Here's What To Make Of General Motors' (NYSE:GM) Decelerating Rates Of Return
Here's What To Make Of General Motors' (NYSE:GM) Decelerating Rates Of Return
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think General Motors (NYSE:GM) has the makings of a multi-bagger going forward, but let's have a look at why that may be.
如果我們想要找出下一個多倍股，有幾個關鍵趨勢需要注意。首先，我們希望找到一個不斷增長的資本運營回報率（ROCE），同時還有一個不斷增加的資本運營基礎。這最終表明這是一個不斷以增加的回報率再投資利潤的企業。然而，在簡要查看數據後，我們認爲通用汽車（紐交所：GM）未來不具備多倍股的條件，但讓我們看看可能的原因。
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。
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for General Motors, this is the formula:
對於那些不了解的人來說，ROCE是公司每年稅前利潤（即回報）與企業資本運營相對比的一種度量指標。要爲通用汽車計算這個指標，使用下面的公式：
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。
0.063 = US$12b ÷ (US$283b - US$95b) (Based on the trailing twelve months to June 2024).
0.063 = 120億美元 ÷（2830億美元 - 95億美元）（基於截至2024年6月的過去十二個月）。
So, General Motors has an ROCE of 6.3%. In absolute terms, that's a low return and it also under-performs the Auto industry average of 8.4%.
因此，通用汽車的ROCE爲6.3%。從絕對值上看，這是一個較低的回報率，也低於汽車行業平均水平（8.4%）。
Above you can see how the current ROCE for General Motors 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 General Motors .
上面，你可以看到通用汽車目前的資本回報率（ROCE）與之前的資本回報率相比，但是過去並不能告訴我們太多。如果你有興趣，你可以查看我們爲通用汽車提供的免費分析師報告中的分析師預測。
What Does the ROCE Trend For General Motors Tell Us?
通用汽車ROCE的趨勢對我們意味着什麼？
In terms of General Motors' historical ROCE trend, it doesn't exactly demand attention. The company has consistently earned 6.3% for the last five years, and the capital employed within the business has risen 26% in that time. Given the company has increased the amount of capital employed, it appears the investments that have been made simply don't provide a high return on capital.
就通用汽車的歷史ROCE趨勢而言，並沒有引起多大關注。過去五年，該公司的ROCE保持在6.3%，而公司使用的資本在此期間增長了26%。鑑於公司增加了資本的使用量，似乎這些投資並沒有提供高回報率。
What We Can Learn From General Motors' ROCE
我們從通用汽車的ROCE中能夠學到什麼？
As we've seen above, General Motors' returns on capital haven't increased but it is reinvesting in the business. And investors may be recognizing these trends since the stock has only returned a total of 30% 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.
正如我們上面看到的，通用汽車的資本回報率並沒有增加，但是公司正在重投資業務。由於過去五年中股票僅爲股東提供了總計30%的回報，投資者可能已經認識到這些趨勢。因此，如果你在尋找潛力巨大的股票，基本的趨勢表明你可能在其他地方有更好的機會。
On a final note, we've found 2 warning signs for General Motors that we think you should be aware of.
最後，我們發現了通用汽車的兩個警示信號，我們認爲你應該注意。
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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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。
譯文內容由第三人軟體翻譯。