Returns on Capital Paint A Bright Future For Cadence Design Systems (NASDAQ:CDNS)
Returns on Capital Paint A Bright Future For Cadence Design Systems (NASDAQ:CDNS)
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. And in light of that, the trends we're seeing at Cadence Design Systems' (NASDAQ:CDNS) look very promising so lets take a look.
如果我们想找到一只可以长期成倍增长的股票，我们应该寻找哪些潜在趋势？理想情况下，企业将表现出两种趋势；首先是增长 返回 论资本使用率（ROCE），其次是增加 金额 所用资本的比例。简而言之，这些类型的企业是复合机器，这意味着他们不断以更高的回报率对收益进行再投资。有鉴于此，我们在Cadence Design Systems（纳斯达克股票代码：CDNS）看到的趋势看起来非常有希望，所以让我们来看看吧。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
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. To calculate this metric for Cadence Design Systems, this is the formula:
为了澄清一下你是否不确定，ROCE是评估公司从投资于其业务的资本中获得多少税前收入（按百分比计算）的指标。要计算Cadence设计系统的这个指标，公式如下：
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）
0.31 = US$1.3b ÷ (US$5.7b - US$1.6b) (Based on the trailing twelve months to December 2023).
0.31 = 13亿美元 ÷（57亿美元-16亿美元） （基于截至2023年12月的过去十二个月）。
Therefore, Cadence Design Systems has an ROCE of 31%. In absolute terms that's a great return and it's even better than the Software industry average of 7.7%.
因此，Cadence Design Systems的投资回报率为31％。从绝对值来看，这是一个不错的回报，甚至比软件行业平均水平的7.7％还要好。
In the above chart we have measured Cadence Design Systems' 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 Cadence Design Systems for free.
在上图中，我们将Cadence Design Systems先前的投资回报率与之前的表现进行了对比，但可以说，未来更为重要。如果你愿意，你可以免费查看涵盖Cadence设计系统的分析师的预测。
How Are Returns Trending?
退货趋势如何？
Cadence Design Systems is displaying some positive trends. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 31%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 131%. So we're very much inspired by what we're seeing at Cadence Design Systems thanks to its ability to profitably reinvest capital.
Cadence Design Systems显示出一些积极的趋势。数字显示，在过去五年中，所用资本的回报率已大幅增长至31％。实际上，该公司每使用1美元资本就能赚更多的钱，值得注意的是，资本金额也增加了131％。因此，我们在Cadence Design Systems看到的情况给我们带来了极大的启发，这要归功于它能够盈利地进行资本再投资。
Our Take On Cadence Design Systems' ROCE
我们对 Cadence Design Systems ROCE 的看法
A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Cadence Design Systems has. Since the stock has returned a staggering 401% to shareholders over the last five years, it looks like investors are recognizing these changes. Therefore, we think it would be worth your time to check if these trends are going to continue.
一家资本回报率不断提高且能够持续进行自我再投资的公司是一个备受追捧的特征，而这正是Cadence Design Systems所具备的。由于该股在过去五年中向股东回报了惊人的401％，因此投资者似乎已经意识到了这些变化。因此，我们认为值得您花时间检查这些趋势是否会持续下去。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for CDNS on our platform that is definitely worth checking out.
在ROCE的另一方面，我们必须考虑估值。这就是为什么我们在平台上免费提供CDN的内在价值估算值的原因，绝对值得一试。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果你想搜索更多获得高回报的股票，可以查看这份资产负债表稳健且净资产回报率也很高的股票的免费清单。
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