We Think Aspen Aerogels (NYSE:ASPN) Has A Fair Chunk Of Debt
We Think Aspen Aerogels (NYSE:ASPN) Has A Fair Chunk Of Debt
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Aspen Aerogels, Inc. (NYSE:ASPN) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
传奇基金经理李璐(受查理·芒格支持)曾经说过“最大的投资风险不是价格的波动,而是你是否会遭受永久性的本金损失。” 当我们考虑一家企业的风险性时,我们总是喜欢看其债务的使用情况,因为债务超载会导致灭顶之灾。 我们注意到,Aspen Aerogels,Inc.(NYSE: ASPN)确实在其资产负债表上有债务。 但更重要的问题是:这笔债务产生了多少风险?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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. 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,只有当公司无法轻松偿还债务时,无论是通过筹集资本还是使用自己的现金流,债务才会成为一个真正的问题。最终,如果公司不能履行偿还债务的法律义务,股东可能会一无所有。虽然这并不太常见,但我们经常看到,由于借方强迫它们以低价格筹集资本,借款公司会永久稀释股东利益。当然,负债的好处是它通常代表着廉价的资本,特别是当它以具有高回报率的公司替代稀释时。在考虑企业使用多少债务时,首先要做的是看其现金和债务的总和。
What Is Aspen Aerogels's Net Debt?
Aspen Aerogels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 Aspen Aerogels had US$118.0m of debt, an increase on US$106.4m, over one year. However, it also had US$101.5m in cash, and so its net debt is US$16.6m.
您可以单击下面的图形以获取历史数字,但它显示截至2024年3月,Aspen Aerogels的债务高达1.18亿美元,比一年前的1.064亿美元增加。 然而,它还拥有1.015亿美元的现金,因此其净债务为1660万美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240726/0-e9cdbb759143fb0b9f4af2b8dede5148-0-ca58f2b293a217a75ad10628b77ae1f3.png/big)
A Look At Aspen Aerogels' Liabilities
看看Aspen Aerogels的负债情况
The latest balance sheet data shows that Aspen Aerogels had liabilities of US$63.6m due within a year, and liabilities of US$143.2m falling due after that. Offsetting this, it had US$101.5m in cash and US$84.0m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$21.3m.
最新的资产负债表数据显示,Aspen Aerogels有6360万美元的短期债务和14320万美元的长期债务。相对而言,它有1.015亿美元的现金和8400万美元的应收账款应在12个月内到期。 因此,其负债超过其现金和(短期)应收账款的总和2130万美元。
Having regard to Aspen Aerogels' size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the US$1.74b company is short on cash, but still worth keeping an eye on the balance sheet. But either way, Aspen Aerogels has virtually no net debt, so it's fair to say it does not have a heavy debt load! 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 Aspen Aerogels'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.
考虑到Aspen Aerogels的规模,其流动资产与总负债的平衡非常良好。因此,这个价值17.4亿美元的公司很可能不会出现资金短缺的情况,但仍需关注资产负债表。 但无论哪种情况,Aspen Aerogels实际上没有净债务,因此可以说其没有沉重的债务负担! 我们毫无疑问,从负债表中获得的关于债务的信息是最重要的。 但最终还是未来的盈利,而不仅仅是财务状况,将决定Aspen Aerogels保持健康资产负债表的能力。 因此,如果您关注未来,您可以查看这份免费报告,其中包含分析师的利润预测。
Over 12 months, Aspen Aerogels reported revenue of US$288m, which is a gain of 53%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.
在过去12个月中,Aspen Aerogels报告了2.88亿美元的营业收入,增长了53%,尽管它没有报告任何利息和税前利润。 股东们可能已经敬祈着它能够通过增长赚到利润。
Caveat Emptor
买方自负。
Even though Aspen Aerogels 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$22m. 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$188m in negative free cash flow over the last twelve months. So in short it's a really risky stock. 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. Case in point: We've spotted 4 warning signs for Aspen Aerogels you should be aware of, and 2 of them shouldn't be ignored.
尽管Aspen Aerogels成功地增加了其营收,但真相是,它在利息、税前利润和税后利润线上都有亏损。 具体来说,EBIT亏损达到了2200万美元。当我们考虑到其资产负债表上的负债相对于现金的情况时,我们认为公司持有任何债务是不明智的。 因此,我们认为其资产负债表有些紧张,但并未到无法修复的地步。另一个令人警惕的原因是,它在过去的12个月中获得了1.88亿美元的负自由现金流。 简而言之,它是一种真正的高风险股票。 我们毫无疑问,从资产负债表中获得了关于负债的大部分信息。 但是,最终,每家公司都可能存在超出资产负债表范围的风险。 例子:我们发现Aspen Aerogels有4个警示信号,应予关注,其中有2个不应被忽视。
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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。