Did Duke Energy Corporation (NYSE:DUK) Use Debt To Deliver Its ROE Of 8.9%?
Did Duke Energy Corporation (NYSE:DUK) Use Debt To Deliver Its ROE Of 8.9%?
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 Duke Energy Corporation (NYSE:DUK), by way of a worked example.
我們可以通過投資自己的知識和技能來取得最好的投資回報。因此，本文將會從實例出發，向大家介紹如何使用淨資產收益率(ROE)更好地了解企業情況。我們將通過舉例來研究杜克能源公司(NYSE:DUK)的ROE。
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？
The formula for return on equity is:
權益回報率的計算公式是：
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 Duke Energy is:
那麼，根據上述公式，杜克能源的ROE爲:
8.9% = US$4.5b ÷ US$51b (Based on the trailing twelve months to March 2024).
8.9% = US$45億 ÷ US$510億(基於截至2024年3月的過去12個月)。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.09 in profit.
“回報”指的是公司在過去一年中的收益。用更直白的話來說，對於每1美元的股權，公司可以賺取0.09美元的利潤。
Does Duke Energy Have A Good Return On Equity?
杜克能源的淨資產收益率好嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. 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 Duke Energy has a similar ROE to the average in the Electric Utilities industry classification (8.9%).
判斷公司淨資產收益率是否好的一個簡單方法是與其所屬行業板塊的平均水平進行比較。但是，同一行業分類內的公司差異較大，因此這並不是一種完美的衡量方法。從下圖中可以看出，杜克能源的ROE與公用股行業板塊的平均水平(8.9%)相當。
That isn't amazing, but it is respectable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If so, this increases its exposure to financial risk. Our risks dashboardshould have the 3 risks we have identified for Duke Energy.
雖然不算出色，但也很可觀。儘管ROE未低於該行業板塊的平均水平，但仍需評估公司的債務狀況對ROE的影響。因爲高於股權的債務水平可能導致ROE看起來較高，從而增加公司的金融風險。我們的風險儀表板應包括我們爲杜克能源確定的3個風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
公司通常需要投資來增加利潤。投資的現金可能來自前一年的利潤（留存收益），發行新股或借款。在前兩種情況下，ROE將反映現金用於企業投資的情況。在後一種情況下，債務的使用會提高投資回報，但不會改變權益。這將使ROE看起來比不使用債務時更好。
Combining Duke Energy's Debt And Its 8.9% Return On Equity
結合杜克能源的債務與其8.9%的淨資產收益率
Duke Energy does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.61. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
杜克能源確實使用了大量債務來提高回報，其債務與股本的比率爲1.61。即使使用了大量債務，其淨資產收益率仍然相當低，這在我們看來是不好的結果。債務會增加風險並減少公司未來的選擇，因此，一般情況下，使用債務需要看到一些良好的回報。
Conclusion
結論
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.
企業獲得利潤並將其返還給股東的能力是企業能否賺錢的有用指標。如果一家公司可以在沒有債務的情況下實現較高的roe，那麼它可以被認爲是一家高質量的企業。如果兩家公司的roe相同，那麼我通常更喜歡負債較少的那一家公司。
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 check this FREE visualization of analyst forecasts for the company.
但是，當一個公司業務高品質時，市場通常會將其推高到反映這一點的價格。應該考慮利潤增長的速度，相對於當前價格反映的利潤增長預期的速度。因此，您可能希望檢查這家公司的分析師預測的免費可視化效果。
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。