Some Investors May Be Worried About Sensata Technologies Holding's (NYSE:ST) Returns On Capital
Some Investors May Be Worried About Sensata Technologies Holding's (NYSE:ST) Returns On Capital
If you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop up? More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. This indicates the company is producing less profit from its investments and its total assets are decreasing. Having said that, after a brief look, Sensata Technologies Holding (NYSE:ST) we aren't filled with optimism, but let's investigate further.
如果你正在看一個成熟的業務，已經過了增長階段，那麼會有哪些基本趨勢出現呢？通常我們會看到資產下降。這表明公司從其投資中產生的利潤越來越少，總資產正在減少。話雖如此，在簡短地了解了Sensata Technologies Holding (NYSE:ST)之後，我們並不感到樂觀，但讓我們進一步調查。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。 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。在投入的資本減少的情況下，這表明公司從其投資中產生的利潤越來越少，其總資產正在減少。
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. To calculate this metric for Sensata Technologies Holding, this is the formula:
只是爲了澄清一下，ROCE是一種用於評估公司在其業務中投資的資本獲得多少稅前收入（以百分比計）。計算Sensata Technologies Holding這一度量的公式是：
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。
0.083 = US$564m ÷ (US$7.6b - US$794m) (Based on the trailing twelve months to March 2024).
0.083 = US$56400萬 ÷ (US$76億 - US$794m)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。.
So, Sensata Technologies Holding has an ROCE of 8.3%. In absolute terms, that's a low return and it also under-performs the Electrical industry average of 13%.
因此，Sensata Technologies Holding的ROCE爲8.3％。絕對來說，這是一個低迴報，且低於電氣行業的平均13％。
Above you can see how the current ROCE for Sensata Technologies Holding 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 Sensata Technologies Holding .
如上圖所示，您可以了解到Sensata Technologies Holding當前的ROCE與其過去的資本回報率相比如何，但過去只能告訴我們這麼多。如果您感興趣，您可以查看我們爲Sensata Technologies Holding編寫的免費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。
We are a bit worried about the trend of returns on capital at Sensata Technologies Holding. To be more specific, the ROCE was 11% five years ago, but since then it has dropped noticeably. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. This combination can be indicative of a mature business that still has areas to deploy capital, but the returns received aren't as high due potentially to new competition or smaller margins. If these trends continue, we wouldn't expect Sensata Technologies Holding to turn into a multi-bagger.
我們對Sensata Technologies Holding的資本回報率趨勢有些擔憂。更具體地說，ROCE在五年前是11％，但自那以來已明顯下降。除此之外，值得注意的是企業內投入的資本量相對穩定。這種組合可能表明一個成熟的業務仍有可以投資的領域，但收到的回報不高，可能是由於新的競爭或較小的利潤率等原因。如果這些趨勢持續下去，我們不會期望Sensata Technologies Holding變成一個多倍立方體。
What We Can Learn From Sensata Technologies Holding's ROCE
我們從Sensata Technologies Holding的ROCE中可以學到的東西
All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. It should come as no surprise then that the stock has fallen 16% over the last five years, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.
總之，在相同投入的資本收益率降低的情況下，這些並不是複利機器的跡象。因此，過去5年中該股票下跌了16％，所以投資者認識到了這些變化。在這種情況下，除非基本趨勢恢復到更積極的軌跡，否則我們將考慮尋找其他方案。
Sensata Technologies Holding does have some risks though, and we've spotted 1 warning sign for Sensata Technologies Holding that you might be interested in.
Sensata Technologies Holding確實存在一些風險，我們已經發現Sensata Technologies Holding的1個警告信號，可能會引起您的興趣。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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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。
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譯文內容由第三人軟體翻譯。