EPAM Systems (NYSE:EPAM) Hasn't Managed To Accelerate Its Returns
EPAM Systems (NYSE:EPAM) Hasn't Managed To Accelerate Its Returns
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. That's why when we briefly looked at EPAM Systems' (NYSE:EPAM) ROCE trend, we were pretty happy with what we saw.
如何寻找那些有潜力长期开多的股票呢？ 首先，我们需要看两件事情：一是越来越高的资本利润率（ROCE），二是该公司的资本雇用量的扩张。如果您看到这种情况，通常意味着该公司具有出色的商业模式和大量有利可图的再投资机会。这就是为什么当我们简要研究EPAm Systems（NYSE: EPAM）的ROCE趋势时，我们对所看到的东西感到非常满意。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on EPAM Systems is:
如果以前从未使用过ROCE，则其测量公司从其业务中使用的资本获得的“回报”（税前利润）。在EPAm Systems上进行此计算的公式为：
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。
0.15 = US$572m ÷ (US$4.4b - US$659m) (Based on the trailing twelve months to March 2024).
0.15 = 5,7200万美元÷（44亿美元-US$659m）（基于截至2024年3月的过去十二个月）。
Thus, EPAM Systems has an ROCE of 15%. On its own, that's a standard return, however it's much better than the 11% generated by the IT industry.
因此，EPAm Systems的ROCE为15%。仅此而言，这是一个标准收益，但它比It industry的11%要好得多。
In the above chart we have measured EPAM Systems' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering EPAM Systems for free.
在上面的图表中，我们测量了EPAm Systems的先前ROCE与其先前表现相比，但未来可能更为重要。如果您愿意，您可以免费查看覆盖EPAm Systems的分析师的预测。
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。
The trend of ROCE doesn't stand out much, but returns on a whole are decent. The company has consistently earned 15% for the last five years, and the capital employed within the business has risen 140% in that time. Since 15% is a moderate ROCE though, it's good to see a business can continue to reinvest at these decent rates of return. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
ROCE的趋势并不太突出，但整体回报率还不错。该公司在过去五年中始终保持15％的收益，并且该业务中使用的资本在那段时间内增长了140％。由于15％的ROCE是一种适度的收益，因此能够以这些适度的回报率继续投资还是很不错的。在这个收益率范围内的稳定回报可能没有吸引力，但如果它们能够在长期内保持，它们通常会为股东提供不错的回报。
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 the end, EPAM Systems has proven its ability to adequately reinvest capital at good rates of return. However, over the last five years, the stock has only delivered a 7.3% return to shareholders who held over that period. So because of the trends we're seeing, we'd recommend looking further into this stock to see if it has the makings of a multi-bagger.
最终，EPAm Systems证明了其以良好的回报率充分再投资的能力。但是，在过去的五年中，持有该股票的股东仅获得了7.3％的回报。因此，由于我们看到的趋势，我们建议进一步研究这支股票，以确定它是否具有成为多倍股票的潜力。
If you're still interested in EPAM Systems it's worth checking out our FREE intrinsic value approximation for EPAM to see if it's trading at an attractive price in other respects.
如果您仍然对EPAm Systems感兴趣，那么值得检查我们的EPAm自由内在价值估算是否在其他方面以有吸引力的价格交易。
While EPAM Systems 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EPAm Systems当前可能没有获得最高回报，但我们已编制了一个目前获得25％以上股本回报的公司列表。在此免费查看此列表。
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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？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。