Kodiak Gas Services (NYSE:KGS) Is Reinvesting At Lower Rates Of Return
Kodiak Gas Services (NYSE:KGS) Is Reinvesting At Lower Rates Of Return
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. However, after briefly looking over the numbers, we don't think Kodiak Gas Services (NYSE:KGS) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
你知道有一些财务指标可以提供潜在的高收益股的线索吗？首先，我们要确定不断增长的资本雇用回报率(ROCE)，并与此同时，扩大的资本雇用基础。这向我们展示了一个复利机器，能够不断地将其收益重新投资到业务中并实现更高的回报。但是，经过简短的数字分析，我们认为科迪亚克燃气服务公司（纽交所：KGS）未来并不具备成为高收益股的因素，但让我们看看可能的原因。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头股持有期很久很有信心。
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 Kodiak Gas Services, this is the formula:
只是在澄清一点，如果你不确定，ROCE是一个用于评估公司在其业务中投资的资本上赚取多少税前收入（以百分比形式）的指标。要计算科迪亚克燃气服务的这一指标，使用如下公式:
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。
0.081 = US$249m ÷ (US$3.3b - US$238m) (Based on the trailing twelve months to March 2024).
0.081 = 2.49亿美元 ÷ (33亿美元 - 2.38亿美元) (以截至2024年3月的过去十二个月为基础)。
So, Kodiak Gas Services has an ROCE of 8.1%. Ultimately, that's a low return and it under-performs the Energy Services industry average of 12%.
因此，科迪亚克燃气服务的ROCE为8.1%。最终，这是一个较低的回报，并且低于能源服务行业平均水平12%。
Above you can see how the current ROCE for Kodiak Gas Services 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 analyst report for Kodiak Gas Services .
您可以看到科迪亚克燃气服务当前的ROCE与其以往资本回报的比较，但是过去只能说明有限的信息。如果您感兴趣，可以查看我们为科迪亚克燃气服务提供的免费分析师报告中的分析师预测。
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。
On the surface, the trend of ROCE at Kodiak Gas Services doesn't inspire confidence. Over the last three years, returns on capital have decreased to 8.1% from 10% three years ago. Although, given both revenue and the amount of assets employed in the business have increased, it could suggest the company is investing in growth, and the extra capital has led to a short-term reduction in ROCE. If these investments prove successful, this can bode very well for long term stock performance.
在表面上，科迪亚克燃气服务的ROCE趋势并不令人信服。在过去的三年中，资本回报率从三年前的10%下降到8.1%。尽管如此，考虑到营业收入和业务中雇用的资产都增加了，这可能表明该公司正在投资于成长，额外的资本导致了ROCE短期内的减少。如果这些投资证明是成功的，这将为长期的股票表现打下良好的基础。
On a side note, Kodiak Gas Services has done well to pay down its current liabilities to 7.2% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
值得一提的是，科迪亚克燃气服务已经成功支付了其流动负债占总资产的7.2%。这可能部分解释了ROCE的下降。实际上，这意味着其供应商或短期债权人为业务提供的资金较少，从而降低了一些风险元素。有人会声称，这降低了公司通过自有资金运营更多业务的效率，从而降低了其产生ROCE的效果。
The Key Takeaway
重要提示
While returns have fallen for Kodiak Gas Services in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. And the stock has followed suit returning a meaningful 85% to shareholders over the last year. So while the underlying trends could already be accounted for by investors, we still think this stock is worth looking into further.
虽然科迪亚克燃气服务的回报已近年来有所下降，但我们非常高兴地看到其销售额正在增长，并且该业务正在进行再投资。并且股票的表现也遵循了这一趋势，去年为股东提供了85%的意义上回报。因此，尽管基本趋势可能已经被投资者考虑在内，但我们仍然认为这支股票值得再深入了解。
One final note, you should learn about the 3 warning signs we've spotted with Kodiak Gas Services (including 2 which shouldn't be ignored) .
最后请注意，您应该了解我们发现的有关科迪亚克燃气服务的3个警告信号（包括2个不应被忽视） 。
While Kodiak Gas Services 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.
虽然科迪亚克燃气服务目前的回报率可能不是最高的，但我们已经编制了一份目前收益率超过25%的公司列表。在这里查看这个免费列表。
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对本文有反馈？对内容感到担忧？请直接与我们联系。或者，发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈？对内容感到担忧？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。