Cigna Group (NYSE:CI) Has A Pretty Healthy Balance Sheet
Cigna Group (NYSE:CI) Has A Pretty Healthy Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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, The Cigna Group (NYSE:CI) does carry debt. But is this debt a concern to shareholders?
沃伦·巴菲特曾经说过,“波动性远非风险的同义词”。所以聪明的钱知道,企业破产通常涉及债务,这是一个非常重要的因素,当你评估一家公司的风险时。重要的是,信诺集团(NYSE:CI)确实有债务。但是这种债务对股东是否构成了风险呢?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, 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.
债务可以帮助企业,直到企业无法用新资本或自由现金流支付债务时为止。在最坏的情况下,如果企业无法偿还债权人,就会破产。然而,更常见的(但仍然很昂贵的)情况是,公司必须以便宜的股票价格稀释股东,才能控制债务。当然,债务的好处是它通常代表便宜的资本,特别是当它代替公司以高回报率再投资时的股份稀释。当我们检查债务水平时,首先要考虑现金和债务水平,以及两者的总和。
What Is Cigna Group's Debt?
信诺集团的债务是什么?
As you can see below, Cigna Group had US$32.5b of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, it does have US$7.67b in cash offsetting this, leading to net debt of about US$24.8b.
正如您下面所看到的,2024年6月,信诺集团的债务为325亿美元,与前一年相当。您可以单击图表以获取更多详细信息。但它有76.7亿美元的现金抵消这一点,导致净债务约为248亿美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240804/0-4bc4f0f1b26993c4e87b7bc937c36ef1-0-452c7fa02dffcdbdabcbcda25447e049.png/big)
How Healthy Is Cigna Group's Balance Sheet?
信诺集团的资产负债表如何?
Zooming in on the latest balance sheet data, we can see that Cigna Group had liabilities of US$55.4b due within 12 months and liabilities of US$58.5b due beyond that. Offsetting these obligations, it had cash of US$7.67b as well as receivables valued at US$25.1b due within 12 months. So it has liabilities totalling US$81.1b more than its cash and near-term receivables, combined.
放大最新的资产负债表数据,我们可以看到,信诺集团有554亿美元的负债在12个月内到期,以及585亿美元的负债超过12个月到期。与这些义务相抵消,它有76.7亿美元的现金,以及251亿美元的应收账款在12个月内到期。因此,它的负债总额超过了现金和短期应收账款的811亿美元。
This deficit is considerable relative to its very significant market capitalization of US$94.3b, so it does suggest shareholders should keep an eye on Cigna Group's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
相对于其非常显著的市值943亿美元来说,这个亏空是相当大的,因此它确实表明股东应该关注信诺集团的债务使用情况。这表明,如果公司需要迅速扶持其资产负债表,股东将面临严重稀释。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我们通过将公司的净债务与其息税折旧摊销前利润(EBITDA)相除,并计算其息税前利润(EBIT)如何覆盖其利息费用(利息覆盖率)来衡量公司的债务负担相对于其盈利能力。因此,我们同时考虑债务的绝对数量以及所支付的利率。
Cigna Group has a debt to EBITDA ratio of 2.6 and its EBIT covered its interest expense 5.2 times. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. Sadly, Cigna Group's EBIT actually dropped 5.3% in the last year. If that earnings trend continues then its debt load will grow heavy like the heart of a polar bear watching its sole cub. 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 Cigna Group'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.
信诺集团的债务资产比率为2.6,其利息费用的EBIT覆盖了5.2倍。总之,这意味着,虽然我们不希望看到债务水平上升,但我们认为它可以处理其目前的杠杆。不幸的是,信诺集团过去一年的EBIT实际下降了5.3%。如果这种收益趋势继续下去,那么负债将会变得沉重,就像一只观看其唯一幼崽的北极熊的心脏一样。当您分析债务时,明显的关注点是资产负债表。但最终,未来的收益决定了信诺集团保持健康资产负债表的能力。因此,如果您想了解专业人士的想法,您可能会发现这份关于分析师盈利预测的免费报告很有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, Cigna Group actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
最后,企业只能用实际的现金流而不是会计利润来偿还债务。因此,逻辑上的下一步是查看经营利润中实际匹配到的自由现金流的比例。在过去的三年中,信诺集团实际上比EBIt产生了更多的自由现金流。这种强劲的现金生成方式让我们的心情像一个穿着大黄蜂衣服的小狗一样温暖。
Our View
我们的观点
On our analysis Cigna Group's conversion of EBIT to free cash flow should signal that it won't have too much trouble with its debt. But the other factors we noted above weren't so encouraging. For example, its level of total liabilities makes us a little nervous about its debt. It's also worth noting that Cigna Group is in the Healthcare industry, which is often considered to be quite defensive. When we consider all the factors mentioned above, we do feel a bit cautious about Cigna Group's use of debt. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 3 warning signs for Cigna Group you should be aware of.
根据我们的分析,信诺集团的EBIt转化为自由现金流应该表明它不会在债务方面遇到太多麻烦。但是,我们上面提到的其他因素并不那么令人鼓舞。例如,其总负债水平让我们对其债务感到有些不安。另外值得注意的是,信诺集团处于医疗保健行业,这通常被认为是相当保守的。当我们考虑上面提到的所有因素时,我们对信诺集团的债务使用感到有些谨慎。虽然债务具有更高的潜在回报,但我们认为股东确实应该考虑债务水平如何使股票更加具有风险性。当分析债务水平时,资产负债表是开始的明显地方。但并不是所有的投资风险都存在于资产负债表中-远非如此。因为我们已经发现其中的3个警告信号,您应该知悉。
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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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。