Expeditors International of Washington's (NYSE:EXPD) Returns Have Hit A Wall
Expeditors International of Washington's (NYSE:EXPD) Returns Have Hit A Wall
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. So while Expeditors International of Washington (NYSE:EXPD) has a high ROCE right now, lets see what we can decipher from how returns are changing.
如果我們想要找到潛在的多倍股，通常會有一些潛在的趨勢可以提供線索。理想情況下，一家企業會展現出兩種趨勢；首先是不斷增長的資本僱用回報率（ROCE），其次是不斷增加的資本僱用金額。基本上，這意味着一家公司有盈利的舉措，可以繼續進行再投資，這是複利機器的特徵。因此，儘管康捷國際物流（紐交所: EXPD）目前具有較高的ROCE，讓我們來看看從回報的變化中我們能夠推斷出什麼。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Expeditors International of Washington, this is the formula:
如果您以前沒有使用過ROCE，它可以衡量一家公司從其業務中所僱用的資本中產生的「回報」（稅前利潤）。要爲康捷國際物流海外的經營計算這一指標，可以使用以下公式：
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。
0.33 = US$854m ÷ (US$4.8b - US$2.2b) (Based on the trailing twelve months to June 2024).
0.33 = 85400萬美元 ÷ (480億美元 - 22億美元)（根據截至2024年6月的過去十二個月計算）。
Thus, Expeditors International of Washington has an ROCE of 33%. That's a fantastic return and not only that, it outpaces the average of 11% earned by companies in a similar industry.
因此，康捷國際物流（紐交所: EXPD）的ROCE爲33%。這是一個很棒的回報，不僅如此，它還超過了同行業公司平均11%的表現。
In the above chart we have measured Expeditors International of Washington's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Expeditors International of Washington .
在上面的圖表中，我們對康捷國際物流的以往資本回報率與以往業績進行了對比，但未來可能更加重要。如果您想了解分析師的預測，請查看我們爲康捷國際物流提供的免費分析師報告。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
There hasn't been much to report for Expeditors International of Washington's returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So it may not be a multi-bagger in the making, but given the decent 33% return on capital, it'd be difficult to find fault with the business's current operations.
康捷國際物流的回報率和資本利用水平在過去的五年中保持穩定，因此沒有太多可以報告的。具有這些特點的企業往往是成熟和穩定的運營，因爲它們已經過了增長階段。所以它可能不是一個即將成爲多倍贏家的股票，但鑑於資本回報率爲33%，很難對企業當前的運營有任何不滿之處。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 45% of total assets, this reported ROCE would probably be less than33% because total capital employed would be higher.The 33% ROCE could be even lower if current liabilities weren't 45% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
另外，儘管資本回報率的變化趨勢可能不足引起注意，但有趣的是，過去五年來，流動負債實際上增加了。這很有意思，因爲如果流動負債沒有增加到總資產的45%，那麼報告的資本回報率可能會低於33%，因爲總資本利用會更高。如果流動負債不是總資產的45%，那麼這33%的資本回報率可能會更低，因爲公式會顯示更大的總資本利用基數。此外，這種高水平的流動負債並不理想，因爲這意味着公司的供應商（或短期債權人）實際上爲企業的大部分資金提供了資助。
The Bottom Line On Expeditors International of Washington's ROCE
康捷國際物流的資本回報率結論
Although is allocating it's capital efficiently to generate impressive returns, it isn't compounding its base of capital, which is what we'd see from a multi-bagger. Although the market must be expecting these trends to improve because the stock has gained 83% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
儘管它有效地配置其資本以產生令人印象深刻的回報，但它沒有讓其資本基數複利增長，這是我們從一個多倍贏家中看到的。然而，市場必須期望這些趨勢有所改善，因爲在過去的五年中，該股票上漲了83%。但是，除非這些潛在趨勢變得更加積極，否則我們不會對未來抱太高的希望。
On a final note, we've found 1 warning sign for Expeditors International of Washington that we think you should be aware of.
最後，我們爲康捷國際物流公司找到了1個警示信號，我們認爲你應該知道。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司獲得高回報，請在此查看我們免費的高回報、堅實財務狀況的公司列表。
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