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The Returns At Teradata (NYSE:TDC) Aren't Growing
The Returns At Teradata (NYSE:TDC) Aren't Growing
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look 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. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at Teradata (NYSE:TDC) and its ROCE trend, we weren't exactly thrilled.
Return On Capital Employed (ROCE): What Is It?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Teradata, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.17 = US$170m ÷ (US$1.9b - US$878m) (Based on the trailing twelve months to June 2022).
Therefore, Teradata has an ROCE of 17%. On its own, that's a standard return, however it's much better than the 10% generated by the Software industry.
Check out our latest analysis for Teradata
NYSE:TDC Return on Capital Employed September 9th 2022Above you can see how the current ROCE for Teradata compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
What Does the ROCE Trend For Teradata Tell Us?
Over the past five years, Teradata's ROCE has remained relatively flat while the business is using 34% less capital than before. This indicates to us that assets are being sold and thus the business is likely shrinking, which you'll remember isn't the typical ingredients for an up-and-coming multi-bagger. You could assume that if this continues, the business will be smaller in a few year time, so probably not a multi-bagger.
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 46% of total assets, this reported ROCE would probably be less than17% because total capital employed would be higher.The 17% ROCE could be even lower if current liabilities weren't 46% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
The Bottom Line On Teradata's ROCE
Overall, we're not ecstatic to see Teradata reducing the amount of capital it employs in the business. Additionally, the stock's total return to shareholders over the last five years has been flat, which isn't too surprising. All in all, the inherent trends aren't typical of multi-baggers, so if that's what you're after, we think you might have more luck elsewhere.
If you're still interested in Teradata it's worth checking out our FREE intrinsic value approximation to see if it's trading at an attractive price in other respects.
While Teradata 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.
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.
如果我们想要找到一只可以长期成倍增长的股票,我们应该寻找什么潜在趋势?首先,我们希望看到一个经过验证的退货关于已使用资本(ROCE)的增长,其次是扩张基地已动用资本的比例。这向我们表明,它是一台复合机器,能够不断地将其收益再投资于企业,并产生更高的回报。有鉴于此,当我们看到Teradata(纽约证券交易所股票代码:TDC)及其ROCE趋势,我们并不是很兴奋。
资本回报率(ROCE):它是什么?
如果你以前没有使用过ROCE,它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。要计算Teradata的此指标,请使用以下公式:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.17美元=1.7亿美元?(19亿美元-8.78亿美元)(根据截至2022年6月的往绩12个月计算).
所以呢,Teradata的净资产收益率为17%。就其本身而言,这是一个标准的回报,但它比软件行业10%的回报率要好得多。
查看我们对Teradata的最新分析
纽约证券交易所:TDC 2022年9月9日的资本回报率上面你可以看到Teradata目前的净资产收益率与之前的资本回报率相比如何,但你只能从过去知道这么多。如果您感兴趣,您可以在我们的免费分析师对该公司的预测报告。
Teradata的ROCE趋势告诉我们什么?
在过去的五年里,Teradata的ROCE相对持平,而该业务使用的资本比以前减少了34%。这向我们表明,资产正在被出售,因此业务可能正在收缩,你会记得这不是一个新兴的多袋子公司的典型成分。你可以假设,如果这种情况持续下去,几年后公司的规模将会缩小,因此很可能不会是一个多袋子的企业。
另一方面,虽然ROCE趋势的变化可能不会引起人们的注意,但有趣的是,目前的负债实际上在过去五年里有所上升。这很耐人寻味,因为如果流动负债没有增加到总资产的46%,这一报告的净资产收益率可能会低于17%,因为使用的总资本会更高。如果流动负债不是总资产的46%,净资产收益率可能会更低,因为公式将显示总使用资本的基数更大。此外,这种高水平的流动负债并不理想,因为这意味着该公司的供应商(或短期债权人)实际上正在为很大一部分业务提供资金。
Teradata ROCE的底线
总体而言,我们并不欣喜若狂地看到Teradata减少了它在业务中雇佣的资金量。此外,过去五年该股对股东的总回报率一直持平,这并不太令人意外。总而言之,内在的趋势并不是典型的多重投放者,所以如果这是你想要的,我们认为你在其他地方可能会有更多的运气。
如果您仍然对Teradata感兴趣,那么值得查看我们的自由内在值近似看看它在其他方面的交易价格是否有吸引力。
虽然Teradata目前的回报率可能不是最高的,但我们已经编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
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。
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