A Closer Look At Edison International's (NYSE:EIX) Uninspiring ROE
A Closer Look At Edison International's (NYSE:EIX) Uninspiring ROE
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). To keep the lesson grounded in practicality, we'll use ROE to better understand Edison International (NYSE:EIX).
許多投資者還在學習股票分析時有哪些有用的指標。本文是爲那些想學習回報率（ROE）的人準備的。爲了使課程更實用，我們將使用ROE來更好地了解愛迪生國際（紐交所:EIX）。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
roe或權益回報率是評估公司有效利用股東投資產生回報效率的有用工具。簡而言之，roe顯示每個股東投資所產生的利潤。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
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 Edison International is:
因此，根據上述公式，愛迪生國際（Edison International）的ROE爲：
5.0% = US$876m ÷ US$18b (Based on the trailing twelve months to March 2024).
5.0％=美元8,760萬/美元180億（截至2024年3月爲止的過去12個月）。
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.05.
“回報率”是稅後在過去的12個月中獲得的收益。因此，這意味着公司爲其股東的每1美元投資創造了0.05美元的利潤。
Does Edison International Have A Good Return On Equity?
愛迪生國際的回報率如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. If you look at the image below, you can see Edison International has a lower ROE than the average (8.9%) in the Electric Utilities industry classification.
通過將公司的ROE與其行業平均水平進行比較，我們可以快速衡量其好壞。但需要注意的是，這並非完美的衡量指標，因爲在同一行業分類下的公司存在重大差異。如果您查看下圖，您會發現愛迪生國際的ROE低於電力公用事業行業分類的平均水平（8.9%）。
Unfortunately, that's sub-optimal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. You can see the 3 risks we have identified for Edison International by visiting our risks dashboard for free on our platform here.
不幸的是，這種情況並不理想。但是，低迴報率並不總是不好的。如果公司的債務水平適中或較低，則仍有可能通過使用財務槓桿來提高回報率。高債務水平和低迴報率的組合是我們希望避免的，因爲涉及較大的風險。您可以在我們平台上免費訪問我們爲愛迪生國際確定的3個風險儀表盤。
How Does Debt Impact ROE?
債務對ROE的影響是怎樣的？
Virtually all companies need money to invest in the business, to grow profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
幾乎所有公司都需要資金來投資業務以實現利潤增長。投資的現金可以來自前一年的利潤（留存收益）、發行新股或借貸。在第一和第二個選項的情況下，ROE將反映出這種用於增長的現金使用。在後一種情況下，債務使用將提高回報，但不會改變股權。通過此種方式，債務的使用將提高ROE，儘管業務的基本經濟條件保持不變。
Edison International's Debt And Its 5.0% ROE
愛迪生國際的負債及其5.0％的ROE
Edison International does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.01. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
愛迪生國際確實使用了大量的債務來提高回報。它的債權股權比爲2.01。相對較低的ROE和顯著的債務使用的組合並不特別有吸引力。債務確實帶來了額外的風險，因此只有在公司從中獲得一些可觀的回報時才真正值得。您可以查看這個免費收集的其他具有高ROE和低債務的公司。
Conclusion
結論
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.
企業獲得利潤並將其返還給股東的能力是企業能否賺錢的有用指標。如果一家公司可以在沒有債務的情況下實現較高的roe，那麼它可以被認爲是一家高質量的企業。如果兩家公司的roe相同，那麼我通常更喜歡負債較少的那一家公司。
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 I think it may be worth checking this free report on analyst forecasts for the company.
當然，Verra Mobility 可能並不是最好的股票。因此，您可能需要查看這些具有高 ROE 和低債務的其他公司的 免費集錦。
Of course Edison International 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，愛迪生國際可能不是最好的股票買入選擇。因此，您可能希望查看這些高ROE和低債務的其他公司的免費收藏。
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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.
對本文有任何反饋？對內容有任何疑慮？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
對本文有任何反饋？對內容有任何疑慮？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。