Investors Shouldn't Overlook EOG Resources' (NYSE:EOG) Impressive Returns On Capital
Investors Shouldn't Overlook EOG Resources' (NYSE:EOG) Impressive Returns On Capital
If you're looking for a multi-bagger, there's a few things to 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. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. And in light of that, the trends we're seeing at EOG Resources' (NYSE:EOG) look very promising so lets take a look.
如果你正在寻找一个multi-bagger,有一些事情要注意。理想情况下,一家公司会显示两个趋势; 首先是不断增长的资本投入。如果你看到这一点,通常意味着这是一家拥有出色商业模式和大量盈利再投资机会的公司。因此,在这一点上,电科网安(深圳证券交易所:002268)在资本回报趋势方面似乎相当有前途。资产回报率:它是什么?资本使用率回报(ROCE)是什么?ROCE 趋势可以告诉我们什么?比起 Enphase Energy,有更好的资本回报率选择。在过去的五年中,该公司增加了 1,306% 的资本,而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服,而且随着资本的增加,很明显企业并没有将资金投入到高回报的投资中。如果你看到这样的数字,通常意味着这是一个拥有良好业务模式和充足盈利再投资机会的公司。鉴于此,在EOG能源(纽交所:EOG)的趋势看来非常有前途,让我们来看看。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法:正如我们上面看到的,Enphase Energy 的资本回报率没有提高,但它正在重新投资于业务。投资者必须认为未来会有更好的前景,因为股票表现良好,使持股五年以上的股东获得了 690% 的收益。最终,如果基本趋势持续存在,我们不会对它成为一只多头股持有期很久很有信心。
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. The formula for this calculation on EOG Resources is:
为了澄清,如果您不确定,ROCE是用于评估公司在其业务中投资的资本所赚取的税前收入的指标(以百分比表示)。在EOG能源的计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.23 = US$9.3b ÷ (US$45b - US$4.3b) (Based on the trailing twelve months to March 2024).
0.23 = 93亿美元÷(450亿美元- 43亿美元)在Elevance Health上,我们已经注意到的趋势是相当令人放心的。数据显示,过去五年资产回报率大幅提高至15%。投资所用资产的规模也增加了30%。这表明有很多机会进行内部资本投资,并以更高的速度不断增长,这种组合在多倍增长方面很常见。.
Thus, EOG Resources has an ROCE of 23%. That's a fantastic return and not only that, it outpaces the average of 13% earned by companies in a similar industry.
因此,EOG能源的ROCE为23%。这是一种非常出色的回报率,而且不仅如此,它还超过了同行业公司的平均13%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240627/0-bf23f36e11e87ed5c9ce5d32f6900c7c-0-15d0a9f4e06f8db9856e78abc9cc3a71.png/big)
In the above chart we have measured EOG Resources' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for EOG Resources .
在上图中,我们将EOG能源过去的ROCE与其过去的表现进行了比较,但未来才是更重要的。如果您有兴趣,您可以查看我们为EOG能源提供的免费分析师报告中的分析师预测。
The Trend Of ROCE
当寻找下一个倍增器时,如果您不确定从哪里开始,请关注几个关键趋势。首先,我们希望看到一个经过验证的资本使用率。如果您看到这一点,通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而,调查蒙托克可再生能源公司(NASDAQ:MNTK)后,我们认为它的现行趋势不符合倍增器的模式。
The trends we've noticed at EOG Resources are quite reassuring. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 23%. The company is effectively making more money per dollar of capital used, and it's worth noting that the amount of capital has increased too, by 29%. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.
我们注意到EOG能源的趋势非常令人放心。数据显示,在过去的五年中,资本雇用回报率大幅增长至23%。该公司有效地每使用一美元的资本就赚取更多的利润,值得注意的是,资本数量也增加了29%。这可以表明,在更高的利率下有大量的机会在内部投资资本,这是多赢局的共同特点。
The Key Takeaway
重要提示
To sum it up, EOG Resources has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. And investors seem to expect more of this going forward, since the stock has rewarded shareholders with a 80% return over the last five years. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.
总之,EOG能源已经证明它可以再投资业务并在该资本中产生更高的回报率,这非常出色。而且,投资者似乎希望这种情况会在未来继续发生,因为股票在过去的五年中为股东带来了80%的回报率。鉴于此,我们仍然认为,这个有前途的基本面意味着公司值得进一步的尽职调查。
One final note, you should learn about the 2 warning signs we've spotted with EOG Resources (including 1 which shouldn't be ignored) .
最后,请注意,您应该了解我们发现的EOG能源的2个警告信号(其中1个不应被忽视)。您还应该学习业内板块的知识。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司获得高回报,请在此查看我们免费的高回报、坚实财务状况的公司列表。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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