We Like These Underlying Return On Capital Trends At Doximity (NYSE:DOCS)
We Like These Underlying Return On Capital Trends At Doximity (NYSE:DOCS)
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. So on that note, Doximity (NYSE:DOCS) looks quite promising in regards to its trends of return on capital.
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。这些企业类型简而言之就是复合机器，意味着他们持续将收益以更高的回报率不断再投资。因此就这个问题来说，Doximity（NYSE：DOCS）在资本回报率的趋势方面看起来非常有前途。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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. To calculate this metric for Doximity, this is the formula:
对于不确定什么是ROCE的人来说，它测量的是公司在业务中使用的资本中能够产生的税前利润的数量。要计算Doximity这个指标，公式如下：
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。
0.19 = US$173m ÷ (US$1.1b - US$147m) (Based on the trailing twelve months to March 2024).
0.19 = US $1.73亿 ÷（US $11亿 - US $1.47亿）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, Doximity has an ROCE of 19%. In absolute terms, that's a satisfactory return, but compared to the Healthcare Services industry average of 7.3% it's much better.
因此，Doximity的ROCE为19％。从绝对数值来看，这是一个令人满意的回报率，但与医疗保健服务行业平均值7.3％相比，要好得多。
Above you can see how the current ROCE for Doximity compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Doximity .
上面你可以看到Doximity目前的ROCE与其先前的资本回报的比较，但是从过去中得到的信息是有限的。如果你感兴趣，你可以在我们的免费分析师报告中查看分析师的预测。
What Does the ROCE Trend For Doximity Tell Us?
Doximity的ROCE趋势告诉我们什么？
The trends we've noticed at Doximity are quite reassuring. The data shows that returns on capital have increased substantially over the last five years to 19%. The amount of capital employed has increased too, by 1,812%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我们注意到Doximity的趋势相当令人放心。数据显示，在过去五年中，资本回报率大幅提高至19％。已投入的资本增加了1812％。不断增长的资本回报率常见于出色的股票，这就是为什么我们对此印象深刻的原因。
In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 14%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. So this improvement in ROCE has come from the business' underlying economics, which is great to see.
在我们分析的另一部分中，我们注意到公司的流动负债与总资产的比率下降至14％，这在广泛意义上意味着该企业依赖供应商或短期债权人的资金来支持其业务的程度较少。因此，ROCE的提高来自于公司的潜在经济，这是一件好事。
Our Take On Doximity's ROCE
简而言之，Doximity能够通过持续将资本以逐渐增加的回报率再投资来复合回报，这是那些高度追捧的多倍资本的关键要素之一，这样做非常不错。自三年以来，由于该公司的股票下跌了46％，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继续似乎是合理的。
In summary, it's great to see that Doximity can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. And since the stock has fallen 46% over the last three years, there might be an opportunity here. So researching this company further and determining whether or not these trends will continue seems justified.
在ROCE的另一方面，我们必须考虑估值。这就是为什么我们在我们的平台上提供了一个FREE的DOCS内在价值估计，这肯定值得一看。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for DOCS on our platform that is definitely worth checking out.
资本回报率的另一方面，则需要考虑估值。这就是为什么我们在我们的平台上提供了一个FREE的DOCS内在价值估计，这肯定值得一看。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险，我们已经发现了一条警示标志，你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人，可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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