Barnes Group (NYSE:B) Is Finding It Tricky To Allocate Its Capital
Barnes Group (NYSE:B) Is Finding It Tricky To Allocate Its Capital
To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications of aging. When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. Basically the company is earning less on its investments and it is also reducing its total assets. On that note, looking into Barnes Group (NYSE:B), we weren't too upbeat about how things were going.
为了避免投资衰退的企业,有一些财务指标可以提供衰老的早期迹象。当我们看到下降时 返回 在资本使用率(ROCE)的下降的同时 基础 就所使用的资本而言,成熟的企业通常会以这种方式显示出老化的迹象。基本上,该公司的投资收入减少了,而且总资产也在减少。就此而言,纵观巴恩斯集团(纽约证券交易所代码:B),我们对事情的发展并不太乐观。
Return On Capital Employed (ROCE): What Is It?
资本使用回报率(ROCE):这是什么?
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Barnes Group, this is the formula:
对于那些不确定ROCE是什么的人,它衡量的是公司从其业务中使用的资本中可以产生的税前利润金额。要计算巴恩斯集团的这个指标,公式如下:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益(EBIT)÷(总资产-流动负债)
0.072 = US$151m ÷ (US$2.4b - US$335m) (Based on the trailing twelve months to June 2023).
0.072 = 1.51 亿美元 ¥(24 亿美元-3.35 亿美元) (基于截至 2023 年 6 月的过去十二个月)。
Thus, Barnes Group has an ROCE of 7.2%. Ultimately, that's a low return and it under-performs the Machinery industry average of 12%.
因此,巴恩斯集团的投资回报率为7.2%。归根结底,这是一个低回报,其表现低于机械行业12%的平均水平。
See our latest analysis for Barnes Group
查看我们对巴恩斯集团的最新分析
Above you can see how the current ROCE for Barnes Group 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 report on analyst forecasts for the company.
上面你可以看到巴恩斯集团当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果您有兴趣,可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
What Does the ROCE Trend For Barnes Group Tell Us?
巴恩斯集团的ROCE趋势告诉我们什么?
There is reason to be cautious about Barnes Group, given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 11% that they were earning five years ago. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. If these trends continue, we wouldn't expect Barnes Group to turn into a multi-bagger.
鉴于回报率呈下降趋势,有理由对巴恩斯集团持谨慎态度。不幸的是,资本回报率已从五年前的11%有所下降。在资本使用方面,该企业使用的资本量与当时大致相同。表现出这些属性的公司往往不会萎缩,但它们可能已经成熟,面临竞争对利润的压力。如果这些趋势继续下去,我们预计巴恩斯集团不会变成一个多袋公司。
The Key Takeaway
关键要点
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. It should come as no surprise then that the stock has fallen 40% over the last five years, so it looks like investors are recognizing these changes. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
总而言之,使用相同数额的资本所产生的较低回报并不完全是复合机器的迹象。因此,该股在过去五年中下跌了40%也就不足为奇了,因此看来投资者已经意识到了这些变化。鉴于这些领域的潜在趋势并不理想,我们会考虑将目光投向其他地方。
One more thing, we've spotted 1 warning sign facing Barnes Group that you might find interesting.
还有一件事,我们发现了面向巴恩斯集团的1个警告标志,你可能会觉得有趣。
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。