Returns on Capital Paint A Bright Future For Marriott International (NASDAQ:MAR)
Returns on Capital Paint A Bright Future For Marriott International (NASDAQ:MAR)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So when we looked at the ROCE trend of Marriott International (NASDAQ:MAR) we really liked what we saw.
您知道有些財務指標可以提供潛在多倍股的線索嗎?通常,我們需要注意成本資本回報率(ROCE)不斷增長的趨勢,以及在此基礎上資本的不斷擴大。簡而言之,這些類型的企業是複利機器,意味着他們不斷以越來越高的回報率再投資獲得的利潤。因此,當我們檢查萬豪國際(納斯達克: MAR)ROCE趨勢時,真的很喜歡我們所看到的東西。
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. The formula for this calculation on Marriott International is:
僅爲澄清,如果您不確定,ROCE是評估公司在其業務中投資的資本所獲得的稅前收入(以百分比計算)的指標。這個公式的計算方式如下:
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。
0.22 = US$3.9b ÷ (US$26b - US$8.2b) (Based on the trailing twelve months to March 2024).
0.22 = US$39億 ÷(US$260億 - US$8.2b)(基於2024年3月的過去十二個月)。
Therefore, Marriott International has an ROCE of 22%. That's a fantastic return and not only that, it outpaces the average of 11% earned by companies in a similar industry.
因此,萬豪酒店的ROCE爲22%。這是一個極好的回報率,不僅如此,它還超過了同行業公司11%的平均水平。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240715/0-638ef70008d7478560995d48a0345635-0-1c9bf6a73f86eb7c3842c1f514e6124f.png/big)
Above you can see how the current ROCE for Marriott International compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Marriott International for free.
您可以看到萬豪國際目前的ROCE與其先前的資本回報率相比如何,但是從過去只能得到這麼多信息。如果您願意,您可以免費查看覆蓋萬豪國際的分析師的預測。
What Does the ROCE Trend For Marriott International Tell Us?
萬豪國際的ROCE趨勢告訴我們什麼?
Marriott International's ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 67% in that same time. So our take on this is that the business has increased efficiencies to generate these higher returns, all the while not needing to make any additional investments. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects.
萬豪酒店的業務ROCE增長非常令人印象深刻。更具體地說,儘管該公司在過去五年中一直保持資本僱用相對平穩,但ROCE在同一時間內增長了67%。因此,我們認爲業務已經提高了效率,以產生更高的回報,同時不需要進行任何額外的投資。從這個意義上說,該公司表現良好,值得深入研究管理團隊對長期增長前景的規劃。
In Conclusion...
最後,同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好,因此投資者不太可能表現友好。自五年前以來,該股下跌了32%。除非這些指標朝着更積極的軌跡轉變,否則我們將繼續尋找其他股票。
As discussed above, Marriott International appears to be getting more proficient at generating returns since capital employed has remained flat but earnings (before interest and tax) are up. Since the stock has returned a solid 84% to shareholders over the last five years, it's fair to say investors are beginning to recognize these changes. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
正如上面討論的,萬豪酒店似乎越來越善於產生回報,因爲資本投入保持不變而收益(利息和稅前收入)上升。由於該股在過去五年爲股東提供了可觀的84%的回報率,因此可以說,投資者正在開始認識這些變化。因此,鑑於這支股票證明了它具有有前途的趨勢,進一步研究該公司以查看這些趨勢是否有望持續是值得的。
One more thing, we've spotted 1 warning sign facing Marriott International that you might find interesting.
還有一件事,我們發現萬豪酒店面臨着1個警告信號,這可能會讓您感到有趣。
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獲得高回報,請在此查看我們免費的高回報、堅實財務狀況的公司列表。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。