The Return Trends At Kyndryl Holdings (NYSE:KD) Look Promising
The Return Trends At Kyndryl Holdings (NYSE:KD) Look Promising
0.044 = US$260m ÷ (US$10b - US$4.2b) If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. So when we looked at Kyndryl Holdings (NYSE:KD) and its trend of ROCE, we really liked what we saw.
如果我們想找到可以在長期內增值的股票，我們應該關注哪些潛在趨勢呢？除其他因素外，我們希望看到兩個主要點；首先，資本僱傭回報率（ROCE）增長，其次，公司資本僱用量的增加。簡而言之，這些類型的企業是複利機器，意味着它們持續以日益增高的回報率再投資其收益。因此，當我們觀察Kyndryl Holdings（紐交所:KD）及其ROCE趨勢時，我們確實喜歡所看到的。
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 Kyndryl Holdings is:
對於那些不確定ROCE是什麼的人，它衡量了公司能從其業務中資本僱用中產生的稅前利潤數量。這種計算在Kyndryl Holdings上的公式是：
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。
0.044 = US$260m ÷ (US$10b - US$4.2b) (Based on the trailing twelve months to June 2024).
0.044 = 2600百萬美元 ÷ （100億美元 - 42億美元）（截至2024年6月的過去十二個月）。
Thus, Kyndryl Holdings has an ROCE of 4.4%. Ultimately, that's a low return and it under-performs the IT industry average of 11%.
因此，Kyndryl Holdings的ROCE爲4.4%。最終，這是一個較低的回報，表現低於IT行業的平均水平11%。
Above you can see how the current ROCE for Kyndryl Holdings compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Kyndryl Holdings .
您可以看到凱恩德利控股的當前ROCE與其以往資本回報相比如何，但僅憑過去只能了解有限。如果您想了解分析師未來的預測，請查看我們爲凱恩德利控股提供的免費分析師報告。
What Does the ROCE Trend For Kyndryl Holdings Tell Us?
凱恩德利控股的ROCE趨勢告訴我們什麼？
We're delighted to see that Kyndryl Holdings is reaping rewards from its investments and has now broken into profitability. While the business is profitable now, it used to be incurring losses on invested capital four years ago. Additionally, the business is utilizing 24% less capital than it was four years ago, and taken at face value, that can mean the company needs less funds at work to get a return. The reduction could indicate that the company is selling some assets, and considering returns are up, they appear to be selling the right ones.
我們很高興看到凱恩德利控股正在從其投資中獲得回報，並且現在已經實現了盈利。雖然業務現在盈利了，但四年前它還在投入資本上虧損。此外，該企業現在比四年前利用的資本少了24%，從表面上看，這意味着公司需要更少的資金來獲得回報。這種減少可能表明公司正在出售一些資產，並且考慮到回報率上升，他們似乎在出售合適的資產。
On a separate but related note, it's important to know that Kyndryl Holdings has a current liabilities to total assets ratio of 42%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另外一個相關的注意事項是，知道凱恩德利控股目前的流動負債與總資產比率爲42%，這在我們看來相當高。這實際上意味着供應商（或短期債權人）爲企業提供了大部分資金，因此請注意，這可能引入一些風險因素。理想情況下，我們希望看到這一比率降低，因爲這意味着承擔風險的義務較少。
Our Take On Kyndryl Holdings' ROCE
我們對凱恩德利控股的ROCE看法
In summary, it's great to see that Kyndryl Holdings has been able to turn things around and earn higher returns on lower amounts of capital. And with a respectable 56% awarded to those who held the stock over the last year, you could argue that these developments are starting to get the attention they deserve. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.
總的來說，看到凱恩德利控股能夠扭轉局面，獲得更高的資本回報率真是太棒了。而且在過去一年中，持有該股票的人獲得了尊敬的56%的回報，可以說這些發展開始獲得應有的關注。因此，鑑於這支股票已經證明具有有希望的趨勢，值得進一步研究該公司，以確定這些趨勢是否可能持續下去。
On the other side of ROCE, we have to consider valuation. That's why we have a FREE intrinsic value estimation for KD on our platform that is definitely worth checking out.
在ROCE另一側，我們必須考慮估值。這就是爲什麼我們在我們的平台上爲KD提供免費的內在價值估算，絕對值得一看。
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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