Waste Management's (NYSE:WM) Returns Have Hit A Wall
Waste Management's (NYSE:WM) Returns Have Hit A Wall
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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 Waste Management's (NYSE:WM) trend of ROCE, we liked what we saw.
我們尋找股票長期價值翻番的早期趨勢，需要看到兩個方面：首先是不斷增加的資本僱用回報率（ROCE），其次是資本僱用行業板塊的不斷擴張。這最終證明了這是一個能夠以逐步增加的投資回報率重新投資利潤的企業。考慮到這一點，我們對V2X（紐交所：VVX）的回報趨勢不是很滿意，但讓我們更深入地了解一下。資產回報率：它是什麼？如果您不確定ROCE是什麼，它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數，使用以下公式:0.054 = 1.24億美元÷（31億美元 - 8.53億美元）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。基本上，這意味着公司擁有盈利的創新項目，可以繼續投資，這是複合機的特點。因此，當我們審視廢物管理（NYSE:WM）的ROCE趨勢時，我們喜歡我們看到的。
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。
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. The formula for this calculation on Waste Management is:
對於那些不知道ROCE是指一家公司每年的稅前利潤（即回報），相對於業務中使用的資本而言的一種度量方法。在Waste Management上進行此計算的公式爲：
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。
0.14 = US$4.0b ÷ (US$33b - US$3.9b) (Based on the trailing twelve months to March 2024).
0.14 = 40億美元 ÷ （330億美元 - 39億美元） 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, Waste Management has an ROCE of 14%. In absolute terms, that's a satisfactory return, but compared to the Commercial Services industry average of 9.8% it's much better.
因此，廢物管理的ROCE爲14%。就絕對值而言，這是一個令人滿意的回報，但與商業服務業界平均水平9.8%相比要好得多。
In the above chart we have measured Waste Management'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 Waste Management .
在以上圖表中，我們測量了廢物管理公司以往的ROCE並將其與以往的表現進行了比較，但未來才是最重要的。如果您想了解分析師未來的預測情況，您可以查看我們的免費分析師報告。
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 current returns on capital are decent, they haven't changed much. The company has employed 45% more capital in the last five years, and the returns on that capital have remained stable at 14%. 14% is a pretty standard return, and it provides some comfort knowing that Waste Management has consistently earned this amount. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
儘管當前的資本回報率相當不錯，但它們並沒有改變太多。公司在過去五年中投入了更多的資本，而這些資本的回報率保持在14%的穩定水平。14%是相當標準的回報，而且它提供了一些安慰，知道廢物管理公司始終獲得這筆資金。在這個範疇內保持穩定的回報可能很無聊，但如果它們能夠在長期內保持，它們通常提供股東很好的回報。
What We Can Learn From Waste Management's ROCE
我們可以從廢物管理的ROCE中學到什麼
To sum it up, Waste Management has simply been reinvesting capital steadily, at those decent rates of return. And since the stock has risen strongly over the last five years, it appears the market might expect this trend to continue. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
總之，廢物管理一直在以這些不錯的回報率穩定地重新投資資本。由於股票在過去五年中大幅上漲，市場似乎預計這一趨勢將繼續下去。因此，即使股票可能比以前更“昂貴”，我們認爲強有力的基本面值得進一步研究。
One more thing, we've spotted 1 warning sign facing Waste Management that you might find interesting.
還有一件事，我們發現廢物管理面臨1個警告標誌，您可能會發現它有趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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。