Bright Horizons Family Solutions' (NYSE:BFAM) Returns On Capital Tell Us There Is Reason To Feel Uneasy
Bright Horizons Family Solutions' (NYSE:BFAM) Returns On Capital Tell Us There Is Reason To Feel Uneasy
What financial metrics can indicate to us that a company is maturing or even in decline? 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 reveals that the company isn't compounding shareholder wealth because returns are falling and its net asset base is shrinking. So after glancing at the trends within Bright Horizons Family Solutions (NYSE:BFAM), we weren't too hopeful.
有哪些財務指標可以告訴我們一家公司是否正在成熟或甚至正在走下坡路？一個潛在衰退的企業通常顯示兩種趨勢，一是資本的利用率也在下降。這表明由於回報下降和淨資產基礎縮小，該公司無法增加股東財富。因此，在研究Bright Horizons Family Solutions（NYSE:BFAM）的趨勢後，我們不太樂觀。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）資本利用率指標下降，這表明該公司的回報正在下降，其淨資產基礎正在縮小，無法增加股東財富。因此，在研究Bright Horizons Family Solutions（NYSE:BFAM）的趨勢後，我們不太樂觀。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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. Analysts use this formula to calculate it for Bright Horizons Family Solutions:
此處ROCE是用於衡量公司在其業務中投入資本所賺取的稅前收入百分比的指標。分析師使用此公式計算Bright Horizons Family Solutions的ROCE: 0.063 = 美元1.94億 ÷（美元38億-美元6.86億）
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。
0.063 = US$194m ÷ (US$3.8b - US$686m) (Based on the trailing twelve months to March 2024).
因此，Bright Horizons Family Solutions的ROCE爲6.3%。獨立看這個數字有些低，但它與消費服務行業產生的平均值7.6%左右相當。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。.
Thus, Bright Horizons Family Solutions has an ROCE of 6.3%. On its own, that's a low figure but it's around the 7.6% average generated by the Consumer Services industry.
NYSE:BFAM資本利用率回報圖，截至2024年6月14日，可以看出Bright Horizons Family Solutions目前的ROCE與其以往的資本回報率相比如何，但過去只能揭示很少的信息。如果您有興趣，您可以查看我們針對Bright Horizons Family Solutions的免費分析師報告中的分析師預測。
Above you can see how the current ROCE for Bright Horizons Family Solutions compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Bright Horizons Family Solutions .
以上是Bright Horizons Family Solutions當前ROCE與其以前資本回報率的比較，但從過去可以得出的信息有限。如果您有興趣，您可以查看我們針對Bright Horizons Family Solutions的免費分析師報告中的分析師預測。
What Can We Tell From Bright Horizons Family Solutions' ROCE Trend?
從Bright Horizons Family Solutions的ROCE趨勢中我們可以了解到什麼？我們對Bright Horizons Family Solutions的資本回報率趨勢有些擔憂。具體而言，五年前ROCE爲9.2%，但此後明顯下降。同時，該公司業務中投入的資本在該時期內基本保持不變。這種組合可能表明一個成熟的企業仍然有一些領域可以部署資本，但由於可能出現新競爭或更小的利潤率而收到的回報沒有那麼高。如果這些趨勢繼續下去，我們不希望Bright Horizons Family Solutions成爲一個投資多年的賺錢機會。
We are a bit worried about the trend of returns on capital at Bright Horizons Family Solutions. To be more specific, the ROCE was 9.2% 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. If these trends continue, we wouldn't expect Bright Horizons Family Solutions to turn into a multi-bagger.
總之，同樣數量的資本利用率下的低迴報並不表明一個複利機器的跡象。長揸該股的股東在過去五年中已經經歷了28%的貶值，因此市場似乎對這些趨勢不感冒。除非這些指標出現更積極的轉變，否則我們會尋找其他投資對象。
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。
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. Long term shareholders who've owned the stock over the last five years have experienced a 28% depreciation in their investment, so it appears the market might not like these trends either. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
另外，我們還發現Bright Horizons Family Solutions面臨兩個警告信號，您可能會發現有趣。
One more thing, we've spotted 2 warning signs facing Bright Horizons Family Solutions that you might find interesting.
請使用moomoo賬號登錄查看
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。