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.
如果我们想确定下一个多功能装袋机,有一些关键趋势需要关注。理想情况下,企业将表现出两种趋势;首先是增长 返回 论资本使用率(ROCE),其次是增加 金额 所用资本的百分比。如果你看到这一点,那通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。所以当我们看的时候 艾里森变速器控股有限公司 (纽约证券交易所代码:ALSN),他们的投资回报率确实很高,但我们对回报趋势并不感到兴高采烈。
Understanding Return On Capital Employed (ROCE)
了解资本使用回报率 (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:
对于那些不知道的人来说,投资回报率是衡量公司年度税前利润(其回报率)相对于企业所用资本的衡量标准。艾里森变速箱控股公司的计算公式为:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
使用资本回报率 = 利息和税前收益 (EBIT) ÷(总资产-流动负债)
0.20 = US$894m ÷ (US$5.0b - US$504m) (Based on the trailing twelve months to September 2023).
0.20 = 8.94 亿美元 ¥(50 亿美元-5.04 亿美元) (基于截至2023年9月的过去十二个月)。
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, 艾里森变速箱控股公司的投资回报率为20%。 这是一个了不起的回报,不仅如此,它还超过了类似行业公司12%的平均收入。
Check out our latest analysis for Allison Transmission Holdings
查看我们对艾里逊变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.
在上面的图表中,我们对艾里逊变速箱控股公司之前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果你愿意,可以在这里查看报道艾莉森传动控股公司的分析师的预测 免费。
What Can We Tell From Allison Transmission Holdings' ROCE Trend?
我们可以从艾里森变速箱控股的投资回报率趋势中看出什么?
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.
关于艾里森变速箱控股公司的回报率及其资本使用水平,没有太多可报告的内容,因为这两个指标在过去五年中一直保持稳定。当看一家成熟而稳定的企业时,看到这种情况并不少见,因为该企业可能已经度过了商业周期的这一阶段,因此没有对收益进行再投资。因此,它可能不是一个多管齐下的公司,但鉴于20%的资本回报率不错,很难发现该企业目前的业务有问题。
In Conclusion...
总之...
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.
尽管艾里森变速箱控股公司的资本盈利能力令人印象深刻,但它并没有增加这笔资本。而且,在过去五年中,该股向股东的回报率仅为24%,你可以说他们意识到这些乏善可陈的趋势。因此,如果你正在寻找一款多功能装袋机,我们建议你考虑其他选择。
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,我们发现 艾里逊变速箱控股有 1 个警告信号 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.
艾莉森传动控股公司并不是唯一一家获得高回报的股票。如果您想了解更多,请查看我们的 免费的 基本面稳健且股本回报率高的公司名单。
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