The Returns At Custom Truck One Source (NYSE:CTOS) Aren't Growing
The Returns At Custom Truck One Source (NYSE:CTOS) Aren't Growing
0.053 = US$131m ÷ (US$3.6b - US$1.1b) If you're looking for a multi-bagger, there's a few things to keep an eye out for. 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. However, after briefly looking over the numbers, we don't think Custom Truck One Source (NYSE:CTOS) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果你在尋找一個多重收益股，有幾個方面需要關注。首先，我們希望看到一個持續增長的資本回報率（ROCE），其次是不斷擴大的資本基礎。簡單來說，這類業務是複利機器，意味着它們不斷將收益再投資，獲得越來越高的回報率。然而，在簡單瀏覽這些數字後，我們認爲Custom Truck One Source（紐交所：CTOS）前景並不具備成爲多重收益股的基礎，但我們來看看原因。
Understanding Return On Capital Employed (ROCE)
理解已投資資本回報率（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. Analysts use this formula to calculate it for Custom Truck One Source:
對於那些不知道的人來說，資本回報率（ROCE）是公司每年稅前利潤（其回報）與業務中使用的資本之間的比率。分析師使用這個公式來計算Custom Truck One Source的ROCE：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本利用率 = 利息和稅前利潤（EBIT） ÷ （總資產 - 流動負債）
0.053 = US$131m ÷ (US$3.6b - US$1.1b) (Based on the trailing twelve months to September 2024).
0.053 = US$13100萬 ÷ (US$36億 - US$1.1b) (基於截至2024年9月的過去12個月數據)。
Thus, Custom Truck One Source has an ROCE of 5.3%. In absolute terms, that's a low return and it also under-performs the Trade Distributors industry average of 12%.
因此，Custom Truck One Source的資本回報率爲5.3%。在絕對值上，這是一個低迴報率，且遜色於貿易分銷行業的平均12%。
In the above chart we have measured Custom Truck One Source's 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 Custom Truck One Source for free.
在上面的圖表中，我們比較了Custom Truck One Source過去的資本回報率（ROCE）與其之前的表現，但未來可能更爲重要。如果你願意，可以免費查看分析師對Custom Truck One Source的預測。
The Trend Of ROCE
資本回報率（ROCE）的趨勢
The returns on capital haven't changed much for Custom Truck One Source in recent years. The company has employed 266% more capital in the last five years, and the returns on that capital have remained stable at 5.3%. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
近年來，Custom Truck One Source的資本回報率變化不大。該公司在過去五年中使用了266%的更多資本，而該資本的回報率保持在5.3%。考慮到公司增加了使用的資本數量，似乎所做的投資並沒有提供高額的資本回報。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 31% of total assets, this reported ROCE would probably be less than5.3% because total capital employed would be higher.The 5.3% ROCE could be even lower if current liabilities weren't 31% of total assets, because the the formula would show a larger base of total capital employed. With that in mind, just be wary if this ratio increases in the future, because if it gets particularly high, this brings with it some new elements of risk.
另一方面，雖然ROCE趨勢的變化可能並未引起太多關注，但有趣的是，過去五年內流動負債實際上增加了。這很有意思，因爲如果流動負債沒有增加到總資產的31%，那麼這個報告的ROCE可能會低於5.3%，因爲總使用資本會更高。如果流動負債不是總資產的31%，因爲公式將顯示更大的總使用資本基數，那麼5.3%的ROCE可能會更低。考慮到這一點，如果這個比率在未來增加，就要小心，因爲如果它特別高，就會帶來一些新的風險因素。
The Bottom Line On Custom Truck One Source's ROCE
關於Custom Truck One Source的ROCE的底線
In conclusion, Custom Truck One Source has been investing more capital into the business, but returns on that capital haven't increased. Although the market must be expecting these trends to improve because the stock has gained 91% over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總之，Custom Truck One Source在這個業務上投資了更多資本，但這些資本的回報並沒有增加。儘管市場必須期待這些趨勢改善，因爲該股票在過去五年中上漲了91%。最終，如果基礎趨勢持續下去，我們不會期待它在未來成爲一個多倍收益股。
While Custom Truck One Source doesn't shine too bright in this respect, it's still worth seeing if the company is trading at attractive prices. You can find that out with our FREE intrinsic value estimation for CTOS on our platform.
雖然Custom Truck One Source在這方面表現不是特別突出，但仍然值得看看該公司是否以有吸引力的價格交易。您可以在我們的平台上找到我們爲CTOS提供的免費內在價值估算。
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.
如果您想尋找具有良好收益的穩健公司，可以查看這份擁有良好資產負債表和令人印象深刻的股本回報率的免費公司列表。
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