The Returns At AMETEK (NYSE:AME) Aren't Growing
The Returns At AMETEK (NYSE:AME) Aren't Growing
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. That's why when we briefly looked at AMETEK's (NYSE:AME) ROCE trend, we were pretty happy with what we saw.
我們應該尋找哪些早期趨勢來確定一隻可能長期價值成倍增長的股票？首先，我們希望看到經過驗證的 返回 關於正在增加的資本使用率（ROCE），其次是擴大 基礎 所用資本的比例。這向我們表明，它是一臺複合機器，能夠持續將其收益再投資到業務中併產生更高的回報。這就是爲什麼當我們簡要研究AMETEK（紐約證券交易所代碼：AME）的ROCE趨勢時，我們對所看到的情況感到非常滿意。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率（ROCE）：這是什麼？
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. Analysts use this formula to calculate it for AMETEK:
對於那些不知道的人來說，ROCE是衡量公司年度稅前利潤（其回報率）的指標，相對於該業務使用的資本。分析師使用這個公式來計算 AMETEK 的值：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥（總資產-流動負債）
0.14 = US$1.7b ÷ (US$15b - US$2.5b) (Based on the trailing twelve months to March 2024).
0.14 = 17億美元 ÷（150億美元-25億美元） （基於截至2024年3月的過去十二個月）。
Therefore, AMETEK has an ROCE of 14%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Electrical industry average of 13%.
因此，阿美特克的投資回報率爲14％。從絕對值來看，這是相當正常的回報，略接近電氣行業13％的平均水平。
In the above chart we have measured AMETEK'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 AMETEK for free.
在上圖中，我們將AMETEK先前的投資回報率與之前的表現進行了比較，但可以說，未來更爲重要。如果您願意，可以免費查看報道AMETEK的分析師的預測。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢能告訴我們什麼
While the current returns on capital are decent, they haven't changed much. The company has employed 57% more capital in the last five years, and the returns on that capital have remained stable at 14%. Since 14% 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.
儘管目前的資本回報率不錯，但變化不大。在過去五年中，該公司僱用的資本增加了57％，該資本的回報率一直穩定在14％。但是，由於14％的投資回報率適中，因此很高興看到企業能夠繼續以如此可觀的回報率進行再投資。在很長一段時間內，這樣的回報可能不會太令人興奮，但只要保持一致，它們可以在股價回報方面獲得回報。
The Bottom Line
底線
To sum it up, AMETEK has simply been reinvesting capital steadily, at those decent rates of return. And the stock has followed suit returning a meaningful 91% to shareholders over the last five years. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.
總而言之，AMETEK只是在穩步地以可觀的回報率進行資本再投資。在過去五年中，該股緊隨其後，股東的回報率高達91％。因此，儘管投資者似乎意識到了這些令人鼓舞的趨勢，但我們仍然認爲該股值得進一步研究。
AMETEK could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for AME on our platform quite valuable.
AMETEK在其他方面可能會以誘人的價格進行交易，因此您可能會發現我們在我們平台上對AME的免費內在價值估算非常有價值。
While AMETEK 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AMETEK的回報率並不高，但請查看這份免費清單，列出了資產負債表穩健的股本回報率高的公司。
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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.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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