Returns On Capital At La-Z-Boy (NYSE:LZB) Paint A Concerning Picture
Returns On Capital At La-Z-Boy (NYSE:LZB) Paint A Concerning Picture
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. 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 La-Z-Boy (NYSE:LZB), it didn't seem to tick all of these boxes.
如果我們想要尋找一個潛在的多賺麻袋,通常有一些潛在趨勢可以提供線索。首先,我們需要看到資本僱用回報(ROCE)是增加的,其次是資本僱用的擴大。簡而言之,這些類型的企業是複合機器,這意味着他們不斷地按更高的回報率重新投資他們的收益。儘管當我們看La-Z-Boy時(紐交所:LZB),它似乎沒有滿足所有這些條件。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。
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. To calculate this metric for La-Z-Boy, this is the formula:
對於不知道ROCE是什麼的人來說,ROCE是一個公司每年的稅前利潤(其收益)相對於業務中使用的資本。要計算La-Z-Boy的這個指標,可以使用這個公式:
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。
0.11 = US$158m ÷ (US$1.9b - US$437m) (Based on the trailing twelve months to April 2024).
0.11 = 1.58億美元 ÷(19億美元-437美元)(根據截至2024年4月的過去十二個月)。
Thus, La-Z-Boy has an ROCE of 11%. In isolation, that's a pretty standard return but against the Consumer Durables industry average of 15%, it's not as good.
因此,La-Z-Boy的ROCE爲11%。孤立地看,這是一個相當標準的回報,但相對於耐用消費品行業的平均ROCE 15%而言,就不是很好了。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240725/0-891fe9df1ddbd0c3948b691bb954748a-0-005d522ef8a5b9f6ea32ea16f5b419ae.png/big)
In the above chart we have measured La-Z-Boy's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for La-Z-Boy .
在上圖中,我們測量了La-Z-Boy以前的ROCE與以前的表現相比,但未來可能更重要。如果你想看看分析師預測未來的情況,可以查看我們爲La-Z-Boy提供的免費分析師報告。
What Can We Tell From La-Z-Boy's ROCE Trend?
La-Z-Boy的ROCE趨勢能告訴我們什麼?
In terms of La-Z-Boy's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 15% over the last five years. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
在La-Z-Boy的歷史ROCE變化方面,其趨勢並不太好。更具體地說,過去五年中,ROCE已從15%下降。考慮到營業收入下降而使用更多資本,我們會保持謹慎。如果這種情況繼續下去,你可能正在尋找一家試圖通過重新投資獲得增長但實際上正在失去市場份額的公司,因爲銷售額沒有增加。
The Key Takeaway
重要提示
In summary, we're somewhat concerned by La-Z-Boy's diminishing returns on increasing amounts of capital. In spite of that, the stock has delivered a 38% return to shareholders who held over the last five years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.
總之,我們對La-Z-Boy的日益減少的回報而投入日益增加的資本有些擔憂。儘管如此,該股票在過去五年中爲持有者帶來了38%的回報。總之,我們並不是該行業板塊的鐵桿粉絲,因此我們認爲您可能會有更好的投資選擇。
On a separate note, we've found 1 warning sign for La-Z-Boy you'll probably want to know about.
另外,我們發現了La-Z-Boy的一個警告信號,你可能想知道。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業,可以免費查看以下公司列表。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。