Here's Why Murphy USA (NYSE:MUSA) Can Manage Its Debt Responsibly
Here's Why Murphy USA (NYSE:MUSA) Can Manage Its Debt Responsibly
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Murphy USA Inc. (NYSE:MUSA) does use debt in its business. But the more important question is: how much risk is that debt creating?
霍华德·马克斯（ Howard Marks）很好地表达了这一点，他说，与其担心股价的波动性，'我担心的风险是永久性损失……我认识的每个实际投资者都在担心这个问题。当我们思考一家公司有多大的风险时，我们总是喜欢研究它的债务使用情况。因为债务过载可能导致破产。我们可以看到Murphy USA Inc（ 纽交所：MUSA）在业务中使用债务。但更重要的问题是，这些债务产生了多少风险？
When Is Debt Dangerous?
债务何时有危险？
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
当债务和其他负债对于企业来说变得有风险时，当它无法轻松地通过自由现金流或以有吸引力的价格筹集资本来履行这些义务时，风险就会出现。如果公司不能履行偿还债务的法定义务，股东将可能一无所有。然而，一个更为普遍（但仍然昂贵）的情况是一家公司必须以低廉的股票价格稀释股东，以便控制债务。话虽如此，在大多数情况下，一家公司合理地管理其债务 - 并获得了自己的优势。考虑企业使用多少债务时，首先要做的是查看其现金和债务的综合情况。
How Much Debt Does Murphy USA Carry?
Murphy USA承担多少债务？
As you can see below, Murphy USA had US$1.67b of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has US$62.8m in cash leading to net debt of about US$1.61b.
正如下面所示，Murphy USA在2024年3月拥有16.7亿美元的债务，与去年大致相同。您可以单击图表以获得更多详细信息。另一方面，它拥有6,280万美元的现金，导致净债务约为16.1亿美元。
How Strong Is Murphy USA's Balance Sheet?
Murphy USA的资产负债表最新数据显示，由于明年无法偿还的8.847亿美元的负债，并且因此需要偿还的2.64亿美元的负债以下。抵消这些义务，它有6,280万美元的现金以及在12个月内到期的应收账款价值380.5美元。因此，它的负债总额超过现金和即期应收账款的3.08亿美元。
The latest balance sheet data shows that Murphy USA had liabilities of US$884.7m due within a year, and liabilities of US$2.64b falling due after that. Offsetting these obligations, it had cash of US$62.8m as well as receivables valued at US$380.5m due within 12 months. So it has liabilities totalling US$3.08b more than its cash and near-term receivables, combined.
虽然这可能看起来很多，但这并不是那么糟糕，因为Murphy USA的市值为97.5亿美元，因此如果需要，它可能可以通过筹集资本来加强其资产负债表。但是，仍然值得密切关注其偿债能力。Murphy USA的净债务为1.6倍EBITDA，表明其债务使用合理。而且有趣的利息覆盖率（8.4倍利息支出的EBIT）当然有助于这种印象。
While this might seem like a lot, it is not so bad since Murphy USA has a market capitalization of US$9.75b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.
另一方面，Murphy USA的EBIT在过去一年中下降了16%。我们认为，如果经常重复这种绩效表现，可能会给股票带来困难。毫无疑问，我们从资产负债表中了解到债务。但是，与其它权益投资风险相比，未来收益更重要。因此，如果您注意未来，可以查看此免费报告，显示分析师的利润预测。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
为了对公司的债务相对于其收益进行规模适应，我们计算其净债务与利息、税、折旧和摊销前收益（EBITDA）之比及其税前收益（EBIT）与利息支出之比（利息保障倍数）。因此，我们既考虑到不包括折旧和摊销费用在内的收益，又包括折旧和摊销费用的收益相对于债务。
Murphy USA's net debt of 1.6 times EBITDA suggests graceful use of debt. And the alluring interest cover (EBIT of 8.4 times interest expense) certainly does not do anything to dispel this impression. On the other hand, Murphy USA's EBIT dived 16%, over the last year. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. 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 Murphy USA'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.
最后，企业需要自由现金流来偿还债务；会计利润不起作用。因此，逻辑上步骤是查看由实际自由现金流匹配的EBIT的比例。在过去最近的三年中，Murphy USA记录了价值占其EBIT约62％的自由现金流，这与常态相似，因为自由现金流不包括利息和税金。该自由现金流使公司有能力在适当时期偿还债务。没有根据我们所看到的，考虑到其EBIT增长率，Murphy USA并不容易，但我们考虑的其他因素使我们对此感到乐观。特别是，我们认为其利息覆盖率是一种积极因素。查看所有这些数据使我们对Murphy USA的债务水平感到有些谨慎。尽管我们欣赏债务可以增加股本回报，但我们建议股东密切关注其债务水平，以免增加。在分析债务水平时，资产负债表是开始的显而易见的地方。然而，并非所有投资风险都存在于资产负债表中。例如-Murphy USA有1个警告信号，我们认为应该注意。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, Murphy USA recorded free cash flow worth 62% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最后，企业需要自由现金流来偿还债务。会计利润不够用。因此，逻辑是查看实际自由现金流匹配的EBIT的比例。在最近三年中，Murphy USA记录的自由现金流价值相当于其EBIT的62％，这在自由现金流不包括利息和税金的情况下是正常的。这种自由现金流使公司具有在适当时期偿还债务的良好地位。
Our View
我们的观点
Based on what we've seen Murphy USA is not finding it easy, given its EBIT growth rate, but the other factors we considered give us cause to be optimistic. In particular, we thought its interest cover was a positive. Looking at all this data makes us feel a little cautious about Murphy USA's debt levels. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example - Murphy USA has 1 warning sign we think you should be aware of.
根据我们所看到的，考虑到其EBIT增长率，Murphy USA并不容易，但我们考虑的其他因素使我们对此感到乐观。特别是，我们认为其利息覆盖率是一种积极因素。查看所有这些数据使我们对Murphy USA的债务水平感到有些谨慎。尽管我们欣赏债务可以增加股本回报，但我们建议股东密切关注其债务水平，以免增加。在分析债务水平时，资产负债表是开始的显而易见的地方。然而，并非所有投资风险都存在于资产负债表中。例如-Murphy USA有1个警告信号，我们认为应该注意。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者，发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。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。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。