Should You Be Worried About Kaiser Aluminum Corporation's (NASDAQ:KALU) 2.1% Return On Equity?
Should You Be Worried About Kaiser Aluminum Corporation's (NASDAQ:KALU) 2.1% Return On Equity?
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 Kaiser Aluminum Corporation (NASDAQ:KALU), by way of a worked example.
许多投资者仍在学习分析股票时可能有用的各种指标。本文适用于那些想了解股本回报率（ROE）的人。我们将以投资回报率为例，对凯撒铝业公司（纳斯达克股票代码：KALU）进行研究。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。换句话说，它是衡量公司股东提供的资本回报率的盈利比率。
View our latest analysis for Kaiser Aluminum
查看我们对凯撒铝业的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for return on equity is:
股本回报率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Kaiser Aluminum is:
因此，根据上述公式，凯撒铝业的投资回报率为：
2.1% = US$13m ÷ US$641m (Based on the trailing twelve months to September 2023).
2.1% = 1300 万美元 ¥6.41 亿美元（基于截至 2023 年 9 月的过去十二个月）。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.02 in profit.
“回报” 是企业在过去一年中获得的收入。这意味着，每获得价值1美元的股东权益，公司就会产生0.02美元的利润。
Does Kaiser Aluminum Have A Good ROE?
凯撒铝业的投资回报率是否良好？
One simple way to determine if a company has a good return on equity is to compare it to the average for 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 shown in the graphic below, Kaiser Aluminum has a lower ROE than the average (11%) in the Metals and Mining industry classification.
确定一家公司是否具有良好的股本回报率的一种简单方法是将其与行业的平均水平进行比较。但是，这种方法只能作为粗略的检查才有用，因为在同一个行业分类中，公司的确存在很大差异。如下图所示，凯撒铝业的投资回报率低于金属和采矿行业分类中的平均水平（11％）。
That certainly isn't ideal. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high. You can see the 3 risks we have identified for Kaiser Aluminum by visiting our risks dashboard for free on our platform here.
这当然不理想。话虽如此，较低的投资回报率并不总是一件坏事，尤其是在公司的杠杆率较低的情况下，因为如果公司承担更多债务，这仍有改善的余地。当一家公司的投资回报率低但债务水平高时，我们会谨慎行事，因为所涉及的风险太高。您可以通过访问我们的 Kaiser Aluminum 来查看我们为凯撒铝业确定的三大风险 风险仪表板 在我们的平台上免费使用。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Virtually all companies need money to invest in the business, to grow profits. That cash can come from issuing shares, retained earnings, 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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
几乎所有公司都需要资金来投资该业务，以增加利润。这些现金可以来自发行股票、留存收益或债务。在第一种和第二种情况下，投资回报率将反映现金用于业务投资的这种用途。在后一种情况下，增长所需的债务将提高回报，但不会影响股东的权益。因此，隐喻地说，债务的使用可以提高投资回报率，尽管在暴风雨天气下还会带来额外的风险。
Kaiser Aluminum's Debt And Its 2.1% ROE
凯撒铝业的债务及其2.1％的投资回报率
It's worth noting the high use of debt by Kaiser Aluminum, leading to its debt to equity ratio of 1.62. 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，凯撒铝业大量使用债务，使其负债权益比率为1.62。即使使用了大量债务，它的投资回报率也相当低；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无法如此轻易地借款，它会如何表现，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 a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
股本回报率是衡量企业创造利润并将其返还给股东的能力的有用指标。在我们的账簿中，尽管债务很低，但质量最高的公司的股本回报率却很高。在其他条件相同的情况下，更高的投资回报率更好。
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. 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，尽管投资回报率是衡量业务质量的有用指标，但您必须考虑一系列因素才能确定购买股票的正确价格。重要的是要考虑其他因素，例如未来的利润增长以及未来需要多少投资。因此，我认为可能值得查看这份关于分析师对公司的预测的免费报告。
But note: Kaiser Aluminum 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：凯撒铝业可能不是最值得买入的股票。因此，来看看这份免费列出的投资回报率高、债务低的有趣公司的名单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。