Here's Why Astronics (NASDAQ:ATRO) Can Afford Some Debt
Here's Why Astronics (NASDAQ:ATRO) Can Afford Some Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 Astronics Corporation (NASDAQ:ATRO) does use debt in its business. But should shareholders be worried about its use of debt?
沃伦·巴菲特曾经说过,“波动性与风险毫不相同。”因此,当你考虑一支股票有多大风险时,你需要考虑到它的债务情况,因为太多的债务会拖垮一家公司。我们可以看到,Astronics公司(纳斯达克代码:ATRO)确实在经营中使用了债务。但股东们是否应该担心它使用债务的情况呢?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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.
债务是帮助企业成长的工具,但如果一家企业无力偿还贷款,那么它就在贷方的掌控中。最终,如果公司无法履行偿还债务的法定义务,股东可能一无所获。然而,更常见(但仍然昂贵)的情况是,一家企业只能以廉价的股票价格稀释股东来控制债务。话虽如此,最常见的情况是,一家公司合理地管理着自己的债务,从而使自己受益。
How Much Debt Does Astronics Carry?
Astronics承载了多少债务?
The image below, which you can click on for greater detail, shows that Astronics had debt of US$162.1m at the end of March 2024, a reduction from US$172.4m over a year. However, it does have US$5.31m in cash offsetting this, leading to net debt of about US$156.8m.
下面的图片可以点击以获取更详细的信息,显示Astronics在2024年3月底的债务为1.621亿美元,比去年减少了1.724亿美元。然而,它有530万美元的现金抵消,导致净债务约为1.568亿美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240718/0-2db1d8d6bd2a3d48ce30d0ae0aae011f-0-be5ea44084b68224926d16d6ff086b5f.png/big)
How Healthy Is Astronics' Balance Sheet?
Astronics的财务状况如何?
According to the last reported balance sheet, Astronics had liabilities of US$151.3m due within 12 months, and liabilities of US$227.0m due beyond 12 months. On the other hand, it had cash of US$5.31m and US$170.2m worth of receivables due within a year. So its liabilities total US$202.7m more than the combination of its cash and short-term receivables.
根据最后公布的资产负债表,Astronics在12个月内有1.513亿美元的负债,12个月后有2.270亿美元的负债。另一方面,它有530万美元的现金和1.702亿美元的应收账款。因此,其负债总额比其现金和短期应收账款的组合高出2.027亿美元。
While this might seem like a lot, it is not so bad since Astronics has a market capitalization of US$787.4m, 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. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Astronics'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.
虽然这看起来像是很多,但不算太糟糕,因为Astronics的市值为7.874亿美元,所以如果需要的话,它可能可以通过增加资本来加强其资产负债表。然而,在分析债务时,仍有必要仔细观察其偿债能力。显然资产负债表是分析债务的重点。但是,最终决定Astronics能否保持健康的资产负债表的是未来的收益。如果你想知道专业人士的看法,你可能会发现这份关于分析师收益预测的免费报告很有趣。
In the last year Astronics wasn't profitable at an EBIT level, but managed to grow its revenue by 25%, to US$718m. Shareholders probably have their fingers crossed that it can grow its way to profits.
在过去的一年中,Astronics的EBIt(息税前利润)没有盈利,但其营收增长了25%,达到了7.18亿美元。股东们可能会祈祷它能在增长中获得利润。
Caveat Emptor
买方自负。
Even though Astronics managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. To be specific the EBIT loss came in at US$5.4m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled US$10m in negative free cash flow over the last twelve months. So to be blunt we think it is risky. 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. For example, we've discovered 2 warning signs for Astronics (1 can't be ignored!) that you should be aware of before investing here.
尽管Astronics的收入增长相当灵活,但冷酷的事实是,它在EBIt方面亏损了。具体来说,EBIt亏损达540万美元。当我们看到这个数字时,想到其资产负债表上的负债相对于现金,我们认为公司负债不明智。所以我们认为它的资产负债表有一点紧张,但并非无法修复。在过去的12个月中,还有另一个值得注意的方面,即负自由现金流的1000万美元。因此,直言不讳地说,我们认为它存在风险。资产负债表显然是分析债务的重点。但是,每个公司都可能含有存在于资产负债表之外的风险。例如,我们发现Astronics存在2个警告信号(1个不能被忽视!)在你进行投资之前,你应该知道这些信号。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果您在所有这些工作之后,更感兴趣于拥有坚实资产负债表的快速发展公司,请立即查看我们的净现金成长股列表。
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?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 (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?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。