There's Been No Shortage Of Growth Recently For Select Medical Holdings' (NYSE:SEM) Returns On Capital
There's Been No Shortage Of Growth Recently For Select Medical Holdings' (NYSE:SEM) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. Speaking of which, we noticed some great changes in Select Medical Holdings' (NYSE:SEM) returns on capital, so let's have a look.
如果我們想找到潛在的多袋裝袋機，通常有一些潛在的趨勢可以提供線索。理想情況下，企業將表現出兩種趨勢；首先是增長 返回 論資本使用率（ROCE），其次是增加 金額 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。說到這裏，我們注意到精選醫療控股公司（紐約證券交易所代碼：SEM）的資本回報率發生了一些重大變化，所以讓我們來看看吧。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（ROCE）？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Select Medical Holdings is:
如果你以前沒有與ROCE合作過，它會衡量公司從其業務中使用的資本中產生的 “回報”（稅前利潤）。精選醫療控股公司的計算公式爲：
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）
0.09 = US$597m ÷ (US$7.9b - US$1.2b) (Based on the trailing twelve months to March 2024).
0.09 = 5.97億美元 ÷（79億美元-12億美元） （基於截至2024年3月的過去十二個月）。
Thus, Select Medical Holdings has an ROCE of 9.0%. On its own, that's a low figure but it's around the 11% average generated by the Healthcare industry.
因此，精選醫療控股公司的投資回報率爲9.0％。就其本身而言，這是一個很低的數字，但約爲醫療保健行業的11％的平均水平。
Above you can see how the current ROCE for Select Medical Holdings 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 Select Medical Holdings for free.
在上面你可以看到Select Medical Holdings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。如果你願意，你可以免費查看報道精選醫療控股的分析師的預測。
The Trend Of ROCE
ROCE 的趨勢
Select Medical Holdings' ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 31% in that same time. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
精選醫療控股公司的投資回報率增長相當可觀。更具體地說，儘管該公司在過去五年中一直保持相對平穩的資本使用率，但同期投資回報率增長了31％。基本上，該業務正在從相同數量的資本中獲得更高的回報，這證明了公司的效率有所提高。從這個意義上講，該公司表現良好，值得研究管理團隊對長期增長前景的計劃。
Our Take On Select Medical Holdings' ROCE
我們對精選醫療控股公司投資回報率的看法
To bring it all together, Select Medical Holdings has done well to increase the returns it's generating from its capital employed. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
綜上所述，Select Medical Holdings在增加其資本所產生的回報方面做得很好。而且，由於該股在過去五年中表現異常出色，投資者正在考慮這些模式。話雖如此，我們仍然認爲前景良好的基本面意味着公司值得進一步的盡職調查。
Select Medical Holdings does have some risks, we noticed 3 warning signs (and 1 which is a bit unpleasant) we think you should know about.
Select Medical Holdings確實存在一些風險，我們注意到3個警告信號（還有一個有點不愉快），我們認爲你應該知道。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。