Returns On Capital At PHINIA (NYSE:PHIN) Have Stalled
Returns On Capital At PHINIA (NYSE:PHIN) Have Stalled
There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. Although, when we looked at PHINIA (NYSE:PHIN), it didn't seem to tick all of these boxes.
想找到下一个多倍榜样，需要注意以下关键趋势。一种常见的方法是尝试找到一个开多的公司。看到这种情况，通常意味着这是一家拥有出色的业务模式和大量盈利再投资机会的公司。因此，当我们简要查看纳斯达克nova（NASDAQ:NVMI）的资本回报率趋势时，我们对我们看到的感到非常高兴。什么是资本雇用回报率（ROCE）？ROCE是一个企业年度税前利润（其回报）与企业资本雇用之间的比率。在 Enphase Energy 的计算公式是：资本雇用回报率=利息和税前收益（EBIT）÷（资产总额-流动负债）。所以，Enphase Energy 的资本雇用回报率为9.9%。单独来看，这是一个较低的资本回报率，但它与行业平均回报率相当。以上你可以看到，Enphase Energy 的当前资本雇用回报率与之前的回报率相比如何，但从过去只能知道这么多。如果你想看看分析师对未来的预测，你应该查看我们免费提供的 Enphase Energy 分析师报告。ROCE 趋势可以告诉我们什么？比起 Enphase Energy，有更好的资本回报率选择。在过去的五年中，该公司增加了 1,306% 的资本，而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服，而且随着资本的增加，很明显企业并没有将资金投入到高回报的投资中。简单地说，这些业务类型是复合机器，意味着它们不断地以越来越高的回报率重新投资他们的收益。但是，当我们观察PHINIA（纽交所：PHIN）时，它似乎没有满足所有这些条件。
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. The formula for this calculation on PHINIA is:
对于不了解的人来说，ROCE是一个公司年度税前利润（它的回报率）与业务中使用的资本相对应的衡量标准。对于PHINIA做这个计算的公式是：
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。
0.12 = US$341m ÷ (US$4.0b - US$1.1b) (Based on the trailing twelve months to March 2024).
0.12 = 美元341m ÷ （美元4.0b-美元1.1b）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。.
Thus, PHINIA has an ROCE of 12%. By itself that's a normal return on capital and it's in line with the industry's average returns of 12%.
因此，PHINIA的ROCE为12%。就其本身而言，这是一种正常的资本回报率，并且与行业的平均回报率相符。
In the above chart we have measured PHINIA's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for PHINIA .
在上图中，我们已经测量了PHINIA的以前ROCE与以前的表现相比，但未来可能更加重要。如果您有兴趣，您可以在我们的PHINIA免费分析师报告中查看分析师的预测。
How Are Returns Trending?
综合上述，Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定，如果其他指标也不错，则可能存在机会。因此，进一步研究这家公司并确定这些趋势是否会持续是合理的。
Things have been pretty stable at PHINIA, with its capital employed and returns on that capital staying somewhat the same for the last two years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So unless we see a substantial change at PHINIA in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
在过去两年中，PHINIA的资本投资和资本回报率保持相对稳定。当查看不再重新投资其收益的成熟稳定业务时，这并不罕见，因为它很可能已经过了业务周期的这个阶段。因此，除非我们看到PHINIA在ROCE和额外投资方面有重大变化，否则我们不会过分期望它成为百倍股票。
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。
In a nutshell, PHINIA has been trudging along with the same returns from the same amount of capital over the last two years. Since the stock has gained an impressive 35% over the last year, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
简而言之，PHINIA在过去两年中以相同的资本回报率获得了相同数量的资本回报。由于该股在过去一年中已经大涨35％，投资者认为会有更好的事情发生。最终，如果潜在趋势持续，我们不会对其未来成为百倍股票感到过度期望。
If you want to continue researching PHINIA, you might be interested to know about the 3 warning signs that our analysis has discovered.
如果您想继续研究PHINIA，您可能会对我们的分析发现的3个警告信号感兴趣。
While PHINIA may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
虽然PHINIA目前可能没有获得最高回报，但我们已经编制了一份当前获得25%以上权益回报的公司名单。在这里查看免费名单。
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