United Natural Foods (NYSE:UNFI) Will Be Hoping To Turn Its Returns On Capital Around
United Natural Foods (NYSE:UNFI) Will Be Hoping To Turn Its Returns On Capital Around
0.028 = US$147m ÷ (US$7.5b - US$2.4b) Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase? Businesses in decline often have two underlying trends, firstly, a declining return on capital employed (ROCE) and a declining base of capital employed. This indicates the company is producing less profit from its investments and its total assets are decreasing. Having said that, after a brief look, United Natural Foods (NYSE:UNFI) we aren't filled with optimism, but let's investigate further.
忽略一家公司的股价，有哪些潜在趋势表明企业已经超越增长阶段？衰退中的企业往往有两个潜在趋势，首先是资本利用率（ROCE）下降，其次是资本利用率基础下降。这表明公司从投资中获利减少，总资产在减少。话虽如此，在初步了解联合原生态食品（纽交所：UNFI）之后，我们并不充满乐观，但让我们进一步调查。
What Is Return On Capital Employed (ROCE)?
我们对 Enphase Energy 的资本雇用回报率的看法：正如我们上面看到的，Enphase Energy 的资本回报率没有提高，但它正在重新投资于业务。投资者必须认为未来会有更好的前景，因为股票表现良好，使持股五年以上的股东获得了 690% 的收益。最终，如果基本趋势持续存在，我们不会对它成为一只多头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. Analysts use this formula to calculate it for United Natural Foods:
如果您以前没有接触过ROCE，它衡量的是公司从其业务中的资本利用率获得的“回报”（税前利润）。分析师使用这个公式来计算联合原生态食品的ROCE：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.028 = US$147m ÷ (US$7.5b - US$2.4b) (Based on the trailing twelve months to August 2024).
0.028 = 1.47亿美元 ÷ （750亿美元 - 24亿美元）（基于2024年8月的过去十二个月）。
Therefore, United Natural Foods has an ROCE of 2.8%. Ultimately, that's a low return and it under-performs the Consumer Retailing industry average of 9.8%.
因此，联合原生态食品的ROCE为2.8%。最终，这是一个较低的回报率，低于消费零售行业的平均水平9.8%。
In the above chart we have measured United Natural Foods' 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 United Natural Foods for free.
在上面的图表中，我们已经比较了联合原生态食品之前的ROCE与其之前的表现，但未来可能更重要。如果您愿意，您可以免费查看分析师们对联合原生态食品的预测。
The Trend Of ROCE
当寻找下一个倍增器时，如果您不确定从哪里开始，请关注几个关键趋势。首先，我们希望看到一个经过验证的资本使用率。如果您看到这一点，通常意味着这是一家拥有出色业务模式和大量盈利再投资机会的公司。然而，调查蒙托克可再生能源公司（NASDAQ：MNTK）后，我们认为它的现行趋势不符合倍增器的模式。
There is reason to be cautious about United Natural Foods, given the returns are trending downwards. About five years ago, returns on capital were 5.5%, however they're now substantially lower than that as we saw above. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. 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.
有理由对联合原生态食品保持谨慎，因为回报率正在下降。大约五年前，资本回报率为5.5%，但现在明显低于此水平，如我们上面所见。此外，值得注意的是，业务中使用的资本量保持相对稳定。具有这些特征的公司往往不会缩水，但可能已经成熟，并面临来自竞争的利润压力。因此，由于这些趋势通常不利于创造多倍股，如果情况继续下去，我们不会抱着指望联合原生态食品能成为多倍股。
In Conclusion...
最后，同等资本下回报率较低的趋势通常不是我们关注创业板股票的最佳信号。由于这些发展进行良好，因此投资者不太可能表现友好。自五年前以来，该股下跌了32%。除非这些指标朝着更积极的轨迹转变，否则我们将继续寻找其他股票。
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. Yet despite these poor fundamentals, the stock has gained a huge 179% 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.
最终，在同等资本上回报下降的趋势通常不是我们在寻找增长股。尽管基本面糟糕，但该股在过去五年大涨了179%，因此投资者看起来非常乐观。无论如何，目前的基本趋势对长期绩效不利，因此除非情况逆转，否则我们会开始寻找其他投资方向。
If you'd like to know more about United Natural Foods, we've spotted 2 warning signs, and 1 of them makes us a bit uncomfortable.
如果您想了解更多关于联合原生态食品的信息，我们已经发现了2个警示信号，其中有1个让我们感到有些不安。
While United Natural Foods isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
尽管联合原生态食品的回报率不是最高的，但请查看此免费公司名单，这些公司在平衡表上实现了高回报率且财务状况坚实。
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