Returns On Capital At United Parcel Service (NYSE:UPS) Have Hit The Brakes
Returns On Capital At United Parcel Service (NYSE:UPS) Have Hit The Brakes
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. So, when we ran our eye over United Parcel Service's (NYSE:UPS) trend of ROCE, we liked what we saw.
您知道有一些財務指標可以提供潛在成倍收益的線索嗎？首先，我們希望找到一個持續增長的行業板塊。如果你看到這個，通常意味着公司有一個很好的商業模式和充足的有利可圖的再投資機會。然而，在調查北斗星信息科技（SZSE：002987）後，我們認爲它目前的趨勢並不符合成倍收益模式。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）基本上，這意味着一個公司有盈利的計劃，可以繼續投資，這是補償機器的特徵。所以，我們觀察聯合包裹服務的ROCE趨勢時，我們喜歡我們看到的東西。
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. Analysts use this formula to calculate it for United Parcel Service:
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）的度量標準。分析師使用此公式爲聯合包裹服務計算。
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。
0.17 = US$8.9b ÷ (US$68b - US$15b) (Based on the trailing twelve months to March 2024).
0.17 = 89億美元 ÷ （680億美元 - 150億美元）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, United Parcel Service has an ROCE of 17%. In absolute terms, that's a satisfactory return, but compared to the Logistics industry average of 11% it's much better.
所以，聯合包裹服務的ROCE爲17%。從絕對角度來看，這是一個令人滿意的回報，但與物流行業平均水平11%相比，表現更好。
In the above chart we have measured United Parcel Service's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering United Parcel Service for free.
在上面的圖表中，我們測量了聯合包裹服務以前的ROCE與其以前的表現，但未來可能更重要。如果您願意，您可以免費查看涵蓋聯合包裹服務的分析師的預測。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. The company has consistently earned 17% for the last five years, and the capital employed within the business has risen 36% in that time. Since 17% 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.
ROCE的趨勢並不明顯，但整體回報還不錯。過去五年裏，該公司一直保持着17％的回報，並且公司的資本僱用在此期間增長了36％。雖然17%是一箇中等ROCE，但能看到一個企業能夠以這種良好的回報率持續再投資是好的。在很長一段時間內，這些回報可能並不令人興奮，但隨着一致性，它們可以通過股價回報來得到回報。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
The main thing to remember is that United Parcel Service has proven its ability to continually reinvest at respectable rates of return. And the stock has followed suit returning a meaningful 57% to shareholders over the last five years. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.
要記住的主要事情是，聯合包裹服務已經證明了其以可觀的回報率不斷再投資的能力。股票也跟隨着這一趨勢，在過去五年中爲股東帶來了顯著的57％的回報。因此，儘管投資者似乎認識到了這些有前途的趨勢，但我們仍然認爲該股票值得進一步研究。
One more thing: We've identified 3 warning signs with United Parcel Service (at least 1 which is a bit concerning) , and understanding them would certainly be useful.
還有一件事：我們已經確定了聯合包裹服務的3個警告信號（最少有1個比較令人關注），了解它們肯定會很有用。
While United Parcel Service may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
雖然聯合包裹服務目前可能沒有獲得最高回報，但我們已經編制了一份當前收益超過25％的公司列表。在這裏查看這個免費列表。
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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。