Northrop Grumman Corporation (NYSE:NOC) Has A ROE Of 15%
Northrop Grumman Corporation (NYSE:NOC) Has A ROE Of 15%
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. We'll use ROE to examine Northrop Grumman Corporation (NYSE:NOC), by way of a worked example.
雖然一些投資者已經精通財務指標（致敬），但本文是爲那些想學習ROE並了解其重要性的人準備的。我們將使用ROE來通過實例分析諾斯羅普格魯曼公司（NYSE:NOC）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE，即淨資產收益率，測試一家公司有效增加價值和管理股東資金的能力。換句話說，它揭示了公司將股東投資轉化爲利潤的成功程度。
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 Northrop Grumman is:
因此，根據上述公式，諾斯羅普格魯曼的ROE爲：
15% = US$2.2b ÷ US$14b (Based on the trailing twelve months to March 2024).
15％ = 2200萬美元÷ 140億美元（基於截至2024年3月的過去12個月）。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.15 in profit.
“回報”是企業在過去一年中賺取的收入。 一個概念化的方法是，對於每1美元的股東資本，公司賺取了0.15美元的利潤。
Does Northrop Grumman Have A Good ROE?
諾斯羅普格魯曼的ROE好嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. The image below shows that Northrop Grumman has an ROE that is roughly in line with the Aerospace & Defense industry average (14%).
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好壞。這種方法的侷限性在於，即使在同一行業分類中，有些公司也會有截然不同的表現。下圖顯示，諾斯羅普格魯曼的ROE大致與航空與國防行業的平均水平（14％）相當。
So while the ROE is not exceptional, at least its acceptable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If so, this increases its exposure to financial risk. Our risks dashboardshould have the 2 risks we have identified for Northrop Grumman.
因此，雖然ROE並不出色，但至少可以接受。儘管ROE與行業相似，我們仍應進一步檢查公司的ROE是否受到高負債水平的推動。如果是這樣，這將增加其面臨的金融風險。我們的風險儀表板應該有兩個我們爲諾斯羅普格魯曼確定的風險。
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 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 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.
公司通常需要投資來增加利潤。資金可以來自保留收益，發行新股（股權）或債務。在前兩種選擇的情況下，ROE將反映出這種用於增長的現金。在後一種情況下，用於增長的債務將提高回報，但不會影響總權益。通過這種方式，雖然企業的核心經濟學保持不變，但債務的使用將提高ROE。
Northrop Grumman's Debt And Its 15% ROE
諾斯羅普格魯曼的債務和其15％的ROE
Northrop Grumman does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.15. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
諾斯羅普格魯曼確實使用了大量的債務來提高回報。它的資產負債比率爲1.15。雖然其ROE可觀，但值得記住的是，公司可以使用的債務數量通常是有限的。債務確實帶來額外的風險，因此只有當公司從中獲得一些不錯的回報時，才真正值得這樣做。
Conclusion
結論
Return on equity is one way we can compare its business quality of different companies. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
回報率是我們比較不同公司業務質量的一種方式。在我們的書籍中，高質量的公司具有高的資本回報率，儘管低債務。其他因素相等的情況下，高ROE越好。
But when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是，當企業具有高質量時，市場通常會將其競價提高到反映這一點的價格。重要的是考慮其他因素，例如未來的利潤增長 – 以及未來需要多少投資。因此，您可能需要看一下該公司預測數據豐富，交互式圖形。
Of course Northrop Grumman 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，諾斯羅普格魯曼可能不是最好的股票買入選擇。因此，您可能希望查看此免費的其他具有高ROE和低債務的公司收藏。
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？關注內容？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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？ 對內容感到擔憂？ 請直接與我們聯繫。 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。