Is XPO, Inc.'s (NYSE:XPO) 18% ROE Better Than Average?
Is XPO, Inc.'s (NYSE:XPO) 18% ROE Better Than Average?
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 XPO, Inc. (NYSE:XPO).
雖然有些投資者已經精通財務指標（表示敬意），但本文是爲那些想要了解股東權益回報率(roe)以及其重要性的人而編寫的。爲了讓課程更加實用，我們將使用roe更好地了解XPO，Inc（NYSE:XPO）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率（ROE）是衡量公司增值和管理投資者資金有效性的測試。換句話說，它是一種盈利能力比率，用於衡量公司股東提供的資金回報率。
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 XPO is:
因此，基於上述公式，XPO的ROE爲:
18% = US$242m ÷ US$1.3b (Based on the trailing twelve months to March 2024).
18％= US$242m ÷ US$1.3b（截至2024年3月的過去12個月）。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.18 in profit.
“回報”是指企業在過去一年中獲得的收入。這意味着對於每1美元的股東權益，公司可以創造0.18美元的利潤。
Does XPO Have A Good ROE?
XPO的ROE是否好？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, XPO has a better ROE than the average (11%) in the Transportation industry.
可以說，評估公司roe的最簡單方法是將其與所在行業的平均值進行比較。重要的是，這遠非是一個完美的衡量標準，因爲同一行業分類內的公司存在顯著差異。如下圖所示，XPO的roe比運輸行業的平均值（11%）更好。
That is a good sign. 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 2 risks we have identified for XPO.
這是一個好跡象。話雖如此，高ROE並不總是意味着高盈利能力。除了淨收入的變化外，高ROE也可能是由於債務相對於股本的高風險結果。我們的風險儀表板應包括我們爲XPO確定的兩個風險。
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？
Most companies need money -- from somewhere -- to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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.
大多數公司需要資金-從某個地方-來增加利潤。投資的資金可以來自往年的利潤（保留收益），發行新股或借款。在前兩種選擇的情況下，roe將反映出這種用於增長的現金。在後一種情況下，用於增長的債務將改善回報，但不會影響股權總額。這將使roe看起來比沒有使用債務時要好。
XPO's Debt And Its 18% ROE
XPO的債務和其18%的roe
It's worth noting the high use of debt by XPO, leading to its debt to equity ratio of 2.38. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是，XPO高額使用債務，導致其債務股本比率爲2.38。毫無疑問，它的roe不錯，但公司所承擔的極高債務不是太令人興奮。債務確實帶來額外風險，因此僅當公司從中獲得一些不錯的回報時才真正值得。
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 around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
對於比較不同業務質量的公司，ROE很有用。在我們的書中，最高質量的公司具有高ROE，儘管其債務較低。如果兩家公司的債務與股本比例大致相同，並且其中一家公司的ROE更高，我通常更喜歡ROE更高的那家公司。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst forecasts for the company.
話雖如此，雖然ROE是業務質量的有用指標，但您必須查看一系列因素來確定購買股票的正確價格。考慮到利潤增長率與股票價格中反映的預期相比，這是要考慮的非常重要的因素。因此，您可能需要查看該公司的其他分析師預測的免費可視化。
Of course XPO 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.
當然，XPO可能不是最好的股票。因此，您可能希望查看此高ROE並低債務的其他公司的免費收藏。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。