Micron Technology (NASDAQ:MU) Might Be Having Difficulty Using Its Capital Effectively
Micron Technology (NASDAQ:MU) Might Be Having Difficulty Using Its Capital Effectively
0.021 = US$1.2b ÷ (US$69b - US$9.2b) There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Having said that, from a first glance at Micron Technology (NASDAQ:MU) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想找到下一個多倍增長的股票，有一些關鍵趨勢需要關注。首先，我們希望找到資本回報率（ROCE）不斷增長的企業，同時還要找到資本投入基礎不斷壯大的企業。簡單來說，這些企業是複利機器，意味着它們持續以越來越高的回報率重新投資自己的收益。話雖如此，從第一眼看美光科技（納斯達克：MU），我們對收益趨勢並不感到特別驚喜，但讓我們更深入地了解一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Micron Technology:
對於不了解的人，ROCE是公司的年度稅前利潤（回報）與業務中資本投入的比例。分析師使用這個公式來計算美光科技的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。
0.021 = US$1.2b ÷ (US$69b - US$9.2b) (Based on the trailing twelve months to August 2024).
0.021 = 12億美元 ÷ （690億美元 - 92億美元）（基於2024年8月之前的過去十二個月）。
Therefore, Micron Technology has an ROCE of 2.1%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 8.5%.
因此，美光科技的ROCE爲2.1%。從絕對值來看，這是一個較低的回報率，也低於半導體行業的平均水平8.5%。
In the above chart we have measured Micron Technology'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 Micron Technology for free.
在上面的圖表中，我們對美光科技先前的資本回報率與其先前表現進行了測量，但未來可能更重要。如果您願意，您可以免費查看覆蓋美光科技的分析師的預測。
What Does the ROCE Trend For Micron Technology Tell Us?
美光科技的ROCE趨勢告訴我們什麼？
On the surface, the trend of ROCE at Micron Technology doesn't inspire confidence. Over the last five years, returns on capital have decreased to 2.1% from 17% 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. If these investments prove successful, this can bode very well for long term stock performance.
表面上看，美光科技的ROCE趨勢並沒有令人信心。在過去五年中，資本回報率從五年前的17%下降到2.1%。雖然營業收入和業務中使用的資產量均增加，這可能表明公司正在進行投資以實現增長，而額外的資本導致了短期ROCE的下降。如果這些投資證明成功，這將對長期股票表現非常有利。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
Even though returns on capital have fallen in the short term, we find it promising that revenue and capital employed have both increased for Micron Technology. And the stock has done incredibly well with a 119% return over the last five years, so long term investors are no doubt ecstatic with that result. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
儘管資本回報率在短期內下降，我們發現美光科技的營業收入和資本使用量均有所增加。股票在過去五年中表現出色，報酬率達到119%，因此長期投資者無疑對這個結果感到興奮。因此，儘管投資者可能已經考慮到潛在趨勢，我們仍然認爲這支股票值得進一步研究。
On a separate note, we've found 1 warning sign for Micron Technology you'll probably want to know about.
另外，我們發現了美光科技的一個警示信號，您可能想了解。
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。
譯文內容由第三人軟體翻譯。
