Here's What PepsiCo's (NASDAQ:PEP) Strong Returns On Capital Mean
Here's What PepsiCo's (NASDAQ:PEP) Strong Returns On Capital Mean
0.20 = US$14b ÷ (US$100b - US$31b) If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Ergo, when we looked at the ROCE trends at PepsiCo (NASDAQ:PEP), we liked what we saw.
如果我們想找到一個潛在的暴利股，通常會有潛在的趨勢可以提供線索。首先，我們想要確定一個增長的資本僱用回報率（ROCE），然後在此基礎上，一個不斷增長的資本僱用基礎。這向我們表明這是一個複利機器，能夠持續將其盈利再投資到業務中，並實現更高的回報。因此，當我們看到百事可樂（納斯達克: PEP）的ROCE趨勢時，我們很喜歡我們所看到的。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 PepsiCo:
只是爲了澄清，如果您不確定，ROCE是一個評估公司在其業務中投資資本所獲得的稅前收入（以百分比表示）的指標。分析師使用這個公式來爲百事可樂計算它:
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。
0.20 = US$14b ÷ (US$100b - US$31b) (Based on the trailing twelve months to June 2024).
0.20 = 140億美元 ÷ （1000億美元 - 31億美元）（基於截至2024年6月的過去十二個月）。
Therefore, PepsiCo has an ROCE of 20%. In absolute terms that's a great return and it's even better than the Beverage industry average of 16%.
因此，百事可樂的ROCE爲20%。絕對價值上，這是一個很好的回報，甚至比飲料行業平均水平16%更好。
In the above chart we have measured PepsiCo's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for PepsiCo .
在上面的圖表中，我們已經比較了百事可樂之前的ROCE與其之前的表現，但未來可能更重要。如果您感興趣，您可以查看分析師在我們的免費百事可樂分析報告中的預測。
What Does the ROCE Trend For PepsiCo Tell Us?
百事可樂的ROCE趨勢告訴我們什麼？
In terms of PepsiCo's history of ROCE, it's quite impressive. The company has employed 24% more capital in the last five years, and the returns on that capital have remained stable at 20%. With returns that high, it's great that the business can continually reinvest its money at such appealing rates of return. If PepsiCo can keep this up, we'd be very optimistic about its future.
就百事可樂歷史上的ROCE而言，表現相當令人印象深刻。在過去五年中，公司投入的資本增加了24％，而那些資本的回報率保持在20％的穩定水平。以如此高的回報率，業務可以持續以如此吸引人的回報率再投資資金，令人印象深刻。如果百事可樂能繼續保持這個水平，我們對其未來充滿樂觀。
What We Can Learn From PepsiCo's ROCE
我們可以從百事可樂的ROCE中學到什麼？
In summary, we're delighted to see that PepsiCo has been compounding returns by reinvesting at consistently high rates of return, as these are common traits of a multi-bagger. And the stock has followed suit returning a meaningful 43% to shareholders over the last five years. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
總之，我們很高興看到百事可樂通過以持續高回報率再投資來複利，這些都是多倍增長股的共同特徵。股票也如此，過去五年爲股東帶來了可觀的43％回報。因此，雖然積極的基本趨勢可能已被投資者考慮在內，我們仍認爲值得進一步研究這支股票。
On a final note, we've found 2 warning signs for PepsiCo that we think you should be aware of.
最後，我們發現了百事可樂的2個警示跡象，認爲您應該注意。
High returns are a key ingredient to strong performance, so check out our free list ofstocks earning high returns on equity with solid balance sheets.
高回報率是強勁表現的關鍵因素，因此請查看我們的免費股票列表，其中列出了盈利能力強、資產負債表堅實的股票。
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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。
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