There's Been No Shortage Of Growth Recently For American Eagle Outfitters' (NYSE:AEO) Returns On Capital
There's Been No Shortage Of Growth Recently For American Eagle Outfitters' (NYSE:AEO) Returns On Capital
0.16 = US$449m ÷ (US$3.5b - US$794m) 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So on that note, American Eagle Outfitters (NYSE:AEO) looks quite promising in regards to its trends of return on capital.
如果您不確定從哪裏開始尋找下一個多倍股，有幾個關鍵趨勢您應該密切關注。理想情況下，一家企業會展現兩種趨勢；首先是不斷增長的資本利用率（ROCE），其次是不斷增加的資本利用額。這向我們表明這是一個複利機器，能夠不斷將其盈利再投資到業務中，並獲得更高的回報。因此，美洲鷹服裝專業零售商（紐交所:AEO）在資本利用率的趨勢方面看起來相當有前景。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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. To calculate this metric for American Eagle Outfitters, this is the formula:
只是爲了澄清，如果您不確定，ROCE是評估公司在其業務中投入的資本所獲稅前收入（以百分比形式）的指標。爲了計算美洲鷹服裝專業零售商的這一指標，公式如下：
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$449m ÷ (US$3.5b - US$794m) (Based on the trailing twelve months to August 2024).
0.16 = 44900萬美元 ÷ （ 35億美元 - 7.94億美元）（基於截至2024年8月的過去十二個月）。
So, American Eagle Outfitters has an ROCE of 16%. On its own, that's a standard return, however it's much better than the 12% generated by the Specialty Retail industry.
因此，美洲鷹服裝專業零售商的ROCE爲16%。單獨來看，這是一個標準的回報率，但是遠遠好於專業零售行業所產生的12%。
Above you can see how the current ROCE for American Eagle Outfitters compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering American Eagle Outfitters for free.
您可以看到美國鷹服裝的當前ROCE與其以往資本回報率相比，但過去能告訴你的也只有這麼多。如果您願意，您可以免費查看覆蓋美國鷹服裝的分析師的預測。
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。
American Eagle Outfitters is showing promise given that its ROCE is trending up and to the right. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 23% in that same time. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. It's worth looking deeper into this though because while it's great that the business is more efficient, it might also mean that going forward the areas to invest internally for the organic growth are lacking.
鑑於美國鷹服裝的ROCE呈上升趨勢且向右移動，顯示出潛力。具體來說，公司在過去五年裏保持了相對穩定的資本使用率，但在同期ROCE卻增長了23%。因此，我們認爲該業務已提高效率，實現了更高的回報，同時也無需進行額外投資。不過，值得深入研究，因爲雖然業務更加高效是好事，但也可能意味着在未來內部投資促進有機增長的領域不足。
The Bottom Line On American Eagle Outfitters' ROCE
關於美國鷹服裝的ROCE的要點
To sum it up, American Eagle Outfitters is collecting higher returns from the same amount of capital, and that's impressive. Since the stock has returned a solid 71% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總的來說，美國鷹服裝從相同數量的資本中獲得了更高的回報，令人印象深刻。由於該股票在過去五年裏爲股東帶來穩固的71%回報，可以說投資者開始認識到這些變化。話雖如此，我們仍認爲這些有希望的基本面意味着公司值得進一步的盡職調查。
On a final note, we've found 3 warning signs for American Eagle Outfitters that we think you should be aware of.
最後，我們發現了3個關於美國鷹服裝的警告信號，我們認爲您應該注意。
While American Eagle Outfitters may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
儘管美國鷹服裝目前的回報可能不是最高的，但我們已經整理出一份目前收益超過25%的股權回報的公司清單。在這裏查看這份免費清單。
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