Dropbox (NASDAQ:DBX) Is Achieving High Returns On Its Capital
Dropbox (NASDAQ:DBX) Is Achieving High Returns On Its Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, 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. And in light of that, the trends we're seeing at Dropbox's (NASDAQ:DBX) look very promising so lets take a look.
如果我们想要找到一只长期回报倍增的股票，我们应该寻找哪些基本趋势？首先，我们希望看到已被证实能够开多的所有板块。如果您看到这一点，通常意味着这是一个具有出色业务模型和丰富盈利再投资机会的公司。因此，我们注意到在深圳国际控股（HKG：152）看到了一些有前途的趋势，让我们进一步了解一下。资产回报率：它是什么？了解资本使用回报率（ROCE）如果你以前没有接触过ROCE，它衡量公司从资本使用中产生的“回报”（税前利润）。要为洪恩计算此指标，这是公式:资产回报率 = 利息和所得税前收益（EBIT）÷（总资产-流动负债）基本上这意味着公司有盈利的计划，可以持续投资，这是一个复利机器的特点。考虑到这一点，我们看到Dropbox（纳斯达克：DBX）的趋势看起来非常有前途，因此让我们来看看。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较，但过去只能知道这么多。如果您感兴趣，可以查看我们免费的蒙托克可再生能源分析师报告，了解分析师的预测。
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 Dropbox:
对于那些不确定ROCE是什么的人来说，它是衡量公司能够从其业务的资本中创造出多少税前利润的指标。分析师使用以下公式来计算Dropbox的ROCE：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.27 = US$443m ÷ (US$2.8b - US$1.2b) (Based on the trailing twelve months to March 2024).
0.27 = 美元4.43亿 ÷ （美元28亿 - 美元12亿）在Elevance Health上，我们已经注意到的趋势是相当令人放心的。数据显示，过去五年资产回报率大幅提高至15％。投资所用资产的规模也增加了30％。这表明有很多机会进行内部资本投资，并以更高的速度不断增长，这种组合在多倍增长方面很常见。.
So, Dropbox has an ROCE of 27%. In absolute terms that's a great return and it's even better than the Software industry average of 7.2%.
因此，Dropbox的ROCE为27％。从绝对意义上来说，这是一个很好的回报，甚至比软件行业平均水平的7.2％还要好。
Above you can see how the current ROCE for Dropbox 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 Dropbox .
您可以看到Dropbox目前的ROCE与其过去的资本回报率相比如何，但过去只能告诉我们这么多。如果您想了解分析师对未来的预测，您应该查看我们为Dropbox提供的免费分析师报告。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
Dropbox has recently broken into profitability so their prior investments seem to be paying off. The company was generating losses five years ago, but now it's earning 27% which is a sight for sore eyes. And unsurprisingly, like most companies trying to break into the black, Dropbox is utilizing 29% more capital than it was five years ago. This can tell us that the company has plenty of reinvestment opportunities that are able to generate higher returns.
Dropbox最近已经实现了盈利，因此他们以前的投资似乎正在收到回报。该公司在五年前还在亏损，但现在收益率达到了27％，这是一种很好的迹象。并且毫不奇怪，像大多数试图实现盈利的公司一样，Dropbox比五年前多使用了29％的资本。这可以告诉我们，公司有很多再投资机会，可以产生更高的回报。
On a side note, Dropbox's current liabilities are still rather high at 42% of total assets. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
顺便说一句，Dropbox目前的流动负债仍然相当高，占总资产的42％。这实际上意味着供应商（或短期债权人）正在为业务提供资金支持，因此请注意，这可能会引入一些风险因素。理想情况下，我们希望看到这种比例有所下降，这意味着承担风险的义务更少。
What We Can Learn From Dropbox's ROCE
从Dropbox的ROCE可以学到什么
To the delight of most shareholders, Dropbox has now broken into profitability. And since the stock has fallen 15% over the last five years, there might be an opportunity here. That being the case, research into the company's current valuation metrics and future prospects seems fitting.
令大多数股东高兴的是，Dropbox现在已经实现盈利。由于该股票在过去五年中下跌了15％，因此可能存在机会。在这种情况下，研究公司的当前估值指标和未来前景似乎是合适的。
On a final note, we found 3 warning signs for Dropbox (1 makes us a bit uncomfortable) you should be aware of.
最后，我们找到了3个Dropbox的警告信号（其中一个让我们有点不舒服），您应该知道这些警告信号。
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.
高回报率是强劲表现的关键因素，因此请查看我们的免费股票列表，其中列出了盈利能力强、资产负债表坚实的股票。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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