Return Trends At LeMaitre Vascular (NASDAQ:LMAT) Aren't Appealing
Return Trends At LeMaitre Vascular (NASDAQ:LMAT) Aren't Appealing
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount 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. So, when we ran our eye over LeMaitre Vascular's (NASDAQ:LMAT) trend of ROCE, we liked what we saw.
如果你不確定下一個井噴股票的選股方向，那麼有幾個關鍵的趨勢是需要關注的。其中，我們需要看到兩個因素：首先，資本投入增長；其次，業務能夠不斷將收益再投入並獲得更高的回報。因此，當我們簡要了解中國科培教育集團（HKG:1890）的ROCE趨勢時，我們非常滿意所看到的。資產回報率：它是什麼？如果您不確定ROCE是什麼，它可以衡量公司能夠從其業務所僱用的資本產生多少稅前利潤。爲了計算V2X的這個指數，使用以下公式:0.054 = 1.24億美元÷（31億美元 - 8.53億美元）ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。基本上這意味着公司有盈利的舉措可以繼續重投資，這是複利機器的特徵。因此，當我們審視勒梅特微管醫療公司（NASDAQ:LMAT）的ROCE趨勢時，我們喜歡我們看到的。
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. To calculate this metric for LeMaitre Vascular, this is the formula:
如果你以前沒有用過ROCE，它衡量的是公司從業務中使用的資本所產生的“回報”（稅前利潤）。要爲勒梅特微管醫療計算這個指標，請使用以下公式：
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$41m ÷ (US$354m - US$27m) (Based on the trailing twelve months to March 2024).
0.12 = 4100萬美元÷（3.54億美元- 2700萬美元）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, LeMaitre Vascular has an ROCE of 12%. On its own, that's a standard return, however it's much better than the 10% generated by the Medical Equipment industry.
因此，勒梅特微管醫療的ROCE爲12％。總體來說，這是一個標準的回報，但是它比醫療設備行業所創造的10％要好得多。
In the above chart we have measured LeMaitre Vascular's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for LeMaitre Vascular .
在上面的圖表中，我們衡量了勒梅特微管醫療先前的ROCE與其先前的業績，但未來可能更重要。如果您有興趣，可以在我們的免費分析師報告中查看分析師的預測，了解更多信息。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
While the returns on capital are good, they haven't moved much. Over the past five years, ROCE has remained relatively flat at around 12% and the business has deployed 132% more capital into its operations. Since 12% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
雖然資本回報率很好，但是它們並沒有太大變化。在過去的五年裏，資本回報率保持相對穩定，約爲12％，業務已將其運營中的資本增加了132％。由於12％是適度的ROCE，看到企業能夠以這些體面的回報率持續進行再投資是件好事。長期而言，這樣的回報可能並不太令人興奮，但是隨着穩定性的提升，它們可以實現股價回報。
What We Can Learn From LeMaitre Vascular's ROCE
我們可以從勒梅特微管醫療的ROCE中學到什麼？
To sum it up, LeMaitre Vascular has simply been reinvesting capital steadily, at those decent rates of return. On top of that, the stock has rewarded shareholders with a remarkable 210% 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.
總的來說，勒梅特微管醫療一直是穩定地重投資，以這些體面的回報率。此外，對於那些過去五年持有該股票的股東，該股票已經獎勵他們驚人的210％回報。因此，即使這支股票比以前更“昂貴”，我們認爲強大的基本面也值得進一步研究。
One more thing, we've spotted 1 warning sign facing LeMaitre Vascular that you might find interesting.
還有一件事，我們發現了勒梅特微管醫療面臨的1個警告標誌，您可能會感興趣。
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。
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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
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。