Capital Investments At Comfort Systems USA (NYSE:FIX) Point To A Promising Future
Capital Investments At Comfort Systems USA (NYSE:FIX) Point To A Promising Future
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding 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. Ergo, when we looked at the ROCE trends at Comfort Systems USA (NYSE:FIX), we liked what we saw.
尋找長期增值股票的早期趨勢時，需要遵循以下所有規則。通常，我們會注意到資本利用率回報（ROCE）不斷增長的趨勢，以及資本利用率不斷擴大的基礎上。簡而言之，這些類型的企業是複合機器，這意味着它們以越來越高的回報率不斷再投資其收益。因此，當我們觀察Comfort Systems USA（NYSE: FIX）的ROCE趨勢時，看到了我們所喜歡的。
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。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Comfort Systems USA:
對於那些不確定ROCE是什麼的人，它衡量公司從其業務中所使用的資本所能產生的稅前利潤的數量。分析師使用此公式計算Comfort Systems USA的ROCE：
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）
0.28 = US$488m ÷ (US$3.9b - US$2.1b) (Based on the trailing twelve months to March 2024).
0.28 = 48.8億美元 ÷ (39億美元 - 21億美元)（基於過去12個月截至2024年3月）。
Therefore, Comfort Systems USA has an ROCE of 28%. That's a fantastic return and not only that, it outpaces the average of 12% earned by companies in a similar industry.
因此，Comfort Systems USA的ROCE爲28％。 這是一個極好的回報，不僅如此，它還超過了類似行業公司所賺取的平均12％。
NYSE:FIX Return on Capital Employed June 4th 2024
NYSE: FIX Return on Capital Employed **** 2024
Above you can see how the current ROCE for Comfort Systems USA 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 Comfort Systems USA .
您可以在上面看到Comfort Systems USA當前ROCE與其以往資本回報的比較情況，但是過去只能提供有限的信息。如果您想了解分析師對未來的預測，請查看Comfort Systems USA的免費分析師報告。
What The Trend Of ROCE Can Tell Us
資本僱用回報率的趨勢可以告訴我們什麼呢？在Enphase Energy，已經有比我們當前看到的更好的資本收益率了。在過去的五年中，這個公司增加了1306%的資本，而資本回報率在穩定地保持在9.9%這個比較低的水平。這種資本收益率的下降讓人們失去了信心，同時也意味着這個公司沒有將資金投入到高回報的投資中。此外，enphase energy在過去的五年中，已經成功地將流動負債降至總資產的17%，這樣做可以減輕業務的某些風險。
Comfort Systems USA deserves to be commended in regards to it's returns. The company has consistently earned 28% for the last five years, and the capital employed within the business has risen 163% in that time. With returns that high, it's great that the business can continually reinvest its money at such appealing rates of return. You'll see this when looking at well operated businesses or favorable business models.
Comfort Systems USA的回報表現值得稱讚。該公司的回報率已經連續五年穩定在28％左右，業務中的資本利用率在此期間提高了163％。有這麼高的回報率，企業可以以如此有吸引力的回報率不斷再投資。當你看到經營良好的企業或有利的企業模式時會有這種情況。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 55% of total assets, this reported ROCE would probably be less than28% because total capital employed would be higher.The 28% ROCE could be even lower if current liabilities weren't 55% 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.
另一個需要注意的地方是，我們注意到公司在過去五年中增加了流動負債。這很有趣，因爲如果流動負債不增加到總資產的55％，則報告的ROCE可能低於28％，因爲總資本使用額將更高。此外，這種高水平的流動負債並不理想，因爲它意味着公司的供應商（或短期債權人）有效地資助了企業的大部分業務。
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。
Comfort Systems USA has demonstrated its proficiency by generating high returns on increasing amounts of capital employed, which we're thrilled about. And the stock has done incredibly well with a 571% return over the last five years, so long term investors are no doubt ecstatic with that result. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
Comfort Systems USA已經通過在不斷增加的資本利用率上實現高回報率，這讓我們感到高興。這隻股票在過去的五年中獲得了571％的回報，因此，長期投資者無疑對這個結果感到欣喜。因此，即使股票可能比之前更“貴”，我們認爲強大的基本面也需要對這隻股票進行更多的研究。
If you'd like to know about the risks facing Comfort Systems USA, we've discovered 1 warning sign that you should be aware of.
如果您想了解Comfort Systems USA面臨的風險，我們已發現了1個警示信號，您應該了解。
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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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。