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Return Trends At Flowserve (NYSE:FLS) Aren't Appealing

Return Trends At Flowserve (NYSE:FLS) Aren't Appealing

福斯(纽交所:FLS)的股价走势并不吸引人
Simply Wall St ·  11/06 06:03

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Having said that, from a first glance at Flowserve (NYSE:FLS) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.

如果我们想找到一个潜在的多倍股,通常会有一些潜在的趋势可以提供线索。首先,我们希望确定不断增长的资本雇用回报率(ROCE),然后再加上不断增加的资本雇用基数。如果你看到这一点,通常意味着这是一家拥有出色业务模型和许多有利可图再投资机会的公司。话虽如此,从第一眼看福斯(纽交所:FLS)的情况,我们并没有因为回报趋势而激动得跳出椅子,但让我们深入研究一下。

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。

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Flowserve is:

如果您以前没有接触过ROCE,它衡量的是公司从业务中使用的资本中所生成的“回报”(税前利润)。在福斯的计算公式为:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资本利用率 = 利息和税前利润(EBIT) ÷ (总资产 - 流动负债)

0.13 = US$494m ÷ (US$5.3b - US$1.4b) (Based on the trailing twelve months to September 2024).

0.13 = 49400万美元 ÷ (53亿美元 - 14亿美元)(基于截至2024年9月的过去十二个月)。

So, Flowserve has an ROCE of 13%. By itself that's a normal return on capital and it's in line with the industry's average returns of 13%.

所以,福斯的ROCE为13%。单从这个数字来看,这是一个正常的资本回报率,并且与行业平均回报率13%保持一致。

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NYSE:FLS Return on Capital Employed November 6th 2024
纽交所:FLS 2024年11月6日资本雇用回报率

Above you can see how the current ROCE for Flowserve 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 Flowserve for free.

以上您可以看到福斯目前的ROCE与其以往资本回报相比,但过去的数据只能提供有限的信息。如果您愿意,您可以免费查看覆盖福斯的分析师的预测。

What The Trend Of ROCE Can Tell Us

尽管如此,当我们看 enphase energy (纳斯达克股票代码:ENPH) 的时候,它似乎并没有完全符合这些要求。

There hasn't been much to report for Flowserve's returns and its level of capital employed because both metrics have been steady for the past five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Flowserve to be a multi-bagger going forward.

福斯的回报和资本使用水平在过去五年中一直保持稳定,因此没有太多可以报告的内容。具有这些特征的企业往往是成熟和稳定运营的,因为它们已经过了增长阶段。考虑到这一点,除非未来再次出现投资增长,我们不认为福斯未来会成为多倍股。

The Bottom Line

最终结论

In summary, Flowserve isn't compounding its earnings but is generating stable returns on the same amount of capital employed. And with the stock having returned a mere 27% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.

总的来说,福斯并未复利其收益,但在同等资本使用下产生稳定回报。在过去五年中,该股仅为股东们带来了微薄的27%回报,这表明他们意识到了这些不尽人意的趋势。因此,如果您寻找多倍股,基础趋势表明您可能在其他地方拥有更好的机会。

Flowserve could be trading at an attractive price in other respects, so you might find our free intrinsic value estimation for FLS on our platform quite valuable.

就其他方面而言,福斯可能以具有吸引力的价格交易,因此您可能会发现我们平台上针对FLS的免费内在价值评估非常有价值。

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果您想寻找财务状况良好、回报卓越的实力强企业,可以免费查看以下公司列表。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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