Seagate Technology Holdings (NASDAQ:STX) Will Be Looking To Turn Around Its Returns
Seagate Technology Holdings (NASDAQ:STX) Will Be Looking To Turn Around Its Returns
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. A business that's potentially in decline often shows two trends, a return on capital employed (ROCE) that's declining, and a base of capital employed that's also declining. 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, Seagate Technology Holdings (NASDAQ:STX) we aren't filled with optimism, but let's investigate further.
在研究公司時，有時很難找到警示信號，但有一些財務指標可以幫助早期發現問題。一個可能走下坡路的企業通常會顯示兩個趨勢，一個是資本的減值，也在下降。這表明公司的收益在下降，其淨資產基礎也在縮小，從而不爲股東財富增加。話雖如此，在簡短的查看後，天源迪科信息技術股份有限公司(深交所:300047)，我們並不充滿樂觀，但讓我們進一步研究。資產回報率：它是什麼？以IPG Photonics(納斯達克:IPGP)爲例，您可以看到當前ROCE與其過去資本回報的比較情況，但是從過去所能得到的信息是有限的。如果您想看看分析師對未來的預測，可以查看我們免費的分析師報告:IPG Photonics。資產回報率 = 利息和所得稅前收益（EBIT）÷（總資產-流動負債）資本僱用量也在下降。這樣的趨勢最終意味着企業正在減少投資並在其投資中獲利更少。話雖如此，在初步查看後，希捷科技控股（納斯達克：STX）並沒有讓我們充滿樂觀，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 Seagate Technology Holdings is:
對於不確定ROCE是什麼的人，它衡量的是企業可從其業務所僱用的資本中產生的稅前利潤的數量。在希捷科技控股的計算公式爲：
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。
0.05 = US$202m ÷ (US$7.1b - US$3.1b) (Based on the trailing twelve months to March 2024).
0.05 = 2.02億美元 ÷（71億美元 - 31億美元）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, Seagate Technology Holdings has an ROCE of 5.0%. In absolute terms, that's a low return and it also under-performs the Tech industry average of 8.3%.
因此，希捷科技控股的ROCE爲5.0％。從絕對值來看，這是一個較低的回報，它也低於科技行業平均水平的8.3％。
Above you can see how the current ROCE for Seagate Technology Holdings compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Seagate Technology Holdings for free.
您可以看到希捷科技控股目前的ROCE與其以往資本回報率的比較，但是您只能從過去了解到有限的信息。如果您願意，可以免費查看覆蓋希捷科技控股的分析師的預測。
What Does the ROCE Trend For Seagate Technology Holdings Tell Us?
希捷科技控股的 ROCE 趨勢告訴我們什麼？
In terms of Seagate Technology Holdings' historical ROCE trend, it isn't fantastic. To be more specific, today's ROCE was 26% five years ago but has since fallen to 5.0%. In addition to that, Seagate Technology Holdings is now employing 37% less capital than it was five years ago. When you see both ROCE and capital employed diminishing, it can often be a sign of a mature and shrinking business that might be in structural decline. If these underlying trends continue, we wouldn't be too optimistic going forward.
就希捷科技控股的歷史 ROCE 趨勢而言，它並不理想。更具體地說，今天的 ROCE 在五年前曾達到 26％，但現已下降至 5.0％。除此之外，希捷科技控股現在比五年前僱用的資本少了 37％。當您看到 ROCE 和資本僱用量同時減少時，這通常意味着一家成熟而逐漸萎縮的企業可能處於結構性衰退狀態。如果這些潛在趨勢繼續下去，我們對未來並不樂觀。
On a side note, Seagate Technology Holdings' current liabilities have increased over the last five years to 43% of total assets, effectively distorting the ROCE to some degree. If current liabilities hadn't increased as much as they did, the ROCE could actually be even lower. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
順便提一下，希捷科技控股的流動負債在過去的五年中已經增加到總資產的43％，這在一定程度上扭曲了ROCE。如果流動負債增長不像它們那樣大，ROCE 實際上可能會更低。這意味着實際上公司的相當大部分業務是由供應商或短期債權人等出資的，這可能帶來一些風險。
The Key Takeaway
重要提示
In short, lower returns and decreasing amounts capital employed in the business doesn't fill us with confidence. Yet despite these poor fundamentals, the stock has gained a huge 170% over the last five years, so investors appear very optimistic. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.
簡而言之，業務中回報率下降和投資量減少並不能讓我們充滿信心。儘管如此，股票在過去的五年中獲得了驚人的170％的漲幅，因此投資者似乎非常樂觀。無論如何，當前的潛在趨勢對長期績效不利，因此除非它們逆轉，否則我們會開始尋找其他投資標的。
On a separate note, we've found 3 warning signs for Seagate Technology Holdings you'll probably want to know about.
另外，我們發現了希捷科技控股的3個警報信號，您可能希望了解。
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
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譯文內容由第三人軟體翻譯。