Returns on Capital Paint A Bright Future For Marriott International (NASDAQ:MAR)
Returns on Capital Paint A Bright Future For Marriott International (NASDAQ:MAR)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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 when we looked at the ROCE trend of Marriott International (NASDAQ:MAR) we really liked what we saw.
您知道有些财务指标可以提供潜在多倍股的线索吗?通常,我们需要注意成本资本回报率(ROCE)不断增长的趋势,以及在此基础上资本的不断扩大。简而言之,这些类型的企业是复利机器,意味着他们不断以越来越高的回报率再投资获得的利润。因此,当我们检查万豪国际(纳斯达克: MAR)ROCE趋势时,真的很喜欢我们所看到的东西。
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 Marriott International is:
仅为澄清,如果您不确定,ROCE是评估公司在其业务中投资的资本所获得的税前收入(以百分比计算)的指标。这个公式的计算方式如下:
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。
0.22 = US$3.9b ÷ (US$26b - US$8.2b) (Based on the trailing twelve months to March 2024).
0.22 = US$39亿 ÷(US$260亿 - US$8.2b)(基于2024年3月的过去十二个月)。
Therefore, Marriott International has an ROCE of 22%. That's a fantastic return and not only that, it outpaces the average of 11% earned by companies in a similar industry.
因此,万豪酒店的ROCE为22%。这是一个极好的回报率,不仅如此,它还超过了同行业公司11%的平均水平。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240715/0-638ef70008d7478560995d48a0345635-0-1c9bf6a73f86eb7c3842c1f514e6124f.png/big)
Above you can see how the current ROCE for Marriott International compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Marriott International for free.
您可以看到万豪国际目前的ROCE与其先前的资本回报率相比如何,但是从过去只能得到这么多信息。如果您愿意,您可以免费查看覆盖万豪国际的分析师的预测。
What Does the ROCE Trend For Marriott International Tell Us?
万豪国际的ROCE趋势告诉我们什么?
Marriott International's ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 67% in that same time. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
万豪酒店的业务ROCE增长非常令人印象深刻。更具体地说,尽管该公司在过去五年中一直保持资本雇用相对平稳,但ROCE在同一时间内增长了67%。因此,我们认为业务已经提高了效率,以产生更高的回报,同时不需要进行任何额外的投资。从这个意义上说,该公司表现良好,值得深入研究管理团队对长期增长前景的规划。
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。
As discussed above, Marriott International appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. Since the stock has returned a solid 84% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
正如上面讨论的,万豪酒店似乎越来越善于产生回报,因为资本投入保持不变而收益(利息和税前收入)上升。由于该股在过去五年为股东提供了可观的84%的回报率,因此可以说,投资者正在开始认识这些变化。因此,鉴于这支股票证明了它具有有前途的趋势,进一步研究该公司以查看这些趋势是否有望持续是值得的。
One more thing, we've spotted 1 warning sign facing Marriott International that you might find interesting.
还有一件事,我们发现万豪酒店面临着1个警告信号,这可能会让您感到有趣。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司获得高回报,请在此查看我们免费的高回报、坚实财务状况的公司列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team (at) 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
对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。