Is Scholar Rock Holding (NASDAQ:SRRK) Using Debt Sensibly?
Is Scholar Rock Holding (NASDAQ:SRRK) Using Debt Sensibly?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Scholar Rock Holding Corporation (NASDAQ:SRRK) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
霍华德·马克斯曾经很好地表达过这一点,他说,与其担心股价的波动性,“我担心的是永久性损失的可能性……我认识的每一个实际的投资者都会发愁。”当你检查一个公司的风险时,考虑到其资产负债表是再自然不过的事情,因为一旦一个公司崩溃,债务往往是它的其中一个原因。我们注意到Scholar Rock Holding Corporation (纳斯达克:SRRK)在其资产负债表中确实有债务。但真正的问题是,这种债务是否使得公司变得有风险。
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. 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. 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.
债务对于企业的帮助是持续到企业开始无法用新的资本或自有的现金流来偿还债务。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。虽然这种情况并不太常见,我们经常看到负债企业永久性地分散股东利益,因为贷方强制他们以困境价格募集资本。话虽如此,最常见的情况是一个公司合理地管理其债务,并且将其视为自己的优势。在考虑一个企业使用多少债务时,首先要做的是看看它的现金和债务。
What Is Scholar Rock Holding's Net Debt?
Scholar Rock Holding的净债务是多少?
The chart below, which you can click on for greater detail, shows that Scholar Rock Holding had US$50.1m in debt in June 2024; about the same as the year before. But it also has US$190.5m in cash to offset that, meaning it has US$140.4m net cash.
下面的图表可以点击查看更多细节,它显示Scholar Rock Holding在2024年6月有5001万美元的债务,与前一年大致相同。但它也有1.905亿美元的现金来抵消这笔债务,这意味着它有1.404亿美元的净现金。
How Healthy Is Scholar Rock Holding's Balance Sheet?
Scholar Rock Holding的资产负债表有多健康?
According to the last reported balance sheet, Scholar Rock Holding had liabilities of US$33.0m due within 12 months, and liabilities of US$60.3m due beyond 12 months. Offsetting this, it had US$190.5m in cash and US$1.29m in receivables that were due within 12 months. So it actually has US$98.5m more liquid assets than total liabilities.
根据最近公布的资产负债表,Scholar Rock Holding在12个月内有3,300万美元的负债,超过12个月有6,030万美元的负债。抵消这一点,它有1.905亿美元的现金和129万美元的应收账款,这些款项在12个月内到期。所以,它实际上比总负债多了9850万美元的流动资产。
This short term liquidity is a sign that Scholar Rock Holding could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Scholar Rock Holding has more cash than debt is arguably a good indication that it can manage its debt safely. 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 Scholar Rock Holding'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.
这种短期流动性表明Scholar Rock Holding可以轻松偿还其债务,因为它的资产负债表还远没有到被拉扯的地步。简单地说,Scholar Rock Holding拥有的现金多于债务,这可能是一个很好的迹象,表明它可以安全地管理其债务。在分析债务时,资产负债表显然是要关注的领域。但最终决定Scholar Rock Holding能否保持健康资产负债表的是未来的收益。因此,如果你想看看专业人士的想法,你可能会发现这篇关于分析师利润预测的免费报告很有趣。
Given its lack of meaningful operating revenue, Scholar Rock Holding shareholders no doubt hope it can fund itself until it has a profitable product.
鉴于Scholar Rock Holding没有实质性的营业收入,股东们无疑希望它能自给自足,直到拥有盈利的产品。
So How Risky Is Scholar Rock Holding?
Scholar Rock Holding有多大的风险?
Statistically speaking companies that lose money are riskier than those that make money. And in the last year Scholar Rock Holding had an earnings before interest and tax (EBIT) loss, truth be told. And over the same period it saw negative free cash outflow of US$169m and booked a US$204m accounting loss. But at least it has US$140.4m on the balance sheet to spend on growth, near-term. Overall, its balance sheet doesn't seem overly risky, at the moment, but we're always cautious until we see the positive free cash flow. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Scholar Rock Holding is showing 5 warning signs in our investment analysis , and 2 of those are significant...
从统计上来说,亏损的公司比赚钱的公司更具风险性。而事实上,在过去一年里,Scholar Rock Holding的利息、税前收入(EBIT)出现了亏损。在同一时期,其自由现金流出现了1.69亿美元的负值,记账亏损2.04亿美元。但至少它在资产负债表上有1.404亿美元的现金用于短期内的增长支出。总的来说,在目前情况下,其资产负债表似乎并不过于冒险,但我们总是要谨慎,直到我们看到正面的自由现金流为止。在分析债务水平时,资产负债表是一个明显的起点。但最终,每家公司都可能面临超出资产负债表范围的风险。请注意,Scholar Rock Holding在我们的投资分析中显示出了5个警告信号,其中2个是重要的警告信号。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底,有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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