Dropbox (NASDAQ:DBX) Is Achieving High Returns On Its Capital
Dropbox (NASDAQ:DBX) Is Achieving High Returns On Its Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. And in light of that, the trends we're seeing at Dropbox's (NASDAQ:DBX) look very promising so lets take a look.
如果我們想要找到一隻長期回報倍增的股票，我們應該尋找哪些基本趨勢？首先，我們希望看到已被證實能夠開多的所有板塊。如果您看到這一點，通常意味着這是一個具有出色業務模型和豐富盈利再投資機會的公司。因此，我們注意到在深圳國際控股（HKG：152）看到了一些有前途的趨勢，讓我們進一步了解一下。資產回報率：它是什麼？了解資本使用回報率（ROCE）如果你以前沒有接觸過ROCE，它衡量公司從資本使用中產生的“回報”（稅前利潤）。要爲洪恩計算此指標，這是公式:資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）基本上這意味着公司有盈利的計劃，可以持續投資，這是一個複利機器的特點。考慮到這一點，我們看到Dropbox（納斯達克：DBX）的趨勢看起來非常有前途，因此讓我們來看看。
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 Dropbox:
對於那些不確定ROCE是什麼的人來說，它是衡量公司能夠從其業務的資本中創造出多少稅前利潤的指標。分析師使用以下公式來計算Dropbox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。
0.27 = US$443m ÷ (US$2.8b - US$1.2b) (Based on the trailing twelve months to March 2024).
0.27 = 美元4.43億 ÷ （美元28億 - 美元12億）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, Dropbox has an ROCE of 27%. In absolute terms that's a great return and it's even better than the Software industry average of 7.2%.
因此，Dropbox的ROCE爲27％。從絕對意義上來說，這是一個很好的回報，甚至比軟件行業平均水平的7.2％還要好。
Above you can see how the current ROCE for Dropbox 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 Dropbox .
您可以看到Dropbox目前的ROCE與其過去的資本回報率相比如何，但過去只能告訴我們這麼多。如果您想了解分析師對未來的預測，您應該查看我們爲Dropbox提供的免費分析師報告。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。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大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
Dropbox has recently broken into profitability so their prior investments seem to be paying off. The company was generating losses five years ago, but now it's earning 27% which is a sight for sore eyes. And unsurprisingly, like most companies trying to break into the black, Dropbox is utilizing 29% more capital than it was five years ago. This can tell us that the company has plenty of reinvestment opportunities that are able to generate higher returns.
Dropbox最近已經實現了盈利，因此他們以前的投資似乎正在收到回報。該公司在五年前還在虧損，但現在收益率達到了27％，這是一種很好的跡象。並且毫不奇怪，像大多數試圖實現盈利的公司一樣，Dropbox比五年前多使用了29％的資本。這可以告訴我們，公司有很多再投資機會，可以產生更高的回報。
On a side note, Dropbox's current liabilities are still rather high at 42% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
順便說一句，Dropbox目前的流動負債仍然相當高，佔總資產的42％。這實際上意味着供應商（或短期債權人）正在爲業務提供資金支持，因此請注意，這可能會引入一些風險因素。理想情況下，我們希望看到這種比例有所下降，這意味着承擔風險的義務更少。
What We Can Learn From Dropbox's ROCE
從Dropbox的ROCE可以學到什麼
To the delight of most shareholders, Dropbox has now broken into profitability. And since the stock has fallen 15% over the last five years, there might be an opportunity here. That being the case, research into the company's current valuation metrics and future prospects seems fitting.
令大多數股東高興的是，Dropbox現在已經實現盈利。由於該股票在過去五年中下跌了15％，因此可能存在機會。在這種情況下，研究公司的當前估值指標和未來前景似乎是合適的。
On a final note, we found 3 warning signs for Dropbox (1 makes us a bit uncomfortable) you should be aware of.
最後，我們找到了3個Dropbox的警告信號（其中一個讓我們有點不舒服），您應該知道這些警告信號。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回報率是強勁表現的關鍵因素，因此請查看我們的免費股票列表，其中列出了盈利能力強、資產負債表堅實的股票。
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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。
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。