share_log

Returns On Capital Signal Tricky Times Ahead For Generac Holdings (NYSE:GNRC)

Returns On Capital Signal Tricky Times Ahead For Generac Holdings (NYSE:GNRC)

资本回报预示着Generac Holdings(纽约证券交易所代码:GNRC)未来的艰难时期
Simply Wall St ·  02/08 03:05

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at Generac Holdings (NYSE:GNRC) and its ROCE trend, we weren't exactly thrilled.

如果你在寻找下一款多功能装袋机时不确定从哪里开始,那么你应该留意一些关键趋势。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。这向我们表明,它是一台复合机器,能够持续将其收益再投资到业务中并产生更高的回报。有鉴于此,当我们研究Generac Holdings(纽约证券交易所代码:GNRC)及其投资回报率趋势时,我们并不十分兴奋。

What Is Return On Capital Employed (ROCE)?

什么是资本使用回报率(ROCE)?

For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Generac Holdings:

对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。分析师使用这个公式来计算Generac Holdings的利润:

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)

0.081 = US$344m ÷ (US$5.2b - US$900m) (Based on the trailing twelve months to September 2023).

0.081 = 3.44 亿美元 ¥(52 亿美元-9 亿美元) (基于截至2023年9月的过去十二个月)

Thus, Generac Holdings has an ROCE of 8.1%. Ultimately, that's a low return and it under-performs the Electrical industry average of 13%.

因此,Generac Holdings的投资回报率为8.1%。归根结底,这是一个低回报,其表现低于电气行业13%的平均水平。

roce
NYSE:GNRC Return on Capital Employed February 7th 2024
纽约证券交易所:GNRC 2024年2月7日动用资本回报率

Above you can see how the current ROCE for Generac Holdings 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Generac Holdings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 Generac Holdings Tell Us?

Generac Holdings的投资回报率趋势告诉我们什么?

In terms of Generac Holdings' historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 19% over the last five years. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.

就Generac Holdings的历史ROCE走势而言,这种趋势并不理想。更具体地说,投资回报率已从过去五年的19%下降了。考虑到在雇用更多资本的同时收入有所下降,我们会谨慎行事。这可能意味着该企业正在失去其竞争优势或市场份额,因为尽管向风险投资投入了更多资金,但实际上产生的回报却较低——本身 “性价比更低”。

What We Can Learn From Generac Holdings' ROCE

我们可以从Generac Holdings的投资回报率中学到什么

We're a bit apprehensive about Generac Holdings because despite more capital being deployed in the business, returns on that capital and sales have both fallen. Yet despite these poor fundamentals, the stock has gained a huge 129% over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.

我们对Generac Holdings有点担心,因为尽管在业务中部署了更多资金,但资本回报率和销售额都下降了。然而,尽管基本面不佳,但该股在过去五年中仍大幅上涨了129%,因此投资者似乎非常乐观。无论如何,我们对基本面不太满意,因此我们暂时会避开这只股票。

If you'd like to know more about Generac Holdings, we've spotted 2 warning signs, and 1 of them is concerning.

如果你想进一步了解Generac Holdings,我们发现了两个警告信号,其中一个是令人担忧的。

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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发