Generac Holdings (NYSE:GNRC) Will Want To Turn Around Its Return Trends
Generac Holdings (NYSE:GNRC) Will Want To Turn Around Its Return Trends
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Although, when we looked at Generac Holdings (NYSE:GNRC), it didn't seem to tick all of these boxes.
如果你在寻找下一款多功能装袋机时不确定从哪里开始，那么你应该留意一些关键趋势。通常，我们希望注意到增长的趋势 返回 在资本使用率（ROCE）方面，除此之外，还在扩大 基础 的已动用资本。归根结底，这表明这是一家以更高的回报率对利润进行再投资的企业。但是，当我们查看Generac Holdings（纽约证券交易所代码：GNRC）时，它似乎并没有勾选所有这些方框。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（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. Analysts use this formula to calculate it for Generac Holdings:
如果您不确定，可以澄清一下，ROCE是评估公司从投资于其业务的资本中获得多少税前收入（按百分比计算）的指标。分析师使用以下公式为Generac Holdings计算得出：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益 (EBIT) ¥（总资产-流动负债）
0.081 = US$344m ÷ (US$5.2b - US$900m) (Based on the trailing twelve months to September 2023).
0.081 = 3.44 亿美元 ¥（52 亿美元-9 亿美元） （基于截至2023年9月的过去十二个月）。
Therefore, Generac Holdings has an ROCE of 8.1%. Ultimately, that's a low return and it under-performs the Electrical industry average of 14%.
因此，通用控股的投资回报率为8.1％。归根结底，这是一个低回报，其表现低于电气行业14％的平均水平。
Check out our latest analysis for Generac Holdings
查看我们对Generac Holdings的最新分析
In the above chart we have measured Generac 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 Generac Holdings here for free.
在上面的图表中，我们对Generac Holdings之前的投资回报率与之前的表现进行了比较，但可以说，未来更为重要。如果你愿意，你可以在这里免费查看对Generac Holdings的分析师的预测。
What The Trend Of ROCE Can Tell Us
ROCE 的趋势能告诉我们什么
When we looked at the ROCE trend at Generac Holdings, we didn't gain much confidence. To be more specific, ROCE has fallen from 19% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. 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.
当我们查看Generac Holdings的投资回报率趋势时，我们并没有获得太大的信心。更具体地说，投资回报率已从过去五年的19％有所下降。鉴于该企业在收入下滑的情况下使用了更多的资本，这有点令人担忧。如果这种情况持续下去，你可能会看到一家试图进行再投资以实现增长，但由于销售额没有增加，实际上正在失去市场份额的公司。
What We Can Learn From Generac Holdings' ROCE
我们可以从Generac Holdings的投资回报率中学到什么
From the above analysis, we find it rather worrisome that returns on capital and sales for Generac Holdings have fallen, meanwhile the business is employing more capital than it was five years ago. Yet despite these concerning fundamentals, the stock has performed strongly with a 87% return over the last five years, so investors appear very optimistic. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
从上述分析来看，我们感到相当令人担忧的是，Generac Holdings的资本回报率和销售额下降了，与此同时，该业务使用的资本比五年前还要多。然而，尽管存在这些令人担忧的基本面，但该股在过去五年中表现强劲，回报率为87％，因此投资者显得非常乐观。无论如何，当前的基本趋势并不是长期表现的好兆头，因此，除非它们逆转，否则我们将开始将目光投向其他地方。
Generac Holdings does have some risks, we noticed 2 warning signs (and 1 which is significant) we think you should know about.
Generac Holdings确实存在一些风险，我们注意到两个警告信号（还有一个很重要），我们认为你应该知道。
While Generac 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.
尽管Generac Holdings的回报率不是最高的，但请查看这份免费清单，列出了资产负债表稳健且股本回报率很高的公司。
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