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Slowing Rates Of Return At U-Haul Holding (NYSE:UHAL) Leave Little Room For Excitement

Slowing Rates Of Return At U-Haul Holding (NYSE:UHAL) Leave Little Room For Excitement

U-Haul Holding(纽约证券交易所代码:UHAL)的回报率放缓几乎没有激动人心的余地
Simply Wall St ·  05/23 23:36

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at U-Haul Holding (NYSE:UHAL) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.

寻找具有大幅增长潜力的企业并不容易,但如果我们看几个关键的财务指标,这是可能的。理想情况下,企业将表现出两种趋势;首先是增长 返回 论资本使用率(ROCE),其次是增加 金额 所用资本的比例。基本上,这意味着公司拥有可以继续进行再投资的盈利计划,这是复合机器的特征。话虽如此,乍一看U-Haul Holding(纽约证券交易所代码:UHAL),我们并不是对回报趋势不屑一顾,但让我们更深入地了解一下。

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 U-Haul Holding:

为了澄清一下你是否不确定,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。分析师使用这个公式来计算U-Haul Holding的利润:

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)

0.064 = US$1.1b ÷ (US$19b - US$1.4b) (Based on the trailing twelve months to December 2023).

0.064 = 11亿美元 ÷(190亿美元-14亿美元) (基于截至2023年12月的过去十二个月)

So, U-Haul Holding has an ROCE of 6.4%. In absolute terms, that's a low return and it also under-performs the Transportation industry average of 8.2%.

因此,U-Haul Holding的投资回报率为6.4%。从绝对值来看,回报率很低,也低于交通行业8.2%的平均水平。

roce
NYSE:UHAL Return on Capital Employed May 23rd 2024
纽约证券交易所:UHAL 2024年5月23日动用资本回报率

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of U-Haul Holding.

虽然过去并不能代表未来,但了解一家公司的历史表现可能会有所帮助,这就是我们上面有这张图表的原因。如果您想深入研究历史收益,请查看这些免费图表,详细说明U-Haul Holding的收入和现金流表现。

What Can We Tell From U-Haul Holding's ROCE Trend?

我们可以从U-Haul Holding的投资回报率趋势中得出什么?

In terms of U-Haul Holding's historical ROCE trend, it doesn't exactly demand attention. Over the past five years, ROCE has remained relatively flat at around 6.4% and the business has deployed 65% 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.

就U-Haul Holding的历史投资回报率趋势而言,这并不完全值得关注。在过去的五年中,投资回报率一直相对持平,约为6.4%,该业务在运营中投入的资金增加了65%。这种糟糕的投资回报率目前并不能激发信心,随着所用资本的增加,很明显,该企业没有将资金部署到高回报的投资中。

In Conclusion...

总之...

Long story short, while U-Haul Holding has been reinvesting its capital, the returns that it's generating haven't increased. Although the market must be expecting these trends to improve because the stock has gained 74% over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.

长话短说,尽管U-Haul Holding一直在对其资本进行再投资,但其产生的回报并没有增加。尽管市场必须预期这些趋势会有所改善,因为该股在过去五年中上涨了74%。归根结底,如果潜在的趋势持续下去,我们就不会屏住呼吸了,因为它是未来的 “多管齐下”。

One final note, you should learn about the 3 warning signs we've spotted with U-Haul Holding (including 1 which is a bit concerning) .

最后一点是,你应该了解一下我们在U-Haul Holding发现的3个警告信号(包括一个有点令人担忧的警告)。

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.

如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。

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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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