Is Chart Industries (NYSE:GTLS) Using Too Much Debt?
Is Chart Industries (NYSE:GTLS) 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.' 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 can see that Chart Industries, Inc. (NYSE:GTLS) does use debt in its business. But the real question is whether this debt is making the company risky.
正如David Iben所说,“波动性不是我们关心的风险。我们关心的是避免永久性资本损失。”因此,当您考虑某个特定股票的风险时,需要考虑债务,因为过多的债务可能会使一家公司破产。我们可以看到,查特工业股份有限公司(纽交所:GTLS)确实在业务中使用债务。但真正的问题是,这些债务是否会使公司变得有风险。
What Risk Does Debt Bring?
债务带来了什么风险?
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. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
当企业无法轻松使用自由现金流或以有吸引力的价格筹集资本来满足债务义务时,债务和其他负债会成为企业的风险。如果事情变得非常糟糕,债权人就可以控制企业。然而,更常见(但仍然昂贵)的情况是企业必须以廉价股票稀释股东权益,以便控制债务。当然,很多公司使用债务资助其增长,而没有任何负面后果。在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。
What Is Chart Industries's Debt?
查特工业股份有限公司的债务是多少?
As you can see below, Chart Industries had US$3.99b of debt at March 2024, down from US$4.33b a year prior. However, because it has a cash reserve of US$191.9m, its net debt is less, at about US$3.80b.
正如下表所示,截至2024年3月,查特工业股份有限公司的债务为39.9亿美元,较去年同期的43.3亿美元有所下降。但由于其现金储备为19190万美元,其净债务较少,约为38亿美元。
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How Healthy Is Chart Industries' Balance Sheet?
查特工业股份有限公司的资产负债表最新数据显示,到期一年内的负债为1.89亿美元,到期后还款的负债为4.46亿美元。抵消这些债务的是,它拥有1.919亿美元的现金以及价值13.8亿美元的应收账款。因此,其负债总额超过其现金和短期应收账款47.9亿美元。
The latest balance sheet data shows that Chart Industries had liabilities of US$1.89b due within a year, and liabilities of US$4.46b falling due after that. Offsetting these obligations, it had cash of US$191.9m as well as receivables valued at US$1.38b due within 12 months. So it has liabilities totalling US$4.79b more than its cash and near-term receivables, combined.
相对于其市值为6.54亿美元,这是一个巨大的杠杆。这表明,如果公司需要迅速平衡财务状况,股东将被大量稀释。
This is a mountain of leverage relative to its market capitalization of US$6.54b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
尽管查特工业股份有限公司的债务/息税前利润、折旧和摊销(EBITDA)比率(4.8)表明它使用了一些债务,但其利息覆盖率非常薄弱,为1.6,表明其负债很重。显然,借钱成本对股东的回报产生了负面影响。好消息是,查特工业股份有限公司去年的EBIT增长了189%,这很滋养,像青春的理想主义一样。如果它能继续走这条路,就能轻松摆脱债务。从资产负债表中可以了解债务情况,毫无疑问。但最终,未来的收益,而不是资产负债表,将决定查特工业股份有限公司能否保持健康的资产负债表。因此,如果您想了解专业人士的看法,您可能会发现这份免费的分析师盈利预测报告很有趣。
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。
While Chart Industries's debt to EBITDA ratio (4.8) suggests that it uses some debt, its interest cover is very weak, at 1.6, suggesting high leverage. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. The silver lining is that Chart Industries grew its EBIT by 189% last year, which nourishing like the idealism of youth. If it can keep walking that path it will be in a position to shed its debt with relative ease. 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 Chart Industries'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,会计利润无法满足要求。因此,我们始终要检查其EBIt有多少被转化为自由现金流。在过去的三年里,查特工业股份有限公司损失了大量现金。虽然投资者无疑期待这种情况在不久的将来发生逆转,但它显然意味着其债务使用更具风险性。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Chart Industries burned a lot of cash. 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.
从表面上看,查特工业股份有限公司的利息覆盖率让我们对股票感到犹豫不决,其EBIt转化为自由现金流也不如一年中最繁忙的空餐厅令人鼓舞。但好的方面是,它的EBIt增长率是一个好兆头,让我们更加乐观。从资产负债表中查看并考虑所有这些因素,我们确实相信债务使查特工业股份有限公司的股票有些风险。这不一定是坏事,但如果负债较少会让我们感到更加放心。很明显,当您分析债务时,应重点关注资产负债表。但归根结底,除了资产负债表外,每家公司都存在超越资产负债表范围的风险。例如:我们已发现3个Chart Industries的警告信号,您应该了解其中的1个。
Our View
我们的观点
On the face of it, Chart Industries's interest cover left us tentative about the stock, and its conversion of EBIT to free cash flow was no more enticing than the one empty restaurant on the busiest night of the year. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making Chart Industries stock a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 3 warning signs for Chart Industries you should be aware of, and 1 of them can't be ignored.
总体而言,查特工业股份有限公司的利息覆盖率让我们对股票感到犹豫不决,其EBIt转化为自由现金流也不如一年中最繁忙的空餐厅令人鼓舞。但好的方面是,它的EBIt增长率是一个好兆头,让我们更加乐观。从资产负债表中查看并考虑所有这些因素,我们确实相信债务使查特工业股份有限公司的股票有些风险。这不一定是坏事,但如果负债较少会让我们感到更加放心。很明显,当您分析债务时,应重点关注资产负债表。但归根结底,除了资产负债表外,每家公司都存在超越资产负债表范围的风险。例如:我们已发现3个Chart Industries的警告信号,您应该了解其中的1个。
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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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?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。