Returns On Capital At Intuit (NASDAQ:INTU) Paint A Concerning Picture
Returns On Capital At Intuit (NASDAQ:INTU) Paint A Concerning Picture
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Intuit (NASDAQ:INTU), it didn't seem to tick all of these boxes.
尋找一個潛力巨大的企業並不容易,但如果我們觀察一些關鍵的財務指標,還是有可能的。理想情況下,一個企業將表現出兩個趨勢:首先是日益增長的資本利用率(ROCE),其次是日益增加的資本利用量。最終,這表明這是一家正在以遞增的回報率重新投資利潤的企業。然而,當我們看Intuit(納斯達克股票代碼:INTU)時,它似乎並沒有滿足所有的條件。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Intuit:
如果您以前沒有使用ROCE,請注意,它衡量一家公司從其業務中使用的資本所產生的“回報率”(稅前利潤)。分析師使用這個公式來計算Intuit的ROCE:
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。
0.15 = US$3.8b ÷ (US$32b - US$6.2b) (Based on the trailing twelve months to April 2024).
0.15 = 3800百萬美元÷(320億美元-62億美元)(基於截至2024年4月的過去十二個月)。
So, Intuit has an ROCE of 15%. On its own, that's a standard return, however it's much better than the 7.6% generated by the Software industry.
因此,Intuit的ROCE爲15%。單獨來看,這是一個標準的回報率,但它比軟件行業產生的7.6%要好得多。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240722/0-b7740fb5d5bae17e1e2724abd56b3f9d-0-03ac7ad61484d474dfa8524297514b90.png/big)
In the above chart we have measured Intuit'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 Intuit .
在上述圖表中,我們將Intuit的先前ROCE與其先前表現進行了比較,但未來的趨勢毫無疑問更爲重要。如果您想查看分析師對Intuit的預測,請查看我們的免費分析師報告。
The Trend Of ROCE
當尋找下一個倍增器時,如果您不確定從哪裏開始,請關注幾個關鍵趨勢。首先,我們希望看到一個經過驗證的資本使用率。如果您看到這一點,通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而,調查蒙托克可再生能源公司(NASDAQ:MNTK)後,我們認爲它的現行趨勢不符合倍增器的模式。
On the surface, the trend of ROCE at Intuit doesn't inspire confidence. Over the last five years, returns on capital have decreased to 15% from 39% five years ago. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
表面上看,Intuit的ROCE趨勢並不令人信心滿滿。在過去五年中,資本回報率從五年前的39%下降到15%。然而,鑑於營業收入和業務中使用的資產金額都有所增加,這可能表明公司正在進行投資以促進增長,並且額外的資本導致短期內ROCE的降低。如果新增的資本產生了額外的回報,企業以及股東將從中受益。
On a related note, Intuit has decreased its current liabilities to 20% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
在相關的說明中,Intuit將其流動負債降至總資產的20%。因此,我們可以將其中的一些歸因於ROCE的下降。實際上,這意味着他們的供應商或短期債權人爲企業提供的資金較少,降低了某些風險。由於企業基本上是用自己的款項資助其運營,您可以認爲這使得企業產生ROCE的效率降低了。
The Key Takeaway
重要提示
In summary, despite lower returns in the short term, we're encouraged to see that Intuit is reinvesting for growth and has higher sales as a result. And the stock has done incredibly well with a 134% return over the last five years, so long term investors are no doubt ecstatic with that result. So should these growth trends continue, we'd be optimistic on the stock going forward.
總的來說,儘管短期內收益較低,但我們很高興看到Intuit正在進行投資以促進增長,並且由此獲得了更高的銷售額。股票在過去五年中的回報率達到了134%,因此長期投資者毫無疑問對此結果感到欣喜。因此,如果這些增長趨勢持續下去,我們對該股表示樂觀。
While Intuit 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 INTU on our platform.
雖然Intuit在這方面並不十分亮眼,但仍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獲取INTU的內在價值估算報告。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有任何反饋?對內容有任何疑慮?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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。