Why Array Technologies, Inc. (NASDAQ:ARRY) Looks Like A Quality Company
Why Array Technologies, Inc. (NASDAQ:ARRY) Looks Like A Quality Company
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 Array Technologies, Inc. (NASDAQ:ARRY).
許多投資者仍在學習分析股票時可以使用的各種有用的指標。本文是爲那些想要了解ROE的人而編寫的。通過實踐學習，我們將查看ROE以更好地了解Array Technologies，Inc. (納斯達克:ARRY)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股東權益回報率（ROE）是測試公司如何有效地增加其價值並管理投資者資金的指標。簡而言之，它用於評估公司相對於股本資本的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
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 Array Technologies is:
因此，根據上述公式，Array Technologies的ROE爲：
18% = US$110m ÷ US$596m (Based on the trailing twelve months to March 2024).
18% = 1.1億美元 ÷ 5.96億美元 (根據截至2024年3月的最近十二個月計算)。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.18 in profit.
'回報'是過去十二個月的稅後收益。 一個概念化這一點的方法是：對於每1美元股東資本，公司獲得了0.18美元的利潤。
Does Array Technologies Have A Good ROE?
Array Technologies具有良好的ROE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 is clear from the image below, Array Technologies has a better ROE than the average (12%) in the Electrical industry.
可以說，評估公司的ROE的最簡單方法是將其與同一行業中的平均值進行比較。該方法的侷限性在於，即使在相同的行業內，一些公司也相當不同。如下圖所示，Array Technologies的ROE高於電力行業的平均水平(12%)。
That's clearly a positive. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. 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.
這顯然是一個積極的方面。但是請注意，高ROE並不一定表明高效的利潤生成，尤其是當公司使用高比例的債務來融資其債務時，這可能會提高其ROE，但高槓杆會使公司面臨風險。
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. That cash can come from issuing shares, retained earnings, 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 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.
公司通常需要投入資金來增加利潤。這些資金可以來自發行股票、保留盈利或債務。在前兩種情況下，ROE將反映出這些資金用於投資業務的情況。在後一種情況下，用於增長的債務將提高回報率，但不會影響股東的權益。這將使ROE看起來比不使用債務時要好。
Combining Array Technologies' Debt And Its 18% Return On Equity
結合Array Technologies的債務和其18%的ROE
Array Technologies does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.14. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Array Technologies確實使用了大量債務來增加回報。它的債務與股本比率爲1.14。毫無疑問，它的ROE不錯，但公司承擔的非常高的債務不太令人興奮。債務增加了風險，並減少了公司未來的選擇，因此您通常希望看到一些良好的回報。
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. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
當然，聯合租賃公司可能並不是最佳的買入股票。因此，您可能也希望查看這個包含其他高ROE低負債的公司的免費系列。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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ROE只是一個複雜問題中的一部分，因爲高質量的企業往往以高倍數的收益交易。相對於當前價格反映的利潤增長預期，利潤增長率的可能速度也必須考慮在內。因此，您可能需要查看這家公司預測的數據豐富的交互式圖表。
But note: Array Technologies may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但請注意：Array Technologies可能不是最好的買入股票。因此，請查看具有高ROE和低負債的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。