The Returns At AMETEK (NYSE:AME) Aren't Growing
The Returns At AMETEK (NYSE:AME) Aren't Growing
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. That's why when we briefly looked at AMETEK's (NYSE:AME) ROCE trend, we were pretty happy with what we saw.
应该关注那些具有长期增值潜力的股票,要想做到这一点,需要遵循以下所有规则:首先,我们希望看到一个资本运用的经过验证。简单地说,这些类型的企业是复合机器,这意味着它们不断地将其收益以越来越高的回报率重新投资。鉴于这一点,当我们看到弘高科技(深圳)(SHSE:688279)及其ROCE的趋势时,我们并不是很兴奋。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)这表明它是一台复合机器,能够不断地将其收益再投资到业务中,从而产生更高的回报。因此当我们简要地查看阿美特克(NYSE:AME)的ROCE趋势时,我们对所看到的内容相当满意。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)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 AMETEK:
对于那些不了解,ROCE是衡量公司每年税前利润(即回报)与业务中所占用资本的关系的一项指标。分析师使用以下公式来计算阿美特克的接收比率:
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。
0.14 = US$1.7b ÷ (US$15b - US$2.5b) (Based on the trailing twelve months to March 2024).
0.14 = 美元1.7亿 ÷ (美元150亿 - 美元25亿)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。.
Therefore, AMETEK has an ROCE of 14%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Electrical industry average of 13%.
因此,阿美特克的ROCE为14%。从绝对值上来说,这是一个相当普通的回报率,且与电子行业的平均值13%相当接近。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-fce7090809eecdfcc75009216cf97260-0-a9d28e0b8ed3290c3714163af4f9d88a.png/big)
In the above chart we have measured AMETEK's 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 AMETEK for free.
在以上图表中,我们将阿美特克的先前ROCE与其先前表现进行了比较,但未来才是更重要的。如果您愿意,您可以免费查看覆盖阿美特克的分析师的预测。
What The Trend Of ROCE Can Tell Us
尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。
While the current returns on capital are decent, they haven't changed much. The company has employed 57% more capital in the last five years, and the returns on that capital have remained stable at 14%. Since 14% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Over long periods of time, returns like these might not be too exciting, but with consistency they can pay off in terms of share price returns.
尽管当前的资本收益率不错,但它们并没有发生太大的变化。公司在过去的五年中投入的资本比以前多了57%,而该资本的回报率仍然稳定在14%。由于14%是一个适中的ROCE,所以能看到一个业务能够以这些不错的回报率继续重投资本,是个好的表现。长期来看,像这样的回报可能不太令人兴奋,但是随着稳定性能够产生股价回报。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
To sum it up, AMETEK has simply been reinvesting capital steadily, at those decent rates of return. And the stock has followed suit returning a meaningful 91% to shareholders over the last five years. So while investors seem to be recognizing these promising trends, we still believe the stock deserves further research.
总之,阿美特克一直在以这些不错的回报率稳步地重投资本。而股票也相对应地回报了股东91%,在过去的五年中。因此尽管投资者似乎认识到了这些有前途的趋势,我们仍然认为这只股票值得进一步研究。
AMETEK could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for AME on our platform quite valuable.
除此之外,阿美特克可能在其他方面以吸引人的价格交易,因此您可能会发现我们平台上针对AME的自由内在价值估算相当有价值。
While AMETEK isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然阿美特克赚取的回报率不是最高的,请查看此免费列表,其中列出了以可靠资产负债表赚取高回报率的公司。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。