Investors Shouldn't Overlook EOG Resources' (NYSE:EOG) Impressive Returns On Capital
Investors Shouldn't Overlook EOG Resources' (NYSE:EOG) Impressive Returns On Capital
If you're looking for a multi-bagger, there's a few things to 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. And in light of that, the trends we're seeing at EOG Resources' (NYSE:EOG) look very promising so lets take a look.
如果你正在尋找一個multi-bagger，有一些事情要注意。理想情況下，一家公司會顯示兩個趨勢; 首先是不斷增長的資本投入。如果你看到這一點，通常意味着這是一家擁有出色商業模式和大量盈利再投資機會的公司。因此，在這一點上，電科網安（深圳證券交易所：002268）在資本回報趨勢方面似乎相當有前途。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。如果你看到這樣的數字，通常意味着這是一個擁有良好業務模式和充足盈利再投資機會的公司。鑑於此，在EOG能源（紐交所：EOG）的趨勢看來非常有前途，讓我們來看看。
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 EOG Resources is:
爲了澄清，如果您不確定，ROCE是用於評估公司在其業務中投資的資本所賺取的稅前收入的指標（以百分比表示）。在EOG能源的計算公式爲：
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。
0.23 = US$9.3b ÷ (US$45b - US$4.3b) (Based on the trailing twelve months to March 2024).
0.23 = 93億美元÷（450億美元- 43億美元）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, EOG Resources has an ROCE of 23%. That's a fantastic return and not only that, it outpaces the average of 13% earned by companies in a similar industry.
因此，EOG能源的ROCE爲23％。這是一種非常出色的回報率，而且不僅如此，它還超過了同行業公司的平均13％。
In the above chart we have measured EOG Resources' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for EOG Resources .
在上圖中，我們將EOG能源過去的ROCE與其過去的表現進行了比較，但未來才是更重要的。如果您有興趣，您可以查看我們爲EOG能源提供的免費分析師報告中的分析師預測。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
The trends we've noticed at EOG Resources are quite reassuring. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 23%. 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 29%. 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.
我們注意到EOG能源的趨勢非常令人放心。數據顯示，在過去的五年中，資本僱用回報率大幅增長至23％。該公司有效地每使用一美元的資本就賺取更多的利潤，值得注意的是，資本數量也增加了29％。這可以表明，在更高的利率下有大量的機會在內部投資資本，這是多贏局的共同特點。
The Key Takeaway
重要提示
To sum it up, EOG Resources has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 80% return over the last five years. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總之，EOG能源已經證明它可以再投資業務並在該資本中產生更高的回報率，這非常出色。而且，投資者似乎希望這種情況會在未來繼續發生，因爲股票在過去的五年中爲股東帶來了80％的回報率。鑑於此，我們仍然認爲，這個有前途的基本面意味着公司值得進一步的盡職調查。
One final note, you should learn about the 2 warning signs we've spotted with EOG Resources (including 1 which shouldn't be ignored) .
最後，請注意，您應該了解我們發現的EOG能源的2個警告信號（其中1個不應被忽視）。您還應該學習業內板塊的知識。
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。