Under The Bonnet, D.R. Horton's (NYSE:DHI) Returns Look Impressive
Under The Bonnet, D.R. Horton's (NYSE:DHI) Returns Look Impressive
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Speaking of which, we noticed some great changes in D.R. Horton's (NYSE:DHI) returns on capital, so let's have a look.
如果我們想要找到一隻能夠長期倍增的股票，我們應該尋找什麼樣的潛在趨勢？在完美的世界裏，我們希望看到一家公司將更多資本投入到業務中，理想情況下，從該資本獲得的回報也在增加。簡而言之，這些類型的企業是複合機器，意味着它們繼續以更高的回報率重新投資其收益。說到這裏，我們注意到了D.R. Horton（NYSE：DHI）資本回報率方面的巨大變化，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。
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. Analysts use this formula to calculate it for D.R. Horton:
只是爲了澄清，如果您不確定，ROCE是用於評估公司在其業務中投資的資本所賺取的稅前收入的度量標準（以百分比表示）。分析師使用此公式計算D.R. Horton的ROCE：
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。
0.23 = US$6.4b ÷ (US$34b - US$5.9b) (Based on the trailing twelve months to March 2024).
0.23 = 64億美元 ÷ （340億美元 - 59億美元）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。.
Therefore, D.R. Horton has an ROCE of 23%. That's a fantastic return and not only that, it outpaces the average of 15% earned by companies in a similar industry.
因此，D.R. Horton的ROCE爲23％。這是一個極好的回報，不僅如此，它還超過了同類行業公司15％的平均水平。
In the above chart we have measured D.R. Horton'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 D.R. Horton for free.
在上圖中，我們比較了D.R. Horton以前的ROCE與其以前的表現，但未來可能更爲重要。如果您願意，您可以免費查看覆蓋D.R. Horton的分析師的預測。
What Does the ROCE Trend For D.R. Horton Tell Us?
D.R. Horton的ROCE趨勢告訴我們什麼？
The trends we've noticed at D.R. Horton are quite reassuring. Over the last five years, returns on capital employed have risen substantially to 23%. The amount of capital employed has increased too, by 119%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我們注意到D.R. Horton的趨勢相當令人放心。在過去的五年中，資本回報率大幅上升至23％。資本使用量也增加了119％。這可能表明，存在很多在內部投資資本並以更高的利率投資的機會，這是多倍增長者經常具備的組合。
The Key Takeaway
重要提示
All in all, it's terrific to see that D.R. Horton is reaping the rewards from prior investments and is growing its capital base. Since the stock has returned a staggering 241% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總的來說，看到D.R. Horton正在從以前的投資中獲得回報並擴大其資本基礎，這是非常好的。自過去的五年中，該股票爲股東帶來了驚人的241％回報，看來投資者正在認識到這些變化。話雖這樣，我們仍然認爲這些有前途的基本面意味着公司值得進一步的盡職調查。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for DHI on our platform that is definitely worth checking out.
在資本回報率的另一面，我們必須考慮到估值。這就是爲什麼我們在我們的平台上有一個免費的DHI內在價值估計，絕對值得一看的原因。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果您想尋找更多獲得高回報的股票，請查看這個免費股票列表，這些股票不僅有紮實的資產負債表，而且還有高回報率。
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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。