Returns On Capital Are A Standout For ResMed (NYSE:RMD)
Returns On Capital Are A Standout For ResMed (NYSE:RMD)
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. 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 ResMed (NYSE:RMD) we really liked what we saw.
如果你不确定下一个市值增长股从哪里开始寻找,那么有一些关键趋势你应该注意。在完美世界中,我们希望看到一家公司将更多的资本投入业务,并且最理想的是,从这些资本获得的回报也在增加。简而言之,这些类型的企业是复合机器,这意味着他们不断地以越来越高的回报率再投资其收益。因此,当我们看到瑞思迈(NYSE:RMD)的资本回报率趋势时,我们真的很喜欢看到的是。
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. To calculate this metric for ResMed, this is the formula:
仅仅为了澄清如果你不确定,ROCE是评估一家公司在其业务中投资的资本所获得的税前收入(以百分比方式)的度量标准。要为瑞思迈计算这个指标,这是公式:
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。
0.21 = US$1.3b ÷ (US$6.8b - US$773m) (Based on the trailing twelve months to March 2024).
0.21 = 13亿美元 ÷ (6800万美元 - 7.73亿美元)(基于截至2024年3月的过去十二个月)。
So, ResMed has an ROCE of 21%. That's a fantastic return and not only that, it outpaces the average of 10% earned by companies in a similar industry.
因此,瑞思迈的ROCE为21%。那是一个很棒的回报,而且不仅如此,它超过了同一行业公司获得的10%的平均回报。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240718/0-3794f88d6b019d9105558b197894d9f2-0-76cfcff825f5f46bbeea5278df63d6a0.png/big)
Above you can see how the current ROCE for ResMed 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 ResMed .
上面你可以看到瑞思迈目前的ROCE与其之前的资本回报率相比,但过去可以了解到的也只有这么多。如果您有兴趣,可以在我们的瑞思迈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。
ResMed is displaying some positive trends. The data shows that returns on capital have increased substantially over the last five years to 21%. Basically the business is earning more per dollar of capital invested and in addition to that, 66% more capital is being employed now too. So we're very much inspired by what we're seeing at ResMed thanks to its ability to profitably reinvest capital.
瑞思迈正在展示一些积极的趋势。数据显示,过去五年中资本回报率显着增加至21%。基本上,该企业在每美元投资的资本中赚取更多的收益,此外,现在还增加了66%的资本。因此,由于其获利再投资资本的能力,我们非常受到瑞思迈的启发。
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。
All in all, it's terrific to see that ResMed is reaping the rewards from prior investments and is growing its capital base. And with a respectable 74% awarded to those who held the stock over the last five years, you could argue that these developments are starting to get the attention they deserve. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
总而言之,看到瑞思迈正在从之前的投资中获得回报并扩大其资本基础真是太好了。而且,由于在过去的五年中,股东获得了可观的74%回报,您可以认为这些发展正在开始得到应有的关注。话虽如此,我们仍然认为很有前途的基本面意味着该公司值得进一步的尽职调查。
Before jumping to any conclusions though, we need to know what value we're getting for the current share price. That's where you can check out our FREE intrinsic value estimation for RMD that compares the share price and estimated value.
在得出任何结论之前,我们需要知道当前股价的价值。这就是您可以查看我们的免费RMD内在价值估计的地方,该估计比较了股价和预估值。
ResMed is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
瑞思迈并不是唯一获得高回报的股票。如果您想了解更多信息,请查看我们免费电子书:具有坚实基本面的股票高回报名单。
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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。