Is Textron (NYSE:TXT) Using Too Much Debt?
Is Textron (NYSE:TXT) Using Too Much Debt?
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.' 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 Textron Inc. (NYSE:TXT) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
当David Iben说'波动性不是我们关心的风险。我们关心的是避免永久性的资本损失。'时,他说得很好。当我们思考一家公司有多大的风险时,我们总是会喜欢看它的债务使用,因为债务负担过重可能会导致灾难。我们注意到 Textron公司 (NYSE:TXT) 在其资产负债表上确实有债务。但更重要的问题是:这些债务产生了多大的风险?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业增长的工具,但如果企业无力偿还债权人,则存在于其掌控之下。在最坏的情况下,如果企业无法偿还债权人,它可能会破产。然而,更常见的(但仍然痛苦的)情况是,它必须以较低的价格筹集新的股权资本,从而永久稀释股东。当我们检查债务水平时,我们首先考虑现金和债务水平的总和。
What Is Textron's Debt?
Textron的债务是什么?
As you can see below, Textron had US$3.58b 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$1.35b in cash offsetting this, leading to net debt of about US$2.24b.
如下所示,截至2024年6月,Textron的债务为35.8亿美元,与前一年相同。你可以点击图表查看更多细节。但是,其有13.5亿美元的现金抵消了这一点,导致净债务约为22.4亿美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240814/0-60d07893b2a4c22a737cd6fa35c7cb98-0-00c5e44d77a6edd1b9e305690333fc02.png/big)
A Look At Textron's Liabilities
看看Textron的负债状况
We can see from the most recent balance sheet that Textron had liabilities of US$4.46b falling due within a year, and liabilities of US$5.12b due beyond that. Offsetting this, it had US$1.35b in cash and US$847.0m in receivables that were due within 12 months. So it has liabilities totalling US$7.38b more than its cash and near-term receivables, combined.
我们可以从最近的资产负债表中看到,Textron有446亿美元的短期债务到期,超过一年到期的债务为512亿美元。抵消这些,它拥有13.5亿美元的现金和84700万美元的应收账款。因此,它的负债总额超过了现金和短期应收账款合计738亿美元。
While this might seem like a lot, it is not so bad since Textron has a huge market capitalization of US$15.9b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
虽然这听起来很多,但并不那么糟糕,因为Textron的市值达到了159亿美元,因此如果需要,它可以通过筹集资金来加强资产负债表。但很明显,我们应该仔细检查它是否能够管理其债务而不进行稀释。
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。
Textron has a low net debt to EBITDA ratio of only 1.3. And its EBIT easily covers its interest expense, being 20.4 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. And we also note warmly that Textron grew its EBIT by 14% last year, making its debt load easier to handle. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Textron 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.
Textron的净债务/EBITDA比率仅有1.3。而且它的EBIT远远超过其利息费用,规模为20.4倍。因此,你可以认为它受到的债务威胁不比大象受到老鼠的威胁更大。而且我们也热情地注意到,Textron去年的EBIT增长了14%,这使其承受债务负担更加容易。在分析债务水平时,资产负债表是明显的起点。但是,最终业务的未来盈利能力将决定Textron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,可以查看这份免费报告,了解分析师的利润预测。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, Textron recorded free cash flow worth 79% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
但是我们最后的考虑也很重要,因为公司无法用虚假的收益来偿还债务;它需要有现金。因此,逻辑的下一步是查看该EBIT中与实际自由现金流相匹配的比例。在最近的三年中,Textron记录的自由现金流价值为其EBIT的79%,这在正常情况下是可以的,因为自由现金流不包括利息和税收。这种自由现金流使得公司在适当时支付债务的位置很好。
Our View
我们的观点
The good news is that Textron's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But, on a more sombre note, we are a little concerned by its level of total liabilities. Taking all this data into account, it seems to us that Textron takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Textron you should know about.
好消息是Textron已经展示了它利用其EBIT支付利息的能力,这使我们像毛绒狗一样高兴。但是,更令我们有些担心的是其全部负债水平。考虑所有这些数据后,我们认为Textron对待债务采取了相当明智的做法。虽然这带来了一些风险,但也可以提高股东的回报。毫无疑问,我们从资产负债表上了解到了公司的大部分债务。但不是所有的投资风险都存在于资产负债表上。这些风险很难发现。每家公司都有它们,而我们已经注意到Textron 的一个警告标志。你应该知道。
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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