Should You Be Concerned About Empire State Realty Trust, Inc.'s (NYSE:ESRT) ROE?
Should You Be Concerned About Empire State Realty Trust, Inc.'s (NYSE:ESRT) ROE?
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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Empire State Realty Trust, Inc. (NYSE:ESRT).
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。通过边做边学的方式，我们将关注净资产收益率，以更好地了解帝国房地产信托公司(纽约证券交易所代码：ESRT)。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。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 Empire State Realty Trust
查看我们对帝国地产信托的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
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 Empire State Realty Trust is:
因此，根据上述公式，帝国地产信托基金的净资产收益率为：
4.7% = US$80m ÷ US$1.7b (Based on the trailing twelve months to June 2023).
4.7%=8000万美元×17亿美元(基于截至2023年6月的12个月)。
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.05.
“报税表”是过去12个月的税后收入。因此，这意味着股东每投资1美元，公司就会产生0.05美元的利润。
Does Empire State Realty Trust Have A Good ROE?
帝国地产信托基金的净资产收益率高吗？
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. As is clear from the image below, Empire State Realty Trust has a lower ROE than the average (6.0%) in the REITs industry.
确定一家公司是否拥有良好的股本回报率的一个简单方法是将其与所在行业的平均水平进行比较。重要的是，这远远不是一个完美的衡量标准，因为在同一行业分类中，公司的差异很大。从下图可以明显看出，帝国地产信托基金的净资产收益率(ROE)低于REITs行业的平均水平(6.0%)。
That certainly isn't ideal. 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. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. Our risks dashboard should have the 4 risks we have identified for Empire State Realty Trust.
这当然不是理想的情况。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。考虑到涉及的风险，高债务水平和低ROE的公司是我们希望避免的组合。我们的风险仪表板应该有我们为帝国房地产信托确定的4个风险。
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
Virtually all companies need money to invest in the business, to grow 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 debt used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
几乎所有的公司都需要资金来投资于业务，以增加利润。这些现金可以来自留存收益、发行新股(股权)或债务。在第一种和第二种选择的情况下，净资产收益率将反映现金用于增长的这种情况。在后一种情况下，用于增长的债务将提高回报，但不会影响总股本。这将使净资产收益率看起来比不使用债务的情况下更好。
Empire State Realty Trust's Debt And Its 4.7% ROE
帝国国家房地产信托公司的债务及其4.7%的净资产收益率
It's worth noting the high use of debt by Empire State Realty Trust, leading to its debt to equity ratio of 1.31. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是，帝国房地产信托公司高度利用债务，导致其债务与股本比率达到1.31。它的净资产收益率相当低，即使使用了大量债务；在我们看来，这不是一个好结果。投资者应该仔细考虑，如果一家公司不能如此轻松地借款，它可能会表现如何，因为信贷市场确实会随着时间的推移而变化。
Conclusion
结论
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.
股本回报率是我们比较不同公司业务质量的一种方式。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。如果两家公司的净资产收益率相同，那么我通常会倾向于债务较少的那一家。
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 take a peek at this data-rich interactive graph of forecasts for the company.
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。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。因此，你可能想看看这张数据丰富的公司预测互动图表。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然了,如果你把目光投向别处，你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费有趣的公司名单。
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