Return on Capital Employed (ROCE)

By ADAM HAYES

Updated July 05, 2023

Reviewed by MARGARET JAMES

Fact checked by YARILET PEREZ

已动用资本回报率（ROCE）

作者：ADAM HAYES

更新时间：2023年7月5日

审阅人：MARGARET JAMES

事实核查人：YARILET PEREZ

 

What Is Return on Capital Employed (ROCE)?

什么是已动用资本回报率？

 

The term return on capital employed (ROCE) refers to a financial ratio that can be used to assess a company's profitability and capital efficiency. In other words, this ratio can help to understand how well a company is generating profits from its capital as it is put to use. ROCE is one of several profitability ratios financial managers, stakeholders, and potential investors may use when analyzing a company for investment.

已动用资本回报率一词指可以用来评估一家公司的盈利能力和资本效率的财务比率。换句话说，这一比率有助于了解一家公司如何使用其资本创造利润。已动用资本回报率是财务经理、股东和潜在投资者在分析是否对一家公司进行投资时可能使用的盈利能力指标之一。

 

KEY TAKEAWAYS

文章要点

 

Return on capital employed is a financial ratio that measures a company’s profitability in terms of all of its capital.

已动用资本回报率是衡量公司使用其全部资本盈利的能力的财务比率。

ROCE is similar to return on invested capital.

已动用资本回报率与资本回报率类似。

It's always a good idea to compare the ROCE of companies in the same industry as those from differing industries usually vary.

对同一行业公司的已动用资本回报率进行比较通常是明智的，因为不同行业的公司的已动用资本回报率通常会不同。

Higher ratios tend to indicate that companies are profitable.

高回报率通常意味着公司是盈利的。

Many companies may calculate the following key return ratios in their performance analysis: return on equity, return on assets, return on invested capital, and return on capital employed.

许多公司在业绩分析中都可能会计算以下关键回报率：股本回报率、资产回报率、资本回报率和已动用资本回报率。

 

Understanding Return on Capital Employed (ROCE)

了解已动用资本回报率

 

Return on capital employed can be especially useful when comparing the performance of companies in capital-intensive sectors, such as utilities and telecoms. This is because, unlike other fundamentals such as return on equity (ROE), which only analyzes profitability related to a company’s shareholders’ equity, ROCE considers debt and equity.

在比较公用事业和电信等资本密集型行业公司的业绩时，资本回报率尤其有用。这是因为，与股本回报率（ROE）等只分析与公司股东权益相关的盈利能力的其他基本面不同，已动用资本回报率考虑的是债务和权益。

 

Ultimately, the calculation of ROCE tells you the amount of profit a company is generating per $1 of capital employed. The more profit per $1 a company can generate, the better. Thus, a higher ROCE indicates stronger profitability across company comparisons.

最终，计算已动用资本回报率可以告诉你一家公司每动用1美元的资本可以创造的利润金额。每1美元创造的利润越多，则越好。因此，在公司间的比较中，已动用资本回报率越高，表明盈利能力越强。

 

For a company, the ROCE trend over the years can also be an important indicator of performance. Investors tend to favor companies with stable and rising ROCE levels over companies where ROCE is volatile or trending lower.

对于一家公司而言，多年来的已动用资本回报率趋势也会是一个重要的业绩指标。比起已动用资本回报率不稳定、越来越低的公司，投资者往往更青睐已动用资本回报率稳定上升的公司。

 

ROCE is one of several profitability ratios that can be used when analyzing a company’s financial statements for profitability performance. Other ratios can include the following:

已动用资本回报率是在分析公司财务报表的盈利能力表现时可以使用的几个盈利能力比率之一。其他比率可包括以下各项：

 

ROE

股本回报率

Return on assets (ROA)

资产回报率

Return on invested capital (ROIC)

资本回报率

 

How to Calculate ROCE

如何计算已动用资本回报率

 

The formula for ROCE is as follows:

已动用资本回报率的计算公式如下：

 

ROCE=EBIT/Capital Employed

已动用资本回报率=EBIT/已动用资本

 

where:

其中：

 

EBIT=Earnings before interest and tax

EBIT：息税前利润

Capital Employed=Total assets − Current liabilities

已运用资本=总资产-总负债

​

ROCE is a metric for analyzing profitability and for comparing profitability levels across companies in terms of capital. Two components are required to calculate ROCE. These are earnings before interest and tax (EBIT) and capital employed.

