A Note On Lithia Motors, Inc.'s (NYSE:LAD) ROE and Debt To Equity
A Note On Lithia Motors, Inc.'s (NYSE:LAD) ROE and Debt To 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. To keep the lesson grounded in practicality, we'll use ROE to better understand Lithia Motors, Inc. (NYSE:LAD).
我们能做的最好的投资之一就是我们自己的知识和技能。考虑到这一点，本文将讨论如何使用股本回报率(ROE)来更好地了解企业。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了解Lithia Motors，Inc.(纽约证券交易所代码：LAD)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。换句话说，它揭示了该公司成功地将股东投资转化为利润。
View our latest analysis for Lithia Motors
查看我们对Lithia Motors的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
Return on equity can be calculated by using the formula:
股本回报率可使用以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Lithia Motors is:
因此，根据上述公式，Lithia Motors的净资产收益率为：
19% = US$1.1b ÷ US$5.8b (Based on the trailing twelve months to June 2023).
19%=11亿美元×58亿美元(基于截至2023年6月的12个月的往绩)。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.19 in profit.
“收益”是过去12个月的利润。这意味着，股东权益每增加1美元，公司就会产生0.19美元的利润。
Does Lithia Motors Have A Good ROE?
Lithia Motors的净资产收益率(ROE)好吗？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. You can see in the graphic below that Lithia Motors has an ROE that is fairly close to the average for the Specialty Retail industry (19%).
通过将一家公司的净资产收益率(ROE)与其行业平均水平进行比较，我们可以快速衡量它有多好。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。在下图中可以看到，Lithia Motors的净资产收益率(ROE)相当接近专业零售行业的平均水平(19%)。
So while the ROE is not exceptional, at least its acceptable. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided by high debt levels. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. To know the 2 risks we have identified for Lithia Motors visit our risks dashboard for free.
因此，虽然净资产收益率并不例外，但至少是可以接受的。即使与行业相比，公司的净资产收益率还算不错，但公司的净资产收益率是否得到了高负债水平的帮助，还是值得一查的。如果一家公司承担了太多债务，那么它拖欠利息的风险就会更高。要了解我们为Lithia Motors确定的两个风险，请免费访问我们的风险仪表板。
Why You Should Consider Debt When Looking At ROE
为什么在考虑净资产收益率时应该考虑债务
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 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.
大多数公司都需要资金--从某个地方--来增加利润。这些现金可以来自留存收益、发行新股(股权)或债务。在第一种和第二种情况下，净资产收益率将反映对企业投资的现金使用情况。在后一种情况下，增长所需的债务将提高回报，但不会影响股东权益。这将使净资产收益率看起来比不使用债务的情况下更好。
Lithia Motors' Debt And Its 19% ROE
Lithia Motors的债务及其19%的净资产收益率
It's worth noting the high use of debt by Lithia Motors, leading to its debt to equity ratio of 1.64. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
值得注意的是，Lithia Motors高度利用债务，导致其债务与股本比率达到1.64。虽然它的净资产收益率是可观的，但值得记住的是，一家公司可以使用的债务通常是有限制的。债务增加了风险，减少了公司未来的选择，所以你通常希望看到使用它的一些良好回报。
Conclusion
结论
Return on equity is useful for comparing the quality of different businesses. 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.
股本回报率在比较不同企业的质量时很有用。在我们的账目中，最高质量的公司拥有高股本回报率，尽管债务水平较低。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。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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.
但净资产收益率只是一个更大的谜题的一部分，因为高质量企业的市盈率往往很高。相对于股价反映的预期，利润增长率是一个特别重要的考虑因素。所以我觉得这可能值得一查免费分析师对该公司的预测报告。
But note: Lithia Motors may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但请注意：Lithia Motors可能不是最值得买入的股票。所以让我们来看看这个免费高净资产收益率和低负债的有趣公司名单。
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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。