Some Investors May Be Worried About Home Depot's (NYSE:HD) Returns On Capital
Some Investors May Be Worried About Home Depot's (NYSE:HD) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Looking at Home Depot (NYSE:HD), it does have a high ROCE right now, but lets see how returns are trending.
要找到一個多倍股，我們應該從業務中尋找什麼潛在趨勢？首先，我們要找到增長的資本回報率（ROCE），然後再尋找越來越多的資本回報率。如果你看到這種情況，通常意味着這是一個擁有優秀業務模式和豐富盈利再投資機會的公司。看看家得寶（NYSE:HD），它目前的ROCE確實很高，但讓我們看看回報率是如何趨勢的。
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。
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. To calculate this metric for Home Depot, this is the formula:
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賺取多少稅前收入的一個指標（以百分比計算）。要計算Home Depot的這個指標，我們要用這個公式：
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。
0.39 = US$21b ÷ (US$79b - US$24b) (Based on the trailing twelve months to April 2024).
0.39 = 210億美元 ÷ (790億美元 - 24億美元)（基於截至2024年4月的過去十二個月）。
Thus, Home Depot has an ROCE of 39%. In absolute terms that's a great return and it's even better than the Specialty Retail industry average of 12%.
因此，家得寶的ROCE爲39%。以絕對值來看，這是一個高回報率，甚至比專業零售行業平均水平高出12%。
In the above chart we have measured Home Depot's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Home Depot .
在上面的圖表中，我們測量了家得寶以前的ROCE與其以前的表現，但未來可能更重要。如果您有興趣，您可以查看我們爲家得寶編寫的免費分析師報告中的分析師預測。
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。
On the surface, the trend of ROCE at Home Depot doesn't inspire confidence. To be more specific, while the ROCE is still high, it's fallen from 51% where it was five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
表面上看，家得寶的ROCE趨勢並不令人信服。更具體地說，儘管ROCE仍然很高，但它已從五年前的51%下降到了現在的水平。同時，企業正在利用更多的資本，但過去12個月的銷售額並未有太大提高，因此這可能反映了更長期的投資。在公司開始從這些投資中看到任何收益之前，可能需要一些時間。
What We Can Learn From Home Depot's ROCE
我們可以從家得寶的ROCE中學到什麼？
In summary, Home Depot is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has gained an impressive 80% over the last five years, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總之，家得寶正在爲增長重新投資基金，但不幸的是，目前銷售額似乎還沒有明顯增長。由於股票在過去五年中上漲了令人印象深刻的80%，投資者必須認爲未來會有更好的前景。如果潛在趨勢持續存在，我們不會抱太大希望，認爲它會成爲多倍牛股。
On a final note, we've found 2 warning signs for Home Depot that we think you should be aware of.
最後值得一提的是，我們發現了2個有關家得寶的警示信號，我們認爲您應該意識到。
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？關注內容？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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。