Capital Investment Trends At CorVel (NASDAQ:CRVL) Look Strong
Capital Investment Trends At CorVel (NASDAQ:CRVL) Look Strong
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So, when we ran our eye over CorVel's (NASDAQ:CRVL) trend of ROCE, we really liked what we saw.
如果不知道從哪裏開始尋找下一個多倍股，那麼有幾個關鍵趨勢您應該密切關注: 首先是資本的增長,資產回報率：它是什麼？資本使用率回報(ROCE)是什麼?ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。資產使用率。簡單來說，這些類型的業務是複利機器，意味着它們不斷地以越來越高的回報率重新投資其收益。因此，當我們審視 CorVel（納斯達克：CRVL）的 ROCE 趨勢時，我們真的很喜歡我們所看到的。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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. To calculate this metric for CorVel, this is the formula:
對於那些不知道 ROCE 是什麼的人來說，它是公司每年稅前利潤（回報）相對於用於業務的資本的一個衡量指標。要爲 CorVel 計算這個指標，使用的公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.35 = US$95m ÷ (US$455m - US$184m) (Based on the trailing twelve months to March 2024).
0.35 = 美元 9500 萬元 ÷（美元 4.55 億 - 美元 1.84 億）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。.
Thus, CorVel has an ROCE of 35%. That's a fantastic return and not only that, it outpaces the average of 11% earned by companies in a similar industry.
因此，CorVel 的 ROCE 是 35%。那是一個極好的回報，不僅如此，它還超過了類似行業公司賺到的 11% 的平均回報。
Historical performance is a great place to start when researching a stock so above you can see the gauge for CorVel's ROCE against it's prior returns. If you're interested in investigating CorVel's past further, check out this free graph covering CorVel's past earnings, revenue and cash flow.
歷史表現是研究股票的好出發點，因此您可以在上面看到 CorVel 相對於其以前的回報率的測量標準。如果您對進一步研究 CorVel 的歷史感興趣，請查看此免費圖表，涵蓋 CorVel 的過去收益、營業收入和現金流量。
So How Is CorVel's ROCE Trending?
那麼 CorVel 的 ROCE 趨勢如何呢？
In terms of CorVel's history of ROCE, it's quite impressive. The company has consistently earned 35% for the last five years, and the capital employed within the business has risen 34% in that time. Returns like this are the envy of most businesses and given it has repeatedly reinvested at these rates, that's even better. If these trends can continue, it wouldn't surprise us if the company became a multi-bagger.
就 CorVel 的 ROCE 歷史而言，它相當令人印象深刻。該公司在過去五年中一直賺取 35% 的回報，在業務中使用的資本在這段時間內增長了 34%。這樣的回報是大多數企業所羨慕的，而且由於它已經以這些回報率反覆投資，這甚至更爲出色。如果這些趨勢可以繼續，如果該公司成爲一個多倍投資者，我們也不會感到驚訝。
Another thing to note, CorVel has a high ratio of current liabilities to total assets of 41%. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
需要注意的另一件事是，CorVel 的流動負債與總資產的比率高達 41%。這實際上意味着供應商（或短期債權人）資助了業務的大部分，因此只需注意這可能會引入某些風險。理想情況下，我們希望看到這一比例降低，因爲這意味着承擔風險的義務更少。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
CorVel has demonstrated its proficiency by generating high returns on increasing amounts of capital employed, which we're thrilled about. And the stock has done incredibly well with a 203% return over the last five years, so long term investors are no doubt ecstatic with that result. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
CorVel 通過產生高回報來有效地利用不斷增加的資本，這讓我們感到非常高興。股票在過去五年中回報達到 203%，所以長期投資者毫無疑問會對此結果感到狂熱。因此，即使該股票可能比以前更“昂貴”，我們認爲強大的基本面也值得進一步研究。
CorVel does have some risks though, and we've spotted 1 warning sign for CorVel that you might be interested in.
CorVel 確實存在一些風險，我們還發現了 1 條關於 CorVel 的警告信號，您可能會感興趣。
CorVel is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
CorVel 不是唯一賺取高回報的股票。如果您想查看更多，請查看我們的免費公司賺取高股本回報率且基本面堅實的列表。
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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。