Investors Could Be Concerned With Cheesecake Factory's (NASDAQ:CAKE) Returns On Capital
Investors Could Be Concerned With Cheesecake Factory's (NASDAQ:CAKE) Returns On Capital
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. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. Although, when we looked at Cheesecake Factory (NASDAQ:CAKE), it didn't seem to tick all of these boxes.
如果你在寻找下一款多功能装袋机时不确定从哪里开始,那么你应该留意一些关键趋势。通常,我们希望注意到增长的趋势 返回 在资本使用率(ROCE)方面,除此之外,还在扩大 基础 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。但是,当我们查看芝士蛋糕工厂(纳斯达克股票代码:CAKE)时,它似乎并没有勾选所有这些方框。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Cheesecake Factory:
对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。分析师使用以下公式来计算芝士蛋糕工厂:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥(总资产-流动负债)
0.061 = US$132m ÷ (US$2.8b - US$619m) (Based on the trailing twelve months to October 2023).
0.061 = 1.32亿美元 ÷(28亿美元-6.19亿美元) (基于截至2023年10月的过去十二个月)。
Therefore, Cheesecake Factory has an ROCE of 6.1%. In absolute terms, that's a low return and it also under-performs the Hospitality industry average of 9.4%.
因此,芝士蛋糕工厂的投资回报率为6.1%。从绝对值来看,这是一个低回报,其表现也低于酒店业9.4%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240201/0-2872aa3a493df25b2b01fccbf946c6ab-0-3c7ff32da747d465129cb0ff97ec0ff2.png/big)
Above you can see how the current ROCE for Cheesecake Factory 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 report for Cheesecake Factory.
上面你可以看到芝士蛋糕工厂当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果你想了解分析师对未来的预测,你应该查看我们的芝士蛋糕工厂免费报告。
What Can We Tell From Cheesecake Factory's ROCE Trend?
我们可以从芝士蛋糕工厂的ROCE趋势中得出什么?
On the surface, the trend of ROCE at Cheesecake Factory doesn't inspire confidence. Over the last five years, returns on capital have decreased to 6.1% from 14% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
从表面上看,芝士蛋糕工厂的ROCE趋势并不能激发信心。在过去五年中,资本回报率从五年前的14%下降到6.1%。另一方面,该公司在去年一直在使用更多资本,但销售额没有相应改善,这可能表明这些投资是长期投资。从现在起,值得关注公司的收益,看看这些投资最终是否确实为利润做出了贡献。
The Key Takeaway
关键要点
To conclude, we've found that Cheesecake Factory is reinvesting in the business, but returns have been falling. And investors appear hesitant that the trends will pick up because the stock has fallen 18% in the last five years. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
总而言之,我们发现芝士蛋糕工厂正在对该业务进行再投资,但回报率一直在下降。投资者似乎对趋势能否回升犹豫不决,因为该股在过去五年中下跌了18%。总的来说,我们对潜在趋势的启发不大,我们认为在其他地方找到多袋装机的可能性更大。
If you'd like to know about the risks facing Cheesecake Factory, we've discovered 3 warning signs that you should be aware of.
如果你想了解芝士蛋糕工厂面临的风险,我们发现了3个警告信号,你应该注意。
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.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。