Investors Will Want DexCom's (NASDAQ:DXCM) Growth In ROCE To Persist
Investors Will Want DexCom's (NASDAQ:DXCM) Growth In ROCE To Persist
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Speaking of which, we noticed some great changes in DexCom's (NASDAQ:DXCM) returns on capital, so let's have a look.
你知道有一些财务指标可以为潜在的多袋人提供线索吗?理想情况下,企业将呈现两个趋势;首先是使用资本回报率(ROCE)的增长,其次是所用资本的增加。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。说到这里,我们注意到DexCom(纳斯达克股票代码:DXCM)的资本回报率发生了一些重大变化,所以让我们来看看。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
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. To calculate this metric for DexCom, this is the formula:
对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。要计算 DexCom 的这个指标,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥(总资产-流动负债)
0.13 = US$682m ÷ (US$6.8b - US$1.7b) (Based on the trailing twelve months to June 2024).
0.13 = 6.82亿美元 ÷(68亿美元至17亿美元)(基于截至2024年6月的过去十二个月)。
Thus, DexCom has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Medical Equipment industry average of 9.6% it's much better.
因此,德克斯康的投资回报率为13%。从绝对值来看,这是一个令人满意的回报,但与医疗设备行业9.6%的平均水平相比,回报要好得多。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240909/0-c873469bcaa3324ad29de603e77f82dd-0-9426719b95478aa281f6232ab1f3cde9.png/big)
In the above chart we have measured DexCom'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 DexCom .
在上图中,我们将DexCom先前的投资回报率与之前的表现进行了比较,但可以说,未来更为重要。如果你想了解分析师对未来的预测,你应该查看我们为DexCom提供的免费分析师报告。
What Does the ROCE Trend For DexCom Tell Us?
德克斯康的投资回报率趋势告诉我们什么?
The trends we've noticed at DexCom are quite reassuring. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 13%. The amount of capital employed has increased too, by 186%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我们在DexCom注意到的趋势非常令人放心。数字显示,在过去五年中,所用资本的回报率已大幅增长至13%。使用的资本金额也增加了186%。这可能表明,内部有很多机会以更高的利率进行资本投资,这种组合在多袋公司中很常见。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. Effectively this means that suppliers or short-term creditors are now funding 25% of the business, which is more than it was five years ago. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.
顺便说一句,我们注意到,投资回报率的改善似乎部分是由流动负债的增加推动的。实际上,这意味着供应商或短期债权人现在正在为该业务的25%提供资金,这比五年前还要多。值得关注这个问题,因为随着流动负债占总资产的百分比的增加,风险的某些方面也会增加。
What We Can Learn From DexCom's ROCE
我们可以从 DexCom 的 ROCE 中学到什么
To sum it up, DexCom has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Since the stock has returned a solid 85% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. Therefore, we think it would be worth your time to check if these trends are going to continue.
总而言之,DexCom已经证明它可以对业务进行再投资,并从所使用的资本中获得更高的回报,这太棒了。由于该股在过去五年中稳步回报了85%,因此可以公平地说,投资者开始意识到这些变化。因此,我们认为值得您花时间检查这些趋势是否会持续下去。
One more thing, we've spotted 2 warning signs facing DexCom that you might find interesting.
还有一件事,我们发现了 DexCom 面临的两个警告信号,你可能会觉得有趣。
While DexCom isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管DexCom的回报率并不高,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。