Qorvo (NASDAQ:QRVO) Has A Rock Solid Balance Sheet
Qorvo (NASDAQ:QRVO) Has A Rock Solid Balance Sheet
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 seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Qorvo, Inc. (NASDAQ:QRVO) does carry debt. But should shareholders be worried about its use of debt?
霍华德·马克斯很好地表达了这一点,他说,与其担心股价波动,我担心的是永久性的损失可能性...我认识的每个实际投资者都担心这个问题。因此,看来明智的投资者都知道,债务——通常与破产有关——是评估公司风险的非常重要的因素。重要的是,纳斯达克上市公司Qorvo, Inc. (QRVO)确实承载了债务。但股东们应该担心它如何使用债务吗?
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. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
债务可以为企业提供帮助,直到企业有困难无法偿还,无论是通过新资本还是通过自由现金流。资本主义的一部分是“创造性毁灭”的过程,失败的企业会被银行家无情清算。然而,更常见(但仍然痛苦)的情况是,企业必须以低价格筹集新的股本资本,从而永久性地稀释股东的股份。当然,债务的好处在于它通常代表便宜的资本,特别是当它取代了公司能够以高投资回报率再投资的稀释时。当我们审查债务水平时,首先要考虑现金和债务的总体情况。
How Much Debt Does Qorvo Carry?
Qorvo承载了多少债务?
The chart below, which you can click on for greater detail, shows that Qorvo had US$1.99b in debt in March 2024; about the same as the year before. On the flip side, it has US$1.03b in cash leading to net debt of about US$958.7m.
下面的图表(可单击以获取更详细信息)显示,截至2024年3月,Qorvo的债务为19.9亿美元,与前一年大致相同。相反,它拥有10.3亿美元的现金,从而导致净债务约为9.587亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-d3395bc9a23a85454797f3537da4c47e-0-b12bb8c2fece02101af648409838daf4.png/big)
A Look At Qorvo's Liabilities
我们可以从最近的资产负债表中看出,Qorvo有12.3亿美元的负债在一年内到期,1.77亿美元的负债在那之后到期。相应地,它有10.3亿美元的现金和4.274亿美元的应收账款,均在12个月内到期。所以它的负债总额超过了它的现金和短期应收账款的总和1.54亿美元。
We can see from the most recent balance sheet that Qorvo had liabilities of US$1.23b falling due within a year, and liabilities of US$1.77b due beyond that. Offsetting this, it had US$1.03b in cash and US$427.4m in receivables that were due within 12 months. So it has liabilities totalling US$1.54b more than its cash and near-term receivables, combined.
由于Qorvo的公开交易股份总价值达到109亿美元,因此这种负债水平似乎不太可能构成主要威胁。然而,我们认为值得关注其资产负债表强度,因为它可能随时间而变化。
Since publicly traded Qorvo shares are worth a very impressive total of US$10.9b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
Qorvo的净债务/ EBITDA比率仅为1.3。而其EBIT轻松地覆盖了其利息支出,规模为13.4倍。因此,您可以认为它面临的债务威胁并不比大象面临的老鼠威胁更大。此外,Qorvo在过去一年中增加了21%的EBIT,这应该使其更容易偿还债务。在分析债务水平时,资产负债表是着手的明显地方。但是,尤其是未来收益,而不是其他任何因素,将确定Qorvo保持健康资产负债表的能力。因此,如果您关注未来,可以查看此免费报告,显示分析师的利润预测。
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。
Qorvo has a low net debt to EBITDA ratio of only 1.3. And its EBIT easily covers its interest expense, being 13.4 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Also positive, Qorvo grew its EBIT by 21% in the last year, and that should make it easier to pay down debt, going forward. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Qorvo'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,公司只能用冷硬现金而不是会计利润偿还债务。因此,我们显然需要查看EBIT是否导致相应的自由现金流。令人欣慰的是,对于任何股东来说,Qorvo在过去三年中实际上产生了比EBIT更多的自由现金流。这种强劲的现金生成方式,就像一个穿着大蜜蜂衣服的小狗一样让我们感到温暖。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Happily for any shareholders, Qorvo actually produced more free cash flow than EBIT over the last three years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
好消息是,Qorvo表现出覆盖利息支出的能力,使其EBIT能够让我们如同一个蓬松的小狗活泼可爱一样。这只是好消息的开始,因为它可以将EBIT转换为自由现金流,这也非常令人欣慰。进一步地,Qorvo似乎相当合理地使用债务;这得到了我们的认可。毕竟,明智的杠杆可以提高股本回报率。尽管Qorvo在底线上亏损了,但它的正面EBIT表明业务本身具有潜力。因此,您可能需要查看过去几年的收益趋势。
Our View
我们的观点
The good news is that Qorvo'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. Zooming out, Qorvo seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. Even though Qorvo lost money on the bottom line, its positive EBIT suggests the business itself has potential. So you might want to check out how earnings have been trending over the last few years.
值得庆幸的是,Qorvo已经证明了用它的EBIT来覆盖利息支出的能力,使我们感到像一个毛绒绒的小狗抱着一个幼儿那样欣喜若狂。这只是好消息的开始,因为它将EBIT转化为免费现金流的能力也非常令人鼓舞。放眼望去,Qorvo似乎相当合理地使用债务,这也得到了我们的认可。毕竟,明智的杠杆可以提高股本回报率。尽管Qorvo在底线上亏损了,但它的正面EBIT表明业务本身具有潜力。因此,您可能需要查看过去几年的收益趋势。如果您感兴趣,可以查看此免费报告,显示分析师的利润预测。
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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