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Did Mister Car Wash, Inc. (NYSE:MCW) Use Debt To Deliver Its ROE Of 9.6%?
Did Mister Car Wash, Inc. (NYSE:MCW) Use Debt To Deliver Its ROE Of 9.6%?
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. We'll use ROE to examine Mister Car Wash, Inc. (NYSE:MCW), by way of a worked example.
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
Check out our latest analysis for Mister Car Wash
How Is ROE Calculated?
ROE can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Mister Car Wash is:
9.6% = US$86m ÷ US$893m (Based on the trailing twelve months to September 2023).
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.10 in profit.
Does Mister Car Wash Have A Good Return On Equity?
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. If you look at the image below, you can see Mister Car Wash has a similar ROE to the average in the Consumer Services industry classification (9.6%).
That's neither particularly good, nor bad. 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 a company takes on too much debt, it is at higher risk of defaulting on interest payments. Our risks dashboardshould have the 3 risks we have identified for Mister Car Wash.
Why You Should Consider Debt When Looking At ROE
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 two cases, the ROE will capture this use of capital to grow. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
Mister Car Wash's Debt And Its 9.6% ROE
It's worth noting the high use of debt by Mister Car Wash, leading to its debt to equity ratio of 1.00. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Summary
Return on equity is useful for comparing the quality of different businesses. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
Of course Mister Car Wash may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
我们能做的最好的投资之一是我们自己的知识和技能。考虑到这一点,本文将探讨如何使用股本回报率(ROE)来更好地了解业务。举一个有效的例子,我们将使用投资回报率来考察Mister Car Wash, Inc.(纽约证券交易所代码:MCW)。
股本回报率或投资回报率是评估公司管理层利用公司资本的效率的关键衡量标准。换句话说,它是一种盈利比率,用于衡量公司股东提供的资本的回报率。
查看我们对 Mister Car Wash 的最新分析
ROE 是如何计算的?
ROE 可以通过以下公式计算:
股本回报率 = 净利润(来自持续经营)¥股东权益
因此,根据上述公式,Mister Car Wash的投资回报率为:
9.6% = 8600万美元 ÷ 8.93亿美元(基于截至2023年9月的过去十二个月)。
“回报” 是指公司去年的收益。将其概念化的一种方法是,公司每拥有1美元的股东资本,就能获得0.10美元的利润。
Mister Car Wash 的股本回报率不错吗?
确定公司股本回报率是否不错的一种简单方法是将其与该行业的平均水平进行比较。重要的是,这远非一个完美的衡量标准,因为各公司在相同的行业分类中差异很大。如果你看下图,你会发现Mister Car Wash的投资回报率与消费者服务行业分类中的平均水平(9.6%)相似。
这既不是特别好,也不是特别糟糕。尽管投资回报率与行业相似,但我们仍应进行进一步检查,看看高额债务水平是否提振了公司的投资回报率。如果一家公司承担了过多的债务,则拖欠利息的风险就会更高。我们的风险仪表板应该包含我们为Mister Car Wash确定的3种风险。
为什么在考虑投资回报率时应该考虑债务
大多数公司需要来自某个地方的资金来增加利润。投资现金可以来自上一年度的利润(留存收益)、发行新股或借款。在前两种情况下,ROE将反映这种资本的使用来实现增长。在后一种情况下,用于增长的债务将提高回报,但不会影响总权益。因此,使用债务可以提高投资回报率,尽管可以比喻地说,暴风雨天气会带来额外的风险。
Mister Car Wash 的债务及其9.6%的投资回报率
值得注意的是,Mister Car Wash大量使用债务,导致其负债权益比率为1.00。由于投资回报率相当低,而且债务使用量很大,目前很难对这项业务感到兴奋。债务确实会带来额外的风险,因此只有当公司从中获得可观的回报时,债务才是真正值得的。
摘要
股本回报率可用于比较不同业务的质量。能够在不负债过多的情况下实现高股本回报的公司通常质量良好。在其他条件相同的情况下,投资回报率越高越好。
但是投资回报率只是更大难题的一部分,因为高质量的企业通常以高倍的收益进行交易。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,你可能想看看这张数据丰富的交互式公司预测图。
当然,Mister Car Wash可能不是最好的买入股票。因此,您不妨免费查看其他投资回报率高、负债率低的公司的名单。
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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