Returns On Capital Signal Tricky Times Ahead For Knight-Swift Transportation Holdings (NYSE:KNX)
Returns On Capital Signal Tricky Times Ahead For Knight-Swift Transportation Holdings (NYSE:KNX)
What are the early trends we should look for to identify a stock that could multiply in value over the long term? 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 briefly looking over the numbers, we don't think Knight-Swift Transportation Holdings (NYSE:KNX) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
我们应该关注哪些早期趋势,以识别可能长期增值的股票?通常情况下,我们会注意到回报率不断增长的趋势,以及资本运用基数的扩大。这向我们表明这是一个复利机器,能够持续地将其收益再投资到业务中并获得更高的回报。然而,简要查看过数据后,我们认为knight-swift transportation holdings(纽交所: KNX)未来不具备成为多倍股的条件,但让我们看看可能的原因。
Return On Capital Employed (ROCE): What Is It?
资本雇用回报率(ROCE)是什么?
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 Knight-Swift Transportation Holdings is:
对于那些不了解的人来说,ROCE是一家公司年度税前利润(其回报)相对于企业资本运用的衡量标准。这个计算在knight-swift transportation holdings上的公式是:
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。
0.012 = US$139m ÷ (US$13b - US$1.4b) (Based on the trailing twelve months to September 2024).
0.012 = 13900万美元 ÷(130亿美元 - 14亿美元)(基于截至2024年9月的过去十二个月)。
Therefore, Knight-Swift Transportation Holdings has an ROCE of 1.2%. Ultimately, that's a low return and it under-performs the Transportation industry average of 6.6%.
因此,knight-swift transportation holdings的ROCE为1.2%。最终,这是一个较低的回报,表现不及运输行业平均水平6.6%。
In the above chart we have measured Knight-Swift Transportation 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 Knight-Swift Transportation Holdings for free.
在上面的图表中,我们已经测量了knight-swift transportation控股公司之前的ROCE与之前的业绩,但未来可能更为重要。如果您愿意,您可以免费查看覆盖knight-swift transportation控股公司的分析师的预测。
How Are Returns Trending?
综合上述,Cimpress非常有效地提高了其资本利用率所产生的回报。考虑到股票过去五年保持稳定,如果其他指标也不错,则可能存在机会。因此,进一步研究这家公司并确定这些趋势是否会持续是合理的。
When we looked at the ROCE trend at Knight-Swift Transportation Holdings, we didn't gain much confidence. To be more specific, ROCE has fallen from 6.8% over the last five years. However it looks like Knight-Swift Transportation 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'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.
当我们看了knight-swift transportation控股公司的ROCE趋势时,我们并没有获得太多的信心。具体来说,过去五年中ROCE已经从6.8%下降。然而,knight-swift transportation控股公司可能正在为长期增长进行再投资,因为虽然资本投入有所增加,但公司的销售额在过去12个月内并没有太大变化。值得密切关注公司的收益,以查看这些投资是否最终会对底线产生贡献。
What We Can Learn From Knight-Swift Transportation Holdings' ROCE
从knight-swift transportation控股公司的ROCE中我们能学到什么
To conclude, we've found that Knight-Swift Transportation Holdings is reinvesting in the business, but returns have been falling. Although the market must be expecting these trends to improve because the stock has gained 46% over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
总之,我们发现knight-swift transportation控股公司正在对业务进行再投资,但回报率正在下降。尽管市场可能期待这些趋势会改善,因为该股票在过去五年中上涨了46%。然而,除非这些基本趋势变得更加积极,否则我们不会抱太高希望。
One more thing to note, we've identified 3 warning signs with Knight-Swift Transportation Holdings and understanding them should be part of your investment process.
还有一件事要注意,我们已经确定knight-swift transportation控股公司存在3个警示信号,了解它们应该是您投资过程的一部分。
While Knight-Swift Transportation Holdings isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
虽然knight-swift transportation控股公司的回报率不是最高的,但请查看这份免费的公司名单,这些公司在权益方面获得高回报并拥有扎实的资产负债表。
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