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National Presto Industries (NYSE:NPK) May Have Issues Allocating Its Capital

National Presto Industries (NYSE:NPK) May Have Issues Allocating Its Capital

national presto industries(纽交所:NPK)可能存在资本分配问题
Simply Wall St ·  2024/12/07 07:01

Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. This indicates the company is producing less profit from its investments and its total assets are decreasing. And from a first read, things don't look too good at National Presto Industries (NYSE:NPK), so let's see why.

忽略公司的股票价格,有哪些潜在趋势告诉我们一个企业已经过了增长阶段?通常,我们会看到资本回报率(ROCE)的趋势在下降,这通常与使用的资本总量减少同时发生。这表明公司从其投资中获得的利润减少,总资产也在下降。从初步分析来看,national presto industries(纽交所:NPK)的情况似乎不太乐观,接下来我们来看看原因。

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。

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 National Presto Industries is:

如果你以前没有接触过ROCE,它衡量的是公司从其业务中投入资本所产生的"回报"(税前利润)。对national presto industries的这一计算公式为:

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)

0.097 = US$35m ÷ (US$429m - US$70m) (Based on the trailing twelve months to September 2024).

0.097 = 3500万美元 ÷ (42900万美元 - 70万美元)(基于截至2024年9月的过去十二个月数据)。

So, National Presto Industries has an ROCE of 9.7%. Even though it's in line with the industry average of 9.6%, it's still a low return by itself.

因此,national presto industries的资本回报率为9.7%。尽管这与行业平均水平9.6%相符,但单独来看仍然是一个较低的回报。

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NYSE:NPK Return on Capital Employed December 7th 2024
纽交所:NPK 资本回报率 2024年12月7日

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how National Presto Industries has performed in the past in other metrics, you can view this free graph of National Presto Industries' past earnings, revenue and cash flow.

虽然过去并不能代表未来,但了解公司历史上的表现可能是有帮助的,这就是我们上面有这个图表的原因。如果您想查看national presto industries在其他指标上过去的表现,您可以查看这个关于national presto industries过去盈利、营业收入和现金流的免费图表。

What Does the ROCE Trend For National Presto Industries Tell Us?

national presto industries的ROCE趋势告诉我们什么?

In terms of National Presto Industries' historical ROCE movements, the trend doesn't inspire confidence. About five years ago, returns on capital were 13%, however they're now substantially lower than that as we saw above. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on National Presto Industries becoming one if things continue as they have.

就national presto industries的历史ROCE变化来看,这一趋势并没有激发信心。大约五年前,资本回报率为13%,而根据我们上面的观察,现在远低于这个水平。此外,值得注意的是,业务中所使用的资本总额相对保持稳定。由于回报在下降且业务中使用的资产数量没有变化,这可能表明这是一家在过去五年中没有实现太多增长的成熟企业。因此,由于这些趋势通常不利于产生多倍收益,如果情况继续如此,我们并不会对national presto industries的未来抱有太大期望。

The Bottom Line

最终结论

In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Despite the concerning underlying trends, the stock has actually gained 38% over the last five years, so it might be that the investors are expecting the trends to reverse. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.

最后,资本回报率在相同资本下逐渐降低,通常并不是我们在看增长股票的迹象。尽管令人担忧的潜在趋势存在,股票在过去五年中实际上上涨了38%,可能是投资者期待趋势将会逆转。不管怎样,我们并不太喜欢当前的趋势,因此我们认为您可能在其他地方找到更好的投资机会。

One final note, you should learn about the 3 warning signs we've spotted with National Presto Industries (including 2 which can't be ignored) .

最后一点,您应该了解我们在national presto industries发现的 3个警告信号(包括2个无法忽视的信号)。

While National Presto Industries 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national presto industries当前的回报并不是最高的,但我们整理了一份目前回报率超过25%的公司的名单。请在这里查看这个免费列表。

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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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