Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed . However, after briefly looking over the numbers, we don't think Zalando (ETR:ZAL) has the makings of a multi-bagger going forward . On the surface, the trend of ROCE at Zal and its prior returns on capital have decreased to 4.2% over the last five years .