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Here's What's Concerning About Insteel Industries' (NYSE:IIIN) Returns On Capital

Here's What's Concerning About Insteel Industries' (NYSE:IIIN) Returns On Capital

以下是Insteel Industries(纽约证券交易所代码:IIN)资本回报率的担忧之处
Simply Wall St ·  04/16 07:00

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Insteel Industries (NYSE:IIIN), we don't think it's current trends fit the mold of a multi-bagger.

如果我们想找到一只可以长期成倍增长的股票,我们应该寻找哪些潜在趋势?除其他外,我们希望看到两件事;首先,成长 返回 论资本使用率(ROCE),其次是公司的扩张 金额 所用资本的比例。如果你看到这一点,这通常意味着它是一家拥有良好商业模式和大量盈利再投资机会的公司。但是,在调查了Insteel Industries(纽约证券交易所代码:IIIN)之后,我们认为目前的趋势不符合多袋机的模式。

Understanding Return On Capital Employed (ROCE)

了解资本使用回报率 (ROCE)

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. To calculate this metric for Insteel Industries, this is the formula:

对于那些不知道的人来说,ROCE是衡量公司年度税前利润(其回报率)的指标,相对于该业务使用的资本。要计算Insteel Industries的这个指标,公式如下:

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)

0.067 = US$24m ÷ (US$391m - US$33m) (Based on the trailing twelve months to December 2023).

0.067 = 2400 万美元 ÷(3.91 亿美元-3,300 万美元) (基于截至2023年12月的过去十二个月)

Thus, Insteel Industries has an ROCE of 6.7%. In absolute terms, that's a low return and it also under-performs the Building industry average of 17%.

因此,Insteel Industries的投资回报率为6.7%。从绝对值来看,这是一个低回报,其表现也低于建筑行业17%的平均水平。

roce
NYSE:IIIN Return on Capital Employed April 16th 2024
纽约证券交易所:IIIN 2024年4月16日动用资本回报率

In the above chart we have measured Insteel Industries' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Insteel Industries .

在上图中,我们将Insteel Industries先前的投资回报率与之前的表现进行了对比,但可以说,未来更为重要。如果您有兴趣,可以在我们的免费Insteel Industries分析师报告中查看分析师的预测。

How Are Returns Trending?

退货趋势如何?

When we looked at the ROCE trend at Insteel Industries, we didn't gain much confidence. To be more specific, ROCE has fallen from 15% 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Insteel Industries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15%下降。鉴于该企业在收入下滑的情况下雇用了更多的资本,这有点令人担忧。如果这种情况继续下去,你可能会看到一家试图进行再投资以促进增长,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 Insteel Industries' ROCE

我们可以从Insteel Industries的投资回报率中学到什么

In summary, we're somewhat concerned by Insteel Industries' diminishing returns on increasing amounts of capital. The market must be rosy on the stock's future because even though the underlying trends aren't too encouraging, the stock has soared 142%. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.

总而言之,我们对Insteel Industries因资本量增加而产生的回报减少感到担忧。市场必须对该股的未来持乐观态度,因为尽管潜在趋势不太令人鼓舞,但该股已飙升了142%。无论如何,我们对基本面不太满意,因此我们暂时会避开这只股票。

One more thing, we've spotted 1 warning sign facing Insteel Industries that you might find interesting.

还有一件事,我们发现了面向Insteel Industries的1个警告标志,你可能会觉得有趣。

While Insteel Industries 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.

尽管Insteel Industries目前可能无法获得最高的回报,但我们编制了一份目前股本回报率超过25%的公司清单。在这里查看这个免费清单。

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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的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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