Read This Before Judging Sigma Lithium Corporation's (NASDAQ:SGML) ROE
Read This Before Judging Sigma Lithium Corporation's (NASDAQ:SGML) 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. To keep the lesson grounded in practicality, we'll use ROE to better understand Sigma Lithium Corporation (NASDAQ:SGML).
我們能夠做出的最好投資就是投資於自己的知識和技能。考慮到這一點，本文將通過回報率(ROE)的使用來更好地了解一個企業。爲了使教訓更加務實，我們將使用ROE來更好地了解鋰礦公司Sigma(NASDAQ:SGML)。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或roe是一項關鍵指標，用於評估公司管理層使用公司資本的效率。換句話說，它揭示了公司將股東的投資轉化爲利潤的成功。
How Do You Calculate Return On Equity?
怎樣計算ROE?
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 Sigma Lithium is:
因此，根據上述公式，Sigma的ROE爲：
6.8% = CA$12m ÷ CA$178m (Based on the trailing twelve months to June 2024).
6.8% = CA$1200萬 ÷ CA$17800萬(根據截至2024年6月的過去12個月數據)。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.07 in profit.
『回報』是過去十二個月的利潤。 這意味着對於每1美元的股東權益，公司創造了0.07美元的利潤。
Does Sigma Lithium Have A Good ROE?
Sigma Lithium的ROE表現如何？
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. As is clear from the image below, Sigma Lithium has a lower ROE than the average (9.8%) in the Metals and Mining industry.
通過將一家公司的ROE與行業平均值進行比較，我們可以快速了解其表現如何。重要的是，這並不是一個完美的指標，因爲即使在同一行業分類中，公司之間也存在明顯差異。正如下圖所示，Sigma Lithium在金屬和礦業行業的ROE（9.8%）低於行業平均水平。
That's not what we like to see. 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 high debt company having a low ROE is a different story altogether and a risky investment in our books. You can see the 3 risks we have identified for Sigma Lithium by visiting our risks dashboard for free on our platform here.
這不是我們想看到的。然而，低ROE並不總是壞事。 如果公司的債務水平適中或較低，那麼仍然有機會通過使用財務槓桿來提高回報率。 高負債公司低ROE則完全是另一回事，在我們看來是一項風險投資。 您可以免費訪問我們平台上的風險儀表盤，了解我們爲Sigma Lithium確定的3個風險。
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. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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 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實現利潤增長。 投資的資金可以來自往年的利潤（留存收益）、發行新股或借貸。 在前兩種情況下，ROE將反映這種資金用於投資業務的情況。 在後一種情況下，用於增長的債務將提高回報，但不會對股東權益產生影響。 這將使ROE看起來比不使用債務時更好。
Combining Sigma Lithium's Debt And Its 6.8% Return On Equity
將Sigma Lithium的債務與其6.8%的ROE相結合
Sigma Lithium does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.69. The combination of a rather low ROE and significant use of debt is not particularly appealing. 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.
Sigma Lithium確實使用了大量債務來提高回報率。它的負債權益比率爲1.69。相對較低的ROE和大量使用債務的組合並不特別吸引人。投資者應該仔細考慮如果公司不能輕易借款，它可能會表現如何，因爲信貸市場隨時間會發生變化。
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. If two companies have the same ROE, then I would generally prefer the one with less debt.
ROE是比較不同公司業務質量的一種方式。在我們看來，高回報率（ROE）的高質量公司，儘管債務較低。如果兩家公司的ROE相同，則通常會更喜歡債務較少的那家。
But when a business is high quality, the market often bids it up to a price that reflects this. 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.
但是如果企業質量高，市場經常會將其出價至反映這一點的價格。還必須考慮利潤增長的預期相對於當前價格中反映的利潤增長預期的速度。因此，您可能會想要查看這家公司豐富數據的交互式預測圖表。
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。
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。
譯文內容由第三人軟體翻譯。