share_log

A Closer Look At SMART Global Holdings, Inc.'s (NASDAQ:SGH) Uninspiring ROE

A Closer Look At SMART Global Holdings, Inc.'s (NASDAQ:SGH) Uninspiring ROE

仔细看看SMART Global Holdings, Inc.”s(纳斯达克股票代码:SGH)投资回报率平淡无奇
Simply Wall St ·  02/20 05:03

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 SMART Global Holdings, Inc. (NASDAQ:SGH).

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。通过边干边学的方式,我们将研究投资回报率,以更好地了解SMART Global Holdings, Inc.(纳斯达克股票代码:SGH)。

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. Put another way, it reveals the company's success at turning shareholder investments into profits.

股本回报率或投资回报率是股东需要考虑的重要因素,因为它可以告诉他们资本再投资的有效性。换句话说,它揭示了公司成功地将股东投资转化为利润。

How Is ROE Calculated?

ROE 是如何计算的?

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 SMART Global Holdings is:

因此,根据上述公式,SMART Global Holdings的投资回报率为:

0.5% = US$2.1m ÷ US$416m (Based on the trailing twelve months to December 2023).

0.5% = 210万美元 ÷ 4.16亿美元(基于截至2023年12月的过去十二个月)。

The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.01 in profit.

“回报” 是每年的利润。另一种思考方式是,公司每持有价值1美元的股权,就能获得0.01美元的利润。

Does SMART Global Holdings Have A Good ROE?

SMART Global Holdings的投资回报率是否

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, SMART Global Holdings has a lower ROE than the average (15%) in the Semiconductor industry classification.

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。但是,这种方法仅在粗略检查时有用,因为各公司在相同的行业分类中确实存在很大差异。如下图所示,SMART Global Holdings的投资回报率低于半导体行业分类中的平均水平(15%)。

roe
NasdaqGS:SGH Return on Equity February 20th 2024
纳斯达克股票代码:SGH 股本回报率 2024 年 2 月 20 日

That's not what we like to see. 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. 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 3 risks we have identified for SMART Global Holdings.

这不是我们喜欢看到的。话虽如此,低投资回报率并不总是一件坏事,尤其是在公司的杠杆率低的情况下,因为如果公司承担更多债务,这仍有改进的余地。鉴于所涉及的风险,高债务水平和低投资回报率的公司是我们希望避免的组合。我们的风险仪表板应包含我们为SMART Global Holdings确定的三种风险。

How Does Debt Impact Return On Equity?

债务如何影响股本回报率?

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 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.

几乎所有公司都需要资金来投资业务,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。在第一和第二种情况下,投资回报率将反映现金用于企业投资的这种用途。在后一种情况下,债务的使用将提高回报,但不会改变股权。这将使投资回报率看起来比不使用债务时更好。

Combining SMART Global Holdings' Debt And Its 0.5% Return On Equity

合并SMART Global Holdings的债务及其0.5%的股本回报率

SMART Global Holdings does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.87. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.

SMART Global Holdings确实使用大量债务来增加回报。它的债务权益比率为1.87。即使使用了巨额债务,其投资回报率也相当低;在我们看来,这不是一个好结果。债务会增加风险,减少公司未来的选择,因此您通常希望从使用债务中获得丰厚的回报。

Summary

摘要

Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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。

But when a business is high quality, the market often bids it up to a price that reflects this. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to check this FREE visualization of analyst forecasts for the company.

但是,当企业质量很高时,市场通常会以反映这一点的价格出价。还必须考虑利润可能增长的速度,相对于当前价格所反映的利润增长预期。因此,您可能需要查看该公司的分析师预测的免费可视化效果。

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.

当然,通过寻找其他地方,你可能会找到一笔不错的投资。因此,来看看这份有趣的公司的免费清单吧。

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.

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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发