Knight-Swift Transportation Holdings (NYSE:KNX) Might Be Having Difficulty Using Its Capital Effectively
Knight-Swift Transportation Holdings (NYSE:KNX) Might Be Having Difficulty Using Its Capital Effectively
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing 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. Having said that, from a first glance at Knight-Swift Transportation Holdings (NYSE:KNX) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
您知道有一些財務指標可以提供潛在成倍收益的線索嗎？首先，我們希望找到一個持續增長的行業板塊。如果你看到這個，通常意味着公司有一個很好的商業模式和充足的有利可圖的再投資機會。然而，在調查北斗星信息科技（SZSE：002987）後，我們認爲它目前的趨勢並不符合成倍收益模式。資產回報率：它是什麼？資本僱用回報率 (ROCE) 是一種早期趨勢，可以用來識別有可能在長期內翻倍增值的股票，然後在此基礎上，要尋找一個不斷增長的業務板塊和行業板塊。這告訴我們這是一臺複利機器，能夠不斷地將其收益再投入業務，從而產生更高的回報。因此，在這點上，Materialise (納斯達克:MTLS) 看起來相當有前途，因爲它在資本回報方面的趨勢相當不錯。資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）總的來說，這些類型的企業可以說是複利機器，意味着它們不斷地以越來越高的回報率重新投資其盈利。然而，從Knight-Swift Transportation Holdings（紐交所：KNX）的回報率趨勢來看，我們並不會因此而興奮，讓我們仔細看看。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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. The formula for this calculation on Knight-Swift Transportation Holdings is:
如果您不確定，ROCE是一種度量公司在業務資本中投資了多少稅前收入（以百分比表示）的指標。在Knight-Swift Transportation Holdings上進行此計算的公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率（ROCE）是指企業利潤，即企業稅前利潤除以企業投入的總資本（負債加股權）。如果ROCE高於企業財務成本的承受能力，那麼企業就會創造出更多的價值。
0.017 = US$183m ÷ (US$13b - US$1.6b) (Based on the trailing twelve months to March 2024).
0.017 = 1.83億美元 ÷ （130億美元 - 16億美元）在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Therefore, Knight-Swift Transportation Holdings has an ROCE of 1.7%. Ultimately, that's a low return and it under-performs the Transportation industry average of 7.1%.
因此，Knight-Swift Transportation Holdings的ROCE爲1.7%。最終，這是一個低迴報，其表現低於運輸行業的平均水平7.1%。
Above you can see how the current ROCE for Knight-Swift Transportation Holdings compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for Knight-Swift Transportation Holdings .
您可以在上面看到Knight-Swift Transportation Holdings當前ROCE與其之前的資本回報率相比的情況，但從過去的數據中可以得到的信息是有限的。如果您感興趣，您可以在我們免費的Knight-Swift Transportation Holdings分析師報告中查看分析師的預測。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
In terms of Knight-Swift Transportation Holdings' historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 7.6% over the last five years. However it looks like Knight-Swift Transportation Holdings might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It may take some time before the company starts to see any change in earnings from these investments.
就Knight-Swift Transportation Holdings的歷史ROCE變動而言，趨勢不是十分理想。更具體地說，過去五年中，ROCE從7.6%下降。然而，由於雖然投入使用的資本已經增加，但公司的銷售額在過去12個月中並沒有太大變化，看起來Knight-Swift Transportation Holdings可能正在爲未來的長期增長而重新投資。這些投資可能需要一些時間才能改變公司的收益。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
To conclude, we've found that Knight-Swift Transportation Holdings is reinvesting in the business, but returns have been falling. Although the market must be expecting these trends to improve because the stock has gained 64% 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.
綜上所述，我們發現Knight-Swift Transportation Holdings正在對業務進行再投資，但回報率卻一直在下降。儘管市場必須期望這些趨勢會改善，因爲股價在過去5年內已經上漲了64%，但如果這些趨勢繼續下去，我們並不會抱有對其未來的多倍收益的期望。
On a separate note, we've found 2 warning signs for Knight-Swift Transportation Holdings you'll probably want to know about.
另外，我們發現了2個Knight-Swift Transportation Holdings的預警信號，您可能需要知道。
While Knight-Swift Transportation 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.
雖然Knight-Swift Transportation Holdings的回報率不是最高的，但請查看此免費公司列表，該列表中的公司具有堅實的資產負債表並具有高回報率。
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