There is almost a unanimous agreement in investment community that RoE is an important indicator of health of a company, High sustainable ROE implies sustainable competitive advantages and hence investment attractiveness of the company Sustainable is a key word here so always execute ROE analysis for at least 5 years if not 10 years to arrive at a conclusion https://www.tankrich.com/2015-10-dissecting-roe/
You should also look into RoCE because ROE excludes the amount of debt with which the company operates while ROCE takes this into account.
It's about dissecting the RoE using the Dupont Analysis.... Which is far superior to simply looking at the RoE and considers debt too as one of its vectors.
Yes definitely ROE is a good factor to judge the performance of company.It helps to determine how competitive a company is and how attractive it is from investment point of view.