已动用资本回报率是一个用于分析盈利能力和比较各公司资本盈利水平的指标。计算已动用资本回报率需要两个组成部分，分别是息税前利润和已运用资本。

 

Also known as operating income, EBIT shows how much a company earns from its operations alone without interest on debt or taxes. It is calculated by subtracting the cost of goods sold (COGS) and operating expenses from revenues.

息税前利润也被称为营业收益，表明的是在仅不计算债务利息或税费的情况下一家公司从其业务中赚取的收入。计算方式为从收入中减去销货成本（COGS）和营业费用。

 

Capital employed is very similar to invested capital, which is used in the ROIC calculation. Capital employed is found by subtracting current liabilities from total assets, which ultimately gives you shareholders’ equity plus long-term debts. Instead of using capital employed at an arbitrary point in time, some analysts and investors may choose to calculate ROCE based on the average capital employed, which takes the average of opening and closing capital employed for the time period under analysis.

已动用资本与计算资本回报率时使用的已投入资本非常类似。已动用资本使用的资本是通过从总资产中减去流动负债得到的，最终得到的是股东权益加上长期债务。一些分析师和投资者可能会选择根据平均已动用资本来计算已动用资本回报率，而非使用在任意时间点动用的资本。平均使用资本指在分析的时间段内开始及最后动用的资本的平均值。

 

Advantages and Disadvantages of ROCE

已动用资本回报率的优缺点

 

Pros of ROCE

优点

 

There are various reasons why companies should track ROCE. ROCE provides a comprehensive measure of a company's overall performance by considering both profitability and capital efficiency. It helps assess the effectiveness of capital allocation decisions and the ability to generate returns on invested capital. Therefore, ROCE allows for meaningful comparisons between companies operating in different industries and highlights a company's ability to generate profits from the capital it employs.

公司应该追踪已动用资本回报率的原因有多个。已动用资本回报率通过考虑盈利能力和资本效率全面衡量了一家公司的整体绩效。它有助于评估资本分配决策的有效性以及使用已投入资本创造收益的能力。因此，已动用资本回报率允许在不同行业运营的公司之间进行有意义的比较，并着重强调公司使用其动用的资本创造利润的能力。

 

ROCE is an important metric for investors as it reflects the company's ability to generate returns on their investment. A consistently high ROCE indicates that the company is generating attractive returns, which can instill confidence in investors and potentially attract more capital.

对投资者而言，已动用资本回报率是一个重要的指标，因为它反映了公司通过投资创造收益的能力。持续的高已动用资本回报率表明公司正在创造巨大收益，这可以增强投资者信心并吸引更多资本。

 

Cons of ROCE

缺点

 

There are also many downsides to ROCE, each of which users must be aware of when analyzing ROCE calculations. Due to differences in capital intensity and business structures, ROCE may not be directly comparable across sectors. ROCE also primarily concentrates on profitability and capital efficiency, but it leaves out other crucial elements of financial performance including revenue growth, margins, the creation of cash flow, and return on equity.

已动用资本回报率也有很多缺点，使用者在对已动用资本回报率的计算进行分析时必须要考虑到这些。由于资本密集度和企业结构的差异，已动用资本回报率可能无法直接跨领域比较。已动用资本回报率还主要关注盈利能力和资本效率，但它忽略了财务绩效的其他关键要素，包括收入增长、利润率、现金流创造和股本回报率。

 

Since ROCE is based on past financial data, it could not accurately reflect current market circumstances or growth possibilities. It is a reflection of previous capital investments' success and may not be a reliable predictor of future profitability or the potential effects of new investments. In addition, the effect of a company's capital structure, such as debt or equity financing, is not taken into account by ROCE.

由于已动用资本回报率是基于过往的财务数据产生的，因此，它无法准确地反映当前的市场环境或增长可能性。它反映了过往资本投资的成功，可能并非未来盈利能力或新投资潜在影响的可靠预测指标。此外，已动用资本回报率不考虑公司资本结构的影响，如债务或股权融资。

 

How Companies Can Improve ROCE

企业如何提高已动用资本回报率

 

Improving ROCE requires a strategic approach that focuses on enhancing profitability and capital efficiency. Companies can achieve this by streamlining operations, optimizing capital allocation, and continuous monitoring and evaluation. Operational efficiency involves streamlining and optimizing operations to reduce costs, improve productivity, and increase profitability. Companies often do this by enacting lean practices, automation, and process improvements. These solutions can eliminate waste and enhance efficiency.

