Investors Shouldn't Overlook The Favourable Returns On Capital At Ross Stores (NASDAQ:ROST)
Investors Shouldn't Overlook The Favourable Returns On Capital At Ross Stores (NASDAQ:ROST)
If you're looking for a multi-bagger, there's a few things to keep an eye out 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Ergo, when we looked at the ROCE trends at Ross Stores (NASDAQ:ROST), we liked what we saw.
如果你正在尋找一個多倍股，有一些事情要注意。一種常見的方法是嘗試找到一家擁有充足的資本營運的公司。這表明它是一個複利機器，能夠不斷地將其收益再投入到業務中，從而產生更高的回報。考慮到這一點，我們注意到Hao Tian International Construction Investment Group (HKG:1341)出現了一些有前途的趨勢，讓我們再深入探究一下。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。簡而言之，這些類型的企業是複合機器，意味着它們不斷地將賺來的錢以越來越高的回報率再投資。因此，當我們看到羅斯百貨（納斯達克：ROST）的ROCE趨勢時，我們很滿意。
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. Analysts use this formula to calculate it for Ross Stores:
僅作澄清，如果您不確定，ROCE是一種評估公司在其業務中投資的資本所賺取的稅前收入的度量單位。分析師使用這個公式來爲羅斯百貨計算ROCE：
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。
0.25 = US$2.4b ÷ (US$14b - US$4.9b) (Based on the trailing twelve months to May 2024).
0.25 = 24億美元 ÷ （140億美元 - 49億美元）（截至2024年5月的過去十二個月）.
Thus, Ross Stores has an ROCE of 25%. That's a fantastic return and not only that, it outpaces the average of 12% earned by companies in a similar industry.
因此，羅斯百貨的ROCE爲25％。這是一個很棒的回報，不僅如此，它還超過了同行業公司平均12％的回報率。
Above you can see how the current ROCE for Ross Stores 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 Ross Stores for free.
上面你可以看到羅斯百貨當前的ROCE與其之前的資本回報率相比如何，但從過去可以看到的有限。如果您願意，您可以免費查看覆蓋羅斯百貨的分析師的預測。
So How Is Ross Stores' ROCE Trending?
那麼羅斯百貨的ROCE趨勢如何？
Ross Stores deserves to be commended in regards to it's returns. The company has employed 49% more capital in the last five years, and the returns on that capital have remained stable at 25%. 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.
羅斯百貨在其回報方面值得稱讚。該公司在過去五年中投入的資本增加了49％，而該資本的回報率仍保持在25％。由於回報率如此之高，很好地將業務的回報率持續地再投資。如果這些趨勢可以繼續下去，如果該公司成爲多倍增長公司，我們不會感到驚訝。
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. And since the stock has risen strongly over the last five years, it appears the market might expect this trend to continue. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
最終，該公司已經證明它能夠以高回報率重新投資其資本，這是多倍增長的特徵。而且，由於該股在過去五年中大幅上漲，市場似乎預計這一趨勢將繼續。因此，儘管投資者可能已經考慮到了積極的基本趨勢，但我們仍然認爲這支股票值得進一步研究。
While Ross Stores looks impressive, no company is worth an infinite price. The intrinsic value infographic for ROST helps visualize whether it is currently trading for a fair price.
儘管羅斯百貨看起來很令人印象深刻，但沒有公司值得無限制地支付價格。ROST的內在價值信息圖有助於可視化其當前是否正在公平交易。
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。
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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。