Returns At CMS Energy (NYSE:CMS) Appear To Be Weighed Down
Returns At CMS Energy (NYSE:CMS) Appear To Be Weighed Down
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. In light of that, when we looked at CMS Energy (NYSE:CMS) and its ROCE trend, we weren't exactly thrilled.
當你在尋找下一個翻倍股時，有一些重要的趨勢需要注意。理想情況下，一家公司應該有兩個趨勢：首先是不斷增長的資本回報率（ROCE），其次是不斷增加的資本。這表明這是一個能夠以不斷增長的回報率再投資利潤的公司。因此，當我們在看CMS能源（紐交所：CMS）及其ROCE趨勢時，我們並沒有感到非常興奮。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for CMS Energy, this is the formula:
對於那些不知道ROCE是什麼的人，它衡量的是公司在其業務中使用的資本所能產生的稅前利潤金額。爲了計算CMS能源的這一指標，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。
0.048 = US$1.5b ÷ (US$34b - US$2.3b) (Based on the trailing twelve months to March 2024).
因此，CMS能源的ROCE爲4.8％。僅憑這一點，其資本回報率較低，但與行業平均回報率5.0％相符。
Therefore, CMS Energy has an ROCE of 4.8%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.0%.
上圖顯示了CMS能源當前ROCE與先前資本回報率的比較，但從過去只能得出有限的信息。如果您想了解分析師們的預測，請查看我們的免費CMS能源分析師報告。
Above you can see how the current ROCE for CMS Energy compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for CMS Energy .
您可以看到CMS能源當前ROCE與先前資本回報率的比較，但從過去只能得出有限的信息。如果您想了解分析師們的預測，請查看我們的免費分析師報告以獲取CMS Energy的更多信息。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
The returns on capital haven't changed much for CMS Energy in recent years. The company has employed 39% more capital in the last five years, and the returns on that capital have remained stable at 4.8%. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
CMS能源的資本回報率近年來並沒有太大變化。公司在過去五年中增加了39％的資本，並且這些資本的回報率仍然穩定在4.8％。這種低下的ROCE並沒有令人信心滿滿，考慮到資本的增加，很顯然公司沒有將資金投入高回報的投資中。
The Bottom Line On CMS Energy's ROCE
關於CMS Energy的ROCE底線
Long story short, while CMS Energy has been reinvesting its capital, the returns that it's generating haven't increased. And with the stock having returned a mere 24% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
長話短說，雖然CMS能源一直在重投資金，但它所產生的回報並沒有增加。在過去五年中，股東們只獲得了僅有的24％的回報，這表明他們已經意識到這些乏善可陳的趨勢。因此，如果您正在尋找翻倍股，我們建議您看看其他的所有基金類型。
On a final note, we found 3 warning signs for CMS Energy (1 is a bit concerning) you should be aware of.
最後，我們發現CMS能源有3個警告信號（其中1個有點令人擔憂），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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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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。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。