The Returns On Capital At Generac Holdings (NYSE:GNRC) Don't Inspire Confidence
The Returns On Capital At Generac Holdings (NYSE:GNRC) Don't Inspire Confidence
To find a multi-bagger stock, what are the underlying trends we should look for in a business? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Generac Holdings (NYSE:GNRC), it didn't seem to tick all of these boxes.
为寻找一个多倍股,我们应该看哪些业务潜在趋势?在完美的世界里,我们希望看到一家公司投入更多的资本到其业务中,理想情况下,从这些资本中获得的回报也在增长。简而言之,这些类型的企业是复利机器,意味着他们在不断地以越来越高的回报率重新投资其收益。尽管当我们看到Generac Holdings (NYSE:GNRC)时,它似乎没有完全符合这些条件。
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。
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 Generac Holdings, this is the formula:
对于那些不确定ROCE是什么的人,它衡量的是一家公司能够从其业务中使用的资本生成的税前利润的数量。要为Generac Holdings计算这个指标,可以使用以下公式:
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。
0.10 = US$426m ÷ (US$5.1b - US$913m) (Based on the trailing twelve months to June 2024).
0.10 = US$42600万 ÷ (US$51亿 - US$913m) (截至2024年6月的过去十二个月)。因此,Generac Holdings的ROCE为10%。绝对而言,这是一个相当正常的回报,它与电力行业的平均水平相当接近,为12%。
Therefore, Generac Holdings has an ROCE of 10%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Electrical industry average of 12%.
NYSE:GNRC Return on Capital Employed August 14th 2024
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240814/0-b166dd96d95940e173e4055dfa8373e1-0-f0f260af5d800031c983e138b259a390.png/big)
In the above chart we have measured Generac Holdings' 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 Generac Holdings .
Generac Holdings的ROCE趋势告诉我们什么?就Generac Holdings历史ROCE的变动而言,这个趋势并不是太好。在过去的五年中,资本回报率从五年前的18%下降到了10%。另一方面,该公司在过去一年中增加了更多的资本,但销售额没有相应提高,这可能表明这些投资是长期的。在公司开始从这些投资中看到任何收益之前,可能需要一段时间。
What Does the ROCE Trend For Generac Holdings Tell Us?
我们对Generac Holdings的ROCE的看法。
In terms of Generac Holdings' historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 10% from 18% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It may take some time before the company starts to see any change in earnings from these investments.
总之,Generac Holdings正在为增长重新投资资金,但不幸的是,目前销售额并没有增加太多。由于该股票在过去的五年中涨了令人印象深刻的94%,投资者一定认为会有更好的事情发生。然而,除非这些潜在趋势变得更加积极,否则我们不会抱太高的期望。
Our Take On Generac Holdings' ROCE
与大多数公司一样,Generac Holdings也存在一些风险,我们已经发现了1个警告信号,您应该意识到这些风险。
In summary, Generac Holdings is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has gained an impressive 94% over the last five years, investors must think there's better things to come. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
Like most companies, Generac Holdings does come with some risks, and we've found 1 warning sign that you should be aware of.
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