Read This Before Judging Southwest Gas Holdings, Inc.'s (NYSE:SWX) ROE
Read This Before Judging Southwest Gas Holdings, Inc.'s (NYSE:SWX) 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. To keep the lesson grounded in practicality, we'll use ROE to better understand Southwest Gas Holdings, Inc. (NYSE:SWX).
我們最好的投資之一就是自己的知識和技能。在此前提下，本文將通過使用ROE（淨資產收益率）來更好地了解業務。爲了讓課程更實用，請以ROE更好地了解Southwest Gas Holdings，Inc.（NYSE：SWX）爲例。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股東權益回報率（ROE）是檢驗公司增加其價值和管理投資者資金有效性的測試。簡而言之，ROE顯示每個美元的利潤與其股東的投資有關。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
The formula for ROE is:
roe的公式是：
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 Southwest Gas Holdings is:
因此，根據上述公式，Southwest Gas Holdings的ROE爲：
5.8% = US$195m ÷ US$3.4b (Based on the trailing twelve months to March 2024).
5.8％= US$195m ÷ US$3.4b（基於截至2024年3月的最近十二個月）。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.06.
“回報”是指公司在過去一年中的收益。因此，這意味着對於每個股東的1美元投資，公司會獲得0.06美元的利潤。
Does Southwest Gas Holdings Have A Good Return On Equity?
Southwest Gas Holdings的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. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As shown in the graphic below, Southwest Gas Holdings has a lower ROE than the average (10.0%) in the Gas Utilities industry classification.
判斷公司是否有良好的淨資產收益率的一個簡單方法是將其與其行業的平均水平進行比較。這種方法的侷限性在於，即使在同一行業分類中，有些公司也與其他公司非常不同。如下圖所示，Southwest Gas Holdings的ROE低於燃料公用事業行業分類的平均水平（10.0％）。
That certainly isn't ideal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A high debt company having a low ROE is a different story altogether and a risky investment in our books. To know the 2 risks we have identified for Southwest Gas Holdings visit our risks dashboard for free.
這顯然並不理想。但是，低ROE並不總是不好的。如果公司的債務水平適中或較低，則仍有可能通過使用財務槓桿來改善回報率。對於高負債公司低ROE的情況就完全不同了，這是書上的高風險投資。了解我們爲Southwest Gas Holdings確定的2個風險，請訪問我們的免費風險儀表板。
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. 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 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.
大多數公司需要資金來增加利潤。這些資金可以來自保留收益，發行新股（股權）或債務。在第一和第二種情況下，ROE將反映這種用於投資業務的現金使用情況。在後一種情況下，用於增長的債務將提高回報，但不會影響總股本。通過這種方式，債務的使用將提高ROE，即使業務的核心經濟學保持不變。
Southwest Gas Holdings' Debt And Its 5.8% ROE
Southwest Gas Holdings的債務及其5.8％的ROE
It's worth noting the high use of debt by Southwest Gas Holdings, leading to its debt to equity ratio of 1.59. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. 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，Southwest Gas Holdings大量使用債務，導致其資產負債比達1.59。即使使用了大量的債務，其ROE仍相當低，這不是一個好的結果。投資者應仔細考慮，如果公司無法輕鬆借入，公司的表現將如何，因爲信貸市場隨時間而變化。
Conclusion
結論
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. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回報率是評估企業生成利潤並將其返還給股東能力的有用指標。能夠在不使用過多債務的情況下實現高回報率的公司通常是高質量的公司。如果兩家公司具有相同的ROE，那麼我通常會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 I think it may be worth checking this free report on analyst forecasts for the company.
但是，當業務質量較高時，市場通常會以反映這一點的價格競標。相對於股票價格所反映的期望，利潤增長率尤其重要。因此，我認爲不妨查看有關公司分析師預測的免費報告。
Of course Southwest Gas Holdings 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，Southwest Gas Holdings可能不是最好買入的股票。因此，您可能希望看到有高ROE和低債務的其他公司的免費收藏。
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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。