InterDigital (NASDAQ:IDCC) Is Achieving High Returns On Its Capital
InterDigital (NASDAQ:IDCC) Is Achieving High Returns On Its Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. And in light of that, the trends we're seeing at InterDigital's (NASDAQ:IDCC) look very promising so lets take a look.
如果我們想在長期內找到一隻能夠翻倍的股票，應該尋找什麼基本趨勢呢？一種常見的方法是嘗試尋找一家回報率增長、資本僱用逐漸增加的公司。 簡單地說，這些類型的企業是複合機器，這意味着它們在不斷地以越來越高的回報率再投資其收益。儘管如此，當我們看着 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。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。這表明它是一個複合機器，能夠不斷將其收益重新投資到業務中併產生更高的回報。基於此，納斯達克（NASDAQ：IDCC）的趨勢看起來非常有前景，因此讓我們來看一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for InterDigital, this is the formula:
對於那些不知道ROCE的人來說，它是公司年度稅前利潤（其回報）相對於業務中使用的資本的衡量標準。爲了計算InterDigital的這個度量，這是公式：
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。
0.24 = US$214m ÷ (US$1.8b - US$904m) (Based on the trailing twelve months to March 2024).
0.24 = 2.14億美元÷（18億美元-9.04億美元）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。.
Therefore, InterDigital has an ROCE of 24%. In absolute terms that's a great return and it's even better than the Software industry average of 7.5%.
因此，InterDigital的ROCE爲24%。絕對來說，這是一個很好的回報，甚至比軟件行業平均回報率7.5%還要好。
Above you can see how the current ROCE for InterDigital compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for InterDigital .
您可以看到InterDigital目前ROCE與其過去所得到的資本回報相比的情況，但過去能夠說明的只有那麼多。如果您感興趣，可以在我們免費的分析師報告中查看分析師的預測。
What Does the ROCE Trend For InterDigital Tell Us?
InterDigital的ROCE趨勢告訴我們什麼？
InterDigital's ROCE growth is quite impressive. The figures show that over the last five years, ROCE has grown 656% whilst employing roughly the same amount of capital. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
InterDigital的ROCE增長相當令人印象深刻。數據顯示，在過去的五年中，ROCE增長了656%，而使用的資本大致相同。因此，我們的看法是，該公司提高了效率以產生這些更高的回報，同時並不需要進行任何額外的投資。不過這值得更深入地研究，因爲雖然業務更加高效，但也可能意味着對於內部增長而言，需要投資的領域不足。
For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. Essentially the business now has suppliers or short-term creditors funding about 50% of its operations, which isn't ideal. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.
請注意，儘管公司的流動負債在這段時間內有明顯的增長，但這是ROCE增長的一部分。基本上，現在業務的大約50%由供應商或短期債權人資助，這並不理想。鑑於其相當高的比例，我們提醒投資者，在某些業務中，流動負債達到這個水平可能會帶來一些風險。
What We Can Learn From InterDigital's ROCE
從InterDigital的ROCE我們可以了解到什麼？
To bring it all together, InterDigital has done well to increase the returns it's generating from its capital employed. Since the stock has returned a staggering 100% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
綜合來看，InterDigital已經成功地提高了從其資本中獲得的回報。由於該股已經在過去的五年中爲股東帶來了驚人的100%回報，因此看起來投資者正在認識到這些變化。話雖如此，我們仍然認爲，有前途的基本面意味着這家公司值得進一步的盡職調查。
One more thing, we've spotted 1 warning sign facing InterDigital that you might find interesting.
還有一件事，我們發現InterDigital面臨着一個警告問題，您可能會感興趣。開空。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司獲得高回報，請在此查看我們免費的高回報、堅實財務狀況的公司列表。
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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。