Here's What To Make Of Akamai Technologies' (NASDAQ:AKAM) Decelerating Rates Of Return
Here's What To Make Of Akamai Technologies' (NASDAQ:AKAM) Decelerating Rates Of Return
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. In light of that, when we looked at Akamai Technologies (NASDAQ:AKAM) and its ROCE trend, we weren't exactly thrilled.
要找到一隻開多股票,我們應該在業務中尋找哪些潛在趨勢呢?理想情況下,一家企業會展現出兩種趨勢;首先是不斷增長的資本利用率(ROCE),其次是越來越多的資本被利用。基本上這意味着公司擁有利潤豐厚的舉措,可以不斷進行再投資,這是一個複利機器的特徵。考慮到這一點,當我們看阿克邁科技(納斯達克:AKAM)及其ROCE趨勢時,並沒有特別激動。
Return On Capital Employed (ROCE): What Is It?
資本利用率(ROCE)是什麼?
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 Akamai Technologies, this is the formula:
對於那些不確定ROCE是什麼的人,它衡量了公司從資本利用中可以產生的稅前利潤數量。要爲阿克邁科技計算這一指標,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)
0.081 = US$667m ÷ (US$10b - US$2.0b) (Based on the trailing twelve months to September 2024).
0.081 = 66700萬美元 ÷ (100億美元 - 20億美元)(基於2024年9月止過去十二個月)。
Therefore, Akamai Technologies has an ROCE of 8.1%. In absolute terms, that's a low return and it also under-performs the IT industry average of 10%.
因此,阿克邁科技的ROCE爲8.1%。從絕對值來看,這是一個較低的回報,也低於IT行業平均水平10%。
In the above chart we have measured Akamai Technologies' 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 Akamai Technologies for free.
在上面的圖表中,我們對阿克邁科技的以往資本回報率進行了衡量,但未來往往更重要。如果願意,您可以免費查看覆蓋阿克邁科技的分析師的預測。
So How Is Akamai Technologies' ROCE Trending?
那麼,阿克邁科技的資本回報率走勢如何?
There are better returns on capital out there than what we're seeing at Akamai Technologies. The company has employed 43% more capital in the last five years, and the returns on that capital have remained stable at 8.1%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
市場上存在比阿克邁科技表現更出色的資本回報率。在過去五年中,該公司投入的資本增加了43%,而該資本的回報率保持在8.1%。鑑於公司增加了投入的資本數量,似乎所做的投資並未帶來較高的資本回報率。
The Bottom Line On Akamai Technologies' ROCE
對於阿克邁科技的資本回報率底線是什麼?
In summary, Akamai Technologies has simply been reinvesting capital and generating the same low rate of return as before. And with the stock having returned a mere 3.0% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
總的來說,阿克邁科技只是不斷再投資資本,產生與以前相同的低迴報率。而在過去五年中,股票僅爲股東帶來了3.0%的回報,您可能會認爲他們意識到了這些乏善可陳的趨勢。因此,如果您正在尋找翻倍的股票,我們認爲您可能在其他地方更有好運氣。
Akamai Technologies could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for AKAM on our platform quite valuable.
在其他方面,阿克邁科技可能以有吸引力的價格交易,因此您可能會發現我們平台上對AKAm的免費內在價值估算非常有價值。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果您想尋找財務狀況良好、回報卓越的實力強企業,可以免費查看以下公司列表。
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。