Boasting A 39% Return On Equity, Is Vontier Corporation (NYSE:VNT) A Top Quality Stock?
Boasting A 39% Return On Equity, Is Vontier Corporation (NYSE:VNT) A Top Quality Stock?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity 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 Vontier Corporation (NYSE:VNT).
雖然一些投資者已經對財務指標非常熟悉（致敬），但是本文章的目的是爲那些想要學習什麼是淨資產收益率（ROE）以及其重要性的人提供幫助。爲了保持課堂的實用性，我們將以ROE來更好地了解Vontier Corporation（NYSE:VNT）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率（roe）是衡量公司經營管理層如何有效利用公司資本的關鍵指標。換言之，它是一種利潤率，衡量由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 Vontier is:
所以，根據上述公式，Vontier的ROE爲：
39% = US$404m ÷ US$1.0b (Based on the trailing twelve months to June 2024).
39% = US$4.04億 ÷ US$10億（基於截至2024年6月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.39.
「回報」指的是公司過去一年的盈利。因此，這意味着對於每美元的股東投資，該公司能夠產生0.39美元的利潤。
Does Vontier Have A Good ROE?
Vontier的ROE表現如何呢？
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, Vontier has a better ROE than the average (10%) in the Electronic industry.
評估一個公司的ROE最簡單的方法是將其與同行業的平均水平進行比較。但這種方法的侷限性在於，即使在同一行業分類中，有些公司與其他公司相比有很大的不同。從下面的圖片可以看出，在電子行業中，Vontier的ROE比平均水平（10%）要好。
That's clearly a positive. Bear in mind, a high ROE doesn't always mean superior financial performance. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk.
這顯然是一個積極的變化。請記住，高ROE並不總是意味着優異的財務業績。除了淨利潤的變化之外，高ROE還可能是相對於股本的高債務的結果，這表明存在風險。
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 case of the first and second options, the ROE will reflect this use of cash, for growth. 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.
幾乎所有公司都需要資金來投資業務，以增加利潤。這些資金可以來自留存收益、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使用情況。而在後一種情況下，爲了增長所需的債務將提高回報率，但不會影響股東權益。這會使ROE看起來比不使用債務時要好。
Combining Vontier's Debt And Its 39% Return On Equity
結合Vontier的債務和其39%的淨資產收益率
It's worth noting the high use of debt by Vontier, leading to its debt to equity ratio of 2.14. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower 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.
值得注意的是，Vontier使用了大量的債務，導致其債務資產比爲2.14。儘管它的淨資產收益率令人印象深刻，但如果該公司能夠以更低的債務實現這一點，我們會更加印象深刻。投資者應該仔細考慮，如果該公司無法輕鬆借債，它可能會表現如何，因爲信貸市場實際上是會隨着時間變化的。
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 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ROE只是更大圖景中的一部分，因爲高質量企業常常以高倍數的市盈率交易。相對於當前價格所反映的盈利增長預期，盈利增長速度必須被考慮在內。所以你可能想看看這個數據豐富的互動圖表，了解該公司的預測情況。
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.
如果您想查看另一家可能具有更好財務狀況的公司 - 具有高股本回報率和低債務的公司，那麼請不要錯過這份有趣公司列表，該列表免費提供。
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