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Based On Its ROE, Is JELD-WEN Holding, Inc. (NYSE:JELD) A High Quality Stock?
Based On Its ROE, Is JELD-WEN Holding, Inc. (NYSE:JELD) A High Quality Stock?
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 JELD-WEN Holding, Inc. (NYSE:JELD).
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
View our latest analysis for JELD-WEN Holding
How Is ROE Calculated?
The formula for return on equity is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for JELD-WEN Holding is:
17% = US$128m ÷ US$737m (Based on the trailing twelve months to June 2022).
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.17 in profit.
Does JELD-WEN Holding Have A Good ROE?
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 is clear from the image below, JELD-WEN Holding has a lower ROE than the average (24%) in the Building industry.
NYSE:JELD Return on Equity September 26th 2022That's not what we like to see. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high.
Why You Should Consider Debt When Looking At ROE
Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
Combining JELD-WEN Holding's Debt And Its 17% Return On Equity
JELD-WEN Holding clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.46. 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.
Conclusion
Return on equity is one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. 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.
But when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to check this FREE visualization of analyst forecasts for the company.
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.
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.
虽然一些投资者已经非常精通财务指标(帽子提示),但本文面向的是那些想要了解股本回报率(ROE)及其重要性的人。为了使课程立足于实践,我们将使用净资产收益率来更好地理解JELD-wen Holding,Inc.(纽约证券交易所代码:JELD)。
股本回报率或净资产收益率是股东要考虑的一个重要因素,因为它告诉他们他们的资本再投资的效率。简而言之,它是用来评估一家公司相对于其权益资本的盈利能力。
查看我们对JELD-WEN Holding的最新分析
净资产收益率是如何计算的?
这个股本回报率公式是:
股本回报率=(持续经营的)净利润?股东权益
因此,根据上述公式,JELD-WEN Holding的ROE为:
17%=1.28亿美元×7.37亿美元(基于截至2022年6月的12个月)。
“回报”指的是企业在过去一年中获得的收入。一种将其概念化的方法是,公司每拥有1美元的股东资本,就能获得0.17美元的利润。
JELD-WEN Holding的净资产收益率高吗?
可以说,评估公司净资产收益率最简单的方法是将其与所在行业的平均水平进行比较。然而,这种方法只是作为一种粗略的检查,因为在同一行业分类中,公司确实有很大的不同。从下图可以清楚地看到,JELD-WEN Holding的净资产收益率(ROE)低于建筑行业的平均水平(24%)。
纽约证券交易所:杰尔德2022年9月26日的股本回报率这不是我们希望看到的。不过,我们认为,较低的净资产收益率仍可能意味着,如果一家公司现有的债务水平较低,那么它就有机会通过使用杠杆来提高回报。当一家公司的净资产收益率低但债务水平高时,我们会谨慎行事,因为涉及的风险太高。
为什么在考虑净资产收益率时应该考虑债务
公司通常需要投入资金来增加利润。投资的现金可以来自上一年的利润(留存收益)、发行新股或借款。在前两种情况下,净资产收益率将抓住这种资本增长的用途。在后一种情况下,债务的使用将提高回报,但不会改变股权。因此,债务的使用可以提高净资产收益率,尽管打个比方说,在暴风雨天气的情况下会有额外的风险。
结合JELD-WEN Holding的债务和17%的股本回报率
Jeld-wen Holding显然使用了大量债务来提高回报,因为它的债务与股本比率为2.46。毫无疑问,它的净资产收益率是不错的,但该公司背负的非常高的债务并不太令人兴奋。债务确实会带来额外的风险,所以只有当一家公司从债务中获得一些可观的回报时,它才是真正值得的。
结论
股本回报率是我们比较不同公司业务质量的一种方式。一家能够在没有债务的情况下实现高股本回报率的公司可以被认为是一家高质量的企业。如果两家公司的债务权益比大致相同,而其中一家公司的净资产收益率更高,我通常会更喜欢净资产收益率更高的那家公司。
但当一项业务是高质量的时,市场往往会将其抬高到反映这一点的价格。重要的是要考虑其他因素,比如未来的利润增长,以及未来需要多少投资。因此,你可能想查看分析师对该公司预测的免费可视化。
如果你更愿意看看另一家公司--一家财务状况可能更好的公司--那么不要错过这一点免费列出了一些有趣的公司,这些公司拥有高股本回报率和低债务。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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