General Dynamics (NYSE:GD) Has Some Difficulty Using Its Capital Effectively
General Dynamics (NYSE:GD) Has Some Difficulty Using Its Capital Effectively
When researching a stock for investment, what can tell us that the company is in decline? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. This indicates to us that the business is not only shrinking the size of its net assets, but its returns are falling as well. So after glancing at the trends within General Dynamics (NYSE:GD), we weren't too hopeful.
在進行股票投資研究時，什麼因素會告訴我們公司正在走下坡路？通常，我們會看到資產和資本僱用的兩種趨勢。這表明業務不僅在縮小其淨資產規模，而且其回報也在下降。因此，在查看General Dynamics（NYSE：GD）的趨勢後，我們並沒有太高的希望。資產回報率：它是什麼？絕對是一個低迴報率，也低於消費耐用品行業平均水平的15％。數量對於那些不知道ROCE是什麼的人，ROCE是年利潤（即回報）與業務中使用的資本之間的比率。爲了計算General Dynamics的此度量標準，這是公式： 0.10 = US$3.9b ÷ (US$55b - US$17b)。 因此，General Dynamics的ROCE爲10％。單獨看來是資本的正常回報，並且符合行業平均回報率9.8％。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率（ROCE）是什麼？
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 Dynamics, this is the formula:
NYSE：GD資本僱用回報率於2024年6月10日。 在上面的圖表中，我們測量了General Dynamics以前的ROCE相對於其以前的表現，但未來可能更重要。如果您願意，您可以免費查看覆蓋General Dynamics的分析師的預測。
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本僱用回報率=利息和稅前收益（EBIT）÷（總資產-流動負債）
0.10 = US$3.9b ÷ (US$55b - US$17b) (Based on the trailing twelve months to March 2024).
General Dynamics的ROCE趨勢告訴我們什麼？ 存在理由對General Dynamics持謹慎態度，因爲回報率正在下降。大約五年前，資本回報率爲14％，但現在它們比之前大大降低。此外，值得注意的是，企業所僱用的資本數量保持相對穩定。由於回報率正在下降，而企業所使用的資產相同，這可能表明它是一家在過去五年沒有太多增長的成熟企業。如果這些趨勢持續下去，我們不會指望General Dynamics成爲多倍收益者。在Elevance Health上，我們已經注意到的趨勢是相當令人放心的。數據顯示，過去五年資產回報率大幅提高至15％。投資所用資產的規模也增加了30％。這表明有很多機會進行內部資本投資，並以更高的速度不斷增長，這種組合在多倍增長方面很常見。.
Thus, General Dynamics has an ROCE of 10%. By itself that's a normal return on capital and it's in line with the industry's average returns of 9.8%.
我們對General Dynamics的ROCE的看法 最後，對於同樣數量的資本的回報率下降的趨勢通常不是我們正在尋找成長股票的指標。但是，在過去五年中，該股票爲股東提供了97％的回報，因此投資者可能希望這些趨勢逆轉。無論如何，目前的潛在趨勢對長期表現並不利，因此除非它們改變，否則我們將開始尋找其它機會。
In the above chart we have measured General Dynamics' 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 General Dynamics for free.
當進行股票投資研究時，什麼因素會告訴我們公司正在走下坡路？通常，我們會看到資產和資本僱用的兩種趨勢。這表明業務不僅在縮小其淨資產規模，而且其回報也在下降。因此，在查看General Dynamics（NYSE：GD）的趨勢後，我們並沒有太高的希望。
What Does the ROCE Trend For General Dynamics Tell Us?
對於那些不知道ROCE是什麼的人，ROCE是年利潤（即回報）與業務中使用的資本之間的比率。爲了計算General Dynamics的此度量標準，這是公式： 0.10 = US$3.9b ÷ (US$55b - US$17b)。 因此，General Dynamics的ROCE爲10％。單獨看來是資本的正常回報，並且符合行業平均回報率9.8％。
There is reason to be cautious about General Dynamics, given the returns are trending downwards. 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. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect General Dynamics to turn into a multi-bagger.
此外，值得注意的是，企業所僱用的資本數量保持相對穩定。由於回報率正在下降，而企業所使用的資產相同，這可能表明它是一家在過去五年沒有太多增長的成熟企業。如果這些趨勢持續下去，我們不會指望General Dynamics成爲多倍收益者。
Our Take On General Dynamics' ROCE
最後，對於同樣數量的資本的回報率下降的趨勢通常不是我們正在尋找成長股票的指標。但是，在過去五年中，該股票爲股東提供了97％的回報，因此投資者可能希望這些趨勢逆轉。無論如何，目前的潛在趨勢對長期表現並不利，因此除非它們改變，否則我們將開始尋找其它機會。
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 97% 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.
我們已經確定了General Dynamics的1個警示信號，了解這一點應納入您的投資流程。
One more thing to note, we've identified 1 warning sign with General Dynamics and understanding this should be part of your investment process.
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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