Is Bloom Energy (NYSE:BE) A Risky Investment?
Is Bloom Energy (NYSE:BE) A Risky Investment?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that Bloom Energy Corporation (NYSE:BE) does use debt in its business. But should shareholders be worried about its use of debt?
伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”因此,当你评估公司的风险时,聪明的人似乎知道债务(通常与破产有关)是一个非常重要的因素。我们可以看出来 布鲁姆能源公司 纽约证券交易所代码:BE)在其业务中确实使用了债务。但是,股东们是否应该担心其对债务的使用?
When Is Debt A Problem?
债务何时会成为问题?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
一般而言,只有当公司无法通过筹集资金或用自己的现金流轻松还清债务时,债务才会成为真正的问题。在最坏的情况下,如果一家公司无法偿还债权人,它可能会破产。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。但是,通过取代稀释,对于需要资金以高回报率投资增长的企业来说,债务可能是一个非常好的工具。当我们考虑公司对债务的使用时,我们首先要同时考虑现金和债务。
View our latest analysis for Bloom Energy
查看我们对 Bloom Energy 的最新分析
What Is Bloom Energy's Net Debt?
布鲁姆能源的净负债是多少?
As you can see below, at the end of June 2023, Bloom Energy had US$1.32b of debt, up from US$847.5m a year ago. Click the image for more detail. However, it does have US$767.1m in cash offsetting this, leading to net debt of about US$549.9m.
如下所示,截至2023年6月底,Bloom Energy的债务为13.2亿美元,高于去年同期的8.475亿美元。点击图片了解更多详情。但是,它确实有7.671亿美元的现金抵消了这一点,净负债约为5.499亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230909/0-69536d919f91320182d5a805828086e9-0-425d791110df3f280f4dcd0d7ad0efe4.png/big)
A Look At Bloom Energy's Liabilities
看看布鲁姆能源的负债
We can see from the most recent balance sheet that Bloom Energy had liabilities of US$518.0m falling due within a year, and liabilities of US$1.55b due beyond that. On the other hand, it had cash of US$767.1m and US$401.5m worth of receivables due within a year. So it has liabilities totalling US$894.6m more than its cash and near-term receivables, combined.
我们可以从最新的资产负债表中看出,Bloom Energy在一年内到期的负债为5.180亿美元,此后到期的负债为15.5亿美元。另一方面,它有7.671亿美元的现金和价值4.015亿美元的应收账款在一年内到期。因此,它的负债总额比其现金和短期应收账款的总和多出8.946亿美元。
Bloom Energy has a market capitalization of US$3.15b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Bloom Energy can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Bloom Energy的市值为31.5亿美元,因此,如果需要,它很可能会筹集资金来改善资产负债表。但是,仍然值得仔细研究一下其偿还债务的能力。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,该业务未来的盈利能力将决定Bloom Energy能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
Over 12 months, Bloom Energy reported revenue of US$1.3b, which is a gain of 34%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.
在过去的12个月中,Bloom Energy公布的收入为13亿美元,增长了34%,尽管它没有报告任何利息和税前收益。运气好的话,公司将能够实现盈利。
Caveat Emptor
Caveat Emptor
Even though Bloom Energy managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. Indeed, it lost US$147m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled US$573m in negative free cash flow over the last twelve months. So suffice it to say we consider the stock very risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for Bloom Energy that you should be aware of before investing here.
尽管Bloom Energy设法相当巧妙地提高了收入,但冷酷的事实是,它正在息税前利润线上亏损。事实上,按息税前利润计算,它损失了1.47亿美元。当我们审视这个问题并回想起资产负债表上相对于现金的负债时,该公司有任何债务对我们来说似乎是不明智的。因此,我们认为它的资产负债表有点紧张,尽管并非无法修复。另一个需要谨慎行事的是,在过去的十二个月中,自由现金流为负5.73亿美元。因此,只要说我们认为这只股票风险很高就足够了。资产负债表显然是你分析债务时要关注的领域。但是,并非所有的投资风险都存在于资产负债表中,远非如此。例如,我们发现 1 个 Bloom Energy 的警告 在这里投资之前,你应该注意这一点。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
归根结底,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。
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Simply Wall St 的这篇文章本质上是笼统的。 我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。简而言之,华尔街在上述任何股票中都没有头寸。