Aramark clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.03. There's no doubt the ROE is impressive, but it's worth keeping in mind that the metric could have been lower if the company were to reduce its debt. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Aramark顯然使用大量債務來提高回報率，因爲它的債務與股本比率爲2.03。毫無疑問，ROE令人印象深刻，但值得記住的是，如果該公司減少債務，這一指標可能會降低。債務增加了風險並減少了公司未來的選擇，因此您通常希望從中獲得一些良好的回報。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股東權益回報率對比不同企業的質量很有用。沒有太多債務就能取得高股東權益回報率的公司通常質量較好。如果兩家公司的債權與股權大致相同，而一家公司的股東權益回報率較高，則我通常會更喜歡具有較高股東權益回報率的公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So I think it may be worth checking this free report on analyst forecasts for the company.
但ROE只是更大難題中的一部分，因爲高質量的企業通常在高收益的倍數上進行交易。利潤增長率與股票價格所體現的預期相比是特別重要的因素。因此，我認爲檢查此公司分析師預測的免費報告可能是值得的。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然，您也可能通過尋找其他地方來找到出色的投資。因此，不妨查看這個有趣公司的免費列表。
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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
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譯文內容由第三人軟體翻譯。