Investors Could Be Concerned With V2X's (NYSE:VVX) Returns On Capital
Investors Could Be Concerned With V2X's (NYSE:VVX) Returns On Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at V2X (NYSE:VVX) 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?除其他外,我们希望看到两件事;首先,成长 返回 论资本使用率(ROCE),其次是公司的扩张 金额 所用资本的比例。归根结底,这表明这是一家以不断提高的回报率对利润进行再投资的企业。话虽如此,乍一看V2X(纽约证券交易所代码:VVX),我们并不是对回报趋势不屑一顾,但让我们更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率(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. To calculate this metric for V2X, 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 V2X 的此指标,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)
0.054 = US$124m ÷ (US$3.1b - US$853m) (Based on the trailing twelve months to March 2024).
0.054 = 1.24亿美元 ÷(31亿美元-8.53亿美元) (基于截至2024年3月的过去十二个月)。
Therefore, V2X has an ROCE of 5.4%. Ultimately, that's a low return and it under-performs the Aerospace & Defense industry average of 9.8%.
因此,V2X 的投资回报率为 5.4%。归根结底,这是一个低回报,其表现低于航空航天和国防行业9.8%的平均水平。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240524/0-6003b19f584dc7280fe9a70d697270af-0-e2889867ad7f61deb16c9ecb80b5f413.png/big)
Above you can see how the current ROCE for V2X compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering V2X for free.
上面你可以看到V2X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。如果你愿意,你可以免费查看分析师对V2X的预测。
What Does the ROCE Trend For V2X Tell Us?
V2X 的 ROCE 趋势告诉我们什么?
On the surface, the trend of ROCE at V2X doesn't inspire confidence. Over the last five years, returns on capital have decreased to 5.4% from 14% five years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.
从表面上看,V2X的投资回报率趋势并不能激发信心。在过去五年中,资本回报率从五年前的14%下降到5.4%。但是,鉴于已动用资本和收入均有所增加,由于短期回报,该业务目前似乎正在追求增长。而且,如果增加的资本产生额外的回报,那么从长远来看,企业乃至股东都将受益。
On a related note, V2X has decreased its current liabilities to 27% of total assets. That could partly explain why the ROCE has dropped. What's more, this can reduce some aspects of risk to the business because now the company's suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
与此相关的是,V2X已将其流动负债减少至总资产的27%。这可以部分解释投资回报率下降的原因。更重要的是,这可以降低业务风险的某些方面,因为现在公司的供应商或短期债权人为其运营提供的资金减少了。有人会声称这降低了企业产生投资回报的效率,因为该公司现在正在用自己的资金为更多的业务提供资金。
The Bottom Line
底线
While returns have fallen for V2X in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These trends are starting to be recognized by investors since the stock has delivered a 24% gain to shareholders who've held over the last five years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.
尽管近来V2X的回报率有所下降,但令我们感到鼓舞的是,销售额正在增长,业务正在对其运营进行再投资。自从该股在过去五年中为持股的股东带来了24%的收益以来,这些趋势已开始得到投资者的认可。因此,如果其他基本面被证明是合理的,那么这只股票可能仍然是一个有吸引力的投资机会。
V2X does have some risks though, and we've spotted 1 warning sign for V2X that you might be interested in.
但是,V2X 确实存在一些风险,我们发现了 V2X 的一个警告信号,你可能会感兴趣。
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。
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。