These 4 Measures Indicate That ACM Research (NASDAQ:ACMR) Is Using Debt Reasonably Well
These 4 Measures Indicate That ACM Research (NASDAQ:ACMR) Is Using Debt Reasonably Well
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.' 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 ACM Research, Inc. (NASDAQ:ACMR) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
霍华德•马克斯曾经很好地评论过股价波动,并表示:“我担心的是永久损失的可能性…… 我认识的每个实际投资者都很担心。” 因此,在考虑任何给定股票的风险时,需要考虑债务,因为过多的债务可能会拖垮一家公司。我们注意到ACM Research, Inc.(纳斯达克:ACMR)确实有负债。但股东们应该担心其使用债务吗?所有板块应该判断一下。
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
债务为企业提供帮助,直到企业无法还清债务,无论是通过新的资本还是通过自由现金流。资本主义的内容之一就是“创造性破坏”过程,其中银行家无情地将失败的企业清算。虽然这并不太常见,但我们经常看到负债的公司由于贷款人强制他们以低价筹集资本而永久稀释股东。当然,很多公司使用债务来资助增长,没有任何负面影响。当我们审查债务水平时,首先考虑现金和债务水平。所有板块应该判断一下。
What Is ACM Research's Debt?
ACM Research的债务是什么?
As you can see below, at the end of March 2024, ACM Research had US$114.7m of debt, up from US$77.4m a year ago. Click the image for more detail. However, it does have US$278.3m in cash offsetting this, leading to net cash of US$163.7m.
您可以在下面看到,2024年3月底,ACM Research的债务为1.147亿美元,高于一年前的7740万美元。点击图像查看更多细节。然而,它确实有2.783亿美元的现金来抵消这一点,导致净现金为1.637亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240615/0-518ac313a256c1e8f6481945dc20fac9-0-d8c8c52394d1b6331631e897936dc0b9.png/big)
A Look At ACM Research's Liabilities
查看ACM Research的负债情况,我们可以看到其有533.2亿美元的到期负债和62.7亿美元的超期负债。抵消这些义务,它有2.783亿美元的现金以及价值347.7亿美元的应收账款在12个月内到期。因此,实际上它有3.0亿美元的自由现金流。
Zooming in on the latest balance sheet data, we can see that ACM Research had liabilities of US$533.2m due within 12 months and liabilities of US$62.7m due beyond that. Offsetting these obligations, it had cash of US$278.3m as well as receivables valued at US$347.7m due within 12 months. So it actually has US$30.0m more liquid assets than total liabilities.
这种情况表明,ACM Research的资产负债表看起来非常稳健,因为其总负债几乎与其流动资产相等。因此,虽然很难想象这家价值158亿美元的公司会为现金而苦苦挣扎,但我们仍然认为值得监控其资产负债表。简而言之,ACM Research拥有净现金,因此可以公正地说,其没有过重的债务负担!所有板块应该分享以下信息。比总负债还多出了更多的流动资产。
This state of affairs indicates that ACM Research's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the US$1.58b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, ACM Research boasts net cash, so it's fair to say it does not have a heavy debt load!
此外,我们很高兴向您报告,ACM Research的息税前利润(EBIT)增长45%,从而减少了未来偿还债务的不确定性。分析债务水平时,资产负债表是明显的起点。但最终是未来的盈利,而不是债务,将决定ACM Research维持健康资产负债表的能力。因此,如果您想了解专业人士的想法,您可能会发现对分析师利润预测的免费报告很有趣。
In addition to that, we're happy to report that ACM Research has boosted its EBIT by 45%, thus reducing the spectre of future debt repayments. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine ACM Research's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
最后,企业只能用现金而不是会计利润偿还债务。虽然ACM Research在其资产负债表上拥有净现金,但仍值得检查其将息税前利润(EBIT)转换为自由现金流的能力,以帮助我们了解其正在以多快的速度积累(或侵蚀)该现金余额。在过去的三年中,ACM Research总体上看到了大量的负自由现金流。虽然投资者无疑希望在适当的时候逆转这种情况,但这显然意味着它的债务使用更加风险。所有板块应该进行分享。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While ACM Research has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, ACM Research saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
虽然我们理解投资者对债务的担忧,但仍应注意ACM Research的净现金为1.637亿美元,而且其流动资产高于负债。并且它在过去一年中以45%的速度增长了EBIT。因此,我们对ACM Research的债务使用没有任何问题。当您分析债务时,资产负债表显然是关注的重点。但是,并不是所有的投资风险都在资产负债表之内。例如,我们发现了ACM Research的2个警告信号(1个不能被忽略!)在投资此处之前,您应该了解这些情况。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that ACM Research has net cash of US$163.7m, as well as more liquid assets than liabilities. And it impressed us with its EBIT growth of 45% over the last year. So we don't have any problem with ACM Research's use of debt. 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 2 warning signs for ACM Research (1 can't be ignored!) that you should be aware of before investing here.
所有板块应该判断一下。虽然我们理解投资者担心债务问题,但是需要记住,ACM Research有1.637亿美元的净现金,以及比负债更多的流动资产。我们对其EBIT在过去一年中增长了45%印象深刻。所以我们对ACM Research的债务使用没有任何问题。当您分析债务时,资产负债表显然是关注的重点。但并非所有的投资风险都在资产负债表之内-远非如此。例如,我们发现了ACM Research的2个警告信号(1个不能被忽略!)在投资此处之前,您应该了解这些情况。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底,有时更容易关注那些甚至不需要债务的公司。读者可以免费查看零净债务增长股票列表,立即获得。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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