Should You Be Impressed By Encompass Health Corporation's (NYSE:EHC) ROE?
Should You Be Impressed By Encompass Health Corporation's (NYSE:EHC) ROE?
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). To keep the lesson grounded in practicality, we'll use ROE to better understand Encompass Health Corporation (NYSE:EHC).
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。為了使課程立足於實踐，我們將使用淨資產收益率來更好地瞭解Engrass Health Corporation(紐約證券交易所代碼：EHC)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。簡而言之，它是用來評估一家公司相對於其權益資本的盈利能力。
See our latest analysis for Encompass Health
查看我們對Enfass Health的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for return on equity is:
這個股本回報率公式是：
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 Encompass Health is:
因此，根據上面的公式，Engrass Health的淨資產收益率為：
21% = US$437m ÷ US$2.1b (Based on the trailing twelve months to June 2023).
21%=4.37億美元×21億美元(基於截至2023年6月的12個月)。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.21 in profit.
“回報”指的是一家公司過去一年的收益。這意味著，股東權益每增加1美元，公司就會產生0.21美元的利潤。
Does Encompass Health Have A Good Return On Equity?
包羅萬象健康公司是否有良好的股本回報率？
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 is clear from the image below, Encompass Health has a better ROE than the average (11%) in the Healthcare industry.
確定一家公司是否擁有良好的股本回報率的一個簡單方法是將其與所在行業的平均水準進行比較。然而，這種方法只是作為一種粗略的檢查，因為在同一行業分類中，公司確實有很大的不同。從下圖可以清楚地看出，Enneass Health的淨資產收益率(ROE)高於醫療行業的平均水準(11%)。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . You can see the 2 risks we have identified for Encompass Health by visiting our risks dashboard for free on our platform here.
這就是我們希望看到的。然而，請記住，高淨資產收益率並不一定意味著有效的利潤創造。債務在公司資本結構中的比例較高也可能導致較高的淨資產收益率，而較高的債務水準可能是一個巨大的風險。您可以通過訪問我們的風險控制面板在我們的平臺上是免費的。
How Does Debt Impact Return On Equity?
債務對股本回報率有何影響？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多數公司都需要資金--從某個地方--來增加利潤。這些現金可以來自發行股票、留存收益或債務。在第一種和第二種選擇的情況下，淨資產收益率將反映現金用於增長的這種情況。在後一種情況下，債務的使用將提高回報，但不會改變股權。因此，債務的使用可以提高淨資產收益率，儘管打個比方說，在暴風雨天氣的情況下會有額外的風險。
Encompass Health's Debt And Its 21% ROE
包括Health的債務及其21%的淨資產收益率
Encompass Health does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.15. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Enneass Health確實使用了大量債務來增加回報。它的債務與股本比率為1.15。雖然其淨資產收益率相當可觀，但該公司目前背負的債務規模並不理想。債務增加了風險，減少了公司未來的選擇，所以你通常希望看到使用它的一些良好回報。
Summary
摘要
Return on equity is one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. 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。一家能夠在沒有債務的情況下實現高股本回報率的公司可以被認為是一家高質量的企業。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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst 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。相對於股價反映的預期，利潤增長率是一個特別重要的考慮因素。因此，你可能想查看分析師對該公司預測的免費可視化。
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.
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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.