There Are Reasons To Feel Uneasy About Rockwell Automation's (NYSE:ROK) Returns On Capital
There Are Reasons To Feel Uneasy About Rockwell Automation's (NYSE:ROK) Returns On Capital
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. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. Looking at Rockwell Automation (NYSE:ROK), it does have a high ROCE right now, but lets see how returns are trending.
如果你不確定下一個多倍增長的股票該如何選擇，那麼你應該密切關注幾個關鍵趨勢。 在完美世界中，我們希望看到一個公司投資更多資本到業務中，並且理想情況下，從該資本投資中獲得的回報也在增加。 如果你看到這種情況，通常意味着這是一個擁有很好的商業模式和大量有利可圖的再投資機會的公司。 看看羅克韋爾自動化（紐交所：ROK），它目前確實有一個很高的ROCE，但讓我們看看回報如何趨勢。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 Rockwell Automation, this is the formula:
只是爲了澄清，如果你不確定，ROCE是用於評估一家公司在業務中投資的資本所獲得的稅前收入的指標（以百分比表示）。 要計算羅克韋爾自動化的這個指標，可以使用以下公式：
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。
0.20 = US$1.5b ÷ (US$11b - US$3.8b) (Based on the trailing twelve months to June 2024).
0.20 = 15億美元 ÷ （110億美元 - 3.8億美元）（基於截至2024年6月的過去十二個月）。
Therefore, Rockwell Automation has an ROCE of 20%. In absolute terms that's a great return and it's even better than the Electrical industry average of 12%.
因此，羅克韋爾自動化的ROCE爲20%。 從絕對值上來說，這是一個很好的回報，甚至比電氣行業的平均水平12%還要好。
Above you can see how the current ROCE for Rockwell Automation 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 Rockwell Automation .
從圖表上可以看出，羅克韋爾自動化的當前資本回報率與以前的回報率相比，但過去只能告訴你很少的信息。如果您有興趣，您可以查看我們免費的羅克韋爾自動化分析師報告中分析師的預測。
So How Is Rockwell Automation's ROCE Trending?
那麼羅克韋爾自動化的資本回報率趨勢如何？
On the surface, the trend of ROCE at Rockwell Automation doesn't inspire confidence. While it's comforting that the ROCE is high, five years ago it was 32%. 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.
表面上看，羅克韋爾自動化的資本回報率趨勢並不令人信心。雖然資本回報率較高令人放心，但五年前它達到了32%。與此同時，企業正在利用更多的資本，但過去12個月銷售額沒有顯著增長，因此這可能是長期投資的體現。從現在開始值得留意公司的盈利情況，看這些投資是否最終對底線產生貢獻。
The Bottom Line On Rockwell Automation's ROCE
羅克韋爾自動化的資本回報率的底線
In summary, Rockwell Automation is reinvesting funds back into the business for growth but unfortunately it looks like sales haven't increased much just yet. Since the stock has gained an impressive 84% over the last five years, investors must think there's better things to come. But if the trajectory of these underlying trends continue, we think the likelihood of it being a multi-bagger from here isn't high.
簡而言之，羅克韋爾自動化正在將資金重新投資到業務增長中，但不幸的是，銷售額似乎尚未大幅增長。由於過去五年股票漲幅達到了令人矚目的84%，投資者認爲未來有更好的機會。但是，如果這些潛在趨勢的軌跡繼續下去，我們認爲從現在開始成倍增長的可能性不高。
If you'd like to know about the risks facing Rockwell Automation, we've discovered 2 warning signs that you should be aware of.
如果您想了解羅克韋爾自動化面臨的風險，我們已經發現了2個值得注意的警示信號。
If you want to search for more stocks that have been earning high returns, check out this free list of stocks with solid balance sheets that are also earning high returns on equity.
如果您想尋找更多獲得高回報的股票，請查看這個免費股票列表，這些股票不僅有紮實的資產負債表，而且還有高回報率。
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