Shopify's (NYSE:SHOP) Returns On Capital Are Heading Higher
Shopify's (NYSE:SHOP) Returns On Capital Are Heading Higher
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Speaking of which, we noticed some great changes in Shopify's (NYSE:SHOP) returns on capital, so let's have a look.
如果你在尋找開空股票，就要注意幾個方面。首先，我們要看到資本的增長。這表明企業正在以越來越高的回報率對利潤進行再投資。從這個角度來看，我們注意到阜豐集團（HKG：546）有一些令人期待的趨勢，那麼讓我們再深入一些。資產回報率：它是什麼？資本僱用回報率 (ROCE) 是一種早期趨勢，可以用來識別有可能在長期內翻倍增值的股票，然後在此基礎上，要尋找一個不斷增長的業務板塊和行業板塊。這告訴我們這是一臺複利機器，能夠不斷地將其收益再投入業務，從而產生更高的回報。因此，在這點上，Materialise (納斯達克:MTLS) 看起來相當有前途，因爲它在資本回報方面的趨勢相當不錯。資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）如果您看到這個，通常意味着這是一傢俱有出色商業模式且有大量盈利的再投資機會的公司。說到這裏，我們注意到Shopify（紐交所：shopify）的資本回報率有了很大的變化，讓我們來看看。
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。
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 Shopify is:
只是爲了澄清，如果您不確定，ROCE是評估公司在其業務中投資的資本上賺取多少稅前收入（以百分比計算）的指標。 Shopify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。
0.054 = US$548m ÷ (US$11b - US$902m) (Based on the trailing twelve months to March 2024).
0.054= 5.48億美元 ÷（110.2億美元 - 9.02億美元）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。.
So, Shopify has an ROCE of 5.4%. In absolute terms, that's a low return and it also under-performs the IT industry average of 11%.
因此，Shopify的ROCE爲5.4%。從絕對值上看，這是一個低迴報率，也低於IT行業平均水平11%。
In the above chart we have measured Shopify's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shopify .
在上面的圖表中，我們對Shopify以前的ROCE進行了衡量，並將其與以前的表現進行了對比，但未來的表現可能更爲重要。如果您想看看分析師對未來的預測，您應該查看我們爲Shopify提供的免費分析師報告。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 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。
The fact that Shopify is now generating some pre-tax profits from its prior investments is very encouraging. Shareholders would no doubt be pleased with this because the business was loss-making five years ago but is is now generating 5.4% on its capital. In addition to that, Shopify is employing 358% more capital than previously which is expected of a company that's trying to break into profitability. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, both common traits of a multi-bagger.
Shopify現在能夠從先前的投資中獲得一些稅前利潤的事實非常令人鼓舞。股東無疑會對此感到滿意，因爲這家企業在五年前還處於虧損狀態，但現在其資本回報率爲5.4%。除此之外，Shopify比以前多使用了358%的資本，這是一個試圖實現盈利的公司應有的特性。這表明內部投資的機會很多，並且投資回報率也越來越高，這是多次喜訊的共同特徵。
The Key Takeaway
重要提示
In summary, it's great to see that Shopify has managed to break into profitability and is continuing to reinvest in its business. And a remarkable 106% total return over the last five years tells us that investors are expecting more good things to come in the future. In light of that, we think it's worth looking further into this stock because if Shopify can keep these trends up, it could have a bright future ahead.
總之，很高興看到Shopify已經成功實現盈利，並且繼續再投資其業務。在過去的五年中獲得了驚人的106%總回報，這告訴我們投資者希望未來會有更多好事發生。因此，我們認爲值得進一步研究這家股票，因爲如果Shopify能繼續保持這些趨勢，它未來的發展將會有一個輝煌明天。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for SHOP on our platform that is definitely worth checking out.
在ROCE的另一側，我們必須考慮估值。這就是爲什麼我們在我們的平台上提供了免費的SHOP內在價值估算，這絕對值得一看。
While Shopify isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然Shopify的回報率不是最高的，但是請查看這份免費的公司列表，這些公司具有可靠的資產負債表並獲得高回報率。
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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.
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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。