Should We Be Cautious About DXC Technology Company's (NYSE:DXC) ROE Of 2.8%?
Should We Be Cautious About DXC Technology Company's (NYSE:DXC) ROE Of 2.8%?
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). To keep the lesson grounded in practicality, we'll use ROE to better understand DXC Technology Company (NYSE:DXC).
許多投資者仍在學習分析股票時可用的各種指標。本文是給那些想了解股權回報率（ROE）的人的。爲了讓課程更加貼近實際情況，我們將使用ROE來更好地了解DXC Technology Company（NYSE：DXC）。
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 DXC Technology is:
因此，根據上述公式，DXC Technology的ROE爲：
2.8% = US$86m ÷ US$3.1b (Based on the trailing twelve months to March 2024).
2.8％= US $ 86m ÷ US $ 3.1b（基於截至2024年3月的過去十二個月）。
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 $0.03 in profit.
“回報”是企業在過去一年中所獲得的收入。這意味着對於每1美元的股東權益，該公司創造了0.03美元的利潤。
Does DXC Technology Have A Good Return On Equity?
DXC Technology的股權回報率如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. If you look at the image below, you can see DXC Technology has a lower ROE than the average (12%) in the IT industry classification.
通過將公司的ROE與其行業平均值進行比較，我們可以快速衡量其質量。但是要注意，這遠非完美的指標，因爲在同一行業分類中，公司存在顯著差異。如果您查看下面的圖片，可以看到DXC Technology的ROE低於IT行業分類的平均水平（12％）。
That's not what we like to see. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. A high debt company having a low ROE is a different story altogether and a risky investment in our books. Our risks dashboard should have the 2 risks we have identified for DXC Technology.
這不是我們想要看到的。儘管如此，我們認爲較低的ROE仍可能意味着公司有機會通過利用槓桿提高回報率，前提是其現有的債務水平較低。高負債而ROE低的公司則是另一回事，對我們來說是一種風險投資。我們的風險儀表板應顯示我們爲DXC Technology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. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first and second cases, the ROE will reflect this use of cash for investment in the business. 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.
幾乎所有公司都需要資金來投資業務以增加利潤。投資資金可以來自於以前的盈利（保留收益），發行新股或借款。在前兩種情況下，ROE將反映這種用於業務投資的現金使用情況。在後一種情況下，用於增長的債務將改善回報，但不會影響總權益。以此方式使用債務將提高ROE，即使業務的核心經濟狀況保持不變也是如此。
DXC Technology's Debt And Its 2.8% ROE
DXC Technology的債務和其2.8％的ROE
It's worth noting the high use of debt by DXC Technology, leading to its debt to equity ratio of 1.20. The combination of a rather low ROE and significant use of debt is not particularly appealing. 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.
值得注意的是，DXC Technology的高額債務，導致其債務與股本比率爲1.20。相對較低的ROE和大量的債務使用並不特別有吸引力。投資者應認真考慮，如果公司無法輕鬆借款，其表現將會怎樣，因爲信貸市場確實會隨時間而變化。
Conclusion
結論
Return on equity is one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have the same ROE, then I would generally prefer the one with less debt.
淨資產收益率是比較不同公司業務質量的一種方法。可以認爲，不借債就能實現高淨資產收益率的公司是高品質的公司。如果兩個公司的淨資產收益率相同，則我通常更喜歡負債較少的公司。
But when a business is high quality, the market often bids it up to a price that reflects this. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是，當企業屬於高質量時，市場經常將其標價以反映其優勢。折現率的盈利增長率與股票價格中體現的預期相比，是需要特別考慮的。因此，您可能需要查看這份數據豐富的交互式圖表，以了解該公司的預測。
Of course DXC Technology 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，DXC Technology可能不是最佳的股票選擇。因此，您可能希望查看此免費收藏的其他具有高ROE和低債務的公司。
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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。