提高已动用资本回报率需要一种专注于提高盈利能力和资本效率的战略方法。公司可以通过简化运营、优化资本配置以及持续监控和评估来实现这一目标。运营效率包括简化和优化运营，以降低成本、提高生产率和增加盈利能力。公司通常通过实施精益实践、自动化和流程改进来做到这一点。这些解决方案可以消除浪费并提高效率。

 

Effective capital allocation also involves evaluating and prioritizing capital investment decisions. Companies can focus on projects with high potential returns and aligning investments with the company's strategic objectives. This also means prioritizing working capital management towards inventory, receivables, and payables, reducing inventory carrying costs and shortening receivables collection periods related to the most profitable projects.

有效的资本分配还包括评估和优先考虑资本投资决策。公司可以专注于具有高潜在回报的项目，并使投资与公司的战略目标保持一致。这也意味着优先考虑库存、应收账款和应付账款的营运资本管理，降低库存持有成本，缩短与最有利可图的项目相关的应收账款收款期。

 

Asset optimization also involves optimizing asset utilization to generate maximum returns. For example, companies can renegotiate leases, sell underutilized or non-performing assets, renegotiating leases and contracts, and exploring shared asset models. ROCE is improved when fewer capital is deployed; by avoiding unnecessary carrying costs or long-term investment expenses, companies can improve the returns it incurs.

资产优化还包括优化资产利用率，以产生最大回报。例如，公司可以重新就租约进行谈判，出售未充分利用或不良资产，重新就租赁和合同进行谈判，以及探索共享资产模式。在利用的资产变少时，已动用资本回报率就会提高；通过避免不必要的持有成本或长期投资费用，公司可以提高其产生的回报。

 

Last, pricing and margins should be reviewed. Sales and revenue growth strategies should focus on expanding market share, developing innovative products, and strengthening customer relationships. Talent and skills development should be invested in employee training and development programs, while risk management should be mitigated to minimize negative impacts on ROCE. All of these solutions focus more on scaling the "return" aspect of ROCE.

最后，应对定价和利润进行审查。销售和收入增长战略应侧重于扩大市场份额、开发创新产品和加强客户关系。人才和技能发展应投资于员工培训和发展计划，同时应减轻风险管理，以最大限度地减少对已动用资本回报率的负面影响。所有这些解决方案都更侧重于扩展已动用资本回报率的“回报”方面。

 

Why Is ROCE Useful If We Already Have ROE and ROA Measures?

在我们已经有了股本回报率和资产回报率这两个衡量指标的情况下，为什么已动用资本回报率依然有用？

 

Some analysts prefer ROCE over return on equity and return on assets because the return on capital considers both debt and equity financing. These investors believe the return on capital is a better gauge for the performance or profitability of a company over a more extended period of time.

一些分析人士相比股本回报率和资产回报率，更喜欢已动用资本回报率，这是因为资本回报率会同时将债务和股权融资考虑在内。这些投资者认为，资本回报率是衡量公司长期的业绩或盈利能力的更好指标。

 

 

The Bottom Line

关键信息

 

There are a number of different financial metrics that help analysts and investors review the financial health and well-being of different companies. You can use a company's return on capital employed to determine how profitable it is and how efficiently it uses its capital. You can easily calculate it using figures from corporate financial statements. But be sure to compare the ROCE of companies within the same industry as those from different sectors tend to have varying ratios. But it's generally a given that having a ratio of 20% or more means that a company is doing well.

有许多不同的财务指标可以帮助分析人士和投资者评估不同公司的财务健康状况。你可以用一家公司的已动用资本回报率来确定它的盈利能力和使用其资本的效率。你可以很容易地通过使用公司财务报表中的数据计算得出已动用资本回报率。但是一定要确保比较的是同一行业内公司的已动用资本回报率，因为不同行业的回报率是不同的。但一般来说，20%或20%以上的比率意味着一家公司经营良好。