Slowing Rates Of Return At Eaton (NYSE:ETN) Leave Little Room For Excitement
Slowing Rates Of Return At Eaton (NYSE:ETN) Leave Little Room For Excitement
What are the early trends we should look for to identify a stock that could multiply in value over the long term? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at Eaton (NYSE:ETN) and its ROCE trend, we weren't exactly thrilled.
要确定一只可以长期成倍增长的股票,我们应该寻找哪些早期趋势?在一个完美的世界中,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中获得的回报也在增加。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。有鉴于此,当我们研究伊顿(纽约证券交易所代码:ETN)及其投资回报率趋势时,我们并不十分兴奋。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (ROCE)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. To calculate this metric for Eaton, this is the formula:
为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。要计算伊顿的这个指标,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)
0.13 = US$3.9b ÷ (US$38b - US$7.7b) (Based on the trailing twelve months to December 2023).
0.13 = 39亿美元 ÷(380亿美元-77亿美元) (基于截至2023年12月的过去十二个月)。
So, Eaton has an ROCE of 13%. That's a relatively normal return on capital, and it's around the 14% generated by the Electrical industry.
因此,伊顿的投资回报率为13%。这是相对正常的资本回报率,约为电气行业产生的14%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240317/0-e49969b7c9c6317f5a4ec3280e8c2242-0-a5605879f59bed3091611d6f5b9983ed.png/big)
Above you can see how the current ROCE for Eaton compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Eaton .
上面你可以看到伊顿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。如果你想了解分析师对未来的预测,你应该查看我们的伊顿免费分析师报告。
So How Is Eaton's ROCE Trending?
那么伊顿的投资回报率如何走势呢?
There hasn't been much to report for Eaton's returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So don't be surprised if Eaton doesn't end up being a multi-bagger in a few years time. This probably explains why Eaton is paying out 32% of its income to shareholders in the form of dividends. Given the business isn't reinvesting in itself, it makes sense to distribute a portion of earnings among shareholders.
关于伊顿的回报率及其资本利用水平,没有太多可报告的,因为这两个指标在过去五年中一直保持稳定。具有这些特征的企业往往是成熟而稳定的运营,因为它们已经过了增长阶段。因此,如果伊顿在几年内没有成为多袋装货商,也不要感到惊讶。这也许可以解释为什么伊顿以股息的形式将其收入的32%支付给股东。鉴于企业没有对自身进行再投资,向股东分配部分收益是有意义的。
What We Can Learn From Eaton's ROCE
我们可以从伊顿的投资回报率中学到什么
In summary, Eaton isn't compounding its earnings but is generating stable returns on the same amount of capital employed. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 325% gain to shareholders who have held over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
总而言之,伊顿并没有复合收益,而是在使用相同数量的资本的情况下产生了稳定的回报。投资者一定认为会有更好的事情发生,因为该股已经脱颖而出,为在过去五年中持股的股东带来了325%的收益。但是,除非这些潜在趋势变得更加乐观,否则我们不会抱太高的希望。
On a final note, we've found 1 warning sign for Eaton that we think you should be aware of.
最后,我们发现了伊顿的1个警告信号,我们认为您应该注意这一点。
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。