National Vision Holdings (NASDAQ:EYE) Might Be Having Difficulty Using Its Capital Effectively
National Vision Holdings (NASDAQ:EYE) Might Be Having Difficulty Using Its Capital Effectively
There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after briefly looking over the numbers, we don't think National Vision Holdings (NASDAQ:EYE) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我们想要识别下一个多袋子，有几个关键趋势需要寻找。在一个完美的世界里，我们希望看到一家公司向其业务投入更多资本，理想情况下，从这些资本中赚取的回报也在增加。简而言之，这些类型的企业是复利机器，这意味着它们不断地以越来越高的回报率对收益进行再投资。然而，在简单地看了一下数字之后，我们认为国视控股纳斯达克(Tmall：Eye)具备了未来实现多管齐下的条件，但让我们看看为什么会这样。
Understanding Return On Capital Employed (ROCE)
了解资本回报率(ROCE)
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for National Vision Holdings, this is the formula:
如果你以前没有使用过ROCE，它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。要计算National Vision Holdings的这一指标，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)？(总资产-流动负债)
0.024 = US$48m ÷ (US$2.3b - US$363m) (Based on the trailing twelve months to July 2023).
0.024美元=4800万美元(23亿美元-3.63亿美元)(根据截至2023年7月的往绩12个月计算)。
Therefore, National Vision Holdings has an ROCE of 2.4%. In absolute terms, that's a low return and it also under-performs the Specialty Retail industry average of 13%.
所以呢，National Vision Holdings的净资产收益率为2.4%。按绝对值计算，这是一个较低的回报率，也低于专业零售行业13%的平均水平。
See our latest analysis for National Vision Holdings
查看我们对National Vision Holdings的最新分析
Above you can see how the current ROCE for National Vision Holdings compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
上面你可以看到National Vision Holdings目前的净资产收益率(ROCE)与其先前的资本回报率相比如何，但你只能从过去知道这么多。如果您感兴趣，您可以在我们的免费分析师对该公司的预测报告。
What Can We Tell From National Vision Holdings' ROCE Trend?
从National Vision Holdings的ROCE趋势中，我们能看出什么？
On the surface, the trend of ROCE at National Vision Holdings doesn't inspire confidence. Around five years ago the returns on capital were 5.4%, but since then they've fallen to 2.4%. However it looks like National Vision Holdings might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
从表面上看，国景控股的ROCE趋势并没有激发信心。大约五年前，资本回报率为5.4%，但自那以来已降至2.4%。然而，国视控股可能正在为长期增长进行再投资，因为尽管已动用的资本有所增加，但该公司的销售额在过去12个月里没有太大变化。该公司可能需要一段时间才能开始看到这些投资带来的收益变化。
The Bottom Line On National Vision Holdings' ROCE
国景控股ROCE的底线
To conclude, we've found that National Vision Holdings is reinvesting in the business, but returns have been falling. And in the last five years, the stock has given away 64% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think National Vision Holdings has the makings of a multi-bagger.
总而言之，我们发现National Vision Holdings正在对该业务进行再投资，但回报一直在下降。在过去五年中，该股下跌了64%，因此市场看起来对这些趋势不会很快走强抱有太大希望。因此，根据本文所做的分析，我们认为国视控股不具备多套袋的条件。
National Vision Holdings does have some risks though, and we've spotted 1 warning sign for National Vision Holdings that you might be interested in.
不过，National Vision Holdings确实存在一些风险，我们已经发现国景控股的1个警告标志你可能会感兴趣的。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资于稳固的公司，看看这个免费资产负债表稳健、股本回报率高的公司名单。
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