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Here's What's Concerning About Autohome's (NYSE:ATHM) Returns On Capital
Here's What's Concerning About Autohome's (NYSE:ATHM) Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Having said that, from a first glance at Autohome (NYSE:ATHM) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
Return On Capital Employed (ROCE): What Is It?
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 Autohome:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.036 = CN¥911m ÷ (CN¥29b - CN¥3.4b) (Based on the trailing twelve months to September 2022).
Thus, Autohome has an ROCE of 3.6%. Ultimately, that's a low return and it under-performs the Interactive Media and Services industry average of 5.6%.
See our latest analysis for Autohome
Above you can see how the current ROCE for Autohome compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Autohome.
So How Is Autohome's ROCE Trending?
When we looked at the ROCE trend at Autohome, we didn't gain much confidence. Over the last five years, returns on capital have decreased to 3.6% from 21% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
On a side note, Autohome has done well to pay down its current liabilities to 12% 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. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
What We Can Learn From Autohome's ROCE
We're a bit apprehensive about Autohome because despite more capital being deployed in the business, returns on that capital and sales have both fallen. It should come as no surprise then that the stock has fallen 48% over the last five years, so it looks like investors are recognizing these changes. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
On a final note, we've found 1 warning sign for Autohome that we think you should be aware of.
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.
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个潜在的多管齐下的人,往往有潜在的趋势可以提供线索。在一个完美的世界里,我们希望看到一家公司向其业务投入更多资本,理想情况下,从这些资本中赚取的回报也在增加。归根结底,这表明它是一家正在以越来越高的回报率对利润进行再投资的企业。话虽如此,从第一眼看汽车之家(纽约证券交易所股票代码:ATHM)我们不会因为回报的趋势而从椅子上跳起来,但让我们更深入地看看。
资本回报率(ROCE):它是什么?
对于那些不知道的人来说,ROCE是一家公司的年度税前利润(其回报)相对于业务资本的衡量标准。分析人士对汽车之家的计算公式如下:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.036=人民币9.11亿?(人民币29亿元-人民币34亿元)(基于截至2022年9月的过去12个月)。
因此,汽车之家的净资产收益率为3.6%。归根结底,这是一个很低的回报率,而且低于互动媒体和服务行业5.6%的平均水平。
查看我们对汽车之家的最新分析
上图中,你可以看到汽车之家目前的净资产收益率与之前的资本回报率的对比,但从过去你只能看到这么多。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汽车之家的报道。
那么,新浪汽车之家的ROCE趋势如何?
当我们观察汽车之家的ROCE趋势时,我们并没有获得太多信心。过去五年,资本回报率从五年前的21%降至3.6%。考虑到在雇佣更多资本的同时收入有所下降,我们会持谨慎态度。如果这种情况持续下去,你可能会看到这样一家公司,它正试图通过再投资实现增长,但由于销售额没有增长,实际上正在失去市场份额。
另外,汽车之家在将目前的负债降至总资产的12%方面做得很好。因此,我们可以将其中一些因素与净资产收益率的下降联系起来。实际上,这意味着它们的供应商或短期债权人减少了对业务的融资,这降低了一些风险因素。一些人会说,这降低了企业产生净资产收益率的效率,因为它现在用自己的钱为更多的运营提供资金。
我们可以从汽车之家的ROCE中学习什么
我们对汽车之家有点担心,因为尽管有更多的资本投入到这个业务中,但资本回报率和销售额都在下降。因此,该公司股价在过去五年里下跌了48%也就不足为奇了,所以看起来投资者正在意识到这些变化。除非这些指标出现转向更积极的轨迹,否则我们会把目光投向其他地方。
最后一点,我们发现汽车之家的1个警告标志我们认为你应该意识到。
如果你想寻找收入丰厚的可靠公司,看看这个免费拥有良好资产负债表和可观股本回报率的公司名单。
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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