Oceaneering International (NYSE:OII) Is Doing The Right Things To Multiply Its Share Price
Oceaneering International (NYSE:OII) Is Doing The Right Things To Multiply Its Share Price
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Speaking of which, we noticed some great changes in Oceaneering International's (NYSE:OII) returns on capital, so let's have a look.
如果我们想要找到一个能够长期增值的股票，我们应该寻找什么样的潜在趋势呢？首先，我们希望看到资本回报率（ROCE）正在增加并且资本回报率扩大，这意味着公司有赚钱的行动能力继续投资，这是复合机器的特征。说到这个，我们注意到Oceaneering International (NYSE:OII)的资本回报率有很大的变化，让我们来看一下吧。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率（ROCE）是什么？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Oceaneering International:
如果您之前没有使用过ROCE，它是用于衡量公司使用在业务上的资本所产生的'回报'（税前利润）。分析师使用下面的公式来为Oceaneering International计算它:
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。
0.13 = US$191m ÷ (US$2.2b - US$703m) (Based on the trailing twelve months to March 2024).
0.13 = US$19100万 ÷ (US$22亿 - US$703m) (基于截至2024年3月的过去12个月)。
Therefore, Oceaneering International has an ROCE of 13%. That's a relatively normal return on capital, and it's around the 12% generated by the Energy Services industry.
因此，Oceaneering International的ROCE为13%。这是一种相对正常的资本回报率，与能源服务业所产生的12%左右相当。
In the above chart we have measured Oceaneering International's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Oceaneering International .
在上面的图表中，我们已经测量了Oceaneering International之前的ROCE对其之前的表现，但未来或许更重要。如果您感兴趣，您可以在我们免费的Oceaneering International分析师报告中查看分析师的预测。
What Can We Tell From Oceaneering International's ROCE Trend?
通过Oceaneering International的ROCE趋势，我们可以得出什么结论呢？
We're delighted to see that Oceaneering International is reaping rewards from its investments and has now broken into profitability. The company was generating losses five years ago, but now it's turned around, earning 13% which is no doubt a relief for some early shareholders. At first glance, it seems the business is getting more proficient at generating returns, because over the same period, the amount of capital employed has reduced by 38%. This could potentially mean that the company is selling some of its assets.
我们很高兴地看到Oceaneering International从其投资中获得回报，并且现在已经实现了盈利。五年前该公司还在亏损，但现在已经扭亏为盈，获得了13%的回报，这无疑是对早期股东的一种安慰。乍一看，似乎该企业正在变得更能有效地创造回报，因为在同期内，使用的资本总额减少了38％。这可能意味着该公司正在出售其某些资产。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 32% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. Keep an eye out for future increases because when the ratio of current liabilities to total assets gets particularly high, this can introduce some new risks for the business.
另外值得注意的是，我们注意到ROCE的改善似乎部分是由于流动负债的增加。流动负债已增加到总资产的32％，因此该企业现在更多地由供应商或短期债权人出资。请注意，当流动负债与总资产的比率特别高时，这可能会为企业带来一些新的风险。
The Bottom Line
还有一件事需要注意的是，我们已经确定了上海医药的2个警告信号，了解这些信号应该成为你的投资过程的一部分。
In summary, it's great to see that Oceaneering International has been able to turn things around and earn higher returns on lower amounts of capital. And with a respectable 61% awarded to those who held the stock over the last five years, you could argue that these developments are starting to get the attention they deserve. In light of that, we think it's worth looking further into this stock because if Oceaneering International can keep these trends up, it could have a bright future ahead.
总之，能够看到Oceaneering International能够扭亏为盈并在更少的资本投入下获得更高的回报是很好的。并且对于最近五年持有该股票的股东而言，他们获得了可观的61％回报，这说明这些发展正在开始得到应有的关注。考虑到这一点，我们认为值得进一步了解这只股票，因为如果Oceaneering International能够保持这些趋势，它将拥有辉煌的明天。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for OII on our platform that is definitely worth checking out.
另一方面，我们需要考虑估值。这就是为什么我们在我们的平台上提供了FREE的OII内在价值估算，绝对值得一看。
While Oceaneering International 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Oceaneering International目前可能没有获得最高的回报，但是我们已经汇编了一个目前获得ROE超过25％的公司名单。请查看此免费列表。
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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。