Can Entergy Corporation's (NYSE:ETR) ROE Continue To Surpass The Industry Average?
Can Entergy Corporation's (NYSE:ETR) ROE Continue To Surpass The Industry Average?
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 Entergy Corporation (NYSE:ETR), by way of a worked example.
我們最好的投資之一就是提升自己的知識和技能水平。有了這個想法，本文將通過使用股東權益回報率（ROE）來更好地理解一個業務。我們將以實例的方式使用ROE來檢視安特吉公司（NYSE:ETR）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率或roe是評估公司管理層如何有效利用公司資本的關鍵指標。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?
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 Entergy is:
因此，基於上述公式，安特吉的ROE爲:
14% = US$2.1b ÷ US$15b (Based on the trailing twelve months to March 2024).
14％ = 21億美元 ÷ 150億美元（基於截至2024年3月的過去12個月）。
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.14.
“回報”是業務在過去一年內獲得的收入。這意味着，對於其股東的每1美元投資，該公司就能產生0.14美元的利潤。
Does Entergy Have A Good Return On Equity?
安特吉是否擁有良好的股東權益回報率？
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 is clear from the image below, Entergy has a better ROE than the average (8.9%) in the Electric Utilities industry.
通過將公司的ROE與其行業平均水平進行比較，我們可以快速衡量其水平。這種方法的侷限性在於，即使在同一個行業分類中，有些公司也是相當不同的。如下圖所示，很明顯，安特吉的ROE優於電力公用事業行業的平均水平（8.9％）。
That is a good sign. Bear in mind, a high ROE doesn't always mean superior financial performance. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. Our risks dashboardshould have the 2 risks we have identified for Entergy.
這是一個好跡象。請注意，高ROE並不總是意味着優越的財務表現。特別是當公司使用高比例的債務來融資其債務時，這可能會提高其ROE，但高槓杆會使公司面臨風險。我們的風險儀表板上應該有我們爲安特吉確定的2個風險。
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？
Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
公司通常需要投資資金來增加利潤。這些投資資金可以來自於前年的盈利（留存收益），發行新股或借款。在前兩種情況下，ROE將捕捉到這種使用資本進行增長的情況。在後一種情況下，用於增長的債務將改善收益，但不會影響總資產淨值。通過這種方式，債務的使用將提高ROE，即使業務的基本經濟學仍保持不變。
Entergy's Debt And Its 14% ROE
安特吉的債務和14％的ROE
It's worth noting the high use of debt by Entergy, leading to its debt to equity ratio of 1.92. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
值得注意的是，安特吉使用了大量債務，導致其債務股本比爲1.92。雖然其ROE很不錯，但值得記住的是，公司可以使用的債務通常有限。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。
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. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
ROE是評估企業生成利潤並將其返還給股東的能力的有用指標。能夠在不過多借款的情況下實現高回報的公司通常質量較好。其他條件相等的情況下，ROE越高越好。
But when a business is high quality, the market often bids it up to a price that reflects this. 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 I think it may be worth checking this free report on analyst forecasts for the company.
但是，當企業質量高時，市場往往會抬高其價格以反映這一點。必須考慮收益增長的可能速度，相對於當前價格中反映的收益增長預期。因此，我認爲可以值得查看有關該公司分析師預測的免費報告。
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.
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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。