Slowing Rates Of Return At Integer Holdings (NYSE:ITGR) Leave Little Room For Excitement
Slowing Rates Of Return At Integer Holdings (NYSE:ITGR) Leave Little Room For Excitement
What are the early trends we should look for to identify a stock that could multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing 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. Although, when we looked at Integer Holdings (NYSE:ITGR), it didn't seem to tick all of these boxes.
如何发现一只可能长期持续增值的股票？通常的方法是寻找ROCE（资本回报率）与资本量同时增长的公司，这意味着该公司拥有出色的商业模式和充足的盈利再投资机会。尽管在Integer Holdings（纽交所：ITGR）的案例中情况并非如此。
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 Integer Holdings is:
请澄清一下，如果您不确定，ROCE是用于评估公司在其业务中投资的资本的税前收入（以百分比计算）的度量标准。在Integer Holdings中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。
0.071 = US$206m ÷ (US$3.1b - US$206m) (Based on the trailing twelve months to June 2024).
0.071 = 2.06亿美元÷（31亿美元 - 2.06亿美元）（基于截至2024年6月的过去12个月）。
Therefore, Integer Holdings has an ROCE of 7.1%. Ultimately, that's a low return and it under-performs the Medical Equipment industry average of 9.8%.
因此，Integer Holdings的ROCE为7.1％。最终，这是一个较低的收益率，低于医疗设备行业平均收益率9.8％。
Above you can see how the current ROCE for Integer Holdings 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 Integer Holdings .
从上图可以看出，Integer Holdings当前的ROCE与其以前的回报率相比如何，但是从过去的数据中我们能够了解到的信息是有限的。如果您想了解分析师对于Integer Holdings未来的预测，您可以查看我们提供的Integer Holdings分析报告。
What Does the ROCE Trend For Integer Holdings Tell Us?
Integer Holdings的ROCE趋势告诉我们什么？
In terms of Integer Holdings' historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 7.1% for the last five years, and the capital employed within the business has risen 33% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
就Integer Holdings历史上的ROCE趋势而言，并不引人注目。公司在过去五年中一直保持7.1％的ROCE，而业务中的资本投入在这段时间内增长了33％。考虑到公司增加了资本投入的数量，似乎已经做出的投资并没有提供高的资本回报率。
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。
Long story short, while Integer Holdings has been reinvesting its capital, the returns that it's generating haven't increased. And with the stock having returned a mere 39% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
简而言之，虽然Integer Holdings一直在进行再投资，但其所获得的回报并没有增加。因此，在过去的五年中，股东们所获得的回报也仅仅达到了39％，这表明他们已经意识到了这些不太理想的趋势。因此，如果您正在寻找潜力巨大的股票，我们建议您寻找其他板块。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for Integer Holdings (of which 1 is a bit unpleasant!) that you should know about.
由于几乎每个公司都面临着一些风险，因此了解风险是值得的。我们已经发现了2个关于Integer Holdings的警告信号（其中1个有点令人不快！），您应该知道。
While Integer Holdings 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Integer Holdings可能目前的回报率不是最高的，但我们已经编制了一份目前拥有超过25％股本回报率的公司清单，请在此处查看免费清单。
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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.
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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
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。