Corning (NYSE:GLW) May Have Issues Allocating Its Capital
Corning (NYSE:GLW) May Have Issues Allocating Its Capital
When it comes to investing, there are some useful financial metrics that can warn us when a business is potentially in trouble. When we see a declining return on capital employed (ROCE) in conjunction with a declining base of capital employed, that's often how a mature business shows signs of aging. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. Having said that, after a brief look, Corning (NYSE:GLW) we aren't filled with optimism, but let's investigate further.
說到投資，有一些有用的財務指標可以提示我們企業潛在的困境。當我們看到持續下降的資本僱用率，通常意味着一個成熟的企業逐漸變老。最終這意味着公司獲得的投入回報降低且其資本僱用額逐步縮小。話雖如此，康寧公司（紐交所：GLW）經簡短查看後，我們對其發展前景不是很樂觀，但還是讓我們繼續調查。資產回報率：它是什麼？與資本僱用下降相結合，如果股本僱用下降，這通常表明一家成熟企業正在變老。這表明該公司未能增加股東財富，因爲回報下降且淨資產基礎正在縮小。資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）康寧（紐交所：GLW）的現有資本回報率相較於先前的回報率情況如上所示，但是從過去的情況中僅能推斷出有限的信息。如果您願意，您可以免費查看覆蓋康寧的分析師的預測。
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. To calculate this metric for Corning, this is the formula:
僅爲澄清，如果您不確定，ROCE是一種用於評估公司在其業務中投入的資本所獲得的稅前收入（以百分比形式）的指標。要計算康寧的此指標，使用以下公式：
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。
0.055 = US$1.3b ÷ (US$28b - US$4.2b) (Based on the trailing twelve months to March 2024).
0.055 = 美元13億 ÷ (美元280億 - 美元42億)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。.
Thus, Corning has an ROCE of 5.5%. Ultimately, that's a low return and it under-performs the Electronic industry average of 11%.
因此，康寧的ROCE爲5.5%。最終，這是一個相對較低的回報率，低於電子行業的平均水平11%。
Above you can see how the current ROCE for Corning compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Corning for free.
如上所述，您可以查看與康寧相關的分析師免費發佈的預測，但先前回報率提供的信息是有限的。
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。
There is reason to be cautious about Corning, given the returns are trending downwards. To be more specific, the ROCE was 7.5% five years ago, but since then it has dropped noticeably. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Corning becoming one if things continue as they have.
考慮到回報率呈下降趨勢，我們對康寧公司持謹慎態度。具體來說，ROCE在五年前爲7.5%，但自那時以來顯着下降。此外，就進行資本僱用而言，該公司使用的資本規模與五年前大致相同。表現這些特徵的公司往往不會縮小，但它們可能成熟並面臨來自競爭的利潤壓力。因此，由於這些趨勢通常不利於創造超級股票，如果事情繼續按照現狀發展，我們不會對康寧的前景寄予厚望。
The Bottom Line On Corning's ROCE
關於康寧的ROCE的結論
In summary, it's unfortunate that Corning is generating lower returns from the same amount of capital. Investors must expect better things on the horizon though because the stock has risen 34% in the last five years. Regardless, we don't like the trends as they are and if they persist, we think you might find better investments elsewhere.
總之，不幸的是康寧從同樣數量的資本中獲得的回報率較低。雖然這個股票在過去五年中上漲了34%，但投資者必須期待更好的前景。無論如何，我們並不喜歡目前的趨勢，如果這種趨勢持續下去，我們認爲您可能會在其他地方找到更好的投資機會。
On a final note, we found 4 warning signs for Corning (1 is concerning) you should be aware of.
最後一點，我們爲康寧發現了4個警示信號（其中1個令人擔憂），您應該了解這些信息。
While Corning 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.
雖然康寧目前可能並未獲得最高的回報率，但我們已編制了一張當前收益率超過25%的公司列表。請免費查看此處的列表。
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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。