Some Investors May Be Worried About Nordstrom's (NYSE:JWN) Returns On Capital
Some Investors May Be Worried About Nordstrom's (NYSE:JWN) Returns On Capital
Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. So after we looked into Nordstrom (NYSE:JWN), the trends above didn't look too great.
忽略一個公司的股價，有哪些潛在趨勢告訴我們一個企業已經過了創業板階段？衰退的企業通常有兩個潛在趨勢，首先是資本投入的下降。基本上，公司在投資方面獲得的回報正在減少。因此，在我們研究過諾德斯特龍（紐交所：JWN）之後，上述趨勢看起來不太好。資產回報率：它是什麼？其資本使用回報率（ROCE）和資本使用量降低。基本上，公司在其投資上賺的錢越來越少，同時還在減少其總資產。 資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）佔用資本的減少。基本上，公司在其投資上所獲得的回報正在減少，而它的總資產也在減少。 因此，在我們研究過諾德斯特龍（紐交所：JWN）之後，上述趨勢看起來不太好。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Nordstrom is:
如果您以前沒有使用過ROCE，則它可以衡量公司從其業務中所投入的資本所生成的“回報”（稅前利潤）。 在Nordstrom的計算中，此計算的公式如下：
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。
0.093 = US$496m ÷ (US$8.5b - US$3.1b) (Based on the trailing twelve months to May 2024).
0.093 = 美元496m ÷ （美元8.5b-美元3.1b）（截至2024年5月的過去十二個月）.
Therefore, Nordstrom has an ROCE of 9.3%. On its own, that's a low figure but it's around the 11% average generated by the Multiline Retail industry.
因此，諾德斯特龍的ROCE爲9.3％。從單獨的數字來看，這是一個較低的數字，但它接近多行業板塊平均達到的11％。
Above you can see how the current ROCE for Nordstrom 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 Nordstrom .
您可以看到諾德斯特龍目前的ROCE與其之前的資本回報的比較情況，但從過去看到的信息有限。如果您有興趣，可以查看我們免費的Nordstrom分析師報告中的分析師預測。
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。
There is reason to be cautious about Nordstrom, given the returns are trending downwards. To be more specific, the ROCE was 15% 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. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Nordstrom becoming one if things continue as they have.
存在理由要謹慎看待諾德斯特龍，因爲返回正在下降。 更具體地說，五年前ROCE爲15％，但自那以後明顯下降。在資本投入方面，企業正在使用與以前相同的資本量。由於回報正在下降，而企業擁有相同數量的資產，這可能表明這是一個五年內沒有太多增長的成熟企業。因此，因爲這些趨勢通常不利於創建多袋行情，如果事情繼續如此，我們不會對諾德斯特龍保持樂觀。
Our Take On Nordstrom's ROCE
我們對諾德斯特龍的ROCE的看法
In summary, it's unfortunate that Nordstrom is generating lower returns from the same amount of capital. Long term shareholders who've owned the stock over the last five years have experienced a 20% depreciation in their investment, so it appears the market might not like these trends either. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
總之，不幸的是，諾德斯特龍正在從同等資本中獲得較低的回報。在過去五年中持有該股票的長期股東已經經歷了20％的貶值，因此似乎市場也不喜歡這些趨勢。除非這些指標轉向更積極的軌跡，否則我們將尋找其他投資機會。
One more thing to note, we've identified 2 warning signs with Nordstrom and understanding these should be part of your investment process.
還有一件事要注意，我們已經識別出諾德斯特龍存在2個警示信號，並且了解這些信號應該是您投資過程的一部分。
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。
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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
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譯文內容由第三人軟體翻譯。