Returns On Capital Are A Standout For W.W. Grainger (NYSE:GWW)
Returns On Capital Are A Standout For W.W. Grainger (NYSE:GWW)
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. With that in mind, the ROCE of W.W. Grainger (NYSE:GWW) looks great, so lets see what the trend can tell us.
要找到一個翻倍股，我們在業務中應該尋找哪些基本趨勢？我們不能漏掉以下兩點：第一，資本僱用量的增長。簡單地說，這些類型的企業是複合機器，意味着他們持續地以越來越高的回報率重新投資他們的利潤。資產回報率：它是什麼？如果您不確定ROCE是什麼，它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數，使用以下公式:0.054 = 1.24億美元÷（31億美元 - 8.53億美元）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。簡單來說，這些類型的業務是複合機器，意味着它們以愈發高的回報率不斷重新投資其收益。考慮到這一點，W.W. Grainger (紐交所：GWW) 的 ROCE 看起來不錯，讓我們看看其趨勢能告訴我們些什麼。
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. The formula for this calculation on W.W. Grainger is:
對於那些不知道 ROCE 的人，ROCE 是一個衡量公司每年稅前利潤（其回報）相對於業務中使用的資本的方法。對 W.W. Grainger 的計算公式如下：
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。
0.44 = US$2.6b ÷ (US$8.4b - US$2.5b) (Based on the trailing twelve months to March 2024).
0.44 = 26億美元 ÷ （84億美元 - 25億美元）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。.
Thus, W.W. Grainger has an ROCE of 44%. That's a fantastic return and not only that, it outpaces the average of 13% earned by companies in a similar industry.
因此，W.W. Grainger 的 ROCE 爲 44%。這是一個很好的回報，不僅如此， 它還超過了同一行業公司平均獲得的13%。
Above you can see how the current ROCE for W.W. Grainger compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering W.W. Grainger for free.
上圖展示了 W.W. Grainger 的當前 ROCE 與其先前資本回報率的比較情況，但從過去只能得出這麼多。如果您願意，您可以免費查看分析師對 W.W. Grainger 的預測。
So How Is W.W. Grainger's ROCE Trending?
那麼，W.W. Grainger 的 ROCE 走勢如何？
Investors would be pleased with what's happening at W.W. Grainger. Over the last five years, returns on capital employed have risen substantially to 44%. Basically the business is earning more per dollar of capital invested and in addition to that, 29% more capital is being employed now too. 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.
投資者會對 W.W. Grainger 正在發生的事情感到滿意。在過去的五年中，資本使用回報率大幅上升至44%。基本上，該業務正在獲得更多的資本投資收益，另外，現在還投入了29% 的更多資本。這可以表明，有大量的機會在內部投資資本，並以更高的速率進行投資，這是許多倍增器的共同特點。
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。
In summary, it's great to see that W.W. Grainger can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. 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.
總之，很高興看到 W.W. Grainger 可以通過不斷以遞增的回報率重新投資資本來複合回報，因爲這些是倍增者中非常重要的關鍵成分。而且，由於股票在過去的五年中表現出色，這些模式已被投資者所考慮。因此，鑑於股票已經證明了它有前途的趨勢，值得進一步研究公司是否有可能保持這些趨勢。
One more thing to note, we've identified 1 warning sign with W.W. Grainger and understanding it should be part of your investment process.
還有一件事需要注意的是，我們已經確定了 W.W. Grainger 的 1個警示信號，並了解它應該成爲您的投資過程的一部分。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司獲得高回報，請在此查看我們免費的高回報、堅實財務狀況的公司列表。
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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。