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。通過邊做邊學的方式，我們將關注淨資產收益率，以更好地瞭解拉雷多石油公司(紐約證券交易所代碼：LPI)。
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拉雷多石油公司(NYSE：LPI)的淨資產收益率能否繼續超過行業平均水平？
2022-07-06 03:20
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). By way of learning-by-doing, we'll look at ROE to gain a better understanding of Laredo Petroleum, Inc. (NYSE:LPI).
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.
淨資產收益率，即股本回報率，是評估一家公司從股東那里獲得投資回報的有效程度的有用工具。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 Laredo Petroleum
查看我們對拉雷多石油公司的最新分析
How Do You Calculate Return On Equity?
你如何計算股本回報率？
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 Laredo Petroleum is:
因此，根據上述公式，拉雷多石油公司的淨資產收益率為：
32% = US$134m ÷ US$424m (Based on the trailing twelve months to March 2022).
32%=1.34億美元×4.24億美元(基於截至2022年3月的12個月的往績)。
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.32.
「收益」是過去12個月的利潤。因此，這意味着股東每投資1美元，公司就會產生0.32美元的利潤。
Does Laredo Petroleum Have A Good Return On Equity?
拉雷多石油公司的股本回報率高嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Laredo Petroleum has a better ROE than the average (18%) in the Oil and Gas 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平進行比較。重要的是，這遠遠不是一個完美的衡量標準，因為在同一行業分類中，公司的差異很大。從下圖可以清楚地看出，拉雷多石油公司的淨資產收益率(ROE)高於石油和天然氣行業的平均水平(18%)。
NYSE:LPI Return on Equity July 5th 2022
紐約證券交易所：LPI股本回報率2022年7月5日
That is a good sign. Bear in mind, a high ROE doesn't always mean superior financial performance. 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 . To know the 4 risks we have identified for Laredo Petroleum visit our risks dashboard for free.
這是一個好兆頭。請記住，高淨資產收益率並不總是意味着更好的財務表現。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，而較高的債務水平可能是一個巨大的風險。要了解我們為拉雷多石油公司確定的4個風險，請免費訪問我們的風險儀表板。
Why You Should Consider Debt When Looking At ROE
為什麼在考慮淨資產收益率時應該考慮債務
Companies usually need to invest money to grow their 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.
公司通常需要投入資金來增加利潤。這些現金可以來自留存收益、發行新股(股權)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。在后一種情況下，債務的使用將提高回報，但不會改變股權。這將使淨資產收益率看起來比不使用債務的情況下更好。
Laredo Petroleum's Debt And Its 32% ROE
拉雷多石油公司的債務及其32%的淨資產收益率
It seems that Laredo Petroleum uses a huge volume of debt to fund the business, since it has an extremely high debt to equity ratio of 3.36. So although the company has an impressive ROE, the company might not have been able to achieve this without the significant use of debt.
拉雷多石油公司似乎使用了鉅額債務來為業務提供資金，因為它的債務與股本比率非常高，為3.36。因此，儘管該公司擁有令人印象深刻的淨資產收益率，但如果沒有大量債務的使用，該公司可能無法實現這一目標。
Conclusion
結論
Return on equity is one way we can compare its business quality of different companies. In our books, the highest quality companies have high return on equity, despite low debt. 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。在我們的賬目中，最高質量的公司擁有高股本回報率，儘管債務水平較低。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 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，你可能想看看這張數據豐富的公司預測互動圖表。
But note: Laredo Petroleum may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但請注意：拉雷多石油公司可能不是最值得買入的股票。所以讓我們來看看這個免費高淨資產收益率和低負債的有趣公司名單。
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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。
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