Would Angi (NASDAQ:ANGI) Be Better Off With Less Debt?
Would Angi (NASDAQ:ANGI) Be Better Off With Less Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that Angi Inc. (NASDAQ:ANGI) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
有人说,波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。我们注意到,安吉公司(纳斯达克股票代码:ANGI)的资产负债表上确实有债务。但真正的问题是这笔债务是否使公司面临风险。
When Is Debt A Problem?
债务何时会成为问题?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
当企业无法通过自由现金流或以诱人的价格筹集资金来轻松履行这些义务时,债务和其他负债就会成为风险。资本主义的组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。但是,更常见(但仍然昂贵)的情况是,公司为了控制债务,必须以低廉的股价稀释股东。当然,许多公司使用债务为增长提供资金,而不会产生任何负面影响。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
What Is Angi's Net Debt?
什么是安吉的净负债?
As you can see below, Angi had US$496.2m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. However, it also had US$363.3m in cash, and so its net debt is US$132.9m.
如下所示,截至2024年3月,安吉的债务为4.962亿美元,与前一年大致相同。您可以单击图表以获取更多详细信息。但是,它也有3.633亿美元的现金,因此其净负债为1.329亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240521/0-bca21f64a4d263055fb446acaed26ba2-0-a917915cfd974f1de12675e86b4eda16.png/big)
How Strong Is Angi's Balance Sheet?
安吉的资产负债表有多强?
The latest balance sheet data shows that Angi had liabilities of US$242.2m due within a year, and liabilities of US$549.7m falling due after that. On the other hand, it had cash of US$363.3m and US$60.8m worth of receivables due within a year. So it has liabilities totalling US$367.8m more than its cash and near-term receivables, combined.
最新的资产负债表数据显示,Angi的负债为2.422亿美元,之后到期的负债为5.497亿美元。另一方面,它有3.633亿美元的现金和价值6,080万美元的应收账款将在一年内到期。因此,它的负债总额比其现金和短期应收账款的总和多出3.678亿美元。
This deficit isn't so bad because Angi is worth US$1.11b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Angi can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
这种赤字还不错,因为Angi的身价为11.1亿美元,因此,如果有需要,可能会筹集足够的资金来支撑其资产负债表。但是,我们绝对希望留意其债务带来过大风险的迹象。在分析债务水平时,资产负债表是显而易见的起点。但最终,该业务的未来盈利能力将决定Angi能否随着时间的推移加强其资产负债表。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
In the last year Angi had a loss before interest and tax, and actually shrunk its revenue by 22%, to US$1.3b. To be frank that doesn't bode well.
去年,Angi在利息和税前出现亏损,实际上其收入减少了22%,至13亿美元。坦率地说,这并不是一个好兆头。
Caveat Emptor
Caveat Emptor
While Angi's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. To be specific the EBIT loss came in at US$13m. 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. For example, we would not want to see a repeat of last year's loss of US$18m. So in short it's a really risky stock. For riskier companies like Angi I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
尽管Angi收入的下降就像开玩笑一样令人心动,但可以说,其利息和税前收益(EBIT)亏损的吸引力更小。具体而言,息税前利润亏损为1300万美元。当我们审视这一点并回顾其资产负债表上相对于现金的负债时,对我们来说,公司有任何债务似乎是不明智的。因此,我们认为其资产负债表有些紧张,尽管并非无法修复。例如,我们不希望看到去年1800万美元的亏损重演。因此,简而言之,这是一只非常有风险的股票。对于像安吉这样的风险较高的公司,我总是喜欢关注长期的利润和收入趋势。幸运的是,您可以点击查看我们的利润、收入和运营现金流的交互式图表。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的净现金增长股票清单。
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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,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本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型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。