Does Owens Corning (NYSE:OC) Have A Healthy Balance Sheet?
Does Owens Corning (NYSE:OC) Have A Healthy Balance Sheet?
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.' 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. As with many other companies Owens Corning (NYSE:OC) makes use of debt. But the real question is whether this debt is making the company risky.
作为一名投资者,有些人认为波动性而非债务是最好的风险认知方式,但沃伦·巴菲特有名地说“波动性与风险远非同义词。”当你评估企业的风险时,考虑它的资产负债表是再自然不过了,因为企业崩盘时通常涉及债务情况。像许多其他企业一样,欧文斯康宁(NYSE:OC)利用债务。然而,真正的问题是这些债务是否让公司变得有风险。
What Risk Does Debt Bring?
债务带来了什么风险?
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. If things get really bad, the lenders can take control of the business. 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. 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. 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,债务才会成为真正的问题,无论是通过筹集资本还是使用自身现金流。如果情况变得非常糟糕,债权人可以控制企业。然而,更常见(但仍然昂贵)的情况是公司必须以低廉的股价稀释股东,以便控制债务。通过取代稀释,债务可以成为需要以高回报率投资增长的企业非常好的工具。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来看。
What Is Owens Corning's Debt?
欧文斯康宁(Owens Corning)的债务是多少?
The chart below, which you can click on for greater detail, shows that Owens Corning had US$2.89b in debt in March 2024; about the same as the year before. On the flip side, it has US$1.25b in cash leading to net debt of about US$1.64b.
下面的图表(点击可了解更多详情)显示欧文斯康宁在2024年3月份的债务为28.9亿美元,与前年大致相同。反过来,它有12.5亿美元的现金,导致净债务约为16.4亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240625/0-268465b46e8aa26ee380c63dfe37a3c4-0-151a6c2b17094a1d085cc5daf53f8cf5.png/big)
A Look At Owens Corning's Liabilities
根据最近一份披露的资产负债表,欧文斯康宁在12个月内有22.7亿美元的负债,超过12个月的负债为37.3亿美元。相应的,它有12.5亿美元的现金和14.1亿美元的应收账款要在12个月内收回。因此,它的负债超过其现金(短期的)和应收账款之和共33.3亿美元。
According to the last reported balance sheet, Owens Corning had liabilities of US$2.27b due within 12 months, and liabilities of US$3.73b due beyond 12 months. Offsetting this, it had US$1.25b in cash and US$1.41b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$3.33b.
这个赤字并不那么严重,因为欧文斯康宁价值为154亿美元,因此在需要时可能筹集足够的资本来支撑其资产负债表。然而,仍值得仔细查看其偿还债务的能力。
This deficit isn't so bad because Owens Corning is worth a massive US$15.4b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
欧文斯康宁的净债务仅为其EBITDA的0.74倍,而其EBIT覆盖其利息支出的比率高达24.1倍。因此,您可以说它对债务的威胁不比大象被老鼠威胁更多。虽然欧文斯康宁在EBIT线上似乎没有获得太多收益,但至少收益现在保持稳定。在分析债务水平时,资产负债表是明显的起点。但是,尤其是未来的盈利能力,而不是其他任何因素,将决定欧文斯康宁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,您可能会发现这份关于分析师盈利预测的免费报告很有趣。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通过查看公司的净债务与利息、税、折旧、摊销前利润(EBITDA)之比以及它的利息费用(利息覆盖率)可以衡量一个公司的债务负担与收益能力。因此,我们考虑将债务与有无计算折旧和摊销费用的收益相对比。
Owens Corning's net debt is only 0.74 times its EBITDA. And its EBIT covers its interest expense a whopping 24.1 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. While Owens Corning doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Owens Corning'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,企业需要自由现金流来偿还债务;会计利润不够。因此,检查多少EBIT得到支持的自由现金流是值得的。在最近的三年中,欧文斯康宁的自由现金流价值为其EBIT的67%左右,这是很正常的,因为自由现金流不包括利息和税。当需要时,这笔自由现金流使该公司处于良好的偿还债务的位置。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent three years, Owens Corning recorded free cash flow worth 67% 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,业务需要自由现金流来偿还债务;会计利润并不能满足需求。因此,值得注意的是,该公司的税息前利润(EBIT)有多少是由自由现金流支持的。在过去的三年中,Owens Corning录得的自由现金流价值为其税息前利润的67%,这是相当正常的,因为自由现金流不包括利息和税项。当合适的时候,这些自由现金流将使公司处于还清债务的良好位置。
Our View
我们的观点
The good news is that Owens Corning's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And that's just the beginning of the good news since its conversion of EBIT to free cash flow is also very heartening. Taking all this data into account, it seems to us that Owens Corning takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Owens Corning has 1 warning sign we think you should be aware of.
好消息是欧文斯康宁用其EBIT覆盖利息支出的表现让我们感到愉快,就像毛绒绒的小狗让幼儿感到愉悦一样。这仅仅是好消息的开始,因为它的EBIT转化为自由现金流也令人非常欣慰。考虑到所有这些数据,我们认为欧文斯康宁采取了相当明智的应对债务的方式。虽然这带来了一些风险,但风险也可能增加股东的回报。在分析债务水平时,资产负债表是明显的起点。但是,最终,每个公司都可能包含超出资产负债表之外的风险。例如,欧文斯康宁存在1个警告信号,我们认为您应该意识到。
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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