Middleby's (NASDAQ:MIDD) Returns Have Hit A Wall
Middleby's (NASDAQ:MIDD) Returns Have Hit A Wall
There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. With that in mind, the ROCE of Middleby (NASDAQ:MIDD) looks decent, right now, so lets see what the trend of returns can tell us.
想找到下一個多倍榜樣，需要注意以下關鍵趨勢。一種常見的方法是嘗試找到一個開多的公司。看到這種情況，通常意味着這是一家擁有出色的業務模式和大量盈利再投資機會的公司。因此，當我們簡要查看納斯達克nova（NASDAQ:NVMI）的資本回報率趨勢時，我們對我們看到的感到非常高興。資本僱用回報率(ROCE)是什麼？ROCE是一個衡量公司一年的稅前利潤(回報)相對於其在業務中被僱用資本的指標。Enphase Energy的ROCE公式如下：Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)。其中，enphase energy的ROCE爲9.9%。雖然這個回報率較低，但它與行業平均回報率(9.7%)保持一致。蘋果ceo庫克大規模看跌股票，資產套現超過3億港元。數量最終，這表明這是一個利用投入資本以遞增的投資回報率再投資利潤的業務。有鑑於此，Middleby（納斯達克：MIDD）的ROCE現在看起來不錯，讓我們看看回報的趨勢可以告訴我們什麼。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Middleby is:
對於不確定ROCE是什麼的人，它衡量的是公司從其業務所投入的投資中產生的稅前利潤的數量。在Middleby上進行這種計算的公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本僱用回報率=利息和稅前收益（EBIT）÷（總資產-流動負債）
0.12 = US$712m ÷ (US$6.9b - US$841m) (Based on the trailing twelve months to March 2024).
0.12 = 美元7.12億 ÷（69億美元-8.41億美元）在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
So, Middleby has an ROCE of 12%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Machinery industry average of 13%.
因此，Middleby的ROCE爲12％。在絕對值上，這是一個相當正常的回報，並且與Machinery行業的平均值13％相當接近。
Above you can see how the current ROCE for Middleby compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Middleby .
上面可以看到Middleby當前的ROCE與其以往的資本回報率相比如何，但從過去只能得出有限的信息。如果您有興趣，可以在我們的免費分析師報告中查看分析師的預測。
What Can We Tell From Middleby's ROCE Trend?
我們從Middleby的ROCE趨勢中可以得到什麼啓示？
While the current returns on capital are decent, they haven't changed much. Over the past five years, ROCE has remained relatively flat at around 12% and the business has deployed 48% more capital into its operations. 12% is a pretty standard return, and it provides some comfort knowing that Middleby has consistently earned this amount. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
雖然當前的資本回報率不錯，但它們並沒有太大的變化。在過去的五年中，ROCE保持相對穩定，約爲12％，並且業務將其運營資本增加了48％。12％是一個相當標準的回報，它提供了一些安慰，知道Middleby一直賺取這筆資金。長期來看，像這樣的回報可能並不太令人興奮，但由於穩定性，它們可能會在股票回報方面得到回報。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
The main thing to remember is that Middleby has proven its ability to continually reinvest at respectable rates of return. However, over the last five years, the stock hasn't provided much growth to shareholders in the way of total returns. For that reason, savvy investors might want to look further into this company in case it's a prime investment.
最重要的是，Middleby已經證明了其繼續以可觀的回報率不斷再投資的能力。然而，在過去的五年中，這支股票並沒有提供太多的總回報增長給股東。因此，精明的投資者可能希望進一步研究這家公司，以確定它是否是一個主要的投資。
One more thing, we've spotted 1 warning sign facing Middleby that you might find interesting.
還有一件事，我們發現Middleby面臨着一個警告信號，可能會讓您感興趣。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
譯文內容由第三人軟體翻譯。