HealthEquity (NASDAQ:HQY) Will Want To Turn Around Its Return Trends
HealthEquity (NASDAQ:HQY) Will Want To Turn Around Its Return Trends
There are a few key trends to look for if we want to identify the next multi-bagger. 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. Although, when we looked at HealthEquity (NASDAQ:HQY), it didn't seem to tick all of these boxes.
如果我们想要找到下一款多倍股票，有一些关键趋势要注意。首先，我们希望看到资本雇用回报率（ROCE）的证明正在增加，其次，资本雇用的扩大基础。这向我们展示了它是一个复合机器，能够不断地将其收益重新投资到业务中并生成更高的回报。虽然，当我们看 HealthEquity（纳斯达克：HQY）时，它似乎并没有满足所有这些要求。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on HealthEquity is:
只是为了澄清，如果您不确定，ROCE是用于评估公司在其业务中投资的资本上赚取多少税前收入（以百分比计算）的度量标准。在 HealthEquity 上计算此计算的公式是：
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。
0.046 = US$145m ÷ (US$3.2b - US$92m) (Based on the trailing twelve months to April 2024).
0.046 = 1.45亿美元 ÷ （32亿美元 - 9,200万美元）（基于过去十二个月截至2024年4月）。
Therefore, HealthEquity has an ROCE of 4.6%. Ultimately, that's a low return and it under-performs the Healthcare industry average of 11%.
因此，HealthEquity的ROCE为4.6％。归根结底，这是一个低回报率，并且表现低于医疗保健行业平均水平的11％。
In the above chart we have measured HealthEquity's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for HealthEquity .
在上图中，我们测量 HealthEquity 的先前 ROCE 与其先前绩效相比，但未来可能更为重要。如果您想查看分析师对未来的预测，请查看我们免费的 HealthEquity 分析师报告。
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。
When we looked at the ROCE trend at HealthEquity, we didn't gain much confidence. Around five years ago the returns on capital were 15%, but since then they've fallen to 4.6%. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
但是，当我们查看 HealthEquity 的 ROCE 趋势时，我们并没有获得太多信心。大约五年前，资本回报率达到15％，但自那时以来已降至4.6％。但是，鉴于资本雇用和营业收入均已增加，似乎该业务目前正在追求增长，而短期回报率则为代价。如果这些投资证明成功，则对长期股票表现非常有利。
The Key Takeaway
重要提示
In summary, despite lower returns in the short term, we're encouraged to see that HealthEquity is reinvesting for growth and has higher sales as a result. These trends don't appear to have influenced returns though, because the total return from the stock has been mostly flat over the last five years. So we think it'd be worthwhile to look further into this stock given the trends look encouraging.
总之，尽管短期回报率较低，但我们很高兴看到 HealthEquity 正在重新投资以实现增长，并因此获得更高的销售额。然而，这些趋势似乎没有影响到回报，因为股票的总回报在过去五年中基本持平。因此，我们认为，鉴于这些趋势看起来令人鼓舞，进一步研究这只股票是值得的。
While HealthEquity doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for HQY on our platform.
虽然 HealthEquity 在这方面并不太闪耀，但仍然值得看看该公司是否以有吸引力的价格交易。您可以在我们的平台上免费找到 HQY 的内在价值估算。
While HealthEquity 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 HealthEquity 的回报不是最高的，但请查看此免费公司列表，这些公司在实现良好资产负债表的同时获得高回报。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈？关注内容？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。
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
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