Some Investors May Be Worried About USANA Health Sciences' (NYSE:USNA) Returns On Capital
Some Investors May Be Worried About USANA Health Sciences' (NYSE:USNA) Returns On Capital
0.16 = US$84m ÷ (US$631m - US$104m) If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. However, after investigating USANA Health Sciences (NYSE:USNA), we don't think it's current trends fit the mold of a multi-bagger.
如果您不知道如何尋找下一個多倍投資機會，請留意幾個關鍵趨勢。理想情況下，一個公司會表現出兩個趨勢；首先是不斷增長的資本運作回報率（ROCE），其次是投入資本的不斷上升。基本上這意味着一家公司有盈利的舉措，可以繼續投資，這是一個複合機器的特性。但是，在調查完優莎娜（紐交所：USNA）之後，我們認爲它當前的趨勢不符合多倍投資機會的模式。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for USANA Health Sciences, this is the formula:
如果您之前沒有使用過ROCE，請了解一下它衡量公司從其業務中投入的資本中產生的“回報”（稅前利潤）的指標。爲了計算優莎娜的Health Sciences的這個指標，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。
0.16 = US$84m ÷ (US$631m - US$104m) (Based on the trailing twelve months to June 2024).
0.16 = 8400萬美元/（63100萬美元-1.04億美元）（基於截至2024年6月的過去十二個月）
Therefore, USANA Health Sciences has an ROCE of 16%. By itself that's a normal return on capital and it's in line with the industry's average returns of 16%.
因此，優莎娜Health Sciences的ROCE爲16％。單獨來看，這是一個正常的資本回報率，並且符合行業平均回報率的16％。
Above you can see how the current ROCE for USANA Health Sciences 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 USANA Health Sciences .
如上圖所示，您可以看到優莎娜Health Sciences當前的ROCE與其以往的資本回報之間的比較情況，但是從過去只能得到有限的信息。如果您有興趣，可以在我們免費的分析師報告中查看分析師的預測。
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 USANA Health Sciences doesn't inspire confidence. Around five years ago the returns on capital were 40%, but since then they've fallen to 16%. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
從表面上看，優莎娜Health Sciences的ROCE趨勢並不令人信服。大約五年前，資本回報率爲40％，但是自那時以來，它們已降至16％。 另一方面，公司在過去一年中投入了更多的資本，但銷售額並沒有相應提高，這可能表明這些投資是長期投資。 從這裏開始，值得關注公司的收益情況，以查看這些投資最終是否對底線產生貢獻。
The Bottom Line On USANA Health Sciences' ROCE
優莎娜Health Sciences的ROCE底線
In summary, USANA Health Sciences is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. And in the last five years, the stock has given away 43% so the market doesn't look too hopeful on these trends strengthening any time soon. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
總之，優莎娜Health Sciences將資金重新投入業務以實現增長，但遺憾的是，銷售額並沒有顯著增長。在過去的五年中，該股票已下跌了43％，所以市場似乎不太看好這些趨勢很快會得到加強。總的來說，這些內在趨勢並不是多倍投資機會的典型模式，因此如果您想要這樣的投資機會，我們認爲您在其他地方可能會更有運氣。
If you want to know some of the risks facing USANA Health Sciences we've found 2 warning signs (1 makes us a bit uncomfortable!) that you should be aware of before investing here.
如果您想了解優莎娜Health Sciences面臨的某些風險，我們發現有2個警告信號（其中一個讓我們有點不安），您在投資這裏之前應該了解這些風險。
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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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。