Boasting A 51% Return On Equity, Is CDW Corporation (NASDAQ:CDW) A Top Quality Stock?
Boasting A 51% Return On Equity, Is CDW Corporation (NASDAQ:CDW) A Top Quality Stock?
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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of CDW Corporation (NASDAQ:CDW).
最好的投資之一就是提高自身的知識和技能。考慮到這一點，本文將闡述如何利用淨資產收益率（roe）更好地了解企業。通過實踐學習，我們將通過研究roe來更好地了解cdw corporation（nasdaq：cdw）。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
對於股東來說，股東回報率（ROE）是一個重要的考慮因素，因爲它告訴股東他們的資本被有效地再投資了多少。換句話說，它是一個衡量公司股東提供的資本回報率的盈利能力比率。
How Is ROE Calculated?
淨資產收益率怎麼計算？
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 CDW is:
因此，基於上述公式，cdw的roe爲：
51% = US$1.1b ÷ US$2.1b (Based on the trailing twelve months to March 2024).
51% = 11億美元 ÷ 21億美元（根據截至2024年3月的過去12個月計算）。
The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.51 in profit.
“回報”指的是年利潤。換句話說，每價值1美元的股本，這家公司就能獲得0.51美元的利潤。
Does CDW Have A Good ROE?
cdw的roe水平怎麼樣？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, CDW has a superior ROE than the average (9.5%) in the Electronic industry.
可以說，評估企業的roe最簡單的方法就是將其與同行業的平均水平進行比較。然而，由於同一行業分類中的公司差異很大，因此這種方法僅有粗略的參考價值。令人高興的是，cdw的roe水平高於電子工業的平均水平（9.5%）。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk.
這是我們喜歡看到的。然而需要記住的是，高roe並不一定意味着高效的利潤創造。除了淨利潤的變化外，高roe還可能是由於與資產負債表相對較高的負債，這表明存在風險。
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. 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. That will make the ROE look better than if no debt was used.
實際上，幾乎所有公司都需要資金來投資業務以增加利潤。這些資金可以來自留存收益、發行新股（股權）或債務。對於前兩個選擇，roe將反映這種用於增長的現金使用情況。對於後者情況，用於增長的債務將提高回報率，但不會影響股東權益。這將使roe看起來比不使用債務更好。
CDW's Debt And Its 51% ROE
cdw的債務和其51%的roe。
It's worth noting the high use of debt by CDW, leading to its debt to equity ratio of 2.81. Its ROE is pretty impressive but, it would have probably been lower without the use of debt. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
值得注意的是，cdw高比例使用債務，從而導致其債務資本比率爲2.81。其roe非常可觀，但如果沒有使用債務，可能會更低。債務增加了風險並減少了公司未來的選擇，因此通常希望從中獲得一些良好的回報。
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 ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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ROE只是更大難題中的一部分，因爲高質量的企業通常在高收益的倍數上進行交易。利潤增長率與股票價格所體現的預期相比是特別重要的因素。因此，我認爲檢查此公司分析師預測的免費報告可能是值得的。
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。
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。