Investors Could Be Concerned With Foot Locker's (NYSE:FL) Returns On Capital
Investors Could Be Concerned With Foot Locker's (NYSE:FL) Returns On Capital
What underlying fundamental trends can indicate that a company might be in decline? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. Having said that, after a brief look, Foot Locker (NYSE:FL) we aren't filled with optimism, but let's investigate further.
有哪些基本趋势能表明公司可能处于衰退状态?衰退中的企业通常有两个基本趋势,首先是资本雇用回报率(ROCE)下降和资本雇用基础下降。这样的趋势最终意味着企业正在减少投资并且赚取的回报较少。话虽如此,简单浏览后,我们并没有看到富乐客(NYSE:FL)的乐观情绪,但我们需要进一步调查。
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。
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. The formula for this calculation on Foot Locker is:
对于不确定ROCE是什么的人,它衡量的是公司从其业务中雇用的资本所能产生的税前利润数额。 Foot Locker的计算公式如下:
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。
0.025 = US$138m ÷ (US$6.9b - US$1.4b) (Based on the trailing twelve months to May 2024).
0.025 = US$13800万 ÷(US$69亿 - US$1.4b)(基于截至 2024 年 5 月的过去十二个月)。
So, Foot Locker has an ROCE of 2.5%. In absolute terms, that's a low return and it also under-performs the Specialty Retail industry average of 12%.
因此,富乐客的ROCE为2.5%。绝对来说,这是一个相对较低的回报率,也低于专业零售行业平均水平12%。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240722/0-da7d2ba62aa6118f59186bbda920e487-0-5d32503ef288de322ba80ae0b54b62ea.png/big)
In the above chart we have measured Foot Locker's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Foot Locker for free.
在上面的图表中,我们已经测量了富乐客以前的ROCE与其以前的表现,但未来可谓更为重要。如果您愿意,可以免费查看覆盖富乐客的分析师预测。
What Can We Tell From Foot Locker's ROCE Trend?
从富乐客的ROCE趋势中我们能得出哪些结论?
There is reason to be cautious about Foot Locker, given the returns are trending downwards. About five years ago, returns on capital were 13%, however they're now substantially lower than that as we saw above. Meanwhile, capital employed in the business has stayed roughly the flat over the period. 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 Foot Locker becoming one if things continue as they have.
考虑到回报率趋势下降,对富乐客持谨慎态度是有理由的。大约五年前,资本回报率为13%,但我们刚才看到,现在的回报率要低得多。与此同时,企业所雇用的资本在该时期内基本保持不变。表现出这些属性的公司往往不是在缩小规模,而是处于成熟期并面临来自竞争对手的利润压力。因此,由于这些趋势通常不利于创造倍增机会,如果事态继续发展下去,我们不会期待富乐客成为倍增机会。
In Conclusion...
最后,同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好,因此投资者不太可能表现友好。自五年前以来,该股下跌了32%。除非这些指标朝着更积极的轨迹转变,否则我们将继续寻找其他股票。
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. Investors haven't taken kindly to these developments, since the stock has declined 30% from where it was five years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
总体而言,尽管相同资金投入所获得的回报率较低,但这并不能表明该公司具有复利机器的迹象。投资者不会对这些趋势持欢迎态度,因此股票跌幅已达30%,远低于五年前的水平。由于这些领域内的趋势并不好,我们可以考虑寻找其他机会。
If you're still interested in Foot Locker it's worth checking out our FREE intrinsic value approximation for FL to see if it's trading at an attractive price in other respects.
如果您仍然对富乐客感兴趣,您可以查看我们免费的FL内在价值估算,以了解其是否以其他方面的优惠价格交易。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group确实存在一些风险,我们已经发现了一条警示标志,你可能会感兴趣。对于那些喜欢投资于实力雄厚的公司的人,可以查看这个由财务状况强大、股本回报率高的公司组成的免费列表。
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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。