Returns On Capital At GATX (NYSE:GATX) Have Stalled
Returns On Capital At GATX (NYSE:GATX) Have Stalled
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Having said that, from a first glance at GATX (NYSE:GATX) we aren't jumping out of our chairs at how returns are trending, but let's have a deeper look.
如果我們想找到潛在的多袋裝袋機，通常有一些潛在的趨勢可以提供線索。首先，我們想找一個正在成長的 返回 關於已用資本（ROCE），然後除此之外，還不斷增加 基礎 所用資本的比例。基本上，這意味着公司擁有可以繼續進行再投資的盈利計劃，這是複合機器的特徵。話雖如此，乍一看 GATX（紐約證券交易所代碼：GATX），我們並不是對回報趨勢不屑一顧，但讓我們更深入地了解一下。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率（ROCE）？
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. Analysts use this formula to calculate it for GATX:
爲了澄清一下你是否不確定，ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入（按百分比計算）的指標。分析師使用這個公式來計算 GATX 的值：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥（總資產-流動負債）
0.035 = US$391m ÷ (US$11b - US$311m) (Based on the trailing twelve months to December 2023).
0.035 = 3.91億美元 ÷（110億美元-3.11億美元） （基於截至2023年12月的過去十二個月）。
Therefore, GATX has an ROCE of 3.5%. Ultimately, that's a low return and it under-performs the Trade Distributors industry average of 13%.
因此，GATX 的投資回報率爲 3.5%。歸根結底，這是一個低迴報，其表現低於貿易分銷商行業13％的平均水平。
In the above chart we have measured GATX'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 GATX for free.
在上圖中，我們將GATX先前的投資回報率與之前的表現進行了比較，但可以說，未來更爲重要。如果你願意，你可以免費查看分析師對GATX的預測。
What Can We Tell From GATX's ROCE Trend?
我們可以從 GATX 的 ROCE 趨勢中得出什麼？
The returns on capital haven't changed much for GATX in recent years. The company has consistently earned 3.5% for the last five years, and the capital employed within the business has risen 51% 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.
近年來，GATX的資本回報率沒有太大變化。在過去五年中，該公司的收入一直保持在3.5％，在此期間，公司內部使用的資本增長了51％。鑑於該公司增加了動用資本金額，看來已經進行的投資根本無法提供很高的資本回報率。
The Key Takeaway
關鍵要點
In summary, GATX has simply been reinvesting capital and generating the same low rate of return as before. Since the stock has gained an impressive 85% over the last five years, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
總而言之，GATX只是在對資本進行再投資，併產生與以前一樣低的回報率。由於該股在過去五年中上漲了令人印象深刻的85％，因此投資者必須認爲會有更好的事情發生。歸根結底，如果潛在的趨勢持續下去，我們就不會屏住呼吸了，因爲它是未來的 “多管齊下”。
GATX does have some risks, we noticed 3 warning signs (and 1 which shouldn't be ignored) we think you should know about.
GATX 確實存在一些風險，我們注意到了 3 個警告信號（其中一個不容忽視），我們認爲你應該知道。
While GATX 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.
儘管GATX目前可能無法獲得最高的回報，但我們編制了一份目前股本回報率超過25％的公司名單。在這裏查看這個免費清單。
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