There Are Reasons To Feel Uneasy About Power Integrations' (NASDAQ:POWI) Returns On Capital
There Are Reasons To Feel Uneasy About Power Integrations' (NASDAQ:POWI) Returns On Capital
What are the early trends we should look for to identify a stock that could 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. However, after investigating Power Integrations (NASDAQ:POWI), we don't think it's current trends fit the mold of a multi-bagger.
我們應該看什麼早期趨勢來判斷一隻長期能夠翻倍的股票呢？業務應該會呈現兩個趨勢，首先是資本僱用率增長；這體現了企業以越來越高的回報率將利潤再投資於業務。因此，納斯達克g-iii服裝集團的資本僱用率回報率（ROCE）目前看起來不錯，讓我們看看回報率的趨勢能告訴我們什麼。資產回報率：它是什麼？資本使用率回報(ROCE)是什麼?ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。這表明它是一個複合機器，能夠不斷地將其盈利重新投入到業務中併產生更高的回報率。然而，經過對納斯達克股票代碼爲POWI的帕沃英蒂格盛進行調查，我們認爲它目前的趨勢不符合多重收益的模式。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Power Integrations is:
只是爲了澄清，ROCE是用來評估公司在其業務中投資的資本所獲得的稅前收入的百分比指標。Power Integrations的計算公式爲：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.039 = US$30m ÷ (US$806m - US$50m) (Based on the trailing twelve months to March 2024).
因此，帕沃英蒂格盛的ROCE爲3.9％。這是一個較低的回報率，並表現不如半導體行業板塊平均水平的9.7％。在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Therefore, Power Integrations has an ROCE of 3.9%. Ultimately, that's a low return and it under-performs the Semiconductor industry average of 9.7%.
NasdaqGS:POWI資本僱用回報率於2024年5月30日。
Above you can see how the current ROCE for Power Integrations compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Power Integrations .
從外表上看，帕沃英蒂格盛的ROCE趨勢並不令人信服。更具體地說，ROCE在過去5年中已經從8.7％下降。鑑於該業務正在使用更多的資本，而營業收入卻有所下降，這有點令人擔憂。如果繼續這樣下去，您可能會看到一家正在試圖通過再投資來實現增長但實際上正在失去市場份額的公司，因爲銷售未增加。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
On the surface, the trend of ROCE at Power Integrations doesn't inspire confidence. To be more specific, ROCE has fallen from 8.7% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
關於帕沃英蒂格盛ROCE的我們的看法。
Our Take On Power Integrations' ROCE
總的來說，我們對帕沃英蒂格盛在越來越多的資本中回報率遞減感到有些擔憂。即使基本的趨勢並不太令人鼓舞，市場仍然看好該股票的未來，因爲該股已經大漲了131％。無論如何，當前的基本趨勢對長期業績都不利，所以除非它們逆轉，否則我們將開始尋找其他投資標的。
In summary, we're somewhat concerned by Power Integrations' diminishing returns on increasing amounts of capital. The market must be rosy on the stock's future because even though the underlying trends aren't too encouraging, the stock has soared 131%. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
如果您想了解帕沃英蒂格盛面臨的風險，我們發現了2個警告信號，您應該注意。
If you'd like to know about the risks facing Power Integrations, we've discovered 2 warning signs that you should be aware of.
如果您想了解帕沃英蒂格盛面臨的風險，我們已經發現了2個預警信號，您應該注意。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
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