Corning (NYSE:GLW) May Have Issues Allocating Its Capital
Corning (NYSE:GLW) May Have Issues Allocating Its Capital
When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in trouble. 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. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. Having said that, after a brief look, Corning (NYSE:GLW) we aren't filled with optimism, but let's investigate further.
说到投资,有一些有用的财务指标可以提示我们企业潜在的困境。当我们看到持续下降的资本雇用率,通常意味着一个成熟的企业逐渐变老。最终这意味着公司获得的投入回报降低且其资本雇用额逐步缩小。话虽如此,康宁公司(纽交所:GLW)经简短查看后,我们对其发展前景不是很乐观,但还是让我们继续调查。资产回报率:它是什么?与资本雇用下降相结合,如果股本雇用下降,这通常表明一家成熟企业正在变老。这表明该公司未能增加股东财富,因为回报下降且净资产基础正在缩小。资产回报率 = 利息和所得税前收益(EBIT)÷(总资产-流动负债)康宁(纽交所:GLW)的现有资本回报率相较于先前的回报率情况如上所示,但是从过去的情况中仅能推断出有限的信息。如果您愿意,您可以免费查看覆盖康宁的分析师的预测。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。
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 Corning, this is the formula:
仅为澄清,如果您不确定,ROCE是一种用于评估公司在其业务中投入的资本所获得的税前收入(以百分比形式)的指标。要计算康宁的此指标,使用以下公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。
0.055 = US$1.3b ÷ (US$28b - US$4.2b) (Based on the trailing twelve months to March 2024).
0.055 = 美元13亿 ÷ (美元280亿 - 美元42亿)在Elevance Health上,我们已经注意到的趋势是相当令人放心的。数据显示,过去五年资产回报率大幅提高至15%。投资所用资产的规模也增加了30%。这表明有很多机会进行内部资本投资,并以更高的速度不断增长,这种组合在多倍增长方面很常见。.
Thus, Corning has an ROCE of 5.5%. Ultimately, that's a low return and it under-performs the Electronic industry average of 11%.
因此,康宁的ROCE为5.5%。最终,这是一个相对较低的回报率,低于电子行业的平均水平11%。
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240629/0-367471a2e2df70c124a37c8dc65c0c3c-0-5d27fc20c7249dd42c6ad5e59ac05ea3.png/big)
Above you can see how the current ROCE for Corning 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 Corning for free.
如上所述,您可以查看与康宁相关的分析师免费发布的预测,但先前回报率提供的信息是有限的。
The Trend Of ROCE
当寻找下一个倍增器时,如果您不确定从哪里开始,请关注几个关键趋势。首先,我们希望看到一个经过验证的资本使用率。如果您看到这一点,通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而,调查蒙托克可再生能源公司(NASDAQ:MNTK)后,我们认为它的现行趋势不符合倍增器的模式。
There is reason to be cautious about Corning, given the returns are trending downwards. To be more specific, the ROCE was 7.5% five years ago, but since then it has dropped noticeably. 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. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Corning becoming one if things continue as they have.
考虑到回报率呈下降趋势,我们对康宁公司持谨慎态度。具体来说,ROCE在五年前为7.5%,但自那时以来显着下降。此外,就进行资本雇用而言,该公司使用的资本规模与五年前大致相同。表现这些特征的公司往往不会缩小,但它们可能成熟并面临来自竞争的利润压力。因此,由于这些趋势通常不利于创造超级股票,如果事情继续按照现状发展,我们不会对康宁的前景寄予厚望。
The Bottom Line On Corning's ROCE
关于康宁的ROCE的结论
In summary, it's unfortunate that Corning is generating lower returns from the same amount of capital. Investors must expect better things on the horizon though because the stock has risen 34% in the last five years. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.
总之,不幸的是康宁从同样数量的资本中获得的回报率较低。虽然这个股票在过去五年中上涨了34%,但投资者必须期待更好的前景。无论如何,我们并不喜欢目前的趋势,如果这种趋势持续下去,我们认为您可能会在其他地方找到更好的投资机会。
On a final note, we found 4 warning signs for Corning (1 is concerning) you should be aware of.
最后值得注意的是,我们发现康宁公司存在4个警示信号(其中一个比较令人担忧),你应该注意到。
While Corning may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
虽然康宁目前可能并未获得最高的回报率,但我们已编制了一张当前收益率超过25%的公司列表。请免费查看此处的列表。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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