U.S. Physical Therapy (NYSE:USPH) Will Want To Turn Around Its Return Trends
U.S. Physical Therapy (NYSE:USPH) Will Want To Turn Around Its Return Trends
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating U.S. Physical Therapy (NYSE:USPH), we don't think it's current trends fit the mold of a multi-bagger.
如果你在尋找下一款多功能裝袋機時不確定從哪裏開始,那麼你應該留意一些關鍵趨勢。理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 所用資本的比例。歸根結底,這表明這是一家以不斷提高的回報率對利潤進行再投資的企業。但是,在調查了美國物理療法(紐約證券交易所代碼:USPH)之後,我們認爲目前的趨勢不符合多袋裝機的模式。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for U.S. Physical Therapy:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。分析師使用以下公式來計算美國物理療法:
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)
0.073 = US$67m ÷ (US$1.0b - US$103m) (Based on the trailing twelve months to March 2024).
0.073 = 6700萬美元 ÷(10億美元-1.03億美元) (基於截至2024年3月的過去十二個月)。
Thus, U.S. Physical Therapy has an ROCE of 7.3%. In absolute terms, that's a low return and it also under-performs the Healthcare industry average of 11%.
因此,美國物理療法的投資回報率爲7.3%。從絕對值來看,回報率很低,也低於醫療保健行業11%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240523/0-2370e0671e53d775624f7fdee5edbc7e-0-5937b5358e539191c86f53b7ac10988b.png/big)
Above you can see how the current ROCE for U.S. Physical Therapy 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 U.S. Physical Therapy .
上面你可以看到當前美國物理療法的投資回報率與之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,你應該查看我們的免費美國物理療法分析師報告。
The Trend Of ROCE
ROCE 的趨勢
On the surface, the trend of ROCE at U.S. Physical Therapy doesn't inspire confidence. Around five years ago the returns on capital were 14%, but since then they've fallen to 7.3%. However it looks like U.S. Physical Therapy might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
從表面上看,美國物理療法的ROCE趨勢並不能激發信心。大約五年前,資本回報率爲14%,但此後已降至7.3%。但是,看來美國物理療法可能正在進行再投資以實現長期增長,因爲儘管動用資本有所增加,但該公司的銷售額在過去12個月中沒有太大變化。公司可能需要一段時間才能開始看到這些投資的收益發生任何變化。
The Bottom Line On U.S. Physical Therapy's ROCE
美國物理療法ROCE的底線
In summary, U.S. Physical Therapy is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
總而言之,美國物理療法正在將資金再投資到該業務中以實現增長,但不幸的是,銷售額似乎還沒有太大增長。此外,該股在過去五年中的股東總回報率一直持平,這並不奇怪。總而言之,多裝袋機的固有趨勢並不常見,因此,如果您想要這樣做,我們認爲您在其他地方可能會有更多的運氣。
If you want to continue researching U.S. Physical Therapy, you might be interested to know about the 5 warning signs that our analysis has discovered.
如果你想繼續研究美國物理療法,你可能有興趣了解我們的分析發現的5個警告信號。
While U.S. Physical Therapy 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.
儘管美國物理療法目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。
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