Is Sally Beauty Holdings, Inc.'s (NYSE:SBH) 33% ROE Better Than Average?
Is Sally Beauty Holdings, Inc.'s (NYSE:SBH) 33% ROE Better Than Average?
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 Sally Beauty Holdings, Inc. (NYSE:SBH), by way of a worked example.
许多投资者仍在学习在分析股票时可能有用的各种指标。这篇文章是为那些想了解股本回报率(ROE)的人准备的。我们将使用净资产收益率来检验Sally Beauty Holdings，Inc.(纽约证券交易所代码：SBH)，作为一个典型的例子。
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.
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。
Check out our latest analysis for Sally Beauty Holdings
查看我们对Sally Beauty Holdings的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
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 Sally Beauty Holdings is:
因此，根据上述公式，莎莉丽人控股的净资产收益率为：
33% = US$163m ÷ US$488m (Based on the trailing twelve months to June 2023).
33%=1.63亿美元？4.88亿美元(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. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.33 in profit.
“报税表”是过去12个月的税后收入。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0.33美元的利润。
Does Sally Beauty Holdings Have A Good ROE?
Sally Beauty Holdings的净资产收益率(ROE)好吗？
Arguably the easiest way to assess company's ROE is to compare it with the average in 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, Sally Beauty Holdings has a better ROE than the average (20%) in the Specialty Retail industry.
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。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。从下图可以清楚地看出，Sally Beauty Holdings的净资产收益率(ROE)高于专业零售行业的平均水平(20%)。
That is a good sign. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. To know the 2 risks we have identified for Sally Beauty Holdings visit our risks dashboard for free.
这是一个好兆头。然而，请记住，高净资产收益率并不一定意味着有效的利润创造。尤其是当一家公司使用高水平的债务为其债务融资时，这可能会提高其净资产收益率，但高杠杆将公司置于风险之中。要了解我们为Sally Beauty Holdings确定的两个风险，请免费访问我们的风险仪表板。
How Does Debt Impact ROE?
债务对净资产收益率有何影响？
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. 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.
公司通常需要投入资金来增加利润。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。
Combining Sally Beauty Holdings' Debt And Its 33% Return On Equity
结合Sally Beauty Holdings的债务及其33%的股本回报率
Sally Beauty Holdings clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.22. There's no doubt the ROE is impressive, but it's worth keeping in mind that the metric could have been lower if the company were to reduce its 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.
Sally Beauty Holdings显然使用了高额债务来提高回报，因为它的债务与股本比率为2.22。毫无疑问，净资产收益率令人印象深刻，但值得记住的是，如果该公司削减债务，这一指标可能会更低。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。
Summary
摘要
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. All else being equal, a higher ROE is better.
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。在其他条件相同的情况下，净资产收益率越高越好。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. 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.
话虽如此，虽然净资产收益率是衡量业务质量的有用指标，但你必须考虑一系列因素，才能确定购买股票的合适价格。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。
But note: Sally Beauty Holdings 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：Sally Beauty Holdings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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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.
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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。