There's Been No Shortage Of Growth Recently For Alpha and Omega Semiconductor's (NASDAQ:AOSL) Returns On Capital
There's Been No Shortage Of Growth Recently For Alpha and Omega Semiconductor's (NASDAQ:AOSL) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Speaking of which, we noticed some great changes in Alpha and Omega Semiconductor's (NASDAQ:AOSL) returns on capital, so let's have a look.
如果想要辨別股票的長期價值是否會增值，需要關注什麼趨勢？理想情況下，一家公司應該出現兩種趨勢，首先是資本運用不斷增長，如果您看到這種趨勢，通常意味着這是一傢俱有良好商業模式和盈利再投資機會充足的公司。儘管我們看過TransUnion（NYSE:TRU）公司，但並不是所有的都適用。資產回報率：它是什麼？資本使用率回報(ROCE)是什麼?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。這表明Alpha和Omega半導體是一個複合機器，能夠持續將其盈利再投入業務中，產生更高的回報。說到回報率，我們注意到（納斯達克：AOSL）在資本回報率方面取得了巨大的進展，所以讓我們來看看。
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 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. To calculate this metric for Alpha and Omega Semiconductor, this is the formula:
對於不了解的人來說，ROCE是衡量公司年度稅前利潤（其回報）與業務中使用的資本相對比的指標。要計算Alpha和Omega Semiconductor的這個指標，公式如下：
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。
0.00036 = US$355k ÷ (US$1.2b - US$160m) (Based on the trailing twelve months to March 2024).
0.00036 = 355,000美元 ÷（12億美元 - 160百萬美元）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, Alpha and Omega Semiconductor has an ROCE of 0.04%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 9.5%.
因此，Alpha和Omega半導體的ROCE爲0.04％。絕對來說，這是一個低迴報率，並且它也低於半導體行業平均水平9.5％。
In the above chart we have measured Alpha and Omega Semiconductor's 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 Alpha and Omega Semiconductor for free.
在以上圖表中，我們已經比較了Alpha和Omega半導體之前的ROCE和之前的績效，但未來可能更爲重要。如果您願意，您可以免費查看覆蓋Alpha和Omega Semiconductor的分析師的預測。
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。
Alpha and Omega Semiconductor has recently broken into profitability so their prior investments seem to be paying off. About five years ago the company was generating losses but things have turned around because it's now earning 0.04% on its capital. Not only that, but the company is utilizing 75% more capital than before, but that's to be expected from a company trying to break into profitability. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, both common traits of a multi-bagger.
Alpha和Omega半導體近期已經實現盈利，因此他們先前的投資似乎正在產生回報。大約五年前，該公司一度虧損，但事情已經扭轉，因爲現在它的資本回報率爲0.04％。不僅如此，該公司利用的資本比以前多75％，但這在一家試圖實現盈利的公司中是可以預期的。這可能表明，有充足的內部資本投資機會，並且以越來越高的利率投資，這是一個多賺錢公司的共同特徵。
Our Take On Alpha and Omega Semiconductor's ROCE
總之，我們很高興地看到Alpha和Omega半導體的再投資活動取得了成果，該公司現在盈利。由於該股票在過去五年中爲股東帶來了驚人的264％的回報，因此似乎投資者正在認識到這些變化。因此，考慮到該股票已經證明了有 promising trends，值得進一步研究該公司，以確定這些趨勢是否有可能持續下去。
Long story short, we're delighted to see that Alpha and Omega Semiconductor's reinvestment activities have paid off and the company is now profitable. Since the stock has returned a staggering 264% to shareholders over the last five years, it looks like investors are recognizing these changes. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
還有一件事需要注意，我們已經確定了Alpha和Omega半導體存在一個警示信號，了解這一點應成爲您的投資過程一部分。
One more thing to note, we've identified 1 warning sign with Alpha and Omega Semiconductor and understanding this should be part of your investment process.
投資所使用的資本的回報率。這表明它是一個複合機器，能夠持續將其盈利再投入業務中，產生更高的回報。
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。