Investors Could Be Concerned With United Natural Foods' (NYSE:UNFI) Returns On Capital
Investors Could Be Concerned With United Natural Foods' (NYSE:UNFI) Returns On Capital
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. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. Having said that, after a brief look, United Natural Foods (NYSE:UNFI) we aren't filled with optimism, but let's investigate further.
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％。ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。這類趨勢最終意味着該企業減少了其投資並且也在所投資的項目上獲得更少的收益。雖然如此，在初步研究了一下 United Natural Foods (NYSE:UNFI)後，我們還沒有足夠的樂觀信念，但讓我們進一步調查。
What Is Return On Capital Employed (ROCE)?
我們對 Enphase Energy 的資本僱用回報率的看法：正如我們上面看到的，Enphase Energy 的資本回報率沒有提高，但它正在重新投資於業務。投資者必須認爲未來會有更好的前景，因爲股票表現良好，使持股五年以上的股東獲得了 690% 的收益。最終，如果基本趨勢持續存在，我們不會對它成爲一隻多頭股持有期很久很有信心。
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 United Natural Foods is:
對於那些不確定ROCE是什麼的人來說，它是衡量企業從其業務中所使用的資本中能夠產生多少稅前利潤。其在 United Natural Foods 中的計算公式爲：
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。
0.01 = US$55m ÷ (US$7.6b - US$2.3b) (Based on the trailing twelve months to April 2024).
0.01= 5500萬美元 ÷ (76億美元 - 23億美元)(基於截至2024年4月的過去十二個月).
Therefore, United Natural Foods has an ROCE of 1.0%. In absolute terms, that's a low return and it also under-performs the Consumer Retailing industry average of 10%.
因此，United Natural Foods 的 ROCE 爲 1.0%。總的來說，收益率低，並且在消費零售行業的平均水平 10% 以下。
Above you can see how the current ROCE for United Natural Foods 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 United Natural Foods .
您可以看到 United Natural Foods 當前的 ROCE 與其先前的資本回報率相比如何，但從歷史上只能獲取有限的信息。如果您感興趣，您可以在我們的聯合原生態食品免費分析師報告中查看分析師的預測。
The Trend Of ROCE
當尋找下一個倍增器時，如果您不確定從哪裏開始，請關注幾個關鍵趨勢。首先，我們希望看到一個經過驗證的資本使用率。如果您看到這一點，通常意味着這是一家擁有出色業務模式和大量盈利再投資機會的公司。然而，調查蒙托克可再生能源公司（NASDAQ：MNTK）後，我們認爲它的現行趨勢不符合倍增器的模式。
In terms of United Natural Foods' historical ROCE movements, the trend doesn't inspire confidence. To be more specific, the ROCE was 3.9% five years ago, but since then it has dropped noticeably. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. 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. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on United Natural Foods becoming one if things continue as they have.
就聯合原生態食品的歷史 ROCE 走勢而言，這一趨勢並沒有令人信心滿滿。更具體地說，五年前的 ROCE 是 3.9%，但自那以後顯著下降。在資本僱用方面，企業使用的資本數量與當時相比基本相同。因爲收益率正在下降，且企業所使用的資產相同，這可能表明在過去五年中，該企業沒有什麼增長。因此，因爲這些趨勢通常不利於創造倍增股，如果事情繼續下去，我們不會對聯合原生態食品帶有太多期望。
The Bottom Line
還有一件事需要注意的是，我們已經確定了上海醫藥的2個警告信號，了解這些信號應該成爲你的投資過程的一部分。
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. But investors must be expecting an improvement of sorts because over the last five yearsthe stock has delivered a respectable 54% return. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
最終，同樣數量的資本回報率較低的趨勢通常不是我們在尋找增長股時所考慮的跡象。但是投資者必須期望某種改善，因爲在過去的五年中，這隻股票已經實現了可觀的54%的回報率。儘管如此，我們對基本面不太滿意，因此現在我們會避開這隻股票。
United Natural Foods does have some risks though, and we've spotted 1 warning sign for United Natural Foods that you might be interested in.
雖然聯合原生態食品存在一些風險，但我們已經發現 1 條警示信息，您可能會對聯合原生態食品感興趣。
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.
Hao Tian International Construction Investment Group確實存在一些風險，我們已經發現了一條警示標誌，你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人，可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。