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United Natural Foods (NYSE:UNFI) Will Be Looking To Turn Around Its Returns

United Natural Foods (NYSE:UNFI) Will Be Looking To Turn Around Its Returns

聯合天然食品(紐約證券交易所代碼:UNFI)將尋求扭轉其回報
Simply Wall St ·  03/06 06:31

If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. This combination can tell you that not only is the company investing less, it's earning less on what it does invest. On that note, looking into United Natural Foods (NYSE:UNFI), we weren't too upbeat about how things were going.

如果你看的是已經過了增長階段的成熟企業,那麼會出現哪些潛在的趨勢?通常,我們會看到下降 返回 論資本使用率(ROCE)和下降情況 金額 所用資本的比例。這種組合可以告訴你,公司不僅減少了投資,而且投資的收益也減少了。就此而言,縱觀聯合天然食品公司(紐約證券交易所代碼:UNFI),我們對事情的發展並不太樂觀。

Understanding Return On Capital Employed (ROCE)

了解資本使用回報率 (ROCE)

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for United Natural Foods, this is the formula:

對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。要計算聯合天然食品的這個指標,公式如下:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)

0.018 = US$94m ÷ (US$7.8b - US$2.6b) (Based on the trailing twelve months to October 2023).

0.018 = 940萬美元 ÷(78億美元-26億美元) (基於截至2023年10月的過去十二個月)

Thus, United Natural Foods has an ROCE of 1.8%. In absolute terms, that's a low return and it also under-performs the Consumer Retailing industry average of 11%.

因此,聯合天然食品的投資回報率爲1.8%。從絕對值來看,回報率很低,也低於消費零售行業11%的平均水平。

roce
NYSE:UNFI Return on Capital Employed March 6th 2024
紐約證券交易所:UNFI 2024年3月6日動用資本回報率

Above you can see how the current ROCE for United Natural Foods 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 analyst report for United Natural Foods .

上面你可以看到聯合天然食品當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果你想了解分析師對未來的預測,你應該查看我們的聯合天然食品免費分析師報告。

What Does the ROCE Trend For United Natural Foods Tell Us?

聯合天然食品的ROCE趨勢告訴我們什麼?

There is reason to be cautious about United Natural Foods, given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 4.3% that they were earning five years ago. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. 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. If these trends continue, we wouldn't expect United Natural Foods to turn into a multi-bagger.

鑑於回報率呈下降趨勢,有理由對聯合天然食品持謹慎態度。不幸的是,資本回報率已從五年前的4.3%有所下降。在資本使用方面,該企業使用的資本量與當時大致相同。這種組合可能表明一家成熟的企業仍有資金部署的領域,但由於新的競爭或利潤率降低,獲得的回報並不那麼高。如果這些趨勢繼續下去,我們預計聯合天然食品不會變成多袋公司。

In Conclusion...

總之...

In summary, it's unfortunate that United Natural Foods is generating lower returns from the same amount of capital. Investors must expect better things on the horizon though because the stock has risen 11% 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.

總而言之,不幸的是,聯合天然食品從相同數量的資本中獲得的回報較低。但是,投資者必須期待更好的局面,因爲該股在過去五年中上漲了11%。無論如何,我們不喜歡當前的趨勢,如果趨勢持續下去,我們認爲您可能會在其他地方找到更好的投資。

United Natural Foods does have some risks though, and we've spotted 1 warning sign for United Natural Foods that you might be interested in.

但是,聯合天然食品確實存在一些風險,我們發現了聯合天然食品的一個警告信號,你可能會對此感興趣。

While United Natural Foods 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.

儘管聯合天然食品目前可能無法獲得最高的回報,但我們編制了一份目前股本回報率超過25%的公司名單。在這裏查看這個免費清單。

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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.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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