Mynaric AG (FRA:M0YN) ROC % : -87.33% (As of Dec. 2023)

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What is Mynaric AG ROC %?

ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. Mynaric AG's annualized return on capital (ROC %) for the quarter that ended in Dec. 2023 was -87.33%.

As of today (2024-06-08), Mynaric AG's WACC % is 18.73%. Mynaric AG's ROC % is -75.42% (calculated using TTM income statement data). Mynaric AG earns returns that do not match up to its cost of capital. It will destroy value as it grows.

Mynaric AG ROC % Historical Data

The historical data trend for Mynaric AG's ROC % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Mynaric AG ROC % Chart

Mynaric AG Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

ROC %

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-65.08

-62.93

-96.43

-107.11

-71.87

Mynaric AG Semi-Annual Data
	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
ROC %	Get a 7-Day Free Trial								-115.65	-111.02	-94.46	-65.15	-87.33

Mynaric AG ROC % Calculation

Mynaric AG's annualized Return on Capital (ROC %) for the fiscal year that ended in Dec. 2023 is calculated as:

	ROC % (A: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (A: Dec. 2022 )	+	Invested Capital (A: Dec. 2023 ))	/ count )
=	-74.053 * ( 1 - 0.59% )	/	( (83.442	+	121.426)	/ 2 )
=	-73.6160873	/	102.434
=	-71.87 %

where

	Invested Capital		(A: Dec. 2022 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	80.321	-	9.72	-	( 10.238	-	max(0, 43.209	-	30.368	+	10.238	))
=	83.442

	Invested Capital		(A: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	119.086	-	17.099	-	( 23.958	-	max(0, 74.885	-	55.446	+	23.958	))
=	121.426

Mynaric AG's annualized Return on Capital (ROC %) for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	-92.268 * ( 1 - 0.9% )	/	( (87.976	+	121.426)	/ 2 )
=	-91.437588	/	104.701
=	-87.33 %

where

	Invested Capital		(Q: Jun. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	124.026	-	10.113	-	( 47.247	-	max(0, 47.818	-	73.755	+	47.247	))
=	87.976

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	119.086	-	17.099	-	( 23.958	-	max(0, 74.885	-	55.446	+	23.958	))
=	121.426

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

Mynaric AG (FRA:M0YN) ROC % Explanation

ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.

There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.

Why is ROC % important?

Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.

As of today, Mynaric AG's WACC % is 18.73%. Mynaric AG's ROC % is -75.42% (calculated using TTM income statement data). Mynaric AG earns returns that do not match up to its cost of capital. It will destroy value as it grows.

Be Aware

Like ROE % and ROA %, ROC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.

Mynaric AG ROC % Related Terms

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Mynaric AG (FRA:M0YN) Business Description

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MYNA:USA MOYFF:USA M0YN:Germany

Address

Dornierstrasse 19, Gilching, BY, DEU, 82205

Website

https://www.mynaric.com

Mynaric AG operates in the communication equipment business sector. The company is engaged in the manufacture and sale of products and projects and the provision of services in the field of laser technology, in particular in the aerospace, telematics, and satellite services sectors. It operates in two segments: Air and Space. The space segment comprises CONDOR terminals, and the Air segment comprises HAWK terminal. The company's product portfolio consists of Optical ground stations, Air-to-ground terminals, Air-to-air terminals, Space terminals, and Custom products and subcomponents. Its applications consist of high-altitude networks, remote eye, satellite constellations, earth observation satellites, and others. Geographically, the majority is from the United States.

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