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Should You Be Excited About Caterpillar Inc.'s (NYSE:CAT) 55% Return On Equity?

Should You Be Excited About Caterpillar Inc.'s (NYSE:CAT) 55% Return On Equity?

您應該爲卡特彼勒公司(紐交所:CAT)的55%股本回報率感到興奮嗎?
Simply Wall St ·  03/08 12:33

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. We'll use ROE to examine Caterpillar Inc. (NYSE:CAT), by way of a worked example.

雖然一些投資者已經熟悉財務指標(感謝提示),但本文是爲了那些想要了解股本回報率(ROE)及其重要性的人。我們將通過一個實例來使用ROE來審視卡特彼勒公司(紐交所:CAT)。

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.

股東權益回報率(ROE)是用於評估公司管理層利用公司資本效率的關鍵指標。換句話說,它是一個盈利能力比率,用於衡量股東提供的資本的回報率。

How To Calculate Return On Equity?

如何計算股東權益回報率?

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

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 Caterpillar is:

所以,根據上述公式,卡特彼勒的ROE爲:

55% = US$11b ÷ US$19b (Based on the trailing twelve months to December 2024).

55% = 110億美元 ÷ 190億美元(基於截至2024年12月的過去十二個月)。

The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.55 in profit.

「回報」是指企業在過去一年中賺取的收入。也就是說,對於每1美元的股東權益,公司產生了0.55美元的利潤。

Does Caterpillar Have A Good Return On Equity?

卡特彼勒的ROE表現好嗎?

Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As you can see in the graphic below, Caterpillar has a higher ROE than the average (14%) in the Machinery industry.

評估公司的ROE最簡單的方法無疑是將其與行業平均水平進行比較。然而,這種方法僅作爲粗略檢查是有用的,因爲同一行業分類內的公司差異較大。如您在下方圖形所示,卡特彼勒的ROE高於機械行業的平均水平(14%)。

big
NYSE:CAT Return on Equity March 8th 2025
紐交所:CAT 2025年3月8日的ROE

That is a good sign. 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. Our risks dashboardshould have the 2 risks we have identified for Caterpillar.

這是一個好跡象。請注意,高ROE並不總是意味着卓越的財務表現。除了凈利潤的變化外,高ROE也可能是相對於股本的高債務的結果,這表明風險。我們的風險儀表板應包含我們爲卡特彼勒識別的兩個風險。

How Does Debt Impact ROE?

債務如何影響ROE?

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 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.

大多數公司需要資金——以某種方式——來增長他們的利潤。這些現金可以來自留存收益、發行新股(股本)或債務。在前兩種選擇中,ROE將反映這種現金的使用,以便實現增長。在後一種情況下,債務的使用將提高回報,但不會改變股本。通過這種方式,債務的使用將推動ROE,即便業務的核心經濟因素保持不變。

Caterpillar's Debt And Its 55% ROE

卡特彼勒的債務及其55%的ROE

Caterpillar does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.97. Its ROE is pretty impressive but, it would have probably been lower without the use of debt. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.

卡特彼勒確實使用大量債務來提高回報。它的債務與股本比率爲1.97。它的ROE相當令人印象深刻,但如果沒有使用債務,這個數字可能會更低。債務增加了風險,減少了未來公司的選擇,因此通常希望看到使用債務能夠帶來好的回報。

Summary

總結

Return on equity is useful for comparing the quality of different businesses. 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.

股東權益回報率對於比較不同業務的質量非常有用。能夠在沒有債務的情況下實現高股東權益回報率的公司可以被視爲高質量的業務。如果兩家公司有相同的ROE,那麼我一般會更偏好債務少的那家公司。

But when a business is high quality, the market often bids it up to a price that reflects this. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So I think it may be worth checking this free report on analyst forecasts for the company.

但是,當一家企業質量高時,市場往往會將其價格推高,反映出這一點。利潤增長率與股票價格中反映的預期相比,尤其重要。因此,我認爲查看這份有關分析師預測的免費報告可能值得。

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。

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。

譯文內容由第三人軟體翻譯。


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