Oceaneering International (NYSE:OII) Is Doing The Right Things To Multiply Its Share Price
Oceaneering International (NYSE:OII) Is Doing The Right Things To Multiply Its Share Price
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Speaking of which, we noticed some great changes in Oceaneering International's (NYSE:OII) returns on capital, so let's have a look.
如果我們想要找到一個能夠長期增值的股票，我們應該尋找什麼樣的潛在趨勢呢？首先，我們希望看到資本回報率（ROCE）正在增加並且資本回報率擴大，這意味着公司有賺錢的行動能力繼續投資，這是複合機器的特徵。說到這個，我們注意到Oceaneering International (NYSE:OII)的資本回報率有很大的變化，讓我們來看一下吧。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Oceaneering International:
如果您之前沒有使用過ROCE，它是用於衡量公司使用在業務上的資本所產生的'回報'（稅前利潤）。分析師使用下面的公式來爲Oceaneering International計算它:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.13 = US$191m ÷ (US$2.2b - US$703m) (Based on the trailing twelve months to March 2024).
0.13 = US$19100萬 ÷ (US$22億 - US$703m) (基於截至2024年3月的過去12個月)。
Therefore, Oceaneering International has an ROCE of 13%. That's a relatively normal return on capital, and it's around the 12% generated by the Energy Services industry.
因此，Oceaneering International的ROCE爲13%。這是一種相對正常的資本回報率，與能源服務業所產生的12%左右相當。
In the above chart we have measured Oceaneering International's 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 Oceaneering International .
在上面的圖表中，我們已經測量了Oceaneering International之前的ROCE對其之前的表現，但未來或許更重要。如果您感興趣，您可以在我們免費的Oceaneering International分析師報告中查看分析師的預測。
What Can We Tell From Oceaneering International's ROCE Trend?
通過Oceaneering International的ROCE趨勢，我們可以得出什麼結論呢？
We're delighted to see that Oceaneering International is reaping rewards from its investments and has now broken into profitability. The company was generating losses five years ago, but now it's turned around, earning 13% which is no doubt a relief for some early shareholders. At first glance, it seems the business is getting more proficient at generating returns, because over the same period, the amount of capital employed has reduced by 38%. This could potentially mean that the company is selling some of its assets.
我們很高興地看到Oceaneering International從其投資中獲得回報，並且現在已經實現了盈利。五年前該公司還在虧損，但現在已經扭虧爲盈，獲得了13%的回報，這無疑是對早期股東的一種安慰。乍一看，似乎該企業正在變得更能有效地創造回報，因爲在同期內，使用的資本總額減少了38％。這可能意味着該公司正在出售其某些資產。
On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 32% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. Keep an eye out for future increases because when the ratio of current liabilities to total assets gets particularly high, this can introduce some new risks for the business.
另外值得注意的是，我們注意到ROCE的改善似乎部分是由於流動負債的增加。流動負債已增加到總資產的32％，因此該企業現在更多地由供應商或短期債權人出資。請注意，當流動負債與總資產的比率特別高時，這可能會爲企業帶來一些新的風險。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
In summary, it's great to see that Oceaneering International has been able to turn things around and earn higher returns on lower amounts of capital. And with a respectable 61% awarded to those who held the stock over the last five years, you could argue that these developments are starting to get the attention they deserve. In light of that, we think it's worth looking further into this stock because if Oceaneering International can keep these trends up, it could have a bright future ahead.
總之，能夠看到Oceaneering International能夠扭虧爲盈並在更少的資本投入下獲得更高的回報是很好的。並且對於最近五年持有該股票的股東而言，他們獲得了可觀的61％回報，這說明這些發展正在開始得到應有的關注。考慮到這一點，我們認爲值得進一步了解這隻股票，因爲如果Oceaneering International能夠保持這些趨勢，它將擁有輝煌的明天。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for OII on our platform that is definitely worth checking out.
另一方面，我們需要考慮估值。這就是爲什麼我們在我們的平台上提供了FREE的OII內在價值估算，絕對值得一看。
While Oceaneering International 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.
雖然Oceaneering International目前可能沒有獲得最高的回報，但是我們已經彙編了一個目前獲得ROE超過25％的公司名單。請查看此免費列表。
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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.
對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。