Returns On Capital At Toro (NYSE:TTC) Have Hit The Brakes
Returns On Capital At Toro (NYSE:TTC) Have Hit The Brakes
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. With that in mind, the ROCE of Toro (NYSE:TTC) looks decent, right now, so lets see what the trend of returns can tell us.
如果你正在尋找一個倍增的股票，那麼需要注意以下幾點。首先，我們希望看到一個已經被證明的資產業務增長。基本上這意味着公司有盈利的計劃，可以繼續再投資，這是複利機器的特點。資產回報率：它是什麼？了解資本使用回報率（ROCE）如果你以前沒有接觸過ROCE，它衡量公司從資本使用中產生的“回報”（稅前利潤）。要爲洪恩計算此指標，這是公式:資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）這表明這是一家將利潤以不斷增加的回報率再投資的公司. 考慮到這一點，Toro (紐交所: TTC) 的 ROCE 看起來不錯，那麼讓我們看看回報率的趨勢能告訴我們些什麼。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Toro is:
對於那些不確定 ROCE 是什麼的人，它衡量一家公司能從其業務中使用的資本中產生的稅前利潤的數量。Toro 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。
0.18 = US$511m ÷ (US$3.9b - US$1.0b) (Based on the trailing twelve months to May 2024).
0.18 = 51.1 億美元 ÷ (39 億美元 - 10 億美元) （截至2024年5月的過去十二個月）.
Therefore, Toro has an ROCE of 18%. In absolute terms, that's a satisfactory return, but compared to the Machinery industry average of 13% it's much better.
因此，Toro 的 ROCE 爲 18%。從絕對角度來看，這是一個令人滿意的回報，但與機械行業平均 13% 相比，它更好。
Above you can see how the current ROCE for Toro compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Toro .
您可以看到 Toro 的當前 ROCE 與其過去的資本回報相比如何，但從過去的數據中只能得出有限的信息。如果您想了解分析師未來的預測，請查看我們爲 Toro 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。
While the returns on capital are good, they haven't moved much. The company has employed 73% more capital in the last five years, and the returns on that capital have remained stable at 18%. Since 18% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
雖然資本回報率不錯，但它們變化不大。在過去五年中，公司利用的資本增加了 73%，而資本回報率在 18% 的穩定水平上保持不變。由於 18% 是一種中等的 ROCE，所以看到一家企業能以這種不錯的回報率繼續再投資是件好事。在長時間內，這樣的回報可能不會太令人興奮，但是如果能保持穩定，股價回報可能會很好。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
In the end, Toro has proven its ability to adequately reinvest capital at good rates of return. Therefore it's no surprise that shareholders have earned a respectable 46% return if they held over the last five years. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.
最終，Toro 已經證明了其在良好的回報率下足夠再投資資本的能力。因此，如果投資者在過去的五年中持有股份，股東已獲得一個可觀的 46% 的回報率。儘管投資者似乎正在認識到這些有前途的趨勢，但我們仍然認爲該股票值得進一步研究。
Like most companies, Toro does come with some risks, and we've found 3 warning signs that you should be aware of.
像大多數公司一樣，Toro 也存在一些風險，我們發現了三個警告信號，您應該注意。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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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
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譯文內容由第三人軟體翻譯。