Should You Be Impressed By Arcos Dorados Holdings Inc.'s (NYSE:ARCO) ROE?
Should You Be Impressed By Arcos Dorados Holdings Inc.'s (NYSE:ARCO) ROE?
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 Arcos Dorados Holdings Inc. (NYSE:ARCO).
我們所能做出的最好的投資之一，是投資於我們自己的知識和技能。出於這個目的，本文將通過如何使用ROE（淨資產回報率），來更好地理解一家企業。通過學以致用，我們將使用ROE來更好地了解Arcos Dorados Holdings Inc.(紐交所：ARCO)。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股東權益回報率是評估公司如何有效地從股東那裏獲得回報的有用工具。簡而言之，它用於評估公司相對於其權益資本的盈利能力。
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 Arcos Dorados Holdings is:
因此，根據上述公式，Arcos Dorados Holdings的ROE爲:
36% = US$174m ÷ US$487m (Based on the trailing twelve months to March 2024).
36% = US$17400萬 ÷ US$48700萬（基於截至2024年3月的過去12個月）。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.36 in profit.
“回報”是過去12個月的利潤。這意味着對於每1美元的股東權益，該公司產生了0.36美元的利潤。
Does Arcos Dorados Holdings Have A Good Return On Equity?
Arcos Dorados Holdings在淨資產回報（ROE）方面表現優秀嗎？
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 you can see in the graphic below, Arcos Dorados Holdings has a higher ROE than the average (19%) in the Hospitality industry.
可以說，評估公司的ROE，最簡單的方法是將其與所在行業的平均水平進行比較。這種方法的侷限性在於，即使在同一行業內，一些公司也與其他公司有很大的不同。如下圖所示，Arcos Dorados Holdings的ROE高於酒店業平均水平（19%）。
That's what we like to see. Bear in mind, a high ROE doesn't always mean superior financial performance. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . To know the 3 risks we have identified for Arcos Dorados Holdings visit our risks dashboard for free.
這正是我們樂於看到的。但要記住，高ROE並不總是意味着卓越的財務表現。一家公司資本結構中較高比例的債務也可能導致高ROE，高債務水平可能很高的風險。要了解我們已經爲Arcos Dorados Holdings識別出來的3個風險，可以免費訪問我們的風險儀表板。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
幾乎所有公司都需要資金來投資業務，以增加利潤。這些資金可以來自未分配利潤、發行新股份（股權）或債務。在前兩種情況下，ROE將反映出這種資本使用的增長。在後一種情況下，債務的使用將提高回報，但不會改變股權。因此，債務的使用可以提高ROE，但隨着時間推移，市場可能會發生變化的情況下，這也會增加額外的風險。
Combining Arcos Dorados Holdings' Debt And Its 36% Return On Equity
結合Arcos Dorados Holdings的負債和36%的淨資產回報
Arcos Dorados Holdings does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.52. There's no doubt the ROE is impressive, but it's worth keeping in mind that the metric could have been lower if the company were to reduce its debt. 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.
Arcos Dorados Holdings確實使用了大量的負債來增加回報。它的資產負債比爲1.52。毫無疑問，ROE是驚人的，但有必要牢記，如果該公司減少其負債，這個指標可能會降低。投資者應仔細考慮公司如果無法輕鬆借款會有怎樣的表現，因爲信貸市場隨着時間的推移而變化。
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 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 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。
But note: Arcos Dorados Holdings 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.
但需注意：Arcos Dorados Holdings可能不是最佳的股票購買選擇。因此，可以查看此免費列表，其中包括ROE高而負債低的有趣公司。
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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.
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
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譯文內容由第三人軟體翻譯。