Can AerCap Holdings N.V. (NYSE:AER) Improve Its Returns?
Can AerCap Holdings N.V. (NYSE:AER) Improve Its Returns?
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 AerCap Holdings N.V. (NYSE:AER), by way of a worked example.
許多投資者仍在學習在分析股票時可能有用的各種指標。這篇文章是為那些想了解股本回報率(ROE)的人準備的。我們將使用淨資產收益率來分析AerCap Holdings N.V.(紐約證券交易所代碼：AER)，作為一個典型的例子。
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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率或淨資產收益率是股東要考慮的一個重要因素，因為它告訴他們他們的資本再投資的效率。簡而言之，淨資產收益率顯示了每一美元相對於其股東投資產生的利潤。
View our latest analysis for AerCap Holdings
查看我們對AerCap Holdings的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的？
The formula for ROE is:
這個淨資產收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for AerCap Holdings is:
因此，根據上述公式，AerCap Holdings的淨資產收益率為：
11% = US$1.9b ÷ US$16b (Based on the trailing twelve months to June 2023).
11%=19億美元×160億美元(基於截至2023年6月的12個月的往績)。
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 $0.11 in profit.
“回報”就是年度利潤。另一種說法是，公司每持有價值1美元的股票，就能賺取0.11美元的利潤。
Does AerCap Holdings Have A Good ROE?
AerCap控股公司的淨資產收益率高嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As is clear from the image below, AerCap Holdings has a lower ROE than the average (18%) in the Trade Distributors industry.
通過將一家公司的淨資產收益率(ROE)與其行業平均水準進行比較，我們可以快速衡量它有多好。這種方法的侷限性是，一些公司與其他公司有很大的不同，甚至在相同的行業分類中也是如此。從下圖可以清楚地看出，AerCap Holdings的淨資產收益率(ROE)低於貿易分銷商行業的平均水準(18%)。
Unfortunately, that's sub-optimal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high. Our risks dashboard should have the 2 risks we have identified for AerCap Holdings.
不幸的是，這並不是最優的。然而，較低的淨資產收益率並不總是壞事。如果公司的債務水準處於中低水準，那麼仍有機會通過使用財務槓桿來提高回報。當一家公司的淨資產收益率低但債務水準高時，我們會謹慎行事，因為涉及的風險太高。我們的風險儀錶板應該有我們為AerCap Holdings確定的兩個風險。
How Does Debt Impact Return On Equity?
債務對股本回報率有何影響？
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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
幾乎所有的公司都需要資金來投資於業務，以增加利潤。這些現金可以來自發行股票、留存收益或債務。在第一種和第二種情況下，淨資產收益率將反映對企業投資的現金使用情況。在後一種情況下，增長所需的債務將提高回報，但不會影響股東權益。在這種情況下，債務的使用將提高淨資產收益率，即使企業的核心經濟保持不變。
AerCap Holdings' Debt And Its 11% ROE
AerCap Holdings的債務及其11%的淨資產收益率
It's worth noting the high use of debt by AerCap Holdings, leading to its debt to equity ratio of 2.82. The combination of a rather low ROE and significant use of debt is not particularly appealing. 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，AerCap Holdings高度利用債務，導致其債務與股本比率為2.82。相當低的淨資產收益率和大量使用債務的組合並不是特別有吸引力。投資者應該仔細考慮，如果一家公司不能如此輕鬆地借款，它可能會表現如何，因為信貸市場確實會隨著時間的推移而變化。
Summary
摘要
Return on equity is one way we can compare its business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股本回報率是我們比較不同公司業務質量的一種方式。能夠在沒有太多債務的情況下實現高股本回報率的公司通常質量良好。如果兩家公司的債務權益比大致相同，而其中一家公司的淨資產收益率更高，我通常會更喜歡淨資產收益率更高的那家公司。
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 take a peek at this data-rich interactive graph of forecasts for the company.
但當一項業務是高質量的時，市場往往會將其抬高到反映這一點的價格。相對於當前價格反映的利潤增長預期，也必須考慮利潤可能增長的速度。因此，你可能想看看這張數據豐富的公司預測互動圖表。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果你更願意看看另一家公司--一家財務狀況可能更好的公司--那麼不要錯過這一點免費列出了一些有趣的公司，這些公司擁有高股本回報率和低債務。
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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.
對這篇文章有什麼反饋嗎？擔心內容嗎？ 保持聯繫直接與我們聯繫.或者，也可以給編輯組發電子郵件，地址是暗示Wallst.com。
本文由Simply Wall St.撰寫，具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.