A Note On Avery Dennison Corporation's (NYSE:AVY) ROE and Debt To Equity
A Note On Avery Dennison Corporation's (NYSE:AVY) 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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Avery Dennison Corporation (NYSE:AVY).
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，以更好地了解艾利丹尼森公司(纽约证券交易所代码：AVY)。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。换句话说，这是一个衡量公司股东提供的资本回报率的盈利比率。
Check out our latest analysis for Avery Dennison
看看我们对艾弗里·丹尼森的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
The formula for return on equity is:
这个股本回报率公式是：
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 Avery Dennison is:
因此，根据上述公式，艾利丹尼森的净资产收益率为：
23% = US$483m ÷ US$2.1b (Based on the trailing twelve months to September 2023).
23%=4.83亿美元×21亿美元(基于截至2023年9月的12个月的往绩)。
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 $0.23.
“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0.23美元的利润。
Does Avery Dennison Have A Good ROE?
艾弗里·丹尼森的净资产收益率好吗？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. If you look at the image below, you can see Avery Dennison has a similar ROE to the average in the Packaging industry classification (20%).
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。这种方法的局限性是，一些公司与其他公司有很大的不同，甚至在相同的行业分类中也是如此。如果你看下面的图片，你可以看到艾利丹尼森的净资产收益率与包装行业分类中的平均净资产收益率(20%)相似。
That isn't amazing, but it is respectable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If true, then it is more an indication of risk than the potential. Our risks dashboardshould have the 3 risks we have identified for Avery Dennison.
这并不令人惊讶，但它是值得尊敬的。尽管净资产收益率与行业类似，但我们仍应进行进一步检查，看看公司的净资产收益率是否受到高债务水平的提振。如果是真的，那么它更多的是风险的指示，而不是潜在的。我们的风险仪表板应该有我们为艾利丹尼森确定的3个风险。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Most companies need money -- from somewhere -- to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the 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。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，债务的使用将提高回报，但不会改变股权。这将使净资产收益率看起来比不使用债务的情况下更好。
Avery Dennison's Debt And Its 23% ROE
艾利丹尼森的债务及其23%的净资产收益率
Avery Dennison clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.61. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower 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.
艾利丹尼森显然使用了大量的债务来提高回报，因为它的债务与股本比率为1.61。虽然毫无疑问，它的净资产收益率令人印象深刻，但如果该公司以较低的债务实现这一点，我们会更加印象深刻。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 a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.
股本回报率是衡量一家企业产生利润并将其返还给股东的能力的有用指标。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。
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. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free report on analyst 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。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。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: Avery Dennison 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：艾利丹尼森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。