Check Point Software Technologies (NASDAQ:CHKP) Hasn't Managed To Accelerate Its Returns
Check Point Software Technologies (NASDAQ:CHKP) Hasn't Managed To Accelerate Its Returns
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. So when we looked at Check Point Software Technologies (NASDAQ:CHKP), they do have a high ROCE, but we weren't exactly elated from how returns are trending.
如果我們想找到潛在的多袋裝袋機,通常有一些潛在的趨勢可以提供線索。通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 所用資本的比例。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。因此,當我們研究Check Point Software Technologies(納斯達克股票代碼:CHKP)時,它們的投資回報率確實很高,但我們對回報的趨勢並不完全感到興高采烈。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Check Point Software Technologies is:
對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。在 Check Point 軟件技術上進行此計算的公式爲:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.24 = US$901m ÷ (US$5.4b - US$1.7b) (Based on the trailing twelve months to September 2023).
0.24 = 9.01億美元 ÷(54億美元-17億美元) (基於截至2023年9月的過去十二個月)。
So, Check Point Software Technologies has an ROCE of 24%. In absolute terms that's a great return and it's even better than the Software industry average of 7.6%.
因此,Check Point軟件技術的投資回報率爲24%。從絕對值來看,這是一個不錯的回報,甚至比軟件行業平均水平的7.6%還要好。
View our latest analysis for Check Point Software Technologies
查看我們對Check Point軟件技術的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240130/0-fb2e3904e5ce8783cc85c34264973fcf-0-d8a30e0d3e9cba4081db474bdea6155b.png/big)
Above you can see how the current ROCE for Check Point Software Technologies 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 report for Check Point Software Technologies.
在上面你可以看到Check Point Software Technologies當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你想了解分析師對未來的預測,你應該查看我們的Check Point Software Technologies免費報告。
So How Is Check Point Software Technologies' ROCE Trending?
那麼 Check Point 軟件技術的投資回報率趨勢如何呢?
Over the past five years, Check Point Software Technologies' ROCE and capital employed have both remained mostly flat. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So it may not be a multi-bagger in the making, but given the decent 24% return on capital, it'd be difficult to find fault with the business's current operations.
在過去的五年中,Check Point Software Technologies的投資回報率和所用資本基本保持不變。在研究一家成熟穩定的企業時,這種情況並不少見,因爲該企業可能已經過了商業週期的這一階段,因此不進行收益再投資。因此,它可能不是一個正在形成的多口袋,但鑑於可觀的24%的資本回報率,很難發現該企業目前的業務存在問題。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 32% of total assets, this reported ROCE would probably be less than24% because total capital employed would be higher.The 24% ROCE could be even lower if current liabilities weren't 32% of total assets, because the the formula would show a larger base of total capital employed. With that in mind, just be wary if this ratio increases in the future, because if it gets particularly high, this brings with it some new elements of risk.
需要注意的另一點是,我們注意到該公司的流動負債在過去五年中有所增加。這很有趣,因爲如果流動負債沒有增加到總資產的32%,那麼報告的投資回報率可能會低於24%,因爲所使用的總資本會更高。如果流動負債不佔總資產的32%,24%的投資回報率可能會更低,因爲該公式將顯示動用總資本的基數更大。考慮到這一點,只要警惕這個比率將來是否會增加,因爲如果這個比率變得特別高,就會帶來一些新的風險因素。
The Bottom Line
底線
In summary, Check Point Software Technologies isn't compounding its earnings but is generating decent returns on the same amount of capital employed. And with the stock having returned a mere 40% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
總而言之,Check Point Software Technologies並沒有增加其收益,但是在使用相同數量的資本的情況下創造了可觀的回報。而且,由於該股在過去五年中僅向股東回報了40%,因此你可以說他們意識到了這些乏善可陳的趨勢。因此,如果你正在尋找一臺多袋裝機,我們認爲你在其他地方會有更多的運氣。
Check Point Software Technologies could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation on our platform quite valuable.
Check Point Software Technologies在其他方面可能以誘人的價格進行交易,因此您可能會發現我們在我們平台上的免費內在價值估算非常有價值。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果你想搜索更多獲得高回報的股票,可以查看這份資產負債表穩健且淨資產回報率也很高的股票的免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。