Should You Be Impressed By United Rentals, Inc.'s (NYSE:URI) ROE?
Should You Be Impressed By United Rentals, Inc.'s (NYSE:URI) ROE?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. We'll use ROE to examine United Rentals, Inc. (NYSE:URI), by way of a worked example.
我們所能做的最佳投資之一就是提升自己的知識和技能。因此，本文將通過ROE（淨資產收益率）的分析，講述如何更好地了解業務。我們通過聯合租賃公司（NYSE:URI）作爲案例來使用ROE進行分析。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股東必須考慮股本回報率或ROE，因爲它告訴他們公司如何有效地重新投資他們的資本。 簡而言之，ROE顯示每美元股東投資所產生的利潤。
How Do You Calculate Return On Equity?
怎樣計算ROE?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
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 United Rentals is:
因此，根據上述公式，聯合租賃的ROE爲：
31% = US$2.5b ÷ US$8.1b (Based on the trailing twelve months to March 2024).
31% = 25億美元÷81億美元（基於截至2024年3月的過去12個月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.31 in profit.
“回報”指的是年利潤。也就是說，每1美元的股東權益，公司就可以產生0.31美元的利潤。
Does United Rentals Have A Good Return On Equity?
聯合租賃公司ROE表現如何？
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. Pleasingly, United Rentals has a superior ROE than the average (17%) in the Trade Distributors industry.
判斷一家公司的回報是否良好的一個簡單方法是將其與同行業平均水平進行比較。但值得提醒的是，由於同一行業分類內部公司之間存在很大差異，因此這種方法並不十分準確。令人高興的是，聯合租賃的ROE比經銷商行業平均水平（17%）要高。
That's what we like to see. Bear in mind, a high ROE doesn't always mean superior financial performance. 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 2 risks we have identified for United Rentals.
這正是我們所期望的。請注意，高ROE並不總是意味着卓越的財務表現。除了淨利潤的變化外，高比例的債務相對於股本也會導致高ROE，這表明了風險。我們的風險儀表板應包括我們爲聯合租賃確定的兩個風險。
How Does Debt Impact Return On Equity?
債務如何影響股東回報率？
Virtually all companies need money to invest in the business, to grow profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
幾乎所有公司都需要資金來投資業務以增加利潤。這筆資金可以來自留存收益、發行新股票（股權）或債務。在前兩種情況下，ROE將反映這些用於投資業務的資金的使用情況。在後一種情況下，債務的使用將提高回報，但不會改變股本。通過這種方式，儘管企業的核心經濟狀況保持不變，但債務的使用將提高ROE。
United Rentals' Debt And Its 31% ROE
聯合租賃公司的ROE爲31%，而且它使用了大量的債務來提高回報，其債務股本比爲1.50。儘管ROE令人印象深刻，但如果不使用債務，ROE可能會更低。投資者應仔細考慮一家公司如果無法輕鬆借貸而導致其未來業績下降的情況，因爲信貸市場隨着時間的變化也會有所不同。
United Rentals clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.50. 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.
淨資產收益率有助於比較不同企業的質量。在我們看來，最優秀的公司擁有高的ROE，但債務較少。如果兩家公司的ROE相同，則通常會選擇負債較少的那一家。
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 useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
當然，聯合租賃公司可能並不是最佳的買入股票。因此，您可能也希望查看這個包含其他高ROE低負債的公司的免費系列。
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。
Of course United Rentals may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
所有板塊都是有價值的。能夠判斷是否應該買入或賣出一個板塊是一種技能，因此您應該學會使用價值評估方法。但最終的決策只能由您做出。我們提供的分析應該能夠爲您提供更好的判斷基礎。
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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。