Investors Met With Slowing Returns on Capital At Allison Transmission Holdings (NYSE:ALSN)
Investors Met With Slowing Returns on Capital At Allison Transmission Holdings (NYSE:ALSN)
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount 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. So when we looked at Allison Transmission Holdings (NYSE:ALSN), they do have a high ROCE, but we weren't exactly elated from how returns are trending.
如果我們想確定下一個多功能裝袋機,有一些關鍵趨勢需要關注。理想情況下,企業將表現出兩種趨勢;首先是增長 返回 論資本使用率(ROCE),其次是增加 金額 的已動用資本。如果你看到這一點,那通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。因此,當我們查看艾莉森傳動控股公司(紐約證券交易所代碼:ALSN)時,他們的投資回報率確實很高,但我們對回報趨勢並不感到興高采烈。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Allison Transmission Holdings is:
對於那些不知道的人來說,投資回報率是衡量公司年度稅前利潤(其回報率)相對於企業所用資本的衡量標準。艾里森變速箱控股公司的計算公式爲:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)
0.20 = US$894m ÷ (US$5.0b - US$504m) (Based on the trailing twelve months to September 2023).
0.20 = 8.94 億美元 ¥(50 億美元-5.04 億美元) (基於截至2023年9月的過去十二個月)。
Therefore, Allison Transmission Holdings has an ROCE of 20%. That's a fantastic return and not only that, it outpaces the average of 12% earned by companies in a similar industry.
因此,艾里森傳動控股公司的投資回報率爲20%。這是一個了不起的回報,不僅如此,它還超過了同類行業公司12%的平均收入。
Check out our latest analysis for Allison Transmission Holdings
查看我們對艾裏遜變速箱控股公司的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231106/0-6170c3316f6ed095cfb5ba28d3129ae2-0-cc22b1b54e7988298d35bea40f680d8f.png/big)
In the above chart we have measured Allison Transmission Holdings' 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 Allison Transmission Holdings here for free.
在上面的圖表中,我們對艾裏遜變速箱控股公司之前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你願意,可以在這裏免費查看分析師對艾莉森傳動控股公司的預測。
What Can We Tell From Allison Transmission Holdings' ROCE Trend?
我們可以從艾里森變速箱控股的投資回報率趨勢中看出什麼?
There hasn't been much to report for Allison Transmission Holdings' returns and its level of capital employed because both metrics have been steady for the past five years. It's not uncommon to see this when looking at a mature and stable business that isn't re-investing its earnings because it has likely passed that phase of the business cycle. So it may not be a multi-bagger in the making, but given the decent 20% return on capital, it'd be difficult to find fault with the business's current operations.
關於艾里森變速箱控股公司的回報率及其資本使用水平,沒有太多可報告的內容,因爲這兩個指標在過去五年中一直保持穩定。當看一家成熟而穩定的企業時,看到這種情況並不少見,因爲該企業可能已經度過了商業週期的這一階段,因此沒有對收益進行再投資。因此,它可能不是一個多管齊下的公司,但鑑於20%的資本回報率不錯,很難發現該企業目前的業務有問題。
In Conclusion...
總之...
While Allison Transmission Holdings has impressive profitability from its capital, it isn't increasing that amount of capital. And with the stock having returned a mere 24% in the last five years to shareholders, you could argue that they're aware of these lackluster trends. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.
儘管艾里森變速箱控股公司的資本盈利能力令人印象深刻,但它並沒有增加這筆資本。而且,在過去五年中,該股向股東的回報率僅爲24%,你可以說他們意識到這些乏善可陳的趨勢。因此,如果你正在尋找一款多功能裝袋機,我們建議你考慮其他選擇。
On a separate note, we've found 1 warning sign for Allison Transmission Holdings you'll probably want to know about.
另一方面,我們已經爲艾莉森變速箱控股公司找到了一個警告信號,你可能想知道。
Allison Transmission Holdings is not the only stock earning high returns. If you'd like to see more, check out our free list of companies earning high returns on equity with solid fundamentals.
艾莉森變速箱控股公司並不是唯一一家獲得高回報的股票。如果您想了解更多,請查看我們的免費股本回報率高且基本面穩健的公司名單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。