Many Would Be Envious Of Arista Networks' (NYSE:ANET) Excellent Returns On Capital
Many Would Be Envious Of Arista Networks' (NYSE:ANET) Excellent Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So, when we ran our eye over Arista Networks' (NYSE:ANET) trend of ROCE, we really liked what we saw.
尋找多倍股時，在業務中應該尋找哪些潛在趨勢？通常，我們希望注意到資本使用的增長趨勢。如果您看到這一點，通常意味着這是一家擁有出色業務模式和豐富的盈利再投資機會的公司。鑑於此，我們來看看金鉬股份（SHSE:601958）的ROCE可告訴我們些什麼。資產回報率：它是什麼？對於那些不知道ROCE是什麼的人，ROCE是一個公司每年稅前利潤（回報）與企業用於投資的資本關係的度量。在Elevance Health的計算公式如下：資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）最終，這表明這是一個以遞增的投資回報率重新投資利潤的業務。因此，當我們審視Arista Networks（紐交所：ANET）ROCE的趨勢時，我們真的很喜歡我們所看到的。
Return On Capital Employed (ROCE): What Is It?
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. Analysts use this formula to calculate it for Arista Networks:
如果您之前沒有使用過ROCE，請注意它衡量公司從其業務中使用的資本得出的“回報”（稅前利潤）。分析師使用此公式爲Arista Networks計算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。
0.28 = US$2.4b ÷ (US$11b - US$1.8b) (Based on the trailing twelve months to March 2024).
0.28 = 24億美元 ÷ （110億美元 - 18億美元）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。.
So, Arista Networks has an ROCE of 28%. In absolute terms that's a great return and it's even better than the Communications industry average of 8.1%.
因此，Arista Networks的ROCE爲28％。從絕對意義上來說，這是一個很好的回報，甚至優於通信行業平均水平8.1％。
In the above chart we have measured Arista Networks' 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 Arista Networks for free.
在上面的圖表中，我們已經測量了Arista Networks以前的ROCE與其以前的表現，但未來可能更加重要。如果您願意，您可以免費查看覆蓋Arista Networks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。
In terms of Arista Networks' history of ROCE, it's quite impressive. Over the past five years, ROCE has remained relatively flat at around 28% and the business has deployed 214% more capital into its operations. With returns that high, it's great that the business can continually reinvest its money at such appealing rates of return. If Arista Networks can keep this up, we'd be very optimistic about its future.
就Arista Networks的ROCE歷史而言，它相當令人印象深刻。在過去的五年中，ROCE已經在大約28％左右的水平上保持相對穩定，該業務已經將其運營資本增加了214％。以如此高的回報率回報，業務可以繼續以如此吸引人的回報率不斷再投資其資金，這是非常好的。如果Arista Networks能夠保持這種情況，我們對其未來非常樂觀。
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。
In summary, we're delighted to see that Arista Networks has been compounding returns by reinvesting at consistently high rates of return, as these are common traits of a multi-bagger. On top of that, the stock has rewarded shareholders with a remarkable 419% return to those who've held over the last five years. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
總之，我們很高興看到Arista Networks通過以一致的高回報率重新投資來合併回報，因爲這些是多倍增長股票的共同特徵。除此之外，股票對於過去五年持股人已獎勵他們驚人的419％回報。即使股票可能比以前更“昂貴”，我們認爲強大的基本面也值得進一步研究。
Arista Networks does have some risks though, and we've spotted 1 warning sign for Arista Networks that you might be interested in.
不過，Arista Networks確實存在一些風險，我們也發現了1個可能會有興趣的Arista Networks警告標誌。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果您想尋找更多獲得高回報的股票，請查看這個免費股票列表，這些股票不僅有紮實的資產負債表，而且還有高回報率。
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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
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譯文內容由第三人軟體翻譯。