Korn Ferry (NYSE:KFY) Might Be Having Difficulty Using Its Capital Effectively
Korn Ferry (NYSE:KFY) Might Be Having Difficulty Using Its Capital Effectively
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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. Having said that, from a first glance at Korn Ferry (NYSE:KFY) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
我们应该寻找哪些早期趋势来确定一只可能长期价值成倍增长的股票?通常,我们希望注意到增长的趋势 返回 在资本使用率(ROCE)方面,除此之外,还在扩大 基础 所用资本的比例。简而言之,这些类型的企业是复合机器,这意味着他们不断以更高的回报率对收益进行再投资。话虽如此,乍一看光辉国际(纽约证券交易所代码:KFY),我们并不是对回报的趋势不屑一顾,但让我们更深入地了解一下。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
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. Analysts use this formula to calculate it for Korn Ferry:
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。分析师使用这个公式来计算光辉渡轮的计算公式:
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)
0.11 = US$280m ÷ (US$3.4b - US$764m) (Based on the trailing twelve months to October 2023).
0.11 = 2.8亿美元 ÷(34亿美元-7.64亿美元) (基于截至2023年10月的过去十二个月)。
So, Korn Ferry has an ROCE of 11%. That's a relatively normal return on capital, and it's around the 13% generated by the Professional Services industry.
因此,光辉国际的投资回报率为11%。这是相对正常的资本回报率,约为专业服务行业产生的13%。
See our latest analysis for Korn Ferry
查看我们对 Korn Ferry 的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240104/0-40ceab6e0fe70684992557057676f30f-0-6031512d1ac8005dec92cba9b1f02cc3.png/big)
In the above chart we have measured Korn Ferry's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上图中,我们将光辉国际先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。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 Can We Tell From Korn Ferry's ROCE Trend?
我们可以从光辉国际的投资回报率趋势中得出什么?
When we looked at the ROCE trend at Korn Ferry, we didn't gain much confidence. Around five years ago the returns on capital were 14%, but since then they've fallen to 11%. However it looks like Korn Ferry might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
当我们观察光辉渡轮的投资回报率趋势时,我们并没有获得太大的信心。大约五年前,资本回报率为14%,但此后已降至11%。但是,看来光辉国际可能会进行再投资以实现长期增长,因为尽管动用资本有所增加,但该公司的销售额在过去12个月中没有太大变化。公司可能需要一段时间才能开始看到这些投资的收益发生任何变化。
The Key Takeaway
关键要点
To conclude, we've found that Korn Ferry is reinvesting in the business, but returns have been falling. Unsurprisingly, the stock has only gained 40% over the last five years, which potentially indicates that investors are accounting for this going forward. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.
总而言之,我们发现光辉国际正在对该业务进行再投资,但回报率一直在下降。毫不奇怪,该股在过去五年中仅上涨了40%,这可能表明投资者正在考虑未来的情况。因此,如果你正在寻找一台多袋装机,我们认为你在其他地方会有更多的运气。
On a separate note, we've found 3 warning signs for Korn Ferry you'll probably want to know about.
另一方面,我们发现了你可能想知道的光辉渡轮的3个警告信号。
While Korn Ferry isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管光辉国际的回报率并不是最高的,但请查看这份免费的股票回报率高、资产负债表稳健的公司名单。
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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。