Returns On Capital At Construction Partners (NASDAQ:ROAD) Have Stalled
Returns On Capital At Construction Partners (NASDAQ:ROAD) Have Stalled
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. In light of that, when we looked at Construction Partners (NASDAQ:ROAD) and its ROCE trend, we weren't exactly thrilled.
你知道有一些財務指標可以爲潛在的多袋裝袋者提供線索嗎?通常,我們希望注意到增長的趨勢 返回 在資本使用率(ROCE)方面,除此之外,還在擴大 基礎 所用資本的比例。簡而言之,這些類型的企業是複合機器,這意味着他們不斷以更高的回報率對收益進行再投資。有鑑於此,當我們研究建築合作伙伴(納斯達克股票代碼:ROAD)及其投資回報率趨勢時,我們並不十分興奮。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Construction Partners:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。分析師使用這個公式來計算建築合作伙伴的利潤:
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)
0.092 = US$94m ÷ (US$1.3b - US$263m) (Based on the trailing twelve months to December 2023).
0.092 = 940萬美元 ÷(13億美元-2.63億美元) (基於截至2023年12月的過去十二個月)。
So, Construction Partners has an ROCE of 9.2%. Ultimately, that's a low return and it under-performs the Construction industry average of 12%.
因此,建築夥伴的投資回報率爲9.2%。歸根結底,這是一個低迴報,其表現低於建築業12%的平均水平。
In the above chart we have measured Construction Partners' 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 analyst report for Construction Partners .
在上圖中,我們將建築合作伙伴先前的投資回報率與之前的表現進行了比較,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們爲建築合作伙伴提供的免費分析師報告。
How Are Returns Trending?
退貨趨勢如何?
The returns on capital haven't changed much for Construction Partners in recent years. Over the past five years, ROCE has remained relatively flat at around 9.2% and the business has deployed 179% more capital into its operations. This poor ROCE doesn't inspire confidence right now, and with the increase in capital employed, it's evident that the business isn't deploying the funds into high return investments.
近年來,建築合作伙伴的資本回報率沒有太大變化。在過去五年中,投資回報率一直相對持平,約爲9.2%,該業務在運營中投入的資金增加了179%。這種糟糕的投資回報率目前並不能激發信心,隨着所用資本的增加,很明顯,該企業沒有將資金部署到高回報的投資中。
The Bottom Line
底線
In conclusion, Construction Partners has been investing more capital into the business, but returns on that capital haven't increased. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 346% gain to shareholders who have held over the last five years. However, unless these underlying trends turn more positive, we wouldn't get our hopes up too high.
總之,Construction Partners一直在向該業務投入更多資金,但該資本的回報率並未增加。投資者一定認爲會有更好的事情發生,因爲該股已經脫穎而出,爲在過去五年中持股的股東帶來了346%的漲幅。但是,除非這些潛在趨勢變得更加樂觀,否則我們不會抱太高的希望。
Like most companies, Construction Partners does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣,Construction Partners確實存在一些風險,我們發現了一個你應該注意的警告信號。
While Construction Partners isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管Construction Partners的回報率並不高,但請查看這份免費清單,列出了資產負債表穩健的股本回報率高的公司。
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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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。