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Zebra Technologies (NASDAQ:ZBRA) Is Reinvesting At Lower Rates Of Return

Zebra Technologies (NASDAQ:ZBRA) Is Reinvesting At Lower Rates Of Return

斑馬科技(納斯達克股票代碼:ZBRA)正在以較低的回報率進行再投資
Simply Wall St ·  05/23 22:12

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base 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. Although, when we looked at Zebra Technologies (NASDAQ:ZBRA), it didn't seem to tick all of these boxes.

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,我們希望看到經過驗證的 返回 關於正在增加的資本使用率(ROCE),其次是擴大 基礎 所用資本的比例。如果你看到這一點,這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。但是,當我們研究斑馬科技(納斯達克股票代碼:ZBRA)時,它似乎並沒有勾選所有這些方框。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

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. The formula for this calculation on Zebra Technologies is:

對於那些不知道的人來說,ROCE是衡量公司年度稅前利潤(其回報率)的指標,相對於該業務使用的資本。在 Zebra Technologies 上進行此計算的公式爲:

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)

0.093 = US$520m ÷ (US$7.3b - US$1.6b) (Based on the trailing twelve months to March 2024).

0.093 = 5.2億美元 ÷(73億美元-16億美元) (基於截至2024年3月的過去十二個月)

Therefore, Zebra Technologies has an ROCE of 9.3%. In absolute terms, that's a low return but it's around the Electronic industry average of 11%.

因此,斑馬科技的投資回報率爲9.3%。從絕對值來看,回報率很低,但約爲電子行業的11%。

roce
NasdaqGS:ZBRA Return on Capital Employed May 23rd 2024
納斯達克證券交易所:ZBRA 2024年5月23日動用資本回報率

Above you can see how the current ROCE for Zebra Technologies compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Zebra Technologies .

在上面你可以看到斑馬科技當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果您想了解分析師對未來的預測,則應查看我們免費的 Zebra Technologies 分析師報告。

So How Is Zebra Technologies' ROCE Trending?

那麼 Zebra Technologies 的 ROCE 趨勢如何呢?

When we looked at the ROCE trend at Zebra Technologies, we didn't gain much confidence. Around five years ago the returns on capital were 19%, but since then they've fallen to 9.3%. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.

當我們研究斑馬科技的投資回報率趨勢時,我們並沒有獲得太大的信心。大約五年前,資本回報率爲19%,但此後已降至9.3%。考慮到在僱用更多資本的同時收入有所下降,我們會謹慎行事。如果這種情況繼續下去,你可能會看到一家試圖進行再投資以促進增長,但由於銷售額沒有增加,實際上正在失去市場份額的公司。

What We Can Learn From Zebra Technologies' ROCE

我們可以從 Zebra Technologies 的 ROCE 中學到什麼

From the above analysis, we find it rather worrisome that returns on capital and sales for Zebra Technologies have fallen, meanwhile the business is employing more capital than it was five years ago. However the stock has delivered a 94% return to shareholders over the last five years, so investors might be expecting the trends to turn around. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.

從上述分析來看,我們發現相當令人擔憂的是,Zebra Technologies的資本回報率和銷售額有所下降,同時該業務使用的資本比五年前還要多。但是,該股在過去五年中爲股東帶來了94%的回報,因此投資者可能會預期趨勢會好轉。無論如何,當前的潛在趨勢對長期表現來說並不是一個好兆頭,因此,除非趨勢逆轉,否則我們將開始將目光投向其他地方。

If you'd like to know more about Zebra Technologies, we've spotted 2 warning signs, and 1 of them doesn't sit too well with us.

如果您想進一步了解 Zebra Technologies,我們已經發現了 2 個警告信號,其中 1 個對我們來說不太合適。

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.

對於那些喜歡投資穩健公司的人,可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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