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Investors Will Want Workday's (NASDAQ:WDAY) Growth In ROCE To Persist

Investors Will Want Workday's (NASDAQ:WDAY) Growth In ROCE To Persist

投资者希望纳斯达克 (WDAY) 的ROCE增长能持续
Simply Wall St ·  10/01 09:29

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. 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. With that in mind, we've noticed some promising trends at Workday (NASDAQ:WDAY) so let's look a bit deeper.

找到一个潜力巨大的企业并不容易,但如果我们关注一些关键的财务指标,这是有可能的。理想情况下,一个企业将表现出两个趋势; 首先是不断增长的资本使用回报率(ROCE),其次是日益增加的资本使用量。简而言之,这些类型的企业是复利机器,意味着它们不断以越来越高的回报率再投资其收入。考虑到这一点,我们注意到Workday(纳斯达克:WDAY)有一些值得期待的趋势,让我们深入了解一下。

Return On Capital Employed (ROCE): What Is It?

资本雇用回报率(ROCE)是什么?

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Workday is:

对于那些不确定ROCE是什么的人,它衡量了公司可以从其业务中使用的资本产生的税前利润金额。这个计算的公式在Workday上是:

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。

0.029 = US$342m ÷ (US$16b - US$4.5b) (Based on the trailing twelve months to July 2024).

0.029 = 美元34200万 ÷(美元160亿 - 美元45亿)(基于截至2024年7月的过去十二个月)。

Thus, Workday has an ROCE of 2.9%. In absolute terms, that's a low return and it also under-performs the Software industry average of 8.4%.

因此,Workday的ROCE为2.9%。在绝对值上,这是一个较低的回报率,也低于软件行业平均水平的8.4%。

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NasdaqGS:WDAY Return on Capital Employed October 1st 2024
NasdaqGS:WDAY资本使用回报率2024年10月1日

Above you can see how the current ROCE for Workday 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 Workday for free.

您可以看到Workday目前的资本回报率(ROCE)与其以往的资本回报相比如何,但从过去了解的信息有限。如果您愿意,您可以免费查看覆盖Workday的分析师的预测。

The Trend Of ROCE

当寻找下一个倍增器时,如果您不确定从哪里开始,请关注几个关键趋势。首先,我们希望看到一个经过验证的资本使用率。如果您看到这一点,通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而,调查蒙托克可再生能源公司(NASDAQ:MNTK)后,我们认为它的现行趋势不符合倍增器的模式。

We're delighted to see that Workday is reaping rewards from its investments and is now generating some pre-tax profits. The company was generating losses five years ago, but now it's earning 2.9% which is a sight for sore eyes. And unsurprisingly, like most companies trying to break into the black, Workday is utilizing 358% more capital than it was five years ago. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, both common traits of a multi-bagger.

我们很高兴看到Workday从其投资中获得回报,现在开始产生一些税前利润。五年前该公司曾经亏损,但现在盈利率为2.9%,令人振奋。并且不奇怪,像大多数试图扭亏为盈的公司一样,Workday比五年前利用的资本多了358%。这可能表明内部有大量的资本投资机会,并且以越来越高的利率投资,这是多赚钱的常见特征。

In another part of our analysis, we noticed that the company's ratio of current liabilities to total assets decreased to 28%, which broadly means the business is relying less on its suppliers or short-term creditors to fund its operations. This tells us that Workday has grown its returns without a reliance on increasing their current liabilities, which we're very happy with.

在我们分析的另一部分中,我们注意到该公司的流动负债与总资产的比率降至28%,这基本上意味着企业在资助其经营活动时不太依赖其供应商或短期债权人。这告诉我们,Workday在增加其回报的同时,并没有依赖增加流动负债,这一点我们非常高兴。

The Bottom Line On Workday's ROCE

关于Workday的ROCE最终结论

Long story short, we're delighted to see that Workday's reinvestment activities have paid off and the company is now profitable. Considering the stock has delivered 37% to its stockholders over the last five years, it may be fair to think that investors aren't fully aware of the promising trends yet. So with that in mind, we think the stock deserves further research.

长话短说,我们很高兴看到Workday的再投资活动取得了成果,该公司现在盈利。考虑到过去五年该股票为股东带来了37%的回报,可以说投资者可能尚未完全意识到这一有前途的趋势。因此,考虑到这一点,我们认为值得进一步研究该股票。

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 WDAY that compares the share price and estimated value.

在做任何结论之前,我们需要了解当前股价所能获得的价值。您可以查看我们免费的WDAY内在价值估算,比较股价和预估价值。

While Workday 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Workday目前可能不是最赚钱的公司,但我们已经整理了一份目前股本回报率超过25%的公司名单。点击这里查看这份免费名单。

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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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