We Like These Underlying Return On Capital Trends At Cirrus Logic (NASDAQ:CRUS)
We Like These Underlying Return On Capital Trends At Cirrus Logic (NASDAQ:CRUS)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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 Cirrus Logic's (NASDAQ:CRUS) returns on capital, so let's have a look.
你知道一些金融指標能夠提供一個潛在的多倍賺錢機會的線索嗎？一種常見的方法是試圖尋找一家公司，它具有能夠投入充足的利潤回流的優秀商業模式。當我們看到深圳市力合科創（SZSE：002243）及其股本回報率趨勢時，我們並不是完全滿意的。什麼是資本僱用回報率（ROCE）？ROCE是一個企業年度稅前利潤（其回報）與企業資本僱用之間的比率。在 Enphase Energy 的計算公式是：資本僱用回報率=利息和稅前收益（EBIT）÷（資產總額-流動負債）。所以，Enphase Energy 的資本僱用回報率爲9.9%。單獨來看，這是一個較低的資本回報率，但它與行業平均回報率相當。以上你可以看到，Enphase Energy 的當前資本僱用回報率與之前的回報率相比如何，但從過去只能知道這麼多。如果你想看看分析師對未來的預測，你應該查看我們免費提供的 Enphase Energy 分析師報告。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。這表明它可以持續地將自己的利潤再投入到業務中，併產生更高的回報率。說到這一點，我們注意到Cirrus Logic（納斯達克：CRUS）的資本回報率有很大的變化，讓我們來看看。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 Cirrus Logic, this is the formula:
對於那些不知道的人來說，ROCE是衡量公司每年稅前利潤（其回報率）與業務中使用的資本相對於的一種指標。爲了計算Cirrus Logic的這一指標，這是公式：
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。
0.17 = US$345m ÷ (US$2.2b - US$186m) (Based on the trailing twelve months to March 2024).
0.17 = 3.45億美元 ÷ （22億美元 - 1.86億美元）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。.
Thus, Cirrus Logic has an ROCE of 17%. On its own, that's a standard return, however it's much better than the 9.5% generated by the Semiconductor industry.
因此，Cirrus Logic的ROCE爲17%。單獨看這個數值，這是一個標準的回報率，但它比半導體行業生成的9.5%要好得多。
In the above chart we have measured Cirrus Logic's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Cirrus Logic .
在上面的圖表中，我們比較了Cirrus Logic的之前ROCE與其之前的表現，但未來更爲重要。如果你想知道分析師對未來的預測，請查看我們免費的Cirrus Logic分析師報告。
What Can We Tell From Cirrus Logic's ROCE Trend?
從Cirrus Logic的ROCE趨勢中我們可以得出什麼結論？
We like the trends that we're seeing from Cirrus Logic. The data shows that returns on capital have increased substantially over the last five years to 17%. Basically the business is earning more per dollar of capital invested and in addition to that, 65% more capital is being employed now too. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我們喜歡從Cirrus Logic看到的趨勢。數據表明，資本回報率在過去五年中顯著增加至17%。基本上，業務正在賺取更多的投入資本，並且現在還有65％的更多資本被利用。在不斷增長的資本上增加回報率在多倍投資者中很常見，這就是爲什麼我們印象深刻的原因。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
In summary, it's great to see that Cirrus Logic can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總之，很高興看到Cirrus Logic可以通過不斷地以越來越高的回報率持續地重新投資資本來實現回報，因爲這些是那些倍增者的關鍵要素之一。隨着股票在過去五年中表現異常優秀，投資者正在考慮這些趨勢。話雖如此，我們仍然認爲有前途的基本面意味着公司值得進一步的盡職調查。如果你想知道Cirrus Logic面臨的風險，我們發現了1個需要注意的警告信號。
If you'd like to know about the risks facing Cirrus Logic, we've discovered 1 warning sign that you should be aware of.
如果您想了解凌雲半導體面臨的風險，我們發現了1個警告信號，您應該知道。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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