Returns Are Gaining Momentum At MYR Group (NASDAQ:MYRG)
Returns Are Gaining Momentum At MYR Group (NASDAQ:MYRG)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So when we looked at MYR Group (NASDAQ:MYRG) and its trend of ROCE, we really liked what we saw.
您知道有些財務指標可以提供潛在倍增者的線索嗎？通常，我們會注意到資本利用率增長的趨勢。簡而言之，這些類型的企業是複利機器，意味着它們不斷以越來越高的回報率再投資其收益。然而，經過調查金德爾摩根（紐交所：KMI）後，我們認爲它目前的趨勢不符合倍增者的模式。資產回報率：它是什麼？對於那些不知道ROCE是什麼的人，ROCE是一個公司每年稅前利潤（回報）與企業用於投資的資本關係的度量。在Elevance Health的計算公式如下：資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）簡單地說，這些類型的企業是複合機器，意味着他們不斷地以越來越高的回報率再投資他們的收益。因此，當我們看MYR Group（NASDAQ:MYRG）和它的ROCE趨勢時，我們真的很喜歡我們看到的內容。
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 MYR Group, this is the formula:
對於那些不了解ROCE的人來說，這是一個衡量公司每年稅前利潤（即回報率）與企業所投入的資本相對比的指標。對於MYR Group來計算這個指標，以下是公式：
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。
0.14 = US$121m ÷ (US$1.6b - US$732m) (Based on the trailing twelve months to March 2024).
MYR Group的ROCE爲14％。就絕對收益而言，這是一個相當正常的回報，並且與建造行業的平均水平相當接近。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。.
Therefore, MYR Group has an ROCE of 14%. That's a relatively normal return on capital, and it's around the 12% generated by the Construction industry.
因此，MYR Group的ROCE爲14％。這是一個相對正常的資本回報率，大約與建築業產生的12％相當。
Above you can see how the current ROCE for MYR Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for MYR Group .
您可以看到，MYR Group目前的ROCE與其先前的資本回報相比如何，但是從過去只能了解到這麼多。如果您有興趣，可以查看我們MYR Group的免費分析師報告中的分析師預測。
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。
MYR Group is displaying some positive trends. Over the last five years, returns on capital employed have risen substantially to 14%. The amount of capital employed has increased too, by 70%. So we're very much inspired by what we're seeing at MYR Group thanks to its ability to profitably reinvest capital.
MYR Group正在顯示一些積極的趨勢。在過去的五年中，資本回報率大幅上升至14％。投入的資本也增加了70％。因此，我們非常受MYR Group的啓發，因爲它能夠有利可圖地再投資資本。
Another thing to note, MYR Group has a high ratio of current liabilities to total assets of 46%. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
還有一件事需要注意，MYR Group的流動負債與總資產的比率很高，爲46％。這實際上意味着供應商（或短期債權人）資助了企業的大部分業務，因此要知道這可能會引入一些風險。雖然這不一定是壞事，但是如果這個比率更低，它可能是有益的。
What We Can Learn From MYR Group's ROCE
我們從MYR Group的ROCE中可以學到什麼
To sum it up, MYR Group has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Since the stock has returned a staggering 269% 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.
總之，MYR Group已經證明了它可以在企業中再投資併產生更高的資本回報率，這太棒了。由於股票在過去的五年中給股東帶來了驚人的269％的回報，看起來投資者正在認識到這些變化。因此，考慮到這支股票已經證明它有着良好的趨勢，它值得進一步研究企業，以了解這些趨勢是否有可能持續。
If you'd like to know about the risks facing MYR Group, we've discovered 1 warning sign that you should be aware of.
如果您想了解MYR Group面臨的風險，我們已經發現1個警告標誌，您應該注意。
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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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。