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Some Investors May Be Worried About Northrop Grumman's (NYSE:NOC) Returns On Capital

Some Investors May Be Worried About Northrop Grumman's (NYSE:NOC) Returns On Capital

一些投資者可能會擔心諾斯羅普·格魯曼公司(紐約證券交易所代碼:NOC)的資本回報率
Simply Wall St ·  05/24 01:20

When researching a stock for investment, what can tell us that the company is in decline? More often than not, we'll see a declining return on capital employed (ROCE) and a declining amount of capital employed. Basically the company is earning less on its investments and it is also reducing its total assets. In light of that, from a first glance at Northrop Grumman (NYSE:NOC), we've spotted some signs that it could be struggling, so let's investigate.

在研究用於投資的股票時,什麼能告訴我們該公司正在衰退?通常,我們會看到下降 返回 論資本使用率(ROCE)和下降情況 金額 所用資本的比例。基本上,該公司的投資收入減少了,而且總資產也在減少。有鑑於此,乍一看諾斯羅普·格魯曼公司(紐約證券交易所代碼:NOC),我們發現了一些可能陷入困境的跡象,所以讓我們來調查一下。

Return On Capital Employed (ROCE): What Is It?

資本使用回報率(ROCE):這是什麼?

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Northrop Grumman is:

對於那些不確定ROCE是什麼的人,它衡量的是公司從其業務中使用的資本中可以產生的稅前利潤金額。諾斯羅普·格魯曼公司的計算公式爲:

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)

0.081 = US$2.8b ÷ (US$48b - US$13b) (Based on the trailing twelve months to March 2024).

0.081 = 28億美元 ÷(480億美元-130億美元) (基於截至2024年3月的過去十二個月)

Thus, Northrop Grumman has an ROCE of 8.1%. In absolute terms, that's a low return but it's around the Aerospace & Defense industry average of 9.8%.

因此,諾斯羅普·格魯曼公司的投資回報率爲8.1%。從絕對值來看,回報率很低,但約爲航空航天和國防行業的平均水平9.8%。

roce
NYSE:NOC Return on Capital Employed May 23rd 2024
紐約證券交易所:NOC 2024年5月23日動用資本回報率

Above you can see how the current ROCE for Northrop Grumman 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 Northrop Grumman .

上面你可以看到諾斯羅普·格魯曼公司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。如果你想了解分析師對未來的預測,你應該查看我們的諾斯羅普·格魯曼公司的免費分析師報告。

How Are Returns Trending?

退貨趨勢如何?

In terms of Northrop Grumman's historical ROCE movements, the trend doesn't inspire confidence. About five years ago, returns on capital were 14%, however they're now substantially lower than that as we saw above. 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. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Northrop Grumman becoming one if things continue as they have.

就諾斯羅普·格魯曼公司的歷史ROCE運動而言,這種趨勢並不能激發信心。大約五年前,資本回報率爲14%,但現在已大大低於我們在上面看到的水平。最重要的是,值得注意的是,企業內部使用的資本量一直保持相對穩定。這種組合可能表明一家成熟的企業仍有資金部署的領域,但由於新的競爭或利潤率降低,獲得的回報並不那麼高。因此,由於這些趨勢通常不利於創造多袋機,因此,如果情況繼續保持現狀,我們就不會屏住呼吸等待諾斯羅普·格魯曼公司成爲多袋機。

The Bottom Line

底線

In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. However the stock has delivered a 68% 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.

歸根結底,相同數量的資本回報率下降的趨勢通常並不表示我們正在考慮成長型股票。但是,該股在過去五年中爲股東帶來了68%的回報,因此投資者可能預計趨勢會好轉。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 about the risks facing Northrop Grumman, we've discovered 2 warning signs that you should be aware of.

如果你想了解諾斯羅普·格魯曼公司面臨的風險,我們發現了兩個你應該注意的警告信號。

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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