Here's What's Concerning About IPG Photonics' (NASDAQ:IPGP) Returns On Capital
Here's What's Concerning About IPG Photonics' (NASDAQ:IPGP) Returns On Capital
To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications of aging. A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. So after glancing at the trends within IPG Photonics (NASDAQ:IPGP), we weren't too hopeful.
爲避免投資於衰退的企業，有幾個財務指標可以提供早期衰退的跡象。潛在衰退的企業通常會展現兩種趨勢，一是資本僱用回報率(ROCE)下降，二是資本僱用率也下降。這告訴我們，企業不僅在縮小其淨資產規模，而且其回報率也在下降。所以在研究IPG Photonics（納斯達克: IPGP）的趨勢後，我們不太樂觀。如果您以前沒有接觸過ROCE，它衡量的是企業從其業務中僱用的資本獲得的“回報”(稅前利潤)。計算IPG Photonics的這個指標的公式是:0.072 = 17,300萬美元 ÷ (26億美元 - 1.92億美元)因此，IPG Photonics的ROCE爲7.2%。歸根結底，這是一個較低的回報，低於電子行業的平均水平11%。資產回報率：它是什麼？以IPG Photonics(納斯達克:IPGP)爲例，您可以看到當前ROCE與其過去資本回報的比較情況，但是從過去所能得到的信息是有限的。如果您想看看分析師對未來的預測，可以查看我們免費的分析師報告:IPG Photonics。資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）所以IPG Photonics的ROCE趨勢如何？我們有一點擔憂IPG Photonics資本回報率的趨勢。具體來說，五年前ROCE爲19%，但此後明顯下降。同時，企業的僱用資本在該期間內基本保持不變。這種組合可能表明這是一家成熟的企業，仍然有部分資本可供利用，但由於潛在的新競爭或利潤較小，收到的回報不如預期那麼高。所以，由於這些趨勢通常不利於打造多倍暴利的企業，如果事情繼續下去，我們不懷疑IPG Photonics能否成爲多倍暴利的企業。
What Is Return On Capital Employed (ROCE)?
資本僱用回報率(ROCE)是什麼？
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 IPG Photonics, this is the formula:
投資於衰退的企業時，有幾個財務指標可以提供早期衰退的跡象。潛在衰退的企業通常會展現兩種趨勢，一是資本僱用回報率(ROCE)下降，二是資本僱用率也下降。這告訴我們，企業不僅在縮小其淨資產規模，而且其回報率也在下降。如果您以前沒有接觸過ROCE，它衡量的是企業從其業務中僱用的資本獲得的“回報”(稅前利潤)。計算這個指標的公式是:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本僱用回報率=利息和稅前收益（EBIT）÷（總資產-流動負債）
0.072 = US$173m ÷ (US$2.6b - US$192m) (Based on the trailing twelve months to March 2024).
0.072 = 17,300萬美元 ÷ (26億美元 - 1.92億美元)在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Therefore, IPG Photonics has an ROCE of 7.2%. Ultimately, that's a low return and it under-performs the Electronic industry average of 11%.
因此，IPG Photonics的ROCE爲7.2%。歸根結底，這是一個較低的回報，低於電子行業的平均水平11%。
Above you can see how the current ROCE for IPG Photonics compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for IPG Photonics .
以上內容展示了IPG Photonics當前ROCE與其以前資本回報的比較情況，但是過去所能得到的信息是有限的。如果您想看看分析師對未來的預測，可以查看我們免費的分析師報告:IPG Photonics。
So How Is IPG Photonics' ROCE Trending?
那麼IPG Photonics的ROCE趨勢如何？我們有一點擔憂IPG Photonics資本回報率的趨勢。
We are a bit worried about the trend of returns on capital at IPG Photonics. To be more specific, the ROCE was 19% five years ago, but since then it has dropped noticeably. Meanwhile, capital employed in the business has stayed roughly the flat over the period. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on IPG Photonics becoming one if things continue as they have.
具體來說，五年前ROCE爲19%，但此後明顯下降。與此同時，企業的僱用資本在該期間內基本保持不變。 這種組合可能表明這是一家成熟的企業，但由於新的競爭或利潤較小，當前收到的回報不如預期那麼高。因此，這些趨勢可能不利於創建多倍暴利，如果事情繼續下去，我們不懷疑IPG Photonics是否會成爲一個多倍暴利的企業。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors haven't taken kindly to these developments, since the stock has declined 32% from where it was five years ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
與同等資本下回報率相比的低迴報趨勢通常不是我們正在尋找的創業板股票的信號。由於這些發展進行得不好，投資者對這些發展並不看好，因此該股票從五年前的價格下跌了32%。除非這些指標朝着更好的方向發展，否則我們會尋找其他股票。
While IPG Photonics doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for IPGP on our platform.
雖然在這方面IPG Photonics表現不太出色，但如果股票價格具有吸引力，還是值得考慮的。您可以在我們的平台上找到IPG Photonics的免費內在價值估計:IPGP。
While IPG Photonics 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IPG Photonics的回報率並不是最高的，但是請查看這份免費的公司名單，這些公司在資產負債表上都有高回報並保持健康的財務狀況。
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