Capital Allocation Trends At Intuitive Surgical (NASDAQ:ISRG) Aren't Ideal
Capital Allocation Trends At Intuitive Surgical (NASDAQ:ISRG) Aren't Ideal
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think Intuitive Surgical (NASDAQ:ISRG) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
寻找具有大幅增长潜力的企业并不容易,但如果我们看几个关键的财务指标,这是可能的。除其他外,我们希望看到两件事;首先,成长 返回 论资本使用率(ROCE),其次是公司的扩张 金额 所用资本的比例。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。但是,在简短地研究了这些数字之后,我们认为Intuitive Surgical(纳斯达克股票代码:ISRG)在未来不具备多袋装机的实力,但让我们来看看为什么会这样。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
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. To calculate this metric for Intuitive Surgical, this is the formula:
为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。要计算 Intuitive Surgical 的这个指标,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥(总资产-流动负债)
0.13 = US$1.8b ÷ (US$15b - US$1.7b) (Based on the trailing twelve months to December 2023).
0.13 = 18亿美元 ÷(150亿美元-17亿美元) (基于截至2023年12月的过去十二个月)。
So, Intuitive Surgical has an ROCE of 13%. In absolute terms, that's a satisfactory return, but compared to the Medical Equipment industry average of 9.9% it's much better.
因此,Intuitive Surgical的投资回报率为13%。从绝对值来看,这是一个令人满意的回报,但与医疗设备行业平均水平的9.9%相比,回报要好得多。
![roce](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240224/0-b35401e910cba11ee40e592074021902-0-6409e99fa3b30b44cf3d4a934fd4b4b5.png/big)
Above you can see how the current ROCE for Intuitive Surgical 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 Intuitive Surgical .
在上面你可以看到Intuitive Surgical当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果你想了解分析师对未来的预测,你应该查看我们为Intuitive Surgical提供的免费分析师报告。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
On the surface, the trend of ROCE at Intuitive Surgical doesn't inspire confidence. To be more specific, ROCE has fallen from 18% over the last five years. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
从表面上看,Intuitive Surgical的投资回报率趋势并不能激发信心。更具体地说,投资回报率已从过去五年的18%下降。尽管考虑到该业务的收入和资产数量都有所增加,但这可能表明该公司正在投资增长,而额外的资本导致了投资回报率的短期下降。而且,如果增加的资本产生额外的回报,那么从长远来看,企业乃至股东都将受益。
The Bottom Line On Intuitive Surgical's ROCE
Intuitive Surgical 投资回报率的底线
In summary, despite lower returns in the short term, we're encouraged to see that Intuitive Surgical is reinvesting for growth and has higher sales as a result. And long term investors must be optimistic going forward because the stock has returned a huge 109% to shareholders in the last five years. So should these growth trends continue, we'd be optimistic on the stock going forward.
总而言之,尽管短期内回报较低,但我们欣慰地看到,Intuitive Surgical正在进行再投资以实现增长,因此销售额有所增加。长期投资者必须对未来持乐观态度,因为该股在过去五年中向股东回报了109%的巨额回报。因此,如果这些增长趋势继续下去,我们将对该股的未来持乐观态度。
Intuitive Surgical could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for ISRG on our platform quite valuable.
Intuitive Surgical在其他方面可能会以诱人的价格进行交易,因此您可能会发现我们在我们平台上对ISRG的免费内在价值估算非常有价值。
While Intuitive Surgical 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.
尽管Intuitive Surgical目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司名单。在这里查看这个免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。