Core Insights - Vail Resorts, Inc. is a leading global mountain resort operator with premier ski destinations in the U.S., Canada, and Australia, competing with other leisure and hospitality businesses [1] Financial Performance - Vail Resorts has a Return on Invested Capital (ROIC) of 5.19%, which is below its Weighted Average Cost of Capital (WACC) of 6.06%, resulting in a ROIC to WACC ratio of 0.86, indicating a need for improved capital efficiency [2][6] - Comparative analysis shows that Fair Isaac Corporation (FICO) has a ROIC of 53.59%, significantly outperforming Vail Resorts in capital utilization [6] Peer Comparison - Masimo Corporation has a negative ROIC of -11.49% and a WACC of 9.14%, resulting in a ROIC to WACC ratio of -1.26, indicating struggles in generating returns above its cost of capital [3] - Hyatt Hotels Corporation has a ROIC of -20.09% and a WACC of 8.41%, with a ROIC to WACC ratio of -2.39, highlighting inefficiencies in capital utilization [3] - IDEXX Laboratories, Inc. has a ROIC of 38.09% and a WACC of 11.47%, resulting in a ROIC to WACC ratio of 3.32, indicating efficient capital utilization [4] - The Toro Company has a ROIC of 13.58% and a WACC of 7.28%, with a ROIC to WACC ratio of 1.87, also demonstrating effective capital utilization [4] - FICO stands out with a ROIC to WACC ratio of 5.72, indicating strong capital efficiency and value creation for shareholders [5]

格林布拉特在2005年出版了《股市稳赚》一书，将自己的投资经验浓缩为一个简单易懂的"神奇公式"： 从资产收益率高和市盈率低的综合排名中，选择前20-30只股票，形成一个组合，分别买入并持有一年 后卖出。这个公式完全遵从价值投资的本质：用便宜的价格买入好企业。 格林布拉特使用的是EBIT（息税前收益）/EV（市值+净有息负债），得出的结果是一个百分比，他称 之为收益率。可以这样解释，EV代表买下这个企业的总付出（即总市值加上买下企业后需要承担的原 有的债务）。这个百分比说明了这个生意目前买下来，能够给我们带来什么样的回报率。为什么不用 PE（每股收益/股价，或净利润/市值）？因为PE中间关键的每股收益或是净利润，不如息税前收益更能 说明企业总体盈利能力。 多数投资者倾向于通过看PE的高低判断股价的高低，但其实PE的倒数更能说明问题。举例来说，20倍 PE，其倒数为5％，即这只股票的收益率为5％，收回成本要20年。而10倍PE的收益率为10％，收回成 本为10年。10倍PE的收益率已经高于国债长期收益率5％达两倍，股票当然是便宜了。 什么是好企业？ 乔尔·格林布拉特认为，好企业就是资本回报率高（ROIC）的企业。 ...

Company Overview - Verrica Pharmaceuticals Inc. (NASDAQ:VRCA) is focused on developing and commercializing treatments for skin diseases, with its lead product candidate, VP-102, targeting molluscum contagiosum [1] Financial Performance - VRCA has a Return on Invested Capital (ROIC) of -166.93%, significantly lower than its Weighted Average Cost of Capital (WACC) of 17.69%, indicating inefficiencies in capital utilization [2][6] - The ROIC to WACC ratio for VRCA is -9.44, further emphasizing the challenge in generating sufficient returns to cover its cost of capital [2] Comparative Analysis - Y-mAbs Therapeutics (YMAB) has a ROIC of -27.64% and a WACC of 6.11%, resulting in a ROIC to WACC ratio of -4.53, making it the least inefficient among its peers [3][5] - Scholar Rock Holding Corporation (SRRK) shows a ROIC of -109.48% against a WACC of 5.32%, leading to a ROIC to WACC ratio of -20.57, indicating similar inefficiencies as VRCA [4] - Crinetics Pharmaceuticals (CRNX) and Kezar Life Sciences (KZR) also exhibit negative ROIC to WACC ratios of -6.99 and -10.94, respectively, highlighting broader challenges within the sector [4][5] Sector Insights - All companies analyzed, including VRCA, are currently operating at a loss relative to their cost of capital, with Y-mAbs Therapeutics managing its capital more effectively than its peers [5][6]