Ultra Clean Holdings (NASDAQ:UCTT) Might Be Having Difficulty Using Its Capital Effectively
Ultra Clean Holdings (NASDAQ:UCTT) Might Be Having Difficulty Using Its Capital Effectively
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating Ultra Clean Holdings (NASDAQ:UCTT), we don't think it's current trends fit the mold of a multi-bagger.
爲了尋找一隻超額收益的股票，在業務中我們應該尋找哪些潛在趨勢？首先，我們希望找到一個不斷增長的資本僱用回報率（ROCE），並在此基礎上找到一個不斷增長的資本僱用基數。最終，這證明了這是一個以遞增的回報率再投資利潤的企業。然而，經調查Ultra Clean Holdings (納斯達克:UCTT)，我們認爲它目前的趨勢不符合超額收益的模式。
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。
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 Ultra Clean Holdings, this is the formula:
如果您之前沒有使用過ROCE，它衡量的是企業在業務中使用的資本僱用所產生的'回報'（稅前利潤）。要爲Ultra Clean Holdings計算這個指標，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。
0.035 = US$55m ÷ (US$1.9b - US$351m) (Based on the trailing twelve months to June 2024).
0.035 = 5500萬美元 ÷ （19億美元 - 351百萬美元）（基於截至2024年6月的過去十二個月）。
Thus, Ultra Clean Holdings has an ROCE of 3.5%. In absolute terms, that's a low return and it also under-performs the Semiconductor industry average of 9.0%.
因此，Ultra Clean Holdings的ROCE爲3.5%。從絕對意義上講，這是一個較低的回報率，並且也低於半導體行業的平均水平9.0%。
Above you can see how the current ROCE for Ultra Clean Holdings 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 Ultra Clean Holdings .
如上所示，你可以看到超科林半導體當前的ROCE與其之前的資本回報率相比，但過去的數據只能告訴我們一些信息。如果你想要了解分析師對未來的預測，你應該查看我們免費的超科林半導體分析師報告。
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。
On the surface, the trend of ROCE at Ultra Clean Holdings doesn't inspire confidence. To be more specific, ROCE has fallen from 4.5% over the last five years. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
從表面上看，超科林半導體的ROCE趨勢並不令人信心。具體來說，在過去的五年中，ROCE下降了4.5%。另一方面，該公司在過去一年中投入了更多的資本，但銷售沒有相應的提高，這可能表明這些投資是長期的計劃。公司可能需要一些時間才能從這些投資中開始看到收益的變化。
What We Can Learn From Ultra Clean Holdings' ROCE
從超科林半導體的ROCE中我們可以得出什麼結論
To conclude, we've found that Ultra Clean Holdings is reinvesting in the business, but returns have been falling. Yet to long term shareholders the stock has gifted them an incredible 223% return in the last five years, so the market appears to be rosy about its future. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
總結一下，我們發現超科林半導體正在重新投資業務，但回報率一直在下降。然而，對於長期持股者而言，過去五年該股票已經給予他們令人難以置信的223%的回報，所以市場似乎對其未來持樂觀態度。然而，除非這些潛在趨勢變得更加積極，否則我們不應期望太高。
One more thing to note, we've identified 1 warning sign with Ultra Clean Holdings and understanding it should be part of your investment process.
還有一件事需要注意，我們發現超科林半導體存在1個警示信號，了解並應注意這一點應成爲你的投資流程的一部分。
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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