Some Investors May Be Worried About Korn Ferry's (NYSE:KFY) Returns On Capital
Some Investors May Be Worried About Korn Ferry's (NYSE:KFY) Returns On Capital
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. Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base 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. However, after investigating Korn Ferry (NYSE:KFY), we don't think it's current trends fit the mold of a multi-bagger.
要找到具有潛在增長空間的企業並不容易，但如果我們關注一些關鍵的財務指標，就有可能。通常來說，我們會希望注意到公司資本僱用的增長趨勢。基本上，這意味着公司有賺錢的項目可以繼續投資，這是複利機的特徵。但是，經過對上海醫藥（SHSE:601607）的調查後，我們認爲它目前的趨勢不符合多倍增長的模式。資產回報率：它是什麼？對於那些不知道ROCE是什麼的人，ROCE是一個公司每年稅前利潤（回報）與企業用於投資的資本關係的度量。在Elevance Health的計算公式如下：資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）基本上這意味着一家公司有盈利的計劃，可以繼續再投資，這是成倍增長的一個特質。然而，經過對光輝國際諮詢顧問（紐交所:KFY）的調查後，我們認爲其當前的趨勢並不符合成倍增長的標準。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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 Korn Ferry:
如果您不確定，請澄清一下，ROCE是度量一家公司賺取的現稅前利潤佔其企業投資資金的百分比的指標。分析師使用以下公式來計算光輝國際諮詢顧問的ROCE：
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。
0.10 = US$281m ÷ (US$3.7b - US$935m) (Based on the trailing twelve months to April 2024).
0.10 = 2.81億美元÷（37億美元-9.35億美元）(基於截至2024年4月的過去十二個月).
Thus, Korn Ferry has an ROCE of 10%. In absolute terms, that's a pretty standard return but compared to the Professional Services industry average it falls behind.
因此，光輝國際諮詢顧問的ROCE爲10％。就絕對值而言，這是一種相當標準的回報，但與專業服務行業板塊的平均水平相比，它還落後。
Above you can see how the current ROCE for Korn Ferry 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 Korn Ferry .
通過上面的圖表，您可以看到光輝國際諮詢顧問目前的ROCE與其過去的資本回報率相比如何，但過去只能看到有限的信息。如果您感興趣，可以在我們的免費分析師報告中查看分析師的預測。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
On the surface, the trend of ROCE at Korn Ferry doesn't inspire confidence. Around five years ago the returns on capital were 14%, but since then they've fallen to 10%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
表面上，光輝國際諮詢顧問的ROCE趨勢並不令人信服。大約五年前，資本回報率爲14％，但此後已降至10％。同時，業務正在利用更多的資本，但在過去12個月中銷售額並沒有大幅增長，因此可能反映了更長期的投資。從現在開始，值得關注公司的收益情況，看看這些投資是否真正對底線做出貢獻。
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 Korn Ferry 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 79% 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.
總之，我們發現光輝國際諮詢顧問正在重新投資業務，但回報率正在下降。儘管市場可能預期這些趨勢會改善，因爲股票在過去五年中上漲了79％，但如果基礎趨勢持續不變，我們不認爲它將成爲未來的成倍增長個股。如果您想繼續研究光輝國際諮詢顧問，您可能會對我們分析發現的1個警告標誌感興趣。
If you want to continue researching Korn Ferry, you might be interested to know about the 1 warning sign that our analysis has discovered.
如果您想繼續研究光輝國際諮詢顧問，您可能會對我們分析發現的1個警告標誌感興趣。
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.
如果您想尋找財務狀況良好、回報卓越的實力強企業，可以免費查看以下公司列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。