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.
许多投资者仍在学习在分析股票时可能有用的各种指标。这篇文章是为那些想了解股本回报率(ROE)的人准备的。我们将使用净资产收益率来分析AerCap Holdings N.V.(纽约证券交易所代码：AER)，作为一个典型的例子。
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.
股本回报率或净资产收益率是股东要考虑的一个重要因素，因为它告诉他们他们的资本再投资的效率。简而言之，净资产收益率显示了每一美元相对于其股东投资产生的利润。
View our latest analysis for AerCap Holdings
查看我们对AerCap Holdings的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
The formula for ROE is:
这个净资产收益率公式是：
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 AerCap Holdings is:
因此，根据上述公式，AerCap Holdings的净资产收益率为：
11% = US$1.9b ÷ US$16b (Based on the trailing twelve months to June 2023).
11%=19亿美元×160亿美元(基于截至2023年6月的12个月的往绩)。
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.
“回报”就是年度利润。另一种说法是，公司每持有价值1美元的股票，就能赚取0.11美元的利润。
Does AerCap Holdings Have A Good ROE?
AerCap控股公司的净资产收益率高吗？
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.
通过将一家公司的净资产收益率(ROE)与其行业平均水平进行比较，我们可以快速衡量它有多好。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。从下图可以清楚地看出，AerCap Holdings的净资产收益率(ROE)低于贸易分销商行业的平均水平(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，这并不是最优的。然而，较低的净资产收益率并不总是坏事。如果公司的债务水平处于中低水平，那么仍有机会通过使用财务杠杆来提高回报。当一家公司的净资产收益率低但债务水平高时，我们会谨慎行事，因为涉及的风险太高。我们的风险仪表板应该有我们为AerCap Holdings确定的两个风险。
How Does Debt Impact Return On Equity?
债务对股本回报率有何影响？
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.
几乎所有的公司都需要资金来投资于业务，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，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，增长所需的债务将提高回报，但不会影响股东权益。在这种情况下，债务的使用将提高净资产收益率，即使企业的核心经济保持不变。
AerCap Holdings' Debt And Its 11% ROE
AerCap Holdings的债务及其11%的净资产收益率
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高度利用债务，导致其债务与股本比率为2.82。相当低的净资产收益率和大量使用债务的组合并不是特别有吸引力。投资者应该仔细考虑，如果一家公司不能如此轻松地借款，它可能会表现如何，因为信贷市场确实会随着时间的推移而变化。
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.
股本回报率是我们比较不同公司业务质量的一种方式。能够在没有太多债务的情况下实现高股本回报率的公司通常质量良好。如果两家公司的债务权益比大致相同，而其中一家公司的净资产收益率更高，我通常会更喜欢净资产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.
但当一项业务是高质量的时，市场往往会将其抬高到反映这一点的价格。相对于当前价格反映的利润增长预期，也必须考虑利润可能增长的速度。因此，你可能想看看这张数据丰富的公司预测互动图表。
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.
如果你更愿意看看另一家公司--一家财务状况可能更好的公司--那么不要错过这一点免费列出了一些有趣的公司，这些公司拥有高股本回报率和低债务。
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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。