Some Investors May Be Worried About Hasbro's (NASDAQ:HAS) Returns On Capital
Some Investors May Be Worried About Hasbro's (NASDAQ:HAS) Returns On Capital
When we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics that can help spot trouble early. Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. Trends like this ultimately mean the business is reducing its investments and also earning less on what it has invested. So after glancing at the trends within Hasbro (NASDAQ:HAS), we weren't too hopeful.
在研究一家公司時，有時很難找到警示信號，但有一些財務指標可以幫助及早發現問題。 隨着企業衰退，往往有兩個潛在趨勢，首先，資本使用率下降。 這樣的趨勢最終意味着企業減少了投資，並且在其所投資的領域上賺取的利潤也減少。 因此，在研究孩之寶（納斯達克股票代碼：HAS）的趨勢後，我們對其前景並不太樂觀。資產回報率：它是什麼？其資本使用回報率（ROCE）和資本使用量降低。基本上，公司在其投資上賺的錢越來越少，同時還在減少其總資產。 資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）本文中的資本使用率是衡量一家公司在其業務所投資的資本上賺取多少稅前收益（以百分比計）的指標。計算Hasbro的此項指標的公式如下：
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源現行ROCE與之前資本回報的比較，但過去只能知道這麼多。如果您感興趣，可以查看我們免費的蒙托克可再生能源分析師報告，了解分析師的預測。
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. To calculate this metric for Hasbro, this is the formula:
0.11 = 4.71億美元 ÷ （62億美元 - 18億美元） 因此，孩之寶的資本使用率爲11％。 從絕對值來看，這是一個相當標準的回報，但與休閒行業平均值相比仍然有所不足。
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。
0.11 = US$471m ÷ (US$6.2b - US$1.8b) (Based on the trailing twelve months to March 2024).
NasdaqGS：HAS Return on Capital Employed 2024年6月20日在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。.
Therefore, Hasbro has an ROCE of 11%. In absolute terms, that's a pretty standard return but compared to the Leisure industry average it falls behind.
在上圖中，我們測量了孩之寶先前的資本使用率與其先前的表現，但未來可能更重要。 如果您願意，您可以免費查看分析師對孩之寶的預測。
In the above chart we have measured Hasbro'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 Hasbro for free.
總之，孩之寶的資本使用率較低是不幸的。 由於同等資本回報率下降，投資者對這些發展並不滿意，股票價格已經比五年前下跌了31％。 除非這些指標有積極的轉變，否則我們會尋找其他方向。
What The Trend Of ROCE Can Tell Us
儘管如此，當我們看 enphase energy (納斯達克股票代碼：ENPH) 的時候，它似乎並沒有完全符合這些要求。
We are a bit worried about the trend of returns on capital at Hasbro. About five years ago, returns on capital were 17%, however they're now substantially lower than that as we saw above. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. If these trends continue, we wouldn't expect Hasbro to turn into a multi-bagger.
如果您想了解孩之寶面臨的風險，我們已經發現了3個應該注意的警示信號。
In Conclusion...
最後，同等資本下回報率較低的趨勢通常不是我們關注創業板股票的最佳信號。由於這些發展進行良好，因此投資者不太可能表現友好。自五年前以來，該股下跌了32%。除非這些指標朝着更積極的軌跡轉變，否則我們將繼續尋找其他股票。
In summary, it's unfortunate that Hasbro is generating lower returns from the same amount of capital. Investors haven't taken kindly to these developments, since the stock has declined 31% from where it was five years ago. Unless there is a shift to a more positive trajectory in these metrics, we would look elsewhere.
當我們研究公司時，有時很難找到警示信號，但有一些財務指標可以幫助及早發現問題。 企業衰退常常有兩個潛在趨勢，首先是資本使用率下降。這樣的趨勢最終意味着企業減少了投資，並且在其所投資的領域上賺取的利潤也減少。因此，在研究孩之寶（納斯達克代碼：HAS）的趨勢後，我們對其前景並不太樂觀。
If you'd like to know about the risks facing Hasbro, we've discovered 3 warning signs that you should be aware of.
如果您想知道孩之寶面臨的風險，我們已經發現了3個需要注意的警示信號。
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.
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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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
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@simplywallst.com。
譯文內容由第三人軟體翻譯。