HealthEquity (NASDAQ:HQY) Will Want To Turn Around Its Return Trends
HealthEquity (NASDAQ:HQY) Will Want To Turn Around Its Return Trends
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. Although, when we looked at HealthEquity (NASDAQ:HQY), it didn't seem to tick all of these boxes.
如果我們想要找到下一款多倍股票，有一些關鍵趨勢要注意。首先，我們希望看到資本僱用回報率（ROCE）的證明正在增加，其次，資本僱用的擴大基礎。這向我們展示了它是一個複合機器，能夠不斷地將其收益重新投資到業務中並生成更高的回報。雖然，當我們看 HealthEquity（納斯達克：HQY）時，它似乎並沒有滿足所有這些要求。
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. The formula for this calculation on HealthEquity is:
只是爲了澄清，如果您不確定，ROCE是用於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。在 HealthEquity 上計算此計算的公式是：
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。
0.046 = US$145m ÷ (US$3.2b - US$92m) (Based on the trailing twelve months to April 2024).
0.046 = 1.45億美元 ÷ （32億美元 - 9,200萬美元）（基於過去十二個月截至2024年4月）。
Therefore, HealthEquity has an ROCE of 4.6%. Ultimately, that's a low return and it under-performs the Healthcare industry average of 11%.
因此，HealthEquity的ROCE爲4.6％。歸根結底，這是一個低迴報率，並且表現低於醫療保健行業平均水平的11％。
In the above chart we have measured HealthEquity'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 HealthEquity .
在上圖中，我們測量 HealthEquity 的先前 ROCE 與其先前績效相比，但未來可能更爲重要。如果您想查看分析師對未來的預測，請查看我們免費的 HealthEquity 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。
When we looked at the ROCE trend at HealthEquity, we didn't gain much confidence. Around five years ago the returns on capital were 15%, but since then they've fallen to 4.6%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
但是，當我們查看 HealthEquity 的 ROCE 趨勢時，我們並沒有獲得太多信心。大約五年前，資本回報率達到15％，但自那時以來已降至4.6％。但是，鑑於資本僱用和營業收入均已增加，似乎該業務目前正在追求增長，而短期回報率則爲代價。如果這些投資證明成功，則對長期股票表現非常有利。
The Key Takeaway
重要提示
In summary, despite lower returns in the short term, we're encouraged to see that HealthEquity is reinvesting for growth and has higher sales as a result. These trends don't appear to have influenced returns though, because the total return from the stock has been mostly flat over the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
總之，儘管短期回報率較低，但我們很高興看到 HealthEquity 正在重新投資以實現增長，並因此獲得更高的銷售額。然而，這些趨勢似乎沒有影響到回報，因爲股票的總回報在過去五年中基本持平。因此，我們認爲，鑑於這些趨勢看起來令人鼓舞，進一步研究這隻股票是值得的。
While HealthEquity doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for HQY on our platform.
雖然 HealthEquity 在這方面並不太閃耀，但仍然值得看看該公司是否以有吸引力的價格交易。您可以在我們的平台上免費找到 HQY 的內在價值估算。
While HealthEquity isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然 HealthEquity 的回報不是最高的，但請查看此免費公司列表，這些公司在實現良好資產負債表的同時獲得高回報。
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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。