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Be Wary Of Revolve Group (NYSE:RVLV) And Its Returns On Capital

Be Wary Of Revolve Group (NYSE:RVLV) And Its Returns On Capital

当心revolve group(纽交所:RVLV)及其资本回报
Simply Wall St ·  10/14 12:59

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating Revolve Group (NYSE:RVLV), we don't think it's current trends fit the mold of a multi-bagger.

如果我们想要找到一个潜在的多倍赚家,通常会有一些潜在的趋势可以提供线索。通常情况下,我们会注意到资本雇用率(ROCE)不断增长的趋势,并伴随着资本雇用基础的扩大。这向我们表明这是一个复利机器,能够持续地将其收入重新投资到业务中,并产生更高的回报。然而,经过对纽交所(NYSE)上的Revolve Group(RVLV)进行调查后,我们认为它目前的趋势不符合多倍赚家的模式。

Understanding Return On Capital Employed (ROCE)

上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较,但过去只能知道这么多。如果您感兴趣,可以查看我们免费的蒙托克可再生能源分析师报告,了解分析师的预测。

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 Revolve Group:

如果您以前没有使用过ROCE,请了解它是衡量公司从其业务中所使用的资本获得的“回报”(税前利润)的公式,分析师使用此公式计算Revolve Group的ROCE:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

资产雇用回报率(ROCE)是指企业利润,即企业税前利润除以企业投入的总资本(负债加股权)。如果ROCE高于企业财务成本的承受能力,那么企业就会创造出更多的价值。

0.066 = US$29m ÷ (US$658m - US$216m) (Based on the trailing twelve months to June 2024).

0.066 = 2900万美元 ÷ (65800万美元 - 2.16亿美元)(基于截至2024年6月的过去十二个月)。

Therefore, Revolve Group has an ROCE of 6.6%. Ultimately, that's a low return and it under-performs the Specialty Retail industry average of 12%.

因此,Revolve Group 的资本雇用率为6.6%。最终,这是一个较低的回报,并且表现不佳,低于专业零售行业平均水平的12%。

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NYSE:RVLV Return on Capital Employed October 14th 2024
纽交所(NYSE):RVLV 资本雇用率2024年10月14日

In the above chart we have measured Revolve Group'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 Revolve Group .

在上面的图表中,我们将Revolve Group以前的ROCE与其以前的业绩进行了比较,但未来可能更重要。如果您想查看分析师的预测,请查看我们的Revolve Group 免费分析师报告。

So How Is Revolve Group's ROCE Trending?

Revolve Group的ROCE趋势如何?

On the surface, the trend of ROCE at Revolve Group doesn't inspire confidence. To be more specific, ROCE has fallen from 40% over the last five years. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.

表面上看,Revolve Group的ROCE趋势并不令人信心满满。具体来说,在过去五年中,ROCE已经下降到40%。同时,公司正在利用更多资本,但过去12个月内这并没有在销售上带来太大变化,所以这可能反映出长期投资。值得关注的是,从现在开始要密切关注公司的盈利情况,看看这些投资最终是否会对底线做出贡献。

On a side note, Revolve Group has done well to pay down its current liabilities to 33% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

另外,Revolve Group成功地将其流动负债支付至总资产的33%。因此我们可以将这一部分与ROCE的下降联系起来。事实上,这意味着他们的供应商或短期债权人为企业提供的资金较少,从而降低了某些风险元素。由于公司基本上是用自己的资金资助更多的经营活动,你可以说这使得公司在生成ROCE方面不够高效。

The Key Takeaway

重要提示

Bringing it all together, while we're somewhat encouraged by Revolve Group's reinvestment in its own business, we're aware that returns are shrinking. And investors may be recognizing these trends since the stock has only returned a total of 15% to shareholders over the last five years. As a result, if you're hunting for a multi-bagger, we think you'd have more luck elsewhere.

总结一下,虽然我们对Revolve Group对自身业务的再投资感到有些鼓舞,但我们意识到回报正在减少。投资者可能正在意识到这些趋势,因为过去五年该股票仅为股东带来了总计15%的回报。因此,如果你正在寻找一个多袋股,我们认为你在其他地方可能会更幸运。

One more thing, we've spotted 1 warning sign facing Revolve Group that you might find interesting.

另外,我们发现 revolve group 面临 1 个警告信号,您可能会觉得很有趣。

While Revolve Group 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.

虽然Revolve Group目前可能没有赚取最高回报,但我们已经编制了一份目前每股股本回报超过25%的公司名单。在这里查看免费列表。

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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.

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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。

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