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There Are Reasons To Feel Uneasy About United Airlines Holdings' (NASDAQ:UAL) Returns On Capital

There Are Reasons To Feel Uneasy About United Airlines Holdings' (NASDAQ:UAL) Returns On Capital

關於聯合大陸航空(納斯達克:UAL)資本回報率,有理由感到不安。
Simply Wall St ·  12/25 01:44

What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing 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. However, after briefly looking over the numbers, we don't think United Airlines Holdings (NASDAQ:UAL) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

我們應該關注哪些早期趨勢,以識別可能在長期內增值的股票?理想情況下,一家企業會顯示出兩個趨勢;首先是資本回報率(ROCE)的增長,其次是資本使用量的增加。簡單來說,這類企業是複利機器,這意味着它們不斷以越來越高的回報率重新投資其收益。然而,在簡單瀏覽了一下數據後,我們認爲聯合大陸航空(納斯達克:UAL)未來並不具備成爲多倍收益股票的潛力,但我們來看看原因是什麼。

What Is Return On Capital Employed (ROCE)?

什麼是資本回報率(ROCE)?

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. To calculate this metric for United Airlines Holdings, this is the formula:

對於那些不確定ROCE是什麼的人,它衡量的是一家公司從其投入的資本中產生的稅前利潤。要計算聯合大陸航空的這一指標,公式如下:

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)

0.097 = US$4.8b ÷ (US$73b - US$23b) (Based on the trailing twelve months to September 2024).

0.097 = 48000000000美元 ÷ (730000000000美元 - 23000000000美元) (基於截至2024年9月的過去十二個月數據)。

So, United Airlines Holdings has an ROCE of 9.7%. On its own, that's a low figure but it's around the 8.9% average generated by the Airlines industry.

因此,聯合大陸航空的ROCE爲9.7%。單獨來看,這個數字較低,但它大約是航空行業8.9%的平均水平。

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NasdaqGS:UAL Return on Capital Employed December 24th 2024
納斯達克GS:UAL 資本回報率 2024年12月24日

Above you can see how the current ROCE for United Airlines Holdings 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 United Airlines Holdings .

上面可以看到聯合大陸航空的當前ROCE與其過去的資本回報率的比較,但從過去你只能了解到有限的信息。如果你感興趣,可以查看我們關於聯合大陸航空的免費分析師報告中的分析師預測。

What The Trend Of ROCE Can Tell Us

ROCE的趨勢可以告訴我們什麼

In terms of United Airlines Holdings' historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 9.7% from 12% five years ago. 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's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.

在聯合大陸航空的歷史ROCE波動方面,趨勢並不理想。在過去五年中,資本回報率從五年前的12%下降到9.7%。與此同時,該業務正在使用更多的資本,但在過去12個月中的銷售沒有太大變化,因此這可能反映出長期投資。從現在開始,值得關注該公司的收益,以看看這些投資是否最終能對底線產生貢獻。

Our Take On United Airlines Holdings' ROCE

我們對聯合大陸航空ROCE的看法

To conclude, we've found that United Airlines Holdings is reinvesting in the business, but returns have been falling. Unsurprisingly, the stock has only gained 13% over the last five years, which potentially indicates that investors are accounting for this going forward. Therefore, if you're looking for a multi-bagger, we'd propose looking at other options.

總之,我們發現聯合大陸航空正在對業務進行再投資,但回報率卻在下降。毫不奇怪,過去五年該股票僅上漲了13%,這可能表明投資者在考慮未來的這一情況。因此,如果你在尋找一隻能帶來翻倍收益的股票,我們建議你考慮其他期權。

If you'd like to know about the risks facing United Airlines Holdings, we've discovered 2 warning signs that you should be aware of.

如果你想了解聯合大陸航空面臨的風險,我們發現了需要你注意的兩個警告信號。

While United Airlines Holdings isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.

雖然聯合大陸航空的回報率並不高,但請查看這份免費的公司名單,這些公司正在獲得高額的股本回報,並且資產負債表穩健。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。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在提到的任何股票中均沒有持倉。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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