Expeditors International of Washington's (NYSE:EXPD) Returns Have Hit A Wall
Expeditors International of Washington's (NYSE:EXPD) Returns Have Hit A Wall
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So while Expeditors International of Washington (NYSE:EXPD) has a high ROCE right now, lets see what we can decipher from how returns are changing.
如果我们想要找到潜在的多倍股，通常会有一些潜在的趋势可以提供线索。理想情况下，一家企业会展现出两种趋势；首先是不断增长的资本雇用回报率（ROCE），其次是不断增加的资本雇用金额。基本上，这意味着一家公司有盈利的举措，可以继续进行再投资，这是复利机器的特征。因此，尽管康捷国际物流（纽交所: EXPD）目前具有较高的ROCE，让我们来看看从回报的变化中我们能够推断出什么。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较，但过去只能知道这么多。如果您感兴趣，可以查看我们免费的蒙托克可再生能源分析师报告，了解分析师的预测。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Expeditors International of Washington, this is the formula:
如果您以前没有使用过ROCE，它可以衡量一家公司从其业务中所雇用的资本中产生的“回报”（税前利润）。要为康捷国际物流海外的经营计算这一指标，可以使用以下公式：
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。
0.33 = US$854m ÷ (US$4.8b - US$2.2b) (Based on the trailing twelve months to June 2024).
0.33 = 85400万美元 ÷ (480亿美元 - 22亿美元)（根据截至2024年6月的过去十二个月计算）。
Thus, Expeditors International of Washington has an ROCE of 33%. That's a fantastic return and not only that, it outpaces the average of 11% earned by companies in a similar industry.
因此，康捷国际物流（纽交所: EXPD）的ROCE为33%。这是一个很棒的回报，不仅如此，它还超过了同行业公司平均11%的表现。
In the above chart we have measured Expeditors International of Washington's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Expeditors International of Washington .
在上面的图表中，我们对康捷国际物流的以往资本回报率与以往业绩进行了对比，但未来可能更加重要。如果您想了解分析师的预测，请查看我们为康捷国际物流提供的免费分析师报告。
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。
There hasn't been much to report for Expeditors International of Washington's returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So it may not be a multi-bagger in the making, but given the decent 33% return on capital, it'd be difficult to find fault with the business's current operations.
康捷国际物流的回报率和资本利用水平在过去的五年中保持稳定，因此没有太多可以报告的。具有这些特点的企业往往是成熟和稳定的运营，因为它们已经过了增长阶段。所以它可能不是一个即将成为多倍赢家的股票，但鉴于资本回报率为33%，很难对企业当前的运营有任何不满之处。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 45% of total assets, this reported ROCE would probably be less than33% because total capital employed would be higher.The 33% ROCE could be even lower if current liabilities weren't 45% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另外，尽管资本回报率的变化趋势可能不足引起注意，但有趣的是，过去五年来，流动负债实际上增加了。这很有意思，因为如果流动负债没有增加到总资产的45%，那么报告的资本回报率可能会低于33%，因为总资本利用会更高。如果流动负债不是总资产的45%，那么这33%的资本回报率可能会更低，因为公式会显示更大的总资本利用基数。此外，这种高水平的流动负债并不理想，因为这意味着公司的供应商（或短期债权人）实际上为企业的大部分资金提供了资助。
The Bottom Line On Expeditors International of Washington's ROCE
康捷国际物流的资本回报率结论
Although is allocating it's capital efficiently to generate impressive returns, it isn't compounding its base of capital, which is what we'd see from a multi-bagger. Although the market must be expecting these trends to improve because the stock has gained 83% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
尽管它有效地配置其资本以产生令人印象深刻的回报，但它没有让其资本基数复利增长，这是我们从一个多倍赢家中看到的。然而，市场必须期望这些趋势有所改善，因为在过去的五年中，该股票上涨了83%。但是，除非这些潜在趋势变得更加积极，否则我们不会对未来抱太高的希望。
On a final note, we've found 1 warning sign for Expeditors International of Washington that we think you should be aware of.
最后，我们为康捷国际物流公司找到了1个警示信号，我们认为你应该知道。
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。
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