There's Been No Shortage Of Growth Recently For GMS' (NYSE:GMS) Returns On Capital
There's Been No Shortage Of Growth Recently For GMS' (NYSE:GMS) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So on that note, GMS (NYSE:GMS) looks quite promising in regards to its trends of return on capital.
如果我们想找到潜在的多袋装袋机，通常有一些潜在的趋势可以提供线索。除其他外，我们希望看到两件事；首先，成长 返回 论资本使用率（ROCE），其次是公司的扩张 金额 所用资本的比例。这向我们表明，它是一台复合机器，能够持续将其收益再投资到业务中并产生更高的回报。因此，就资本回报率趋势而言，GMS（纽约证券交易所代码：GMS）看起来相当乐观。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on GMS is:
对于那些不知道的人来说，ROCE是衡量公司年度税前利润（其回报率）的指标，相对于该业务使用的资本。在 GMS 上进行此计算的公式为：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥（总资产-流动负债）
0.17 = US$460m ÷ (US$3.3b - US$624m) (Based on the trailing twelve months to January 2024).
0.17 = 4.6亿美元 ÷（33亿美元-6.24亿美元） （基于截至2024年1月的过去十二个月）。
So, GMS has an ROCE of 17%. On its own, that's a standard return, however it's much better than the 12% generated by the Trade Distributors industry.
因此，GMS的投资回报率为17％。就其本身而言，这是标准回报，但要比贸易分销商行业产生的12％好得多。
In the above chart we have measured GMS' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for GMS .
在上图中，我们将通用汽车先前的投资回报率与之前的表现进行了比较，但可以说，未来更为重要。如果你想了解分析师对未来的预测，你应该查看我们的免费GMS分析师报告。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
Investors would be pleased with what's happening at GMS. Over the last five years, returns on capital employed have risen substantially to 17%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 40%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
投资者会对GMS发生的事情感到满意。在过去五年中，已动用资本回报率大幅上升至17％。实际上，该公司每使用1美元资本就能赚更多的钱，值得注意的是，资本金额也增加了40％。这可能表明，内部有很多机会以更高的利率进行资本投资，这种组合在多袋公司中很常见。
The Bottom Line
底线
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what GMS has. Since the stock has returned a staggering 412% to shareholders over the last five years, it looks like investors are recognizing these changes. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
一家资本回报率不断提高且能够持续进行自我再投资的公司是一个备受追捧的特征，而这正是GMS所具备的。由于该股在过去五年中向股东回报了惊人的412％，因此投资者似乎已经意识到了这些变化。因此，鉴于该股已证明其趋势令人鼓舞，值得进一步研究该公司，看看这些趋势是否可能持续下去。
One more thing, we've spotted 2 warning signs facing GMS that you might find interesting.
还有一件事，我们发现了两个面向 GMS 的警告标志，你可能会觉得有趣。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收益丰厚的稳健公司，可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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