Landstar System (NASDAQ:LSTR) May Have Issues Allocating Its Capital
Landstar System (NASDAQ:LSTR) May Have Issues Allocating Its Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. Looking at Landstar System (NASDAQ:LSTR), it does have a high ROCE right now, but lets see how returns are trending.
如果我們想要找出下一個多倍利潤的公司，那麼需要關注一些關鍵趨勢。理想情況下，一個好的公司應該表現出兩個趨勢：首先是不斷增長的資本回報率（ROCE），其次是不斷增加的資本投入。這表明公司正在以不斷增加的回報率重新投資其利潤。來看看萊帝運輸（納斯達克：LSTR），它目前的ROCE很高，讓我們來看看回報趨勢如何。
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。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Landstar System, this is the formula:
如果您之前沒有使用過ROCE，則它是一個用來衡量公司從其業務中使用的資本投入中產生的"回報"（稅前利潤）的指標。計算萊帝運輸的該指標的公式如下：
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。
0.26 = US$299m ÷ (US$1.7b - US$590m) (Based on the trailing twelve months to March 2024).
基於截至2024年3月的過去12個月，0.26 = 美元2.99億 ÷（17億美元-5.9億美元）。因此，萊帝運輸的ROCE爲26%。這是一個極好的回報，而且不僅如此，它還超過了在類似行業中公司所獲得的平均6.9%。
Thus, Landstar System has an ROCE of 26%. That's a fantastic return and not only that, it outpaces the average of 6.9% earned by companies in a similar industry.
以上是關於當前萊帝運輸的ROCE與此前ROCE之間的比較情況，但過去並不能向我們展示太多。如果您感興趣，可以查看我們爲萊帝運輸準備的免費分析師報告中的分析師預測。
Above you can see how the current ROCE for Landstar System 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 Landstar System .
以上是萊帝運輸當前的ROCE與其先前資本回報的比較情況。但是，過去不能展示太多。如果您有興趣，可以在我們爲萊帝運輸準備的免費分析師報告中查看分析師的預測。
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。
In terms of Landstar System's historical ROCE movements, the trend isn't fantastic. To be more specific, while the ROCE is still high, it's fallen from 38% where it was five years ago. Given the business is employing more capital while revenue has slipped, this is a bit concerning. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.
就萊帝運輸歷史上的ROCE趨勢而言，情況並不理想。更爲具體地說，儘管ROCE仍然很高，但它已經從五年前的38%下降到了現在。考慮到營業收入下滑而業務投入了更多的資本，這有點令人擔憂。如果這種情況繼續下去，您可能正在看一個正在試圖通過重新投資來實現增長，但實際上正在失去市場份額的公司，因爲銷售額沒有增加。
The Bottom Line On Landstar System's ROCE
關於萊帝運輸ROCE的底線
We're a bit apprehensive about Landstar System because despite more capital being deployed in the business, returns on that capital and sales have both fallen. However the stock has delivered a 80% return to shareholders over the last five years, so investors might be expecting the trends to turn around. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.
我們對萊帝運輸有些猶豫不決，因爲儘管公司部署了更多的資本，但資本回報率和銷售額都下降了。但是，過去五年這支股票卻給股東帶來了80%的回報，因此投資者可能期待趨勢扭轉。無論如何，我們對公司的基本面不太舒服，所以現在會避開這支股票。
Like most companies, Landstar System does come with some risks, and we've found 1 warning sign that you should be aware of.
像大多數公司一樣，萊帝運輸也存在一些風險，我們已經發現了1項警告，您應該注意。
If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.
如果您想看到其他公司獲得高回報，請在此查看我們免費的高回報、堅實財務狀況的公司列表。
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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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。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。