Should ONEOK, Inc. (NYSE:OKE) Focus On Improving This Fundamental Metric?
Should ONEOK, Inc. (NYSE:OKE) Focus On Improving This Fundamental Metric?
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. To keep the lesson grounded in practicality, we'll use ROE to better understand ONEOK, Inc. (NYSE:OKE).
雖然一些投資者已經熟悉財務指標（鳴謝），但本文是給那些想要學習回報率（ROE）及其重要性的人。爲了讓我們更好地了解ONEOk，我們會使用ROE來保持課程的實用性。（紐交所：OKE）
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe，即淨資產收益率，是一種評估公司如何有效地從股東手中獲取投資回報的有用工具。換句話說，它是一種盈利能力比率，衡量公司股東提供的資本的回報率。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
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 ONEOK is:
因此，根據上述公式，ONEOk的ROE爲：
14% = US$2.2b ÷ US$16b (Based on the trailing twelve months to March 2024).
14％= US$22億 ÷ US$160億（根據截至2024年3月的過去十二個月）
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.14 in profit.
‘回報’是指公司在過去一年內的盈利。這意味着公司每1美元的股東權益，產生了0.14美元的利潤。
Does ONEOK Have A Good Return On Equity?
ONEOk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. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As shown in the graphic below, ONEOK has a lower ROE than the average (18%) in the Oil and Gas industry classification.
通過將公司的ROE與其所屬行業的平均數進行比較，我們可以快速衡量其優劣。不過，這種方法只適用於初步檢查，因爲即使是在同一行業分類中，公司之間的差異也很大。如下圖所示，ONEOk的ROE低於石油和天然氣行業分類的平均水平（18％）。
That's not what we like to see. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. A high debt company having a low ROE is a different story altogether and a risky investment in our books. Our risks dashboard should have the 3 risks we have identified for ONEOK.
這不是我們想看到的。儘管如此，低ROE並不總是一件壞事，特別是如果公司負債較低，這仍然爲公司以未來發展擴大負債預留了空間。高負債的公司ROE低可能面臨不同的情況，是我們看作是一項高風險投資。我們的風險控制嚴密的特斯拉-儀表中應該有我們爲ONEOk識別出的3個風險。
How Does Debt Impact ROE?
債務對ROE的影響是怎樣的？
Most companies need money -- from somewhere -- 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 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.
大多數公司都需要根據情況從某處獲取資金，這些資金可以來自發行股票、保留收益或負債。 在第一和第二種情況下，ROE將反映出這些資金被用於投資企業。 在後一種情況下，用於增長的債務將改善回報率，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沒有改變。
Combining ONEOK's Debt And Its 14% Return On Equity
結合ONEOk的負債和其14％的ROE
It's worth noting the high use of debt by ONEOK, leading to its debt to equity ratio of 1.34. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. 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，ONEOk採用了較高的負債率，導致其資產負債比爲1.34。其ROE無疑是不錯的，但公司負載的非常高的負債並不令人興奮。投資者應認真考慮公司如果無法輕鬆借貸時的表現，因爲信貸市場隨着時間而變化。
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. 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.
roe對於比較不同企業的質量很有用。一家能夠在不借債的情況下實現高股東權益投資回報率的公司可以被認爲是高質量的企業。如果兩家公司具有相同的roe，則我通常更喜歡負債更少的那家公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free report on analyst forecasts for the company.
但是，ROE只是更大難題的一部分，因爲高質量的企業通常以高倍數的收益進行交易。因此，重要的是要考慮其他因素，例如未來的利潤增長以及未來需要多少投資。因此，我認爲值得檢查有關該公司分析師預測的免費報告。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果您想查看另一傢俱有潛在優越財務狀況的公司，則不要錯過此具有高ROE和低債務的有趣公司的免費列表。
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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。
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譯文內容由第三人軟體翻譯。