With A Return On Equity Of 9.3%, Has CMS Energy Corporation's (NYSE:CMS) Management Done Well?
With A Return On Equity Of 9.3%, Has CMS Energy Corporation's (NYSE:CMS) Management Done Well?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. To keep the lesson grounded in practicality, we'll use ROE to better understand CMS Energy Corporation (NYSE:CMS).
尽管一些投资者已经精通财务指标（帽子提示），但本文适用于那些想了解股本回报率（ROE）及其重要性的人。为了使课程以实用为基础，我们将使用投资回报率来更好地了解CMS能源公司（纽约证券交易所代码：CMS）。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
ROE或股本回报率是评估公司如何有效地从股东那里获得的投资回报的有用工具。简而言之，投资回报率显示了每美元在其股东投资中产生的利润。
View our latest analysis for CMS Energy
查看我们对 CMS Energy 的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for ROE is:
投资回报率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营）÷ 股东权益
So, based on the above formula, the ROE for CMS Energy is:
因此，根据上述公式，CMS Energy的投资回报率为：
9.3% = US$719m ÷ US$7.8b (Based on the trailing twelve months to September 2023).
9.3% = 7.19亿美元 ¥78亿美元（基于截至2023年9月的过去十二个月）。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.09 in profit.
“回报” 是企业在过去一年中获得的收入。对此进行概念化的一种方法是，该公司每拥有1美元的股东资本，就能获得0.09美元的利润。
Does CMS Energy Have A Good ROE?
CMS Energy 的投资回报率是否良好？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. You can see in the graphic below that CMS Energy has an ROE that is fairly close to the average for the Integrated Utilities industry (9.3%).
可以说，评估公司投资回报率的最简单方法是将其与行业平均水平进行比较。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。你可以在下图中看到，CMS Energy的投资回报率与综合公用事业行业的平均水平（9.3％）相当接近。
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 so, this increases its exposure to financial risk. To know the 3 risks we have identified for CMS Energy visit our risks dashboard for free.
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。如果是这样，这会增加其金融风险敞口。要了解我们为CMS Energy确定的三种风险，请免费访问我们的风险仪表板。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
公司通常需要投资资金来增加利润。投资现金可以来自上一年的利润（留存收益）、发行新股或借款。对于第一和第二种选择，投资回报率将反映现金用于增长的这种用途。在后一种情况下，用于增长的债务将提高回报，但不会影响总资产。这将使投资回报率看起来比不使用债务时更好。
CMS Energy's Debt And Its 9.3% ROE
CMS Energy的债务及其9.3％的投资回报率
It's worth noting the high use of debt by CMS Energy, leading to its debt to equity ratio of 1.99. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. 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，CMS Energy大量使用债务，导致其债务权益比率为1.99。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。投资者应该仔细考虑如果一家公司无法如此轻易地借款，其表现会如何，因为信贷市场确实会随着时间的推移而发生变化。
Summary
摘要
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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。一家能够在没有债务的情况下实现高股本回报率的公司可以被视为高质量的企业。如果两家公司的债权与股本水平大致相同，而一家的投资回报率更高，我通常更喜欢投资回报率更高的公司。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free report on analyst forecasts for the company.
话虽如此，尽管投资回报率是衡量业务质量的有用指标，但你必须考虑一系列因素来确定购买股票的正确价格。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，我认为可能值得查看这份关于公司分析师预测的免费报告。
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提供基于历史数据和分析师预测的评论，我们的文章并非旨在提供财务建议。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，我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。