Returns On Capital At Energy Recovery (NASDAQ:ERII) Have Hit The Brakes
Returns On Capital At Energy Recovery (NASDAQ:ERII) Have Hit The Brakes
0.073 = US$17m ÷ (US$249m - US$20m) What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Having said that, from a first glance at Energy Recovery (NASDAQ:ERII) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我們應該尋找哪些早期趨勢，以識別可以長期增值的股票？首先，我們希望找到一個不斷增長的資本使用回報率（ROCE），然後，在此基礎上，一個不斷增加的資本使用基礎。基本上，這意味着公司有盈利的舉措，可以繼續投資，這是一個複利機器的特徵。話雖如此，初步看能源回收（納斯達克：ERII）的回報走勢並沒有讓我們興奮，但讓我們深入了解一下。
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. Analysts use this formula to calculate it for Energy Recovery:
只是爲了澄清，如果您有疑問，ROCE是一個用來評估公司在其業務中投資的資本上賺取多少稅前收入（以百分比方式表示）的指標。分析師使用這個公式來計算能源回收的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。
0.073 = US$17m ÷ (US$249m - US$20m) (Based on the trailing twelve months to June 2024).
0.073 = 1700萬美元 ÷（24900萬美元 - 20百萬美元）（基於2024年6月至2024年6月的滾動十二個月）。
Therefore, Energy Recovery has an ROCE of 7.3%. In absolute terms, that's a low return and it also under-performs the Machinery industry average of 14%.
因此，能源回收的ROCE爲7.3%。就絕對值而言，這是一個較低的回報率，而且也表現不及機械行業的平均水平14%。
In the above chart we have measured Energy Recovery's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Energy Recovery for free.
在上面的圖表中，我們比較了能源回收公司以前的資本回報率與其以前的業績，但未來可能更重要。如果您願意，您可以免費查看覆蓋能源回收公司的分析師的預測。
So How Is Energy Recovery's ROCE Trending?
那麼，能源回收公司的資本回報率趨勢如何？
There are better returns on capital out there than what we're seeing at Energy Recovery. The company has consistently earned 7.3% for the last five years, and the capital employed within the business has risen 44% in that time. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
在資本回報率這個領域，還有比能源回收公司更好的回報。過去五年，該公司一直保持着7.3%的回報率，並且企業內投入的資本在這段時間內增長了44%。這種較低的資本回報率目前並不能給人以信心，而且隨着投資的增加，顯然企業沒有將資金投入到高回報的投資中。
Our Take On Energy Recovery's ROCE
關於能源回收公司的資本回報率，我們的看法是：
In conclusion, Energy Recovery has been investing more capital into the business, but returns on that capital haven't increased. Since the stock has gained an impressive 95% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
總結一下，能源回收公司在企業中投入了更多的資金，但資金的回報率並沒有增加。由於該股在過去五年中取得了驚人的95%的漲幅，投資者可能認爲未來會有更好的表現。然而，除非這些潛在的趨勢變得更加積極，否則我們不會過高期望。
One more thing to note, we've identified 2 warning signs with Energy Recovery and understanding these should be part of your investment process.
還有一件事需要注意的是，我們已經發現了能源回收公司的2個警示信號，理解這些信號應該是您投資過程的一部分。
While Energy Recovery isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然能源回收公司的回報率不是最高的，但請查看這份免費的公司列表，這些公司在資產負債表上獲得了高回報。
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