Capital Investments At Comfort Systems USA (NYSE:FIX) Point To A Promising Future
Capital Investments At Comfort Systems USA (NYSE:FIX) Point To A Promising Future
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. Ergo, when we looked at the ROCE trends at Comfort Systems USA (NYSE:FIX), we liked what we saw.
要确定一只可以长期成倍增长的股票,我们应该寻找哪些早期趋势?通常,我们会注意到已动用资本回报率(ROCE)的增长趋势,与此同时,使用的资本基础也在扩大。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。因此,当我们研究美国康福特系统(纽约证券交易所代码:FIX)的投资回报率趋势时,我们喜欢我们所看到的。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
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. Analysts use this formula to calculate it for Comfort Systems USA:
对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。分析师使用以下公式来计算美国舒适系统的计算公式:
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)
0.28 = US$488m ÷ (US$3.9b - US$2.1b) (Based on the trailing twelve months to March 2024).
0.28 = 4.88亿美元 ÷(39亿美元至21亿美元)(基于截至2024年3月的过去十二个月)。
Therefore, Comfort Systems USA has an ROCE of 28%. That's a fantastic return and not only that, it outpaces the average of 12% earned by companies in a similar industry.
因此,美国舒适系统的投资回报率为28%。这是一个了不起的回报,不仅如此,它还超过了类似行业公司的平均12%。
![](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240604/0-6456a0e22d3502e3f7e0c79f10e65f93-0-f8fd90238b30ce61f05d67df8b453e71.png/big)
NYSE:FIX Return on Capital Employed June 4th 2024
纽约证券交易所:FIX 2024年6月4日动用资本回报率
Above you can see how the current ROCE for Comfort Systems USA 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 analyst report for Comfort Systems USA .
上面你可以看到美国Comfort Systems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,你应该查看我们的美国Comfort Systems免费分析师报告。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
Comfort Systems USA deserves to be commended in regards to it's returns. The company has consistently earned 28% for the last five years, and the capital employed within the business has risen 163% in that time. With returns that high, it's great that the business can continually reinvest its money at such appealing rates of return. You'll see this when looking at well operated businesses or favorable business models.
美国康福特系统的回报值得赞扬。在过去五年中,该公司的收入一直保持28%,在此期间,公司内部使用的资本增长了163%。在回报如此之高的情况下,企业能够持续以如此诱人的回报率进行资金再投资真是太好了。在查看运营良好的企业或有利的商业模式时,你会看到这一点。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 55% of total assets, this reported ROCE would probably be less than28% because total capital employed would be higher.The 28% ROCE could be even lower if current liabilities weren't 55% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
需要注意的另一点是,我们注意到该公司的流动负债在过去五年中有所增加。这很有趣,因为如果流动负债没有增加到总资产的55%,那么报告的投资回报率可能会低于28%,因为所使用的总资本会更高。如果流动负债不占总资产的55%,28%的投资回报率可能会更低,因为该公式将显示动用总资本的基数更大。此外,如此高的流动负债水平并不理想,因为这意味着公司的供应商(或短期债权人)实际上正在为业务的很大一部分提供资金。
The Bottom Line
底线
Comfort Systems USA has demonstrated its proficiency by generating high returns on increasing amounts of capital employed, which we're thrilled about. And the stock has done incredibly well with a 571% return over the last five years, so long term investors are no doubt ecstatic with that result. So even though the stock might be more "expensive" than it was before, we think the strong fundamentals warrant this stock for further research.
Comfort Systems USA凭借不断增加的资本创造了高额回报,从而证明了其熟练程度,我们对此感到非常兴奋。在过去五年中,该股表现非常出色,回报率为571%,因此,长期投资者无疑对这一结果欣喜若狂。因此,尽管该股可能比以前更 “昂贵”,但我们认为强劲的基本面值得该股进行进一步研究。
If you'd like to know about the risks facing Comfort Systems USA, we've discovered 1 warning sign that you should be aware of.
如果你想了解美国舒适系统所面临的风险,我们发现了一个你应该注意的警告信号。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司获得高回报,请在此处查看我们的免费高回报且资产负债表稳健的公司名单。
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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。