Capital Investment Trends At HCA Healthcare (NYSE:HCA) Look Strong
Capital Investment Trends At HCA Healthcare (NYSE:HCA) Look Strong
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? 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. Ergo, when we looked at the ROCE trends at HCA Healthcare (NYSE:HCA), we liked what we saw.
如果我們想在長期內找到一隻能夠翻倍的股票，應該尋找什麼基本趨勢呢？一種常見的方法是嘗試尋找一家回報率增長、資本僱用逐漸增加的公司。 簡單地說，這些類型的企業是複合機器，這意味着它們在不斷地以越來越高的回報率再投資其收益。儘管如此，當我們看着 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。什麼是資本僱用回報率（ROCE）？ROCE是一個企業年度稅前利潤（其回報）與企業資本僱用之間的比率。在 Enphase Energy 的計算公式是：資本僱用回報率=利息和稅前收益（EBIT）÷（資產總額-流動負債）。所以，Enphase Energy 的資本僱用回報率爲9.9%。單獨來看，這是一個較低的資本回報率，但它與行業平均回報率相當。以上你可以看到，Enphase Energy 的當前資本僱用回報率與之前的回報率相比如何，但從過去只能知道這麼多。如果你想看看分析師對未來的預測，你應該查看我們免費提供的 Enphase Energy 分析師報告。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。總的來說，這家公司以逐漸增加的回報率來重新投資利潤。因此，當我們查看hca醫療（紐交所：HCA）的ROCE趨勢時，我們很喜歡我們看到的內容。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on HCA Healthcare is:
如果您不確定，ROCE是一種用於評估公司在其業務中投資的資本所獲得的稅前收入的百分比指標。該計算公式用於hca醫療是：
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。
0.22 = US$9.8b ÷ (US$57b - US$13b) (Based on the trailing twelve months to March 2024).
0.22=98億美元÷（570億美元-130億美元）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。.
Therefore, HCA Healthcare has an ROCE of 22%. In absolute terms that's a great return and it's even better than the Healthcare industry average of 11%.
因此，hca醫療的ROCE爲22％。就絕對值而言，這是一個很好的回報率，甚至比醫療行業板塊的平均水平（11％）更好。
Above you can see how the current ROCE for HCA Healthcare compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for HCA Healthcare .
您可以看到hca醫療當前的ROCE與其之前的資本回報率相比情況如何，但是從過去只能得出有限的信息。如果您想查看分析師對未來的預測，您應該查閱我們免費的hca醫療分析師報告。
What Does the ROCE Trend For HCA Healthcare Tell Us?
hca醫療的ROCE趨勢告訴我們什麼？
We'd be pretty happy with returns on capital like HCA Healthcare. Over the past five years, ROCE has remained relatively flat at around 22% and the business has deployed 33% more capital into its operations. With returns that high, it's great that the business can continually reinvest its money at such appealing rates of return. If these trends can continue, it wouldn't surprise us if the company became a multi-bagger.
我們對於hca醫療的資本回報率如此之高感到非常滿意。在過去的五年裏，ROCE保持相對穩定，在22％左右，企業將其運營中投入了33％的更多資本。回報率如此之高，企業可以不斷以如此具有吸引力的回報率重新投資其資金，如果這些趨勢可以持續下去，那麼該公司變成一個多倍增長的可能性也不會讓我們感到意外。
The Key Takeaway
重要提示
In the end, the company has proven it can reinvest it's capital at high rates of returns, which you'll remember is a trait of a multi-bagger. On top of that, the stock has rewarded shareholders with a remarkable 163% return to those who've held over the last five years. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
最終，該公司已經證明它可以以高回報率重新投資其資本，您將記得這是多倍增長的特徵。除此之外，該股票還獎勵那些在過去五年持有的股東驚人的163％的回報率。因此，儘管這些積極的基本趨勢可能已被投資者納入了賬，但我們仍認爲這隻股票值得進一步研究。
On a final note, we've found 2 warning signs for HCA Healthcare that we think you should be aware of.
最後，我們發現了2個對於hca醫療存在的警告信號，我們認爲您應該注意。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果您想尋找更多獲得高回報的股票，請查看這個免費股票列表，這些股票不僅有紮實的資產負債表，而且還有高回報率。
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。