Investors Will Want Calix's (NYSE:CALX) Growth In ROCE To Persist
Investors Will Want Calix's (NYSE:CALX) Growth In ROCE To Persist
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. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. So on that note, Calix (NYSE:CALX) looks quite promising in regards to its trends of return on capital.
尋找一個具有潛力大幅增長的業務並不容易,但如果我們觀察幾個關鍵財務指標,這是可能的。首先,我們需要看到已經獲得回報的資本(ROCE)正在增長,其次,就是正在擴大的資本基礎。簡單地說,這些類型的企業是複合機器,這意味着它們以越來越高的回報率不斷地重新投資其收益。因此,在這一點上,紐交所:CALX在資本收益的趨勢方面看起來非常具有前途。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。
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 Calix:
對於不了解的人來說,ROCE是一個衡量公司每年的稅前利潤(回報)與業務中使用的資本相關性的指標。分析師使用這個公式爲Calix計算ROCE。
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。
0.018 = US$14m ÷ (US$923m - US$146m) (Based on the trailing twelve months to March 2024).
這樣,Calix的ROCE爲1.8%。最終,這是一個低迴報,不及通信行業平均水平的8.1%。
Thus, Calix has an ROCE of 1.8%. Ultimately, that's a low return and it under-performs the Communications industry average of 8.1%.
紐交所:CALX資本僱用回報2024年7月20日。
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Above you can see how the current ROCE for Calix 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 analyst report for Calix .
我們非常高興地看到Calix從其投資中獲得回報,現在正在產生稅前利潤。大約五年前,該公司還在虧損,但事情已經逆轉,因爲它現在將1.8%的資本用於賺錢。毫不奇怪,像大多數試圖實現收支平衡的公司一樣,Calix現在比五年前多使用了325%的資本。我們喜歡這種趨勢,因爲它告訴我們該公司有盈利的再投資機會,如果繼續下去,這可能會帶來多重收益。
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。
We're delighted to see that Calix is reaping rewards from its investments and is now generating some pre-tax profits. About five years ago the company was generating losses but things have turned around because it's now earning 1.8% on its capital. And unsurprisingly, like most companies trying to break into the black, Calix is utilizing 325% more capital than it was five years ago. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
還有一件事需要注意的是,Calix在這段時間內已將流動負債降低到總資產的16%,從而有效地減少了來自供應商或短期債權人的資金。因此,股東們會高興地看到,回報的增長主要來自業務績效。長話短說,我們很高興看到Calix的再投資活動取得了回報,現在公司已經盈利。由於股票過去五年表現得非常出色,因此這些趨勢正在被投資者考慮。因此,我們認爲檢查這些趨勢是否會繼續是值得您花時間的。
One more thing to note, Calix has decreased current liabilities to 16% of total assets over this period, which effectively reduces the amount of funding from suppliers or short-term creditors. So shareholders would be pleased that the growth in returns has mostly come from underlying business performance.
Calix確實存在一些風險,而我們已經發現了1個有預警的信號,或許您會感興趣。
The Bottom Line
還有一件事需要注意的是,我們已經確定了上海醫藥的2個警告信號,了解這些信號應該成爲你的投資過程的一部分。
Long story short, we're delighted to see that Calix's reinvestment activities have paid off and the company is now profitable. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. Therefore, we think it would be worth your time to check if these trends are going to continue.
儘管Calix目前未取得最高回報,但我們已經編制了一份目前股本回報超過25%的公司清單,請在此查看免費清單。
Calix does have some risks though, and we've spotted 1 warning sign for Calix that you might be interested in.
然而,Calix確實存在一些風險,我們已經發現了關於Calix的1個警示標誌,這可能會讓你感興趣。
While Calix 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.
雖然Calix目前可能沒有最高的回報,但我們已經列出了目前回報率超過25%的公司列表。 在這裏查看這個免費列表。
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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.
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。