DXP Enterprises (NASDAQ:DXPE) Seems To Use Debt Quite Sensibly
DXP Enterprises (NASDAQ:DXPE) Seems To Use Debt Quite Sensibly
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 note that DXP Enterprises, Inc. (NASDAQ:DXPE) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
戴维·艾本说得很好,'波动率并不是我们关心的风险。我们关心的是避免资本永久损失。' 因此,当您考虑任何给定的股票有多大风险时,需要考虑债务,因为过多的债务可能会使一家公司陷入困境。我们注意到DXP Enterprises, Inc. (纳斯达克:dxp enterprises)的财务报表上确实有债务。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?
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. 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, debt can be an important tool in businesses, particularly capital heavy businesses. 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,债务仅在公司无法轻松偿还债务(无论是通过筹集资本还是利用公司自身的现金流)时才成为真正的问题。资本主义的一个重要环节就是“创造性破坏”,即倒闭的企业被银行家无情清算。但是,更常见(但仍然痛苦)的情况是,公司以低价募集新的股本资金,从而永久稀释股东权益。当然,在经营中,债务可以是企业的重要工具,特别是对于资本密集型企业而言。在考虑一家企业使用的债务数量时,首要任务是看其现金和债务的总和。
What Is DXP Enterprises's Net Debt?
DXP Enterprises的净债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 DXP Enterprises had US$525.7m of debt, an increase on US$413.1m, over one year. However, it does have US$139.7m in cash offsetting this, leading to net debt of about US$386.0m.
您可以点击下面的图形了解历史数字,但它显示,截至2024年3月,DXP Enterprises的债务为525.7百万美元,较去年增长了413.1百万美元。但是,它确实有1.397亿美元的现金来抵消这一点,从而导致净债务约为3.86亿美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-c5fe6ca30b8a54fa98314c86c88dea3a-0-ec0ff7996702c9ca971bb8b09b256a05.png/big)
How Strong Is DXP Enterprises' Balance Sheet?
DXP Enterprises的资产负债表有多强?
We can see from the most recent balance sheet that DXP Enterprises had liabilities of US$229.4m falling due within a year, and liabilities of US$579.3m due beyond that. Offsetting this, it had US$139.7m in cash and US$349.1m in receivables that were due within 12 months. So its liabilities total US$319.9m more than the combination of its cash and short-term receivables.
我们可以从最近的资产负债表中看到,DXP Enterprises拥有229.4百万美元的负债,12个月内到期,以及现金13.97亿美元和349.1百万美元的应收账款。因此,其负债总额比现金和短期应收账款的组合多319.9万美元。
This deficit isn't so bad because DXP Enterprises is worth US$756.5m, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
这种赤字并不严重,因为DXP Enterprises的价值为7.565亿美元,因此如果需要,可能能够筹集足够的资本来支持其资产负债表。但是我们绝对要保持警惕,以防其债务带来太多风险。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我们使用两个主要的比率来告诉我们相对于收益的债务水平。第一个是净债务除以利息、税、折旧和摊销前利润(EBITDA),而第二个是其利润前利息和税(EBIT)覆盖其利息费用的次数(或其利息覆盖率,简称)。因此,我们考虑与折旧和摊销费用相关的盈利以及没有相关费用的盈利相对于债务水平。
While DXP Enterprises has a quite reasonable net debt to EBITDA multiple of 2.4, its interest cover seems weak, at 2.3. This does have us wondering if the company pays high interest because it is considered risky. In any case, it's safe to say the company has meaningful debt. One way DXP Enterprises could vanquish its debt would be if it stops borrowing more but continues to grow EBIT at around 19%, as it did over the last year. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if DXP Enterprises can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
虽然DXP Enterprises的净债务与EBITDA的倍数相当合理(2.4倍),但其利息保障倍数似乎较弱(2.3倍)。这让我们想知道公司是否因为风险较高而支付高利息。不管怎样,可以肯定地说,公司有着重要的债务。当然,DXP Enterprises消除其债务的一种方式是停止借债,但仍然以约19%的速度增长EBIT,就像过去一年那样。明显资产负债表是分析债务的关键领域。但最终,企业未来的盈利能力将决定DXP Enterprises是否能够随着时间的推移加强其资产负债表。因此,如果您专注于未来,则可以查看此免费报告,其中显示了分析师的利润预测。
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. In the last three years, DXP Enterprises's free cash flow amounted to 47% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
最后,企业需要自由现金流来偿还债务;会计利润并不能解决这个问题。因此,值得检查的是EBIt有多少是由自由现金流支持的。在过去三年中,DXP Enterprises的自由现金流为其EBIt的47%,低于我们的预期。这在偿还债务时并不理想。
Our View
我们的观点
DXP Enterprises's interest cover was a real negative on this analysis, although the other factors we considered were considerably better. There's no doubt that its ability to to grow its EBIT is pretty flash. Looking at all this data makes us feel a little cautious about DXP Enterprises'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. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 3 warning signs we've spotted with DXP Enterprises (including 2 which are potentially serious) .
在这个分析中,DXP Enterprises的利息保障倍数确实是一个真正的负面因素,虽然我们考虑的其他因素要好得多。毫无疑问,其增长EBIt的能力相当不错。查看所有这些数据会让我们对DXP Enterprises的债务水平感到有点谨慎。虽然我们欣赏债务可以增强股本回报,但我们建议股东密切关注其债务水平,以防止其增加。毫无疑问,我们从资产负债表中获得关于债务的大部分信息。但最终,每家公司都可能存在超出资产负债表范围的风险。为此,您应该了解我们在DXP Enterprises中发现的3个警告信号(包括2个潜在严重问题)。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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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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