Is Patterson-UTI Energy (NASDAQ:PTEN) Using Too Much Debt?
Is Patterson-UTI Energy (NASDAQ:PTEN) Using Too Much Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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. We can see that Patterson-UTI Energy, Inc. (NASDAQ:PTEN) does use debt in its business. But the real question is whether this debt is making the company risky.
当大卫·艾本说“波动性不是我们关心的风险。我们关心的是避免资本永久性损失。”时,他表达的非常确切。在评估一个企业的风险程度时自然要考虑其资产负债表情况,因为企业崩溃往往与债务有关联。我们可以看到,Patterson-UTI Energy, Inc. (纳斯达克:PTEN)在业务运营中确实使用了债务。但真正的问题是,这些债务是否会让公司变得风险重重。
When Is Debt A Problem?
什么时候负债才是一个问题?
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. If things get really bad, the lenders can take control of the business. 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. 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 examine debt levels, we first consider both cash and debt levels, together.
一般而言,只有当公司无法轻易地通过募集资本或者通过自己的现金流支付债务时,债务才会成为一个真正的问题。如果情况恶化,贷款人可以接管业务。然而,一个更常见(但仍然痛苦的)情况是,它不得不以低价筹集新的股本资本,从而永久地稀释股东的利益。尽管债务可以取代稀释,但债务也可以是企业在高回报增长投资所需资本的一种极好工具。当我们审查债务水平时,我们首先考虑现金和债务水平。
How Much Debt Does Patterson-UTI Energy Carry?
Patterson-UTI Energy负债了多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Patterson-UTI Energy had US$1.23b of debt, an increase on US$822.2m, over one year. On the flip side, it has US$167.7m in cash leading to net debt of about US$1.07b.
您可以点击下图查看历史数字,但它显示Patterson-UTI Energy截至2024年3月负债总额为12.3亿美元,较去年增加了8.222亿美元。另一方面,它有1.677亿美元现金,净负债总额约为10.7亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240614/0-eb3b29364bfa0034c1e9b7c9ab7bfd2e-0-1993b49ad6551cc81748cd9af671ccaa.png/big)
How Strong Is Patterson-UTI Energy's Balance Sheet?
Patterson-UTI Energy的资产负债表情况如何?
We can see from the most recent balance sheet that Patterson-UTI Energy had liabilities of US$916.9m falling due within a year, and liabilities of US$1.56b due beyond that. On the other hand, it had cash of US$167.7m and US$898.8m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.41b.
我们可以从最近的资产负债表看到,Patterson-UTI Energy在一年内到期的负债总额为9.169亿美元,而到期日在一年以上的负债总额为15.6亿美元。另一方面,它拥有1.677亿美元现金和8.988亿美元的应收款项,所以其负债总额超过现金和(近期)应收账款总额达14.1亿美元。
Patterson-UTI Energy has a market capitalization of US$4.06b, 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.
Patterson-UTI Energy的市值为40.6亿美元,因此在需要时,它很可能筹集资金来改善其资产负债表情况。但我们一定要保持警惕,注意债务是否带来了过多的风险。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我们使用两个主要的比率来衡量债务水平与收益的关系。一个是净债务除以利息、税、折旧和摊销前利润(EBITDA),另一个是它的利息费用与利息和税前利润(EBIT)相比的倍数(或其利息覆盖率)。这样,我们考虑了债务的绝对量以及所支付的利率。
Patterson-UTI Energy has net debt of just 0.82 times EBITDA, indicating that it is certainly not a reckless borrower. And this view is supported by the solid interest coverage, with EBIT coming in at 7.6 times the interest expense over the last year. Another good sign is that Patterson-UTI Energy has been able to increase its EBIT by 23% in twelve months, making it easier to pay down debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Patterson-UTI Energy's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Patterson-UTI Energy的净债务仅为EBITDA的0.82倍,表明它绝对不是一位鲁莽的借贷者。并且此看法得到了可靠的利息覆盖支持,因为过去一年的息税前利润(EBIT)是利息费用的7.6倍。另一个好迹象是,Patterson-UTI Energy能够在12个月内将EBIT增加23%,这使得偿还债务更加容易。毫无疑问,我们从资产负债表中了解了大部分有关债务的信息。但决定Patterson-UTI Energy能否保持健康的资产负债表状况的,更重要的还是未来的收益。因此,如果你关注未来,可以查看这份免费报告,其中包含分析师利润预测。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last two years, Patterson-UTI Energy recorded free cash flow worth a fulsome 94% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
最后,虽然税务部门可能推崇会计利润,但贷方只接受冷硬的现金。因此,我们明确需要看看EBIT是否带来了相应的自由现金流。在过去两年中,Patterson-UTI Energy录得的自由现金流价值相当于其EBIT的94%,这比我们通常预期的要更加强劲。这使得它有足够的能力偿还债务。
Our View
我们的观点
The good news is that Patterson-UTI Energy's demonstrated ability to convert EBIT to free cash flow delights us like a fluffy puppy does a toddler. And the good news does not stop there, as its EBIT growth rate also supports that impression! Zooming out, Patterson-UTI Energy seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 5 warning signs we've spotted with Patterson-UTI Energy (including 1 which is concerning) .
好消息是,Patterson-UTI Energy表现出了将EBIT转换为自由现金流的能力,这让我们对它的未来充满了信心,就像毛绒绒的小狗对幼儿一样。良好的消息并不止于此,它的EBIT增长率也支持这一印象!总体而言,Patterson-UTI Energy的债务使用相当合理;这一点得到了我们的认可。毕竟,明智的杠杆比率可以提高股权回报率。毫无疑问,我们从资产负债表中了解了大部分有关债务的信息。但最终,除了资产负债表之外,每家公司都可能存在风险。为此,您应该了解我们在Patterson-UTI Energy中发现的5个警告信号(其中有1个令人担忧)。
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.
总的来说,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包含这些公司(所有这些公司都有盈利增长的记录)。这是免费的。
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