Is Polaris Inc.'s (NYSE:PII) ROE Of 28% Impressive?
Is Polaris Inc.'s (NYSE:PII) ROE Of 28% Impressive?
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 Polaris Inc. (NYSE:PII).
許多投資者仍在學習各種可以用於股票分析的有用指標。本文是爲那些想要學習股本回報率（ROE）的人而撰寫的。通過學以致用的方式，我們將着眼於ROE以更好地了解Polaris公司（紐交所：PII）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE，即淨資產收益率，測試一家公司有效增加價值和管理股東資金的能力。換句話說，它揭示了公司將股東投資轉化爲利潤的成功程度。
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 Polaris is:
因此，根據以上公式，Polaris公司的ROE爲：
28% = US$393m ÷ US$1.4b (Based on the trailing twelve months to March 2024).
28% = 3.93億美元 ÷ 14億美元（基於過去12個月截至2024年3月）。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.28 in profit.
“回報”是業務在過去一年中賺取的收入。一個理解這個概念的方式是，對於每1美元的股東資本，公司可以賺取0.28美元的利潤。
Does Polaris Have A Good ROE?
Polaris公司的ROE好嗎？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. 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, Polaris has a higher ROE than the average (15%) in the Leisure industry.
可以說，評估一家公司的ROE最簡單的方法是將其與同行業平均水平進行比較。這種方法的限制在於，即使在同一行業中，有些公司也非常不同。正如您在下面的圖表中所看到的，Polaris在休閒行業中的ROE高於平均水平（15%）。
That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. 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 Polaris.
這正是我們所希望看到的。儘管如此，高ROE並不總是表明高盈利能力，特別是當公司使用高槓杆來融資其債務時，可能會提高其ROE，但高槓杆風險也會讓公司處於風險之中。我們的風險儀表板應該列出了我們爲Polaris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？
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 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.
幾乎所有公司都需要資金來投資業務，以增加利潤。這筆資金可以來自保留利潤、發行新股（股本）或債務。在第一和第二種選擇的情況下，ROE將反映這種用於增長的現金使用。在後一種情況下，用於增長的債務將提高回報，但不會影響股東權益。因此，使用債務可以提高ROE，儘管在像是喻意的風暴天氣的情況下，伴隨額外風險。
Polaris' Debt And Its 28% ROE
Polaris的債務和其28%的ROE
Polaris clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.49. 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. 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.
顯然，Polaris使用大量債務來提高回報，因爲其債務股本比爲1.49。毫無疑問，ROE令人印象深刻，但值得記住的是，如果公司減少其債務，該指標可能會更低。投資者應仔細考慮如果公司不能輕易借款而表現如何，因爲信貸市場隨着時間的推移而發生變化。
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 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 the same ROE, then I would generally prefer the one with less debt.
股本回報率有助於比較不同企業的質量。能夠在不太多債務的情況下實現高roe的公司通常都是高質量的。如果兩家公司的roe相同，則我通常更喜歡那家負債較少的公司。
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 you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是當一家企業質量較高時，市場往往會將其競價高於反映在當前價格中的利潤增長預期的價格。此外，還必須考慮利潤增長速度相對於市場預期中的利潤增長反映的速度。因此，您可能需要查看該公司的數據豐富的交互式預測圖表。
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
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。