Returns At Pinterest (NYSE:PINS) Are On The Way Up
Returns At Pinterest (NYSE:PINS) Are On The Way Up
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Speaking of which, we noticed some great changes in Pinterest's (NYSE:PINS) returns on capital, so let's have a look.
如果我們想尋找一隻股票，在長期內能夠增值，我們應該尋找什麼樣的基本趨勢呢？理想情況下，一家企業將展現兩種趨勢；首先是資本的增長。基本上這意味着一個公司擁有可以繼續投資的盈利倡議，這是複合機器的特質。鑑於此，我們看到的伊克賽爾服務 (NASDAQ:EXLS) 的趨勢非常有前途，所以讓我們來看一下。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。基本上，這意味着公司有盈利的業務可以繼續投資，這是複利機器的特點。順便說一下，我們注意到Pinterest（紐交所:PINS）在資本回報方面有了很大的改善，讓我們來看看。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 Pinterest is:
如果您不確定，ROCE是一種評估公司在其業務所投資的資本上賺取多少稅前收入（以百分比計算）的指標。 Pinterest計算的此公式爲：
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。
0.057 = US$190m ÷ (US$3.7b - US$340m) (Based on the trailing twelve months to March 2024).
因此，Pinterest的ROCE爲5.7％。僅從公司資本回報角度來看，這是較低的回報，但它與行業平均回報6.4％相一致。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, Pinterest has an ROCE of 5.7%. On its own that's a low return on capital but it's in line with the industry's average returns of 6.4%.
在上圖中，我們測量了Pinterest以往的ROCE與其之前的表現，但未來的表現可能更重要。如果您感興趣，可以在我們的Pinterest免費分析師報告中查看分析師的預測。
In the above chart we have measured Pinterest's 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 Pinterest .
總的來說，Pinterest得到了我們的認可，這主要歸功於它現在盈利並正在重新投資。由於該股票在過去的五年中爲股東帶來了可觀的61％回報率，因此可以說投資者開始認識到這些變化。因此，鑑於該股票已經證明具有有前途的趨勢，這值得進一步探究公司是否會持續保持這些趨勢。
What Can We Tell From Pinterest's ROCE Trend?
我們從Pinterest的ROCE趨勢中可以得出什麼結論？
The fact that Pinterest is now generating some pre-tax profits from its prior investments is very encouraging. The company was generating losses five years ago, but now it's earning 5.7% which is a sight for sore eyes. And unsurprisingly, like most companies trying to break into the black, Pinterest is utilizing 227% more capital than it was five years ago. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
Pinterest現在從之前的投資中獲得了一些稅前利潤，這是非常令人鼓舞的。五年前，該公司還在虧損，但現在它的稅前利潤達到了5.7％，這是一個好消息。不出所料，與五年前相比，Pinterest使用的資本增加了227％，就像大多數試圖實現盈利的公司一樣。我們喜歡這種趨勢，因爲它告訴我們公司有盈利的再投資機會可用，如果繼續前進，這可能會導致多重回報業績。
Our Take On Pinterest's ROCE
我們對Pinterest的ROCE的看法
Overall, Pinterest gets a big tick from us thanks in most part to the fact that it is now profitable and is reinvesting in its business. Since the stock has returned a solid 61% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. 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.
如果您想繼續研究Pinterest，您可能會對我們分析發現的1個警告信號感興趣。總的來說，Pinterest以及5年爲股東帶來了可觀的61％回報率，這使我們對其印象深刻，這主要歸功於其現在的盈利和重新投資業務。因此，鑑於股票已經證明具有有前途的趨勢，值得進一步研究公司，以了解這些趨勢是否可能持續。
If you want to continue researching Pinterest, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想繼續研究Pinterest，您可能會對我們分析發現的1個警告信號感興趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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
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譯文內容由第三人軟體翻譯。