Why We Like The Returns At Fortinet (NASDAQ:FTNT)
Why We Like The Returns At Fortinet (NASDAQ:FTNT)
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. With that in mind, the ROCE of Fortinet (NASDAQ:FTNT) looks great, so lets see what the trend can tell us.
如果我们想要识别出能够长期增值的股票,我们应该关注哪些趋势呢?理想情况下,一家企业会呈现两种趋势;首先是资本利用率(ROCE)不断增长,其次是资本利用量不断增加。这表明该企业是一个复利机器,能够不断将盈利重新投资到业务中,并获得更高的回报。考虑到这一点,飞塔信息(NASDAQ:FTNT)的ROCE看起来非常不错,让我们看看这个趋势能告诉我们些什么。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Fortinet:
对于不了解的人,ROCE是企业年度税前利润(其回报)与企业资本利用量相关的一个指标。分析师使用这个公式来计算飞塔信息的ROCE:
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$1.4b ÷ (US$8.1b - US$3.7b) (Based on the trailing twelve months to June 2024).
0.33 = 140亿美元 ÷ (810亿美元 - 37亿美元)(基于截至2024年6月的过去十二个月)。
Therefore, Fortinet has an ROCE of 33%. That's a fantastic return and not only that, it outpaces the average of 8.5% earned by companies in a similar industry.
因此,飞塔信息的ROCE为33%。这是一个非常棒的回报,而且不仅如此,它超过了同行业公司平均8.5%的回报。
![1725035921201](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240831/43137769-0-a87c19acb8dc8b5dcbf85b3155ce2022.webp/bigjpg)
In the above chart we have measured Fortinet's 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 Fortinet for free.
在上图中,我们对飞塔信息之前的资本回报率进行了测量,但未来也许更重要。如果您想要的话,可以免费查看覆盖飞塔信息的分析师的预测。
What Can We Tell From Fortinet's ROCE Trend?
我们从飞塔信息的资本回报率趋势中可以得出什么结论呢?
The trends we've noticed at Fortinet are quite reassuring. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 33%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 108%. The increasing returns on a growing amount of capital is common amongst multi-baggers and that's why we're impressed.
我们在飞塔信息注意到的趋势相当令人欣慰。数据显示,在过去的五年中,飞塔信息的资本利用率增长了很多,达到了33%。公司有效地利用每一美元的资本赚取更多的钱,并且值得注意的是,资本的数量也增加了108%。资本增加的同时回报提高是多倍增长的公司常见的现象,这就是为什么我们印象深刻的原因。
On a separate but related note, it's important to know that Fortinet has a current liabilities to total assets ratio of 46%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外需要注意的是,飞塔信息的流动负债与总资产比率为46%,我们认为这相当高。这可能带来一些风险,因为公司基本上是依赖供应商或其他短期债权人进行运营的。理想情况下,我们希望看到这种比率降低,因为这意味着承担风险的义务较少。
Our Take On Fortinet's ROCE
我们对飞塔信息的资本回报率的看法
In summary, it's great to see that Fortinet can compound returns by consistently reinvesting capital at increasing rates of return, because these are some of the key ingredients of those highly sought after multi-baggers. Since the stock has returned a staggering 374% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
总结一下,很高兴看到飞塔信息能够以不断增长的回报率持续重新投资资本,因为这是那些备受追捧的多倍收益股的关键因素之一。由于该公司在过去五年中为股东带来了惊人的374%的回报,看来投资者已经意识到这些变化。话虽如此,我们仍然认为有着有希望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 FTNT that compares the share price and estimated value.
然而,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免费的对飞塔信息的内在价值估计,该估计将股价与估值进行比较。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果您想寻找更多获得高回报的股票,请查看这个免费股票列表,这些股票不仅有扎实的资产负债表,而且还有高回报率。
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