We Like These Underlying Return On Capital Trends At Walmart (NYSE:WMT)
We Like These Underlying Return On Capital Trends At Walmart (NYSE:WMT)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. With that in mind, we've noticed some promising trends at Walmart (NYSE:WMT) so let's look a bit deeper.
您知道有些財務指標可以提供一個潛在的倍增器的線索嗎?首先,我們想要找到一個不斷增長的資本僱用回報率(ROCE),然後再加上不斷增長的資本僱用基數。這意味着這家公司擁有一個很好的商業模式和大量有利可圖的再投資機會。考慮到這一點,我們注意到沃爾瑪(NYSE:WMT)有一些有希望的趨勢,讓我們深入了解一下。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
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. Analysts use this formula to calculate it for Walmart:
如果您不確定,ROCE是一個評估公司在業務中投入的資本所獲得的稅前收入的度量標準。分析師使用這個公式來計算沃爾瑪的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。
0.18 = US$28b ÷ (US$254b - US$95b) (Based on the trailing twelve months to July 2024).
0.18 = US$28億 ÷ (US$2540億 - US$95億) (基於截至2024年7月的過去十二個月)。
Thus, Walmart has an ROCE of 18%. In absolute terms, that's a satisfactory return, but compared to the Consumer Retailing industry average of 9.2% it's much better.
因此,沃爾瑪的ROCE爲18%。從絕對意義上來說,這是一個令人滿意的回報,但與消費零售行業的平均值9.2%相比,它要好得多。
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Above you can see how the current ROCE for Walmart 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 Walmart .
可以看到沃爾瑪當前ROCE與之前的資本回報率相比,但從過去只能得出這麼多結論。如果你感興趣,你可以查看我們免費的沃爾瑪分析師報告中的分析師預測。
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。
Walmart's ROCE growth is quite impressive. Looking at the data, we can see that even though capital employed in the business has remained relatively flat, the ROCE generated has risen by 26% over the last five years. So it's likely that the business is now reaping the full benefits of its past investments, since the capital employed hasn't changed considerably. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
沃爾瑪的ROCE增長非常令人印象深刻。從數據上看,儘管企業投入的資本保持相對穩定,但ROCE在過去五年裏增長了26%。因此,很可能現在企業正在收穫過去投資的全部效益,因爲投入的資本並沒有發生很大改變。在這方面,公司表現良好,值得進一步調查管理團隊對長期增長前景的計劃。
The Bottom Line On Walmart's ROCE
關於沃爾瑪的ROCE的底線
To sum it up, Walmart is collecting higher returns from the same amount of capital, and that's impressive. Since the stock has returned a staggering 115% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
總的來說,沃爾瑪從相同的資本中獲得了更高的回報,這令人印象深刻。由於該股票在過去五年中爲股東帶來了驚人的115%的回報,看起來投資者意識到了這些變化。鑑於此,我們仍然認爲有前景的基本面意味着公司值得進一步的盡職調查。
Like most companies, Walmart does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,沃爾瑪也存在一些風險,我們發現了1個警告信號,你應該注意一下。
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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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。