Cognex (NASDAQ:CGNX) Might Be Having Difficulty Using Its Capital Effectively
Cognex (NASDAQ:CGNX) Might Be Having Difficulty Using Its Capital Effectively
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base 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. Although, when we looked at Cognex (NASDAQ:CGNX), it didn't seem to tick all of these boxes.
如果我們想要找出下一個多袋股,有幾個關鍵趨勢值得關注。首先,我們希望找到一個增長的資本使用回報率(ROCE),然後,再加上一個不斷增長的資本使用基礎。簡單來說,這些類型的企業是複利機器,意味着它們持續以越來越高的回報率再投資其收益。儘管我們看了康耐視(納斯達克:CGNX),似乎並沒有滿足所有這些條件。
Return On Capital Employed (ROCE): What Is It?
資本利用率(ROCE)是什麼?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Cognex, this is the formula:
對於那些不了解的人,ROCE是衡量公司年度稅前利潤(其回報)相對於企業資本使用的一個指標。要爲康耐視計算這個指標,使用以下公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)
0.05 = US$94m ÷ (US$2.1b - US$171m) (Based on the trailing twelve months to September 2024).
0.05 = 9400萬美元 ÷ (21億美元 - 1.71億美元)(基於2024年9月的過去十二個月)。
Therefore, Cognex has an ROCE of 5.0%. In absolute terms, that's a low return and it also under-performs the Electronic industry average of 10.0%.
因此,康耐視的ROCE爲5.0%。就絕對值而言,這是一個較低的回報率,並且還低於電子行業平均水平的10.0%。
Above you can see how the current ROCE for Cognex 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 Cognex for free.
在上面,您可以看到康耐視當前的資本回報率(ROCE)與其先前資本回報的比較,但過去只能告訴你這麼多。如果願意,您可以免費查看分析師對康耐視的預測。
How Are Returns Trending?
綜合上述,Cimpress非常有效地提高了其資本利用率所產生的回報。考慮到股票過去五年保持穩定,如果其他指標也不錯,則可能存在機會。因此,進一步研究這家公司並確定這些趨勢是否會持續是合理的。
On the surface, the trend of ROCE at Cognex doesn't inspire confidence. Around five years ago the returns on capital were 13%, but since then they've fallen to 5.0%. Meanwhile, the business is utilizing more capital but this hasn't moved the needle much in terms of sales in the past 12 months, so this could reflect longer term investments. It may take some time before the company starts to see any change in earnings from these investments.
表面上看,康耐視的資本回報率(ROCE)的趨勢並沒有激發信心。大約五年前的資本回報率爲13%,但自那時以來已下降至5.0%。與此同時,業務正在利用更多的資本,但在過去12個月的銷售中沒有太多變化,所以這可能反映了更長期的投資。公司可能需要一些時間才能從這些投資中看到盈利的變化。
Our Take On Cognex's ROCE
我們對康耐視的資本回報率(ROCE)的看法
To conclude, we've found that Cognex is reinvesting in the business, but returns have been falling. And investors appear hesitant that the trends will pick up because the stock has fallen 12% in the last five years. Therefore based on the analysis done in this article, we don't think Cognex has the makings of a multi-bagger.
總而言之,我們發現康耐視正在對業務進行再投資,但回報率在下降。投資者似乎不太確信趨勢會好轉,因爲股價在過去五年中下跌了12%。因此,基於本文所做的分析,我們認爲康耐視並非潛力股。
One more thing to note, we've identified 1 warning sign with Cognex and understanding this should be part of your investment process.
還有一件事需要注意,我們發現康耐視存在1個警告信號,了解這一點應成爲您投資過程的一部分。
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.
對於喜歡投資穩健公司的人,請查看這份具有穩健資產負債表和高權益回報的公司免費列表。
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。