There's Been No Shortage Of Growth Recently For Xponential Fitness' (NYSE:XPOF) Returns On Capital
There's Been No Shortage Of Growth Recently For Xponential Fitness' (NYSE:XPOF) Returns On Capital
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, 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 when we looked at Xponential Fitness (NYSE:XPOF) and its trend of ROCE, we really liked what we saw.
您知道有些財務指標可以預示一個潛在的多倍增長股嗎？通常情況下，我們需要注意不斷增長的資本回報率（ROCE）的趨勢，以及日益擴大的資本投入基礎。簡單地說，這些類型的企業是複合機器，這意味着它們不斷地以越來越高的回報率再投資其收益。因此，當我們看着Xponential Fitness（NYSE：XPOF）的ROCE趨勢時，我們真的很喜歡我們所看到的。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）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. The formula for this calculation on Xponential Fitness is:
對於那些不知道的人，ROCE是一個公司每年稅前利潤（其回報）與業務中使用的資本相對應的衡量指標。這個計算公式適用於Xponential Fitness：
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。
0.12 = US$45m ÷ (US$475m - US$92m) (Based on the trailing twelve months to June 2024).
0.12 = 4500萬美元÷（4.75億美元-9,200萬美元）（基於截至2024年6月的過去十二個月）。因此，Xponential Fitness的ROCE爲12％。這是一個相對正常的資本回報率，大約與酒店業創造的11％相當。
Therefore, Xponential Fitness has an ROCE of 12%. That's a relatively normal return on capital, and it's around the 11% generated by the Hospitality industry.
以上您可以看到Xponential Fitness當前的ROCE與其以往資本回報的比較情況，但是從過去得出的結論有限。如果願意，您可以免費查看覆蓋Xponential Fitness的分析師對其的預測。
Above you can see how the current ROCE for Xponential Fitness 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 Xponential Fitness for free.
以上是Xponential Fitness當前ROCE與其先前資本回報的比較情況，但你只能從過去看到有限的情況。如果您願意，您可以免費查看覆蓋Xponential Fitness的分析師對其的預測。
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。
The fact that Xponential Fitness is now generating some pre-tax profits from its prior investments is very encouraging. The company was generating losses five years ago, but now it's earning 12% which is a sight for sore eyes. In addition to that, Xponential Fitness is employing 47% more capital than previously which is expected of a company that's trying to break into profitability. 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.
Xponential Fitness現在從其之前的投資中獲得一些稅前利潤的事實非常令人鼓舞。五年前，該公司還在虧損，但現在它的回報率爲12％，這是一個讓人欣慰的消息。除此之外，Xponential Fitness使用的資本比以前多了47％，這是一個試圖突破盈利能力的公司應該有的表現。我們喜歡這種趨勢，因爲這告訴我們該公司有盈利的再投資機會，如果公司繼續前進，這將導致多倍收益表現。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
In summary, it's great to see that Xponential Fitness has managed to break into profitability and is continuing to reinvest in its business. Since the stock has only returned 21% to shareholders over the last three years, the promising fundamentals may not be recognized yet by investors. So with that in mind, we think the stock deserves further research.
總之，很高興看到Xponential Fitness已經成功實現盈利並繼續向業務再投資。由於股票在過去三年僅爲股東帶來了21％的回報，潛力不一定被投資者認可。因此，我們認爲這支股票值得進一步研究。
One final note, you should learn about the 4 warning signs we've spotted with Xponential Fitness (including 3 which make us uncomfortable) .
最後要注意的一點是，您應該了解我們與Xponential Fitness發現的4個警告標誌（其中3個使我們感到不安）。
While Xponential Fitness 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Xponential Fitness目前的回報率可能不是最高的，但我們已經編制了一個目前獲得超過25％回報率的公司列表。 在此免費查看列表
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