There's Been No Shortage Of Growth Recently For Xponential Fitness' (NYSE:XPOF) Returns On Capital
There's Been No Shortage Of Growth Recently For Xponential Fitness' (NYSE:XPOF) Returns On Capital
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 Xponential Fitness (NYSE:XPOF) and its trend of ROCE, we really liked what we saw.
您知道有些财务指标可以预示一个潜在的多倍增长股吗？通常情况下，我们需要注意不断增长的资本回报率（ROCE）的趋势，以及日益扩大的资本投入基础。简单地说，这些类型的企业是复合机器，这意味着它们不断地以越来越高的回报率再投资其收益。因此，当我们看着Xponential Fitness（NYSE：XPOF）的ROCE趋势时，我们真的很喜欢我们所看到的。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Xponential Fitness is:
对于那些不知道的人，ROCE是一个公司每年税前利润（其回报）与业务中使用的资本相对应的衡量指标。这个计算公式适用于Xponential Fitness：
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。
0.12 = US$45m ÷ (US$475m - US$92m) (Based on the trailing twelve months to June 2024).
0.12 = 4500万美元÷（4.75亿美元-9,200万美元）（基于截至2024年6月的过去十二个月）。因此，Xponential Fitness的ROCE为12％。这是一个相对正常的资本回报率，大约与酒店业创造的11％相当。
Therefore, Xponential Fitness has an ROCE of 12%. That's a relatively normal return on capital, and it's around the 11% generated by the Hospitality industry.
以上您可以看到Xponential Fitness当前的ROCE与其以往资本回报的比较情况，但是从过去得出的结论有限。如果愿意，您可以免费查看覆盖Xponential Fitness的分析师对其的预测。
Above you can see how the current ROCE for Xponential Fitness 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 Xponential Fitness for free.
以上是Xponential Fitness当前ROCE与其先前资本回报的比较情况，但你只能从过去看到有限的情况。如果您愿意，您可以免费查看覆盖Xponential Fitness的分析师对其的预测。
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 fact that Xponential Fitness is now generating some pre-tax profits from its prior investments is very encouraging. The company was generating losses five years ago, but now it's earning 12% which is a sight for sore eyes. In addition to that, Xponential Fitness is employing 47% more capital than previously which is expected of a company that's trying to break into profitability. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
Xponential Fitness现在从其之前的投资中获得一些税前利润的事实非常令人鼓舞。五年前，该公司还在亏损，但现在它的回报率为12％，这是一个让人欣慰的消息。除此之外，Xponential Fitness使用的资本比以前多了47％，这是一个试图突破盈利能力的公司应该有的表现。我们喜欢这种趋势，因为这告诉我们该公司有盈利的再投资机会，如果公司继续前进，这将导致多倍收益表现。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
In summary, it's great to see that Xponential Fitness has managed to break into profitability and is continuing to reinvest in its business. Since the stock has only returned 21% to shareholders over the last three years, the promising fundamentals may not be recognized yet by investors. So with that in mind, we think the stock deserves further research.
总之，很高兴看到Xponential Fitness已经成功实现盈利并继续向业务再投资。由于股票在过去三年仅为股东带来了21％的回报，潜力不一定被投资者认可。因此，我们认为这支股票值得进一步研究。
One final note, you should learn about the 4 warning signs we've spotted with Xponential Fitness (including 3 which make us uncomfortable) .
最后要注意的一点是，您应该了解我们与Xponential Fitness发现的4个警告标志（其中3个使我们感到不安）。
While Xponential Fitness 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.
虽然Xponential Fitness目前的回报率可能不是最高的，但我们已经编制了一个目前获得超过25％回报率的公司列表。 在此免费查看列表
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