The Returns On Capital At Skyworks Solutions (NASDAQ:SWKS) Don't Inspire Confidence
The Returns On Capital At Skyworks Solutions (NASDAQ:SWKS) Don't Inspire Confidence
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after briefly looking over the numbers, we don't think Skyworks Solutions (NASDAQ:SWKS) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
在尋找具有潛力實現大幅增長的業務並非易事，但如果我們查看幾項關鍵財務指標，這是可能的。在完美的世界中，我們希望看到一家公司將更多的資本投入到其業務中，理想情況下，從該資本獲得的回報也在增加。基本上，這意味着公司具有有利可圖的業務計劃，可以繼續投資，這是複利機器的一個特徵。然而，經過簡短地查看數字，我們認爲思佳訊（納斯達克：SWKS）未來不具備成倍增長的潛力，但讓我們看看爲什麼會這樣。
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 who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Skyworks Solutions is:
對於那些不知道ROCE（投入資本回報率）的人來說，它是一種衡量公司每年稅前利潤（即回報）相對於所投資本的比率的度量。對思佳訊進行此計算的公式爲：
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。
0.12 = US$953m ÷ (US$8.3b - US$606m) (Based on the trailing twelve months to March 2024).
0.12 = 9.53億美元÷（83億美元-6.06億美元）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, Skyworks Solutions has an ROCE of 12%. On its own, that's a standard return, however it's much better than the 9.5% generated by the Semiconductor industry.
因此，思佳訊的ROCE爲12％。單獨看來，這是一筆標準的投資回報，但它比半導體行業產生的9.5％要好得多。
Above you can see how the current ROCE for Skyworks 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 Skyworks Solutions .
您可以看到目前思佳訊的ROCE如何與其之前的投資回報進行比較，但是從過去只能了解到有限的信息。如果您感興趣，可以查看我們有關思佳訊的免費分析師報告中的分析師預測。
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 Skyworks Solutions' historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 12% from 27% five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.
就思佳訊的歷史ROCE變化而言，趨勢並不太好。在過去的五年中，資本回報率從五年前的27％下降到了12％。考慮到企業使用的資金更多，而營業收入卻下滑，這有點令人擔憂。這可能意味着企業正在失去其競爭優勢或市場份額，因爲儘管更多的資金被投入企業，但實際上產生的回報更低 – “以同樣的錢掙更少的錢”，換言之。
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。
We're a bit apprehensive about Skyworks Solutions because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Yet despite these concerning fundamentals, the stock has performed strongly with a 53% return over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
我們對思佳訊有些猶豫，因爲儘管在業務中投入了更多資本，但投入的資本和銷售額均下降。然而，儘管存在這些令人擔憂的基本面，該股票的表現卻表現強勁，在過去五年中回報率達到了53％，因此投資者看起來非常樂觀。無論如何，我們對這些基本面並不感到太舒適，因此暫時不會投資此股。
On a separate note, we've found 1 warning sign for Skyworks Solutions you'll probably want to know about.
另外，我們發現思佳訊存在一項警告標誌，您可能想了解。
While Skyworks Solutions isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管思佳訊的回報率並不是最高的，但請查看此免費公司名單，其中包括具有堅實資產負債表的公司，其賺取高回報率。
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譯文內容由第三人軟體翻譯。