Is Omnicell (NASDAQ:OMCL) A Risky Investment?
Is Omnicell (NASDAQ:OMCL) A Risky Investment?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, Omnicell, Inc. (NASDAQ:OMCL) does carry debt. But the more important question is: how much risk is that debt creating?
Howard Marks很好地表达了这一点,他说,与其担心股价波动,“我担心的是永久性损失的可能性…我所了解的每个务实的投资者都会担心这个问题。”当您考虑到一个公司有多风险时,考虑其资产负债表是很自然的,因为债务通常与业务破产有关。然而,重要的问题在于:这笔债务会带来多少风险? Importantly,奥姆尼赛尔(omnicell)(NASDAQ : OMCL) 的确有负债。
When Is Debt Dangerous?
债务何时有危险?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般来说,当企业无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资本还是通过其自身的现金流。资本主义的本质是“创造性破坏”这个过程,其中萎靡的企业被他们的银行家无情地清算。然而,一种更常见的(但依然痛苦的)场景是,企业必须以低价筹集新的股权资本,从而永久性地稀释股东的权益。当然,在企业中,债务可以是一种重要的工具,特别是在重资产的企业。在考虑企业使用多少债务时,首先要做的是将其现金和债务放在一起看。
What Is Omnicell's Net Debt?
Omnicell的净债务是多少?
As you can see below, Omnicell had US$570.4m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. However, it does have US$512.4m in cash offsetting this, leading to net debt of about US$58.1m.
正如您在下面看到的,Omnicell在2024年3月有5.704亿美元的债务,与去年大致相同。您可以单击图表查看更多详细信息。然而,它确实有5.124亿美元的现金抵消了这笔债务,导致净债务约为5810万美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240612/0-3c2662db3874b5eb6e7ee524667b36ed-0-aab13aa7155af52b740bf62f07a783ce.png/big)
How Healthy Is Omnicell's Balance Sheet?
Omnicell的资产负债表看起来如何?
We can see from the most recent balance sheet that Omnicell had liabilities of US$416.4m falling due within a year, and liabilities of US$678.8m due beyond that. Offsetting these obligations, it had cash of US$512.4m as well as receivables valued at US$260.5m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$322.2m.
我们可以看到最近的资产负债表显示,Omnicell有4.164亿美元的债务在一年内到期,678.8百万美元的债务要在之后的时间内到期。抵消这些义务的是,它有5.124亿美元的现金,以及价值2.605亿美元的应收款项在12个月内到期。因此,其负债超过了其现金和(短期)应收款项的总和322.2百万美元。
Omnicell has a market capitalization of US$1.34b, so it could very likely raise cash to ameliorate 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 Omnicell 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.
Omnicell 的市值为13.4亿美元,因此如果需要,它很可能筹集资金来改善其资产负债表。但是我们绝对要留意其债务带来的风险。在分析债务水平时,资产负债表是开始时显而易见的地方。但是,最终业务的未来盈利能力将决定Omnicell是否能随着时间的推移加强其资产负债表。因此,如果您想了解专业人士的看法,您可能会发现此分析师利润预测的免费报告非常有趣。
Over 12 months, Omnicell made a loss at the EBIT level, and saw its revenue drop to US$1.1b, which is a fall of 13%. That's not what we would hope to see.
在12个月内,Omnicell在EBIT水平上亏损,并看到其营业收入下降至11亿美元,下降了13%。这不是我们想看到的。
Caveat Emptor
买方自负。
While Omnicell'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$30m. 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. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. We would feel better if it turned its trailing twelve month loss of US$21m into a profit. In the meantime, we consider the stock very risky. For riskier companies like Omnicell 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.
虽然Omnicell的营收下滑令人感到失望,但其利润之前的利润和税前利润(EBIT)亏损甚至更不吸引人。具体来说,EBIT亏损为3000万美元。当我们看到这一点并回想起其资产负债表上的负债,相对于现金,我们认为公司有任何债务都是不明智的。坦白地说,我们认为资产负债表离匹配状态还有很长的路要走,尽管它可能会随着时间的推移得到改善。在此期间,我们认为该股仍存在很高的风险。对于像奥姆尼赛尔这样风险较高的公司,我总是喜欢关注长期的利润和收入趋势。幸运的是,您可以单击以查看我们的利润、收入和经营现金流的互动图。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有负债负担的股票的投资者,则今天就可以发现我们的独家净现金增长股清单。
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