Boasting A 38% Return On Equity, Is Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) A Top Quality Stock?
Boasting A 38% Return On Equity, Is Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) A Top Quality Stock?
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). We'll use ROE to examine Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY), by way of a worked example.
許多投資者仍在學習在分析股票時有用的各種指標。本文旨在幫助那些想了解股本回報率(ROE)的人。我們將通過一個實例來使用ROE分析Dave & Buster's Entertainment, Inc.(納斯達克:PLAY)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. 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)是一項測試,旨在評估公司如何有效地增長其價值並管理投資者資金。換句話說,它是一個盈利能力比率,衡量由公司股東提供的資本的回報率。
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
股東權益回報率 = 凈利潤(來自持續運營)÷ 股東權益
So, based on the above formula, the ROE for Dave & Buster's Entertainment is:
根據上述公式,Dave & Buster's Entertainment的ROE爲:
38% = US$85m ÷ US$227m (Based on the trailing twelve months to November 2024).
38% = 8500萬美元 ÷ 22700萬美元(基於截至2024年11月的過去十二個月)。
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.38.
「回報」是業務在過去一年中獲得的收入。這意味着,股東每投資1美元,公司就能產生0.38美元的利潤。
Does Dave & Buster's Entertainment Have A Good Return On Equity?
Dave & Buster's Entertainment的ROE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. 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, Dave & Buster's Entertainment has a higher ROE than the average (12%) in the Hospitality industry.
判斷一家公司是否具有良好的凈利潤回報率的一種簡單方法是將其與行業的平均水平進行比較。 這種方法的侷限性在於,一些公司即使在同一行業分類中也與其他公司有很大不同。正如您在下面的圖形中看到的,Dave & Buster's Entertainment的ROE高於酒店行業的平均水平(12%)。
That is a good sign. With that said, a high ROE doesn't always indicate high profitability. 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 . You can see the 4 risks we have identified for Dave & Buster's Entertainment by visiting our risks dashboard for free on our platform here.
這是一個好兆頭。雖然如此,高ROE並不總是意味着高盈利能力。公司資本結構中債務的高比例也可能導致高ROE,而高債務水平可能是一個巨大的風險。您可以通過訪問我們平台上的風險儀表板,免費查看我們爲Dave & Buster's Entertainment識別的4項風險。
The Importance Of Debt To Return On Equity
債務對淨資產收益率的重要性
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. 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,以實現利潤增長。投資所需的資金可以來自前一年的利潤(留存收益)、發行新股票或借款。在前兩種情況下,ROE將反映這種現金用於業務投資的情況。在後者的情況下,所需的債務將提升回報,但不會影響股東的權益。因此,使用債務可以提高ROE,但在風暴天氣的情況下,會帶來額外的風險,打個比方。
Dave & Buster's Entertainment's Debt And Its 38% ROE
Dave & Buster's Entertainment的債務及其38%的ROE
It appears that Dave & Buster's Entertainment makes extensive use of debt to improve its returns, because it has an alarmingly high debt to equity ratio of 7.09. While its ROE is no doubt quite impressive, it could give a false impression about the company's returns given that its huge debt could be boosting those returns.
看起來Dave & Buster's Entertainment大量使用債務來提高回報,因爲它的債務與權益比高達7.09。雖然其ROE無疑相當驚人,但由於其巨額債務可能在提升這些回報,這可能給公司回報帶來誤導。
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.
股本回報率是我們比較不同公司業務質量的一種方式。在我們的書中,最高質量的公司通常具有高股本回報率,同時債務較低。如果兩家公司具有相同的ROE,我一般會更傾向於債務較少的那家公司。
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 check this FREE visualization of analyst forecasts for the company.
但當一項業務質量很高時,市場通常會將其價格抬高到反映這一點的水平。利潤增長的可能率,相對於當前價格中反映的利潤增長預期,也必須考慮。因此,您可能想檢查一下這個免費的公司分析師預測可視化圖。
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.
如果你更願意查看另一家公司——一家潛在的財務狀況優秀的公司——那麼一定不要錯過這份有趣公司的免費列表,這些公司有高股本回報率和低負債。
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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?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。
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