FormFactor (NASDAQ:FORM) Is Reinvesting At Lower Rates Of Return
FormFactor (NASDAQ:FORM) Is Reinvesting At Lower Rates Of Return
To find a multi-bagger stock, what are the underlying trends we should look for in a business? 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 FormFactor (NASDAQ:FORM), it didn't seem to tick all of these boxes.
要找到一只多倍股，我们应该从业务中寻找哪些基本趋势呢？首先，我们希望看到投资资本回报率（ROCE）在增加，其次，资本投入的基础在不断扩大。这表明它是一个复合机器，能够不断将其收益再投资到业务中并产生更高的回报。然而，在我们看FormFactor（纳斯达克：Form）时，它似乎没能满足所有这些要求。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
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 FormFactor is:
为了澄清，如果你不确定，ROCE是评估公司在其业务中投入的资本所获得的税前收入（以百分比形式）的一个指标。计算公式是：
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。
0.013 = US$13m ÷ (US$1.1b - US$131m) (Based on the trailing twelve months to March 2024).
0.013=1.3%=US$13m ÷（US$1.1bn-US$131m）（基于最近12个月至2024年3月）。
Thus, FormFactor has an ROCE of 1.3%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 9.7%.
因此，FormFactor的ROCE为1.3％。就绝对值而言，这是一个低回报率，而且表现也不如半导体行业平均水平（9.7％）。
Above you can see how the current ROCE for FormFactor 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 FormFactor .
您可以看到FormFactor目前的ROCE与其过去的资本回报率相比如何，但是您只能从过去了解这么多。如果您想查看分析师对未来的预测，请查看我们针对FormFactor的免费分析师报告。
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。
In terms of FormFactor's historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 6.1%, but since then they've fallen to 1.3%. However it looks like FormFactor might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
就FormFactor的历史ROCE变化而言，这个趋势并不是非常理想的。大约五年前，资本回报率为6.1％，但自那以后，它已下降至1.3％。然而，看起来FormFactor可能正在重新投资以实现长期增长，因为尽管投入的资本已经增加，但公司的销售额在过去的12个月中并没有改变多少。公司需要一些时间才能开始从这些投资中看到任何收益变化。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
In summary, FormFactor is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 277% gain to shareholders who have held over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
总之，FormFactor正在重新投资以实现业务增长，但不幸的是，销售额似乎还没有显著增加。投资者必须认为未来有更好的收益，因为股票已经取得了巨大的增长，为持有五年以上的股东带来了277％的收益。最终，如果基本趋势持续存在，我们不认为它会成为多倍股票。
One more thing, we've spotted 2 warning signs facing FormFactor that you might find interesting.
还有一件事，我们发现FormFactor面临着2个警告信号，您可能会感兴趣。
While FormFactor 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FormFactor目前的回报率不是最高的，但我们已经编制了一份目前的股权回报率超过25％的公司名单。在此处查看此免费名单。
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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
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