With A Return On Equity Of 17%, Has Group 1 Automotive, Inc.'s (NYSE:GPI) Management Done Well?
With A Return On Equity Of 17%, Has Group 1 Automotive, Inc.'s (NYSE:GPI) Management Done Well?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity 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. We'll use ROE to examine Group 1 Automotive, Inc. (NYSE:GPI), by way of a worked example.
最好的投資之一就是投資於我們自己的知識和技能。考慮到這一點，本文將探討如何利用淨資產收益率（roe）來更好地理解一項業務。我們將通過一個實例來檢查汽車一組（紐約證券交易所：GPI）的roe。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率（roe）是一種關鍵指標，用於評估公司管理層如何有效利用公司資本。更簡單地說，它衡量了公司相對股東權益的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
ROE can be calculated by using the formula:
roe可以通過以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（來自持續經營） ÷ 股東權益
So, based on the above formula, the ROE for Group 1 Automotive is:
因此，根據上述公式，汽車一組的roe爲：
17% = US$511m ÷ US$3.0b (Based on the trailing twelve months to September 2024).
17% = US$51100萬 ÷ US$30億（基於截至2024年9月的過去12個月數據）。
The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.17 in profit.
'回報'是每年的利潤。可以將其理解爲，每1美元的股權，公司能夠賺取0.17美元的利潤。
Does Group 1 Automotive Have A Good Return On Equity?
汽車一組的淨利潤表現如何？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. You can see in the graphic below that Group 1 Automotive has an ROE that is fairly close to the average for the Specialty Retail industry (19%).
判斷一家公司淨利潤是否良好的一個簡單方法是將其與同行業的平均水平進行比較。重要的是，這遠非一個完美的衡量標準，因爲同一行業分類內的公司差異顯著。您可以在下圖中看到，汽車一組的roe與專業零售行業的平均水平（19%）非常接近。
That's neither particularly good, nor bad. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. You can see the 2 risks we have identified for Group 1 Automotive by visiting our risks dashboard for free on our platform here.
這既不算特別好，也不算壞。雖然至少這個roe並沒有低於行業水平，但仍值得檢查一下公司的債務在多大程度上影響了這個數字，因爲相對於股本的高債務可能也會使roe顯得很高。如果一家公司揹負過多債務，它面臨的違約風險也會增大。您可以通過訪問我們的平台來查看我們爲汽車一組識別的兩個風險，免費查看我們的風險儀表板。
How Does Debt Impact Return On Equity?
債務如何影響股東回報率？
Most companies need money -- from somewhere -- to grow their 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. That will make the ROE look better than if no debt was used.
大多數公司需要資本來增加利潤。這些資本可以來自保留收益，發行新股（權益）或債務。在前兩種情況下，ROE將捕獲這種資本用於增長的情況。在後一種情況下，使用債務將提高回報，但不會改變股權。這將使ROE看起來比沒有使用債務要好。
Group 1 Automotive's Debt And Its 17% ROE
汽車一組的債務及其17%的roe
Group 1 Automotive clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.62. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
汽車一組顯然使用了大量債務來提升回報，其債務與股本比率爲1.62。毫無疑問，其roe相當不錯，但是公司所承載的高額債務並不令人興奮。債務確實帶來了額外的風險，因此只有在公司從中獲得可觀回報時才真正值得。
Conclusion
結論
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股本回報率是衡量企業盈利能力，並將其利潤分配給股東的一項有用指標。在我們的清單中，高質量的公司股本回報率高，債務壓力不大。如果兩家公司的債務資本比大致相同，並且一家公司的ROE更高，則我通常更喜歡具有較高ROE的公司。
But when a business is high quality, the market often bids it up to a price that reflects this. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst forecasts for the company.
但是，當一個業務質量高的公司時，市場通常會將其競拍到反映這一點的價格。利潤增長率相對於股票價格反映的預期，是特別重要考慮的因素。因此，您可能想要查看分析師對該公司的預測的這個免費可視化。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然，您也可能通過尋找其他地方來找到出色的投資。因此，不妨查看這個有趣公司的免費列表。
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