A10 Networks' (NYSE:ATEN) Returns On Capital Are Heading Higher
A10 Networks' (NYSE:ATEN) Returns On Capital Are Heading Higher
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. With that in mind, we've noticed some promising trends at A10 Networks (NYSE:ATEN) so let's look a bit deeper.
要找到一個多倍增長的股票，我們關注業務中的基本趨勢是什麼？ 首先，我們需要看兩個方面：一是不斷增長的資本回報率（ROCE），二是公司資本投入的擴展。簡而言之，這些類型的企業是複合式機器，意味着它們不斷以更高的回報率重新投資其盈利。 在這方面，我們已經注意到了A10 Networks（NYSE：ATEN）一些有前途的趨勢，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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for A10 Networks, this is the formula:
如果你以前沒有接觸過ROCE，它衡量公司從其業務中投入的資本獲得的“回報”（稅前利潤）。 要爲A10 Networks計算此指標，使用以下公式：
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。
0.13 = US$35m ÷ (US$397m - US$115m) (Based on the trailing twelve months to June 2024).
0.13 = US$3500萬 ÷ (US$39700萬 - US$115m)（以2024年6月爲基礎的過去12個月）。
So, A10 Networks has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Software industry average of 7.6% it's much better.
因此，A10 Networks的ROCE爲13％。 絕對而言，這是一個令人滿意的回報，但與軟件行業平均7.6％相比，它要好得多。
Above you can see how the current ROCE for A10 Networks 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 A10 Networks .
上面您可以看到A10 Networks目前的資本回報率與其先前的回報率相比如何，但是您只能從過去得到非常有限的信息。 如果您感興趣，您可以在我們免費的A10 Networks分析師報告中查看分析師的預測。
So How Is A10 Networks' ROCE Trending?
那麼，A10 Networks的ROCE趨勢如何？
We're delighted to see that A10 Networks is reaping rewards from its investments and is now generating some pre-tax profits. Shareholders would no doubt be pleased with this because the business was loss-making five years ago but is is now generating 13% on its capital. And unsurprisingly, like most companies trying to break into the black, A10 Networks is utilizing 104% more capital than it was five years ago. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
我們很高興看到A10 Networks正在從其投資中獲得回報，現在正在產生一些稅前利潤。 股東無疑會對此感到滿意，因爲該業務在五年前還虧損，現在在其資本上產生了13％的回報。 並且毫不奇怪，就像大多數試圖打入黑色的公司一樣，A10 Networks的資本投入比五年前增加了104％。 我們喜歡這個趨勢，因爲它告訴我們該公司擁有盈利的再投資機會，如果它繼續向前發展，這將導致多重賺錢的表現。
One more thing to note, A10 Networks has decreased current liabilities to 29% of total assets over this period, which effectively reduces the amount of funding from suppliers or short-term creditors. So this improvement in ROCE has come from the business' underlying economics, which is great to see.
另外需要注意的是，A10 Networks將其流動負債降至總資產的29％，有效地減少了來自供應商或短期債權人的資金。 因此，這種ROCE的改善來自業務的基礎經濟狀況，這是非常好的。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
To the delight of most shareholders, A10 Networks has now broken into profitability. Since the stock has returned a solid 89% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. Therefore, we think it would be worth your time to check if these trends are going to continue.
令大多數股東欣喜的是，A10 Networks現已實現盈利，因爲該股票在過去五年中爲股東帶來了89％的穩健回報，可以說投資者開始認識到這些變化。 因此，我們認爲檢查這些趨勢是否將繼續值得您的時間。
If you'd like to know about the risks facing A10 Networks, we've discovered 1 warning sign that you should be aware of.
如果您想了解A10 Networks面臨的風險，我們已經發現了1個警告標誌，您應該注意。
While A10 Networks 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A10 Networks的回報率不是最高的，但是請查看此免費公司列表，這些公司通過健全的資產負債表獲得高回報率。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。