Investors Could Be Concerned With Perdoceo Education's (NASDAQ:PRDO) Returns On Capital
Investors Could Be Concerned With Perdoceo Education's (NASDAQ:PRDO) Returns On Capital
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. 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. However, after briefly looking over the numbers, we don't think Perdoceo Education (NASDAQ:PRDO) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
要找到一個有潛力大幅度增長的業務並不容易，但通過查看一些關鍵的財務指標，這是可能的。理想情況下，一家企業將顯示兩個趨勢;首先是不斷增長的資本僱用回報率(ROCE)，其次是越來越多的資本僱用。如果你看到了這一點，通常意味着這是一家擁有出色業務模式和豐富盈利再投資機會的公司。然而，在簡短地查看數字後，我們認爲Perdoceo Education(納斯達克代碼:PRDO)並沒有成爲未來的多袋者，但讓我們看看爲什麼會這樣。
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. Analysts use this formula to calculate it for Perdoceo Education:
如果您不確定，ROCE是衡量公司在其業務中投資的資本上賺取多少稅前收入(以百分比方式)的度量標準。分析師使用這個公式來計算Perdoceo Education的ROCE:
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。
0.18 = US$167m ÷ (US$1.1b - US$135m) (Based on the trailing twelve months to June 2024).
0.18= US $ 16700萬 ÷ (US $ 11億 - US $ 135m) (基於截至2024年6月的過去十二個月)。
Therefore, Perdoceo Education has an ROCE of 18%. On its own, that's a standard return, however it's much better than the 7.3% generated by the Consumer Services industry.
因此，Perdoceo Education的ROCE爲18%。單獨看來，這是一個標準的回報，但它比消費行業產生的7.3%要好得多。
Above you can see how the current ROCE for Perdoceo Education compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Perdoceo Education .
您可以看到Perdoceo Education當前ROCE與其以前的資本回報率相比如何，但過去可以得出的結論有限。如果您感興趣，您可以查看我們免費的Perdoceo Education分析師報告中的分析師預測。
What Does the ROCE Trend For Perdoceo Education Tell Us?
Perdoceo Education的ROCE趨勢告訴我們什麼?
In terms of Perdoceo Education's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 18% from 24% five years ago. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
就Perdoceo Education的歷史ROCE變動而言，趨勢並不是很好。在過去的五年中，資本回報率從五年前的24%下降到18%。同時，該企業正在利用更多的資本，但在過去12個月內，這並沒有對銷售產生太多影響，因此這可能反映出更長期的投資。從現在開始，值得關注該公司的收益狀況，以查看這些投資是否最終有助於底線。
On a related note, Perdoceo Education has decreased its current liabilities to 13% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.
另外，Perdoceo Education已將其流動負債減少至總資產的13%。因此，我們可能將其中的一部分與ROCE的下降相聯繫。實際上，這意味着他們的供應商或短期債權人爲業務提供的資金要少一些，這減少了某些風險因素。由於企業基本上在用自己的錢來資助其業務的更多方面運作，您可以認爲這使該企業在產生ROCE方面變得不那麼高效。
The Bottom Line On Perdoceo Education's ROCE
總之，我們發現Perdoceo Education正在向業務中再投資，但回報正在下降。由於股票在過去的五年中僅爲股東提供了15%的回報，因此投資者可能正在認識到這些趨勢。因此，如果您正在尋找多袋者，我們建議您考慮其他選項。
To conclude, we've found that Perdoceo Education is reinvesting in the business, but returns have been falling. And investors may be recognizing these trends since the stock has only returned a total of 15% to shareholders over the last five years. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
如果您想了解Perdoceo Education面臨的風險，我們已發現1個警告信號需要您注意。雖然Perdoceo Education目前可能沒有獲得最高的回報，但我們已編制了一份目前獲得25%以上股權回報的公司列表。在此處查看免費列表。
If you'd like to know about the risks facing Perdoceo Education, we've discovered 1 warning sign that you should be aware of.
While Perdoceo Education 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.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。