Investors Met With Slowing Returns on Capital At Flowserve (NYSE:FLS)
Investors Met With Slowing Returns on Capital At Flowserve (NYSE:FLS)
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at Flowserve (NYSE:FLS) and its ROCE trend, we weren't exactly thrilled.
如果不知道從哪裏開始尋找下一個多倍股，那麼有幾個關鍵趨勢您應該密切關注: 首先是資本的增長,資產回報率：它是什麼？資本使用率回報(ROCE)是什麼?ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。如果您看到這篇文章並且發現公司投資資本回報率非常佳，那意味着該公司擁有出色的商業模式和充足的盈利再投資機會。然而，當我們看到福斯（紐交所：FLS）的資本回報率趨勢時，並不是很激動人心。
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 Flowserve, this is the formula:
如果您不確定什麼是資本回報率（ROCE），它是一個評估公司在其業務所投資的資本上賺取多少稅前收入的指標（以百分比計算）。計算福斯的ROCE，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。
0.12 = US$441m ÷ (US$5.1b - US$1.5b) (Based on the trailing twelve months to March 2024).
0.12 = 4.41億美元÷（51億美元-15億美元）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, Flowserve has an ROCE of 12%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Machinery industry average of 13%.
因此，福斯的ROCE爲12％。就絕對值而言，這是一個相當正常的回報率，而且非常接近機械行業板塊平均水平的13％。
In the above chart we have measured Flowserve's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Flowserve for free.
在上圖中，我們測量了福斯以往的ROCE，但未來可能更重要。如果您想了解更多信息，請免費查看分析師對福斯的預測。
How Are Returns Trending?
綜合上述，Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定，如果其他指標也不錯，則可能存在機會。因此，進一步研究這家公司並確定這些趨勢是否會持續是合理的。
Things have been pretty stable at Flowserve, with its capital employed and returns on that capital staying somewhat the same for the last five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So don't be surprised if Flowserve doesn't end up being a multi-bagger in a few years time.
在過去的五年中，福斯的資本投入和資本回報率保持了相對穩定的狀態。具備這些特徵的企業往往是成熟和穩定的運營，因爲它們已經過了增長階段。因此，如果未來幾年福斯不會成爲多倍增長股票，也就不足爲奇了。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
In a nutshell, Flowserve has been trudging along with the same returns from the same amount of capital over the last five years. And investors may be recognizing these trends since the stock has only returned a total of 2.4% to shareholders over the last five years. So if you're looking for a multi-bagger, the underlying trends indicate you may have better chances elsewhere.
總之，在過去的五年中，福斯的投資資本回報率保持不變。投資者也許正在意識到這些趨勢，因爲股票在過去的五年中只爲股東提供了2.4％的回報。因此，如果您正在尋找多倍增長的公司股票，底層趨勢表明您可能有更好的選擇。
If you'd like to know about the risks facing Flowserve, we've discovered 2 warning signs that you should be aware of.
如果您想了解福斯面臨的風險，請查看我們發現的2個警告標誌。
While Flowserve 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.
雖然福斯目前可能沒有最高的回報率，但我們已經編制了一份目前收益率超過25％的公司列表。在此免費查看此列表。
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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。