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Kimberly-Clark (NYSE:KMB) Could Be At Risk Of Shrinking As A Company
Kimberly-Clark (NYSE:KMB) Could Be At Risk Of Shrinking As A Company
If we're looking to avoid a business that is in decline, what are the trends that can warn us ahead of time? A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. So after we looked into Kimberly-Clark (NYSE:KMB), the trends above didn't look too great.
Understanding Return On Capital Employed (ROCE)
Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on Kimberly-Clark is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.25 = US$2.7b ÷ (US$18b - US$7.2b) (Based on the trailing twelve months to June 2022).
So, Kimberly-Clark has an ROCE of 25%. In absolute terms that's a great return and it's even better than the Household Products industry average of 14%.
Check out our latest analysis for Kimberly-Clark
NYSE:KMB Return on Capital Employed August 11th 2022In the above chart we have measured Kimberly-Clark'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 report for Kimberly-Clark.
How Are Returns Trending?
We are a bit worried about the trend of returns on capital at Kimberly-Clark. About five years ago, returns on capital were 37%, however they're now substantially lower than that as we saw above. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Kimberly-Clark becoming one if things continue as they have.
Our Take On Kimberly-Clark's ROCE
In summary, it's unfortunate that Kimberly-Clark is generating lower returns from the same amount of capital. Investors must expect better things on the horizon though because the stock has risen 31% in the last five years. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.
Kimberly-Clark does have some risks though, and we've spotted 1 warning sign for Kimberly-Clark that you might be interested in.
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
如果我们希望避免一项正在衰落的业务,哪些趋势可以提前警告我们?一家可能正在衰落的企业通常会表现出两种趋势,一是退货在已动用资本(ROCE)方面,这是下降的,基地资本投入的比例也在下降。这向我们表明,该业务不仅在收缩其净资产规模,而且其回报也在下降。所以在我们调查了金佰利(纽约证券交易所代码:KMB),上述趋势看起来并不太好。
了解资本回报率(ROCE)
如果您不确定,只需澄清一下,ROCE是一种评估公司投资于其业务的资本获得多少税前收入(按百分比计算)的指标。金佰利的计算公式是:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.25=27亿美元?(180亿-72亿美元)(根据截至2022年6月的往绩12个月计算).
所以,金佰利的净资产收益率为25%。按绝对值计算,这是一个很高的回报率,甚至比家居用品行业14%的平均回报率还要高。
查看我们对金佰利的最新分析
纽约证券交易所:九巴2022年8月11日的资本回报率在上面的图表中,我们衡量了金佰利之前的净资产收益率与之前的表现,但可以说,未来更重要。如果您想查看分析师对未来的预测,您应该查看我们的免费为金伯利-克拉克公司报道。
回报趋势如何?
我们有点担心金佰利资本回报率的趋势。大约五年前,资本回报率为37%,但现在大大低于我们上面看到的水平。最重要的是,值得注意的是,企业内部使用的资金量保持了相对稳定。这一组合可能表明,一家成熟的企业仍有需要配置资本的领域,但由于潜在的新竞争或利润率较低,获得的回报并不那么高。因此,由于这些趋势通常不利于创建多个袋子,如果事情继续下去,我们不会屏息期待金佰利成为一个袋子。
我们对金佰利的ROCE的看法
总而言之,不幸的是,金佰利从相同数额的资本中产生的回报较低。不过,投资者肯定期待着更好的前景,因为该股在过去五年里上涨了31%。无论如何,我们不喜欢这种趋势,如果它们持续下去,我们认为你可能会在其他地方找到更好的投资。
不过,金佰利确实存在一些风险,我们已经发现金佰利的1个警告标志你可能会感兴趣的。
如果您想看到其他公司获得高回报,请查看我们的免费这里列出了资产负债表稳健、获得高回报的公司。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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