First Solar's (NASDAQ:FSLR) Returns On Capital Are Heading Higher
First Solar's (NASDAQ:FSLR) Returns On Capital Are Heading Higher
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Speaking of which, we noticed some great changes in First Solar's (NASDAQ:FSLR) returns on capital, so let's have a look.
寻找一个具有潜力大幅增长的企业并不容易,但如果我们看几个关键的财务指标是可能的。其中,我们希望看到两个方面;首先,资本使用回报率(ROCE)增长;其次,企业使用的资本数量扩大。这表明它是一个复合增长的机器,能够不断地将盈利再投资到业务中,并产生更高的回报。说到这个,我们注意到第一太阳能(纳斯达克股票代码:FSLR)的资本回报率有很大的变化,所以让我们来看一下。
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. To calculate this metric for First Solar, this is the formula:
只是为了澄清,如果您不确定,资本使用回报率是评估企业在其业务中投资的资本上赚取的(以百分比形式表示的)税前收入的指标。要计算第一太阳能的这个指标,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。
0.14 = US$1.3b ÷ (US$11b - US$1.8b) (Based on the trailing twelve months to June 2024).
0.14 = 13亿美元 ÷ (110亿美元 - 18亿美元)(基于截至2024年6月的过去十二个月).
Therefore, First Solar has an ROCE of 14%. In absolute terms, that's a satisfactory return, but compared to the Semiconductor industry average of 9.0% it's much better.
因此,第一太阳能的ROCE为14%。就绝对值而言,这是一个令人满意的回报,但与半导体行业的平均9.0%相比,它要好得多.
![1724779030360](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240828/42959381-0-bf204a1a2658c5403d946d5b977359de.webp/bigjpg)
Above you can see how the current ROCE for First Solar 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 First Solar for free.
以上是第一太阳能当前资本回报率与过去回报率的对比,但过去能告诉我们的有限。如果你愿意,你可以免费查看分析师对第一太阳能的预测。
What Can We Tell From First Solar's ROCE Trend?
第一太阳能的资本回报率趋势能告诉我们什么?
First Solar has recently broken into profitability so their prior investments seem to be paying off. The company was generating losses five years ago, but now it's earning 14% which is a sight for sore eyes. Not only that, but the company is utilizing 47% more capital than before, but that's to be expected from a company trying to break into profitability. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
第一太阳能最近实现盈利,因此他们之前的投资似乎正在取得回报。五年前公司还在亏损,但现在盈利率达到14%,这是令人欣慰的。不仅如此,公司利用的资本比以前增加了47%,但这是可以预期的,因为一家试图实现盈利的公司会这样做。我们喜欢这种趋势,因为它告诉我们公司有盈利的再投资机会,并且如果继续向前发展,这可能会带来超额绩效。
The Bottom Line
还有一件事需要注意的是,我们已经确定了上海医药的2个警告信号,了解这些信号应该成为你的投资过程的一部分。
To the delight of most shareholders, First Solar has now broken into profitability. Since the stock has returned a staggering 276% to shareholders over the last five years, it looks like investors are recognizing these changes. In light of that, we think it's worth looking further into this stock because if First Solar can keep these trends up, it could have a bright future ahead.
令大多数股东欣喜的是,第一太阳能如今已经实现盈利。由于该股票在过去五年为股东带来了惊人的276%回报,看来投资者已经意识到这些变化。鉴于此,我们认为值得进一步了解这支股票,因为如果第一太阳能能继续保持这种趋势,它可能会有一个辉煌的未来。
Since virtually every company faces some risks, it's worth knowing what they are, and we've spotted 2 warning signs for First Solar (of which 1 makes us a bit uncomfortable!) that you should know about.
由于几乎每家公司都面临一定的风险,了解这些风险是值得的。我们发现了第一太阳能的2个警示信号(其中1个让我们有点不安!),你应该知道这一点。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险,我们已经发现了一条警示标志,你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人,可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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