Investors Could Be Concerned With Cheesecake Factory's (NASDAQ:CAKE) Returns On Capital
Investors Could Be Concerned With Cheesecake Factory's (NASDAQ:CAKE) Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. Although, when we looked at Cheesecake Factory (NASDAQ:CAKE), it didn't seem to tick all of these boxes.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始,那麼你應該留意一些關鍵趨勢。通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 所用資本的比例。基本上,這意味着公司擁有可以繼續進行再投資的盈利計劃,這是複合機器的特徵。但是,當我們查看芝士蛋糕工廠(納斯達克股票代碼:CAKE)時,它似乎並沒有勾選所有這些方框。
Return On Capital Employed (ROCE): What Is It?
資本使用回報率(ROCE):這是什麼?
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 Cheesecake Factory:
對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。分析師使用以下公式來計算芝士蛋糕工廠:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.061 = US$132m ÷ (US$2.8b - US$619m) (Based on the trailing twelve months to October 2023).
0.061 = 1.32億美元 ÷(28億美元-6.19億美元) (基於截至2023年10月的過去十二個月)。
Therefore, Cheesecake Factory has an ROCE of 6.1%. In absolute terms, that's a low return and it also under-performs the Hospitality industry average of 9.4%.
因此,芝士蛋糕工廠的投資回報率爲6.1%。從絕對值來看,這是一個低迴報,其表現也低於酒店業9.4%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240201/0-2872aa3a493df25b2b01fccbf946c6ab-0-3c7ff32da747d465129cb0ff97ec0ff2.png/big)
Above you can see how the current ROCE for Cheesecake Factory compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Cheesecake Factory.
上面你可以看到芝士蛋糕工廠當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你想了解分析師對未來的預測,你應該查看我們的芝士蛋糕工廠免費報告。
What Can We Tell From Cheesecake Factory's ROCE Trend?
我們可以從芝士蛋糕工廠的ROCE趨勢中得出什麼?
On the surface, the trend of ROCE at Cheesecake Factory doesn't inspire confidence. Over the last five years, returns on capital have decreased to 6.1% from 14% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
從表面上看,芝士蛋糕工廠的ROCE趨勢並不能激發信心。在過去五年中,資本回報率從五年前的14%下降到6.1%。另一方面,該公司在去年一直在使用更多資本,但銷售額沒有相應改善,這可能表明這些投資是長期投資。從現在起,值得關注公司的收益,看看這些投資最終是否確實爲利潤做出了貢獻。
The Key Takeaway
關鍵要點
To conclude, we've found that Cheesecake Factory is reinvesting in the business, but returns have been falling. And investors appear hesitant that the trends will pick up because the stock has fallen 18% in the last five years. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
總而言之,我們發現芝士蛋糕工廠正在對該業務進行再投資,但回報率一直在下降。投資者似乎對趨勢能否回升猶豫不決,因爲該股在過去五年中下跌了18%。總的來說,我們對潛在趨勢的啓發不大,我們認爲在其他地方找到多袋裝機的可能性更大。
If you'd like to know about the risks facing Cheesecake Factory, we've discovered 3 warning signs that you should be aware of.
如果你想了解芝士蛋糕工廠面臨的風險,我們發現了3個警告信號,你應該注意。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。
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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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。