Expeditors International of Washington's (NYSE:EXPD) Returns Have Hit A Wall
Expeditors International of Washington's (NYSE:EXPD) Returns Have Hit A Wall
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. So while Expeditors International of Washington (NYSE:EXPD) has a high ROCE right now, lets see what we can decipher from how returns are changing.
如果我們想找到一個潛在的翻倍機會，通常會有一些潛在趨勢可以提供線索。理想情況下，一個企業會展現出兩個趨勢；首先是不斷增長的資本投入回報率（ROCE），其次是不斷增加的資本投入金額。基本上，這意味着一個公司有利可圖的舉措，可以繼續投資，這是一個複利機器的特點。所以雖然康捷國際物流（紐交所：EXPD）現在的ROCE很高，讓我們看看從回報如何變化中我們能解讀到什麼。
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 Expeditors International of Washington, this is the formula:
如果您以前沒有使用過ROCE，它用於衡量一家公司從其業務所使用的資本投入中產生的'回報'（稅前利潤）。要計算康捷國際物流的ROCE，可以使用以下公式：
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。
0.33 = US$854m ÷ (US$4.8b - US$2.2b) (Based on the trailing twelve months to June 2024).
0.33 = 8.54億美元 ÷ （480億美元 - 22億美元）（基於截至2024年6月的過去十二個月）.
Thus, Expeditors International of Washington has an ROCE of 33%. That's a fantastic return and not only that, it outpaces the average of 11% earned by companies in a similar industry.
因此，康捷國際物流的ROCE爲33%。這是一個非常好的回報，而且不僅如此，它超過了同行業公司平均11%的收益。
In the above chart we have measured Expeditors International of Washington'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 Expeditors International of Washington .
在上面的圖表中，我們對比了康捷國際物流過去的資本回報率與其之前的表現，但未來可能更爲重要。如果您想了解分析師對未來的預測，應該查看我們爲康捷國際物流提供的免費分析師報告。
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。
There hasn't been much to report for Expeditors International of Washington's returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So it may not be a multi-bagger in the making, but given the decent 33% return on capital, it'd be difficult to find fault with the business's current operations.
康捷國際物流的回報和資本使用情況在過去五年裏一直很穩定，因此沒有太多值得報告的內容。具有這些特點的企業往往是成熟且穩定運營的，因爲它們已經過了增長階段。所以它可能不會成爲一個百倍股，但考慮到33%的資本回報率，很難對該企業目前的業務有什麼抱怨。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 45% of total assets, this reported ROCE would probably be less than33% because total capital employed would be higher.The 33% ROCE could be even lower if current liabilities weren't 45% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另外，儘管資本回報率的變化趨勢可能不足以引起注意，但有趣的是過去五年裏流動負債實際上有所增加。這很有趣，因爲如果流動負債沒有增加到總資產的45%，這個報告的資本回報率可能低於33%，因爲總資本使用額會更高。如果流動負債佔總資產的45%以下，33%的資本回報率可能會更低，因爲公式會顯示更大的總資本使用額。此外，這種較高水平的流動負債並不理想，因爲這意味着公司的供應商（或短期債權人）實際上正在資助公司的大部分業務。
The Bottom Line On Expeditors International of Washington's ROCE
康捷國際物流的資本回報率總結
Although is allocating it's capital efficiently to generate impressive returns, it isn't compounding its base of capital, which is what we'd see from a multi-bagger. Although the market must be expecting these trends to improve because the stock has gained 83% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
儘管康捷國際物流有效地配置了資本以產生出色的回報率，但它沒有使其資本基數複利增長，而這是我們從一個百倍股所能看到的情況。儘管市場可能期望這些趨勢會改善，因爲股票在過去五年中上漲了83%，但如果這些潛在趨勢不變得更加積極，我們不會對此抱太高期望。
On a final note, we've found 1 warning sign for Expeditors International of Washington that we think you should be aware of.
最後，我們發現了康捷國際物流的1個警告信號，我們認爲你應該知道。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司獲得高回報，請在此查看我們免費的高回報、堅實財務狀況的公司列表。
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