Return Trends At Universal Health Services (NYSE:UHS) Aren't Appealing
Return Trends At Universal Health Services (NYSE:UHS) Aren't Appealing
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Having said that, from a first glance at Universal Health Services (NYSE:UHS) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
要找到一個有潛力的高增長股，我們通常可以尋找一些潛在的線索。其中的關鍵之一是，我們需要看到有兩點，首先是資本投入的增長。這基本上意味着公司擁有有盈利的計劃，可以繼續投資，這是複合機的特點。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。這顯示它是一個複合機器，能夠不斷地將其收益再次投入業務中，併產生更高的回報。然而，就通用醫療服務 (NYSE:UHS) 的回報趨勢而言，我們並沒有看到令人振奮的跡象，但讓我們深入了解一下。
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。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Universal Health Services is:
只是想澄清一下，如果您不確定，ROCE 是評估公司在其業務中投資的資本所獲得的稅前收入的度量標準（以百分比計算）。這個計算通用醫療服務的公式是：
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。
0.11 = US$1.3b ÷ (US$14b - US$2.1b) (Based on the trailing twelve months to March 2024).
0.11 = 美元 13 億 ÷（美元 140 億 - 美元 21 億）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, Universal Health Services has an ROCE of 11%. By itself that's a normal return on capital and it's in line with the industry's average returns of 11%.
因此，通用醫療服務的 ROCE 爲 11%。就單獨這一點而言，這是一個正常的資本回報率，與行業平均回報率 11% 相符。
Above you can see how the current ROCE for Universal Health Services compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Universal Health Services for free.
上面您可以看到通用醫療服務的當前 ROCE 如何與其過去的資本回報率相比，但過去只能說明一部分，如果您願意，可以免費查看覆蓋通用醫療服務的分析師的預測。
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。
Things have been pretty stable at Universal Health Services, with its capital employed and returns on that capital staying somewhat the same for the last five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So unless we see a substantial change at Universal Health Services in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
通用醫療服務的情況相當穩定，其所投入的資本和資本回報率在過去五年中保持了相對穩定的水平。具有這些特徵的企業往往是成熟和穩定的運營企業，因爲它們已經經過了增長階段。因此，除非我們看到通用醫療服務在 ROCE 和進行額外投資方面有實質性的變化，我們不會對它成爲多倍投資的期望過高。
What We Can Learn From Universal Health Services' ROCE
我們可以從通用醫療服務的 ROCE 中學到什麼？
In a nutshell, Universal Health Services has been trudging along with the same returns from the same amount of capital over the last five years. Since the stock has gained an impressive 48% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
簡而言之，通用醫療服務在過去五年中以相同的資本回報率和相同的資本回報率表現出了慣性。由於股票在過去五年中增長了 48%，投資者必須認爲會有更好的未來。然而，除非這些潛在趨勢變得更加積極，否則我們不會對其抱過高的期望。
If you want to continue researching Universal Health Services, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想繼續研究通用醫療服務，您可能會對我們的分析發現的 1 條警告標誌感興趣。
While Universal Health Services isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
雖然通用醫療服務的回報率並不是最高的，但請查看這份免費的公司名單，它們在股本回報率和健全的資產負債表方面賺取了高回報。
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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
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譯文內容由第三人軟體翻譯。