We're Not Worried About Sweetgreen's (NYSE:SG) Cash Burn
We're Not Worried About Sweetgreen's (NYSE:SG) Cash Burn
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. For example, Sweetgreen (NYSE:SG) shareholders have done very well over the last year, with the share price soaring by 140%. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.
即使一个企业在亏损,如果股东以正确的价格购买一家良好的企业,他们仍然有可能赚到钱。例如,Sweetgreen(纽交所:SG)的股东在过去一年里表现非常出色,股价飙升了140%。不过,亏损企业存在风险,因为它们可能潜在地耗尽所有现金并陷入困境。
So notwithstanding the buoyant share price, we think it's well worth asking whether Sweetgreen's cash burn is too risky. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. Let's start with an examination of the business' cash, relative to its cash burn.
因此,尽管股价看似繁荣,我们仍然认为值得问问Sweetgreen的现金流风险是否过高。在本文中,企业的现金流是指一个亏损的企业为资助其成长而花费现金的年度速率,即其负的自由现金流。让我们从考察企业现金和现金流开始。
When Might Sweetgreen Run Out Of Money?
Sweetgreen会在什么时候用完现金?
A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. In June 2024, Sweetgreen had US$245m in cash, and was debt-free. Importantly, its cash burn was US$30m over the trailing twelve months. So it had a cash runway of about 8.3 years from June 2024. Even though this is but one measure of the company's cash burn, the thought of such a long cash runway warms our bellies in a comforting way. Depicted below, you can see how its cash holdings have changed over time.
一个企业的现金消耗时间是它以当前的现金流速率耗尽其现金储备的时间。2024年6月,Sweetgreen的现金为24500万美元,没有债务。空头自由现金流为3,000万美元,在过去12个月中,因此,从2024年6月算起,现金的消耗时间约为8.3年。尽管这只是考量企业现金流的一个方面,想到有如此长的现金消耗时间仍然让人感到欣慰。下图展示了其现金持有量随时间的变化情况。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240815/0-4373c7b2d52d93d975aefa30aec45f63-0-d6b1d5ef34ea3d0d39c63d58d308c8b9.png/big)
How Well Is Sweetgreen Growing?
Sweetgreen的成长情况如何?过去12个月中,Sweetgreen成功将现金消耗降低了77%,这表明它在正确的增长轨迹上。值得高兴的是,这是在收入增长25%的帮助下实现的。它似乎在不断增长。虽然过去总是值得研究,但最重要的是未来。因此,您可能想看看未来几年公司的预期增长。
Sweetgreen managed to reduce its cash burn by 77% over the last twelve months, which suggests it's on the right flight path. Pleasingly, this was achieved with the help of a 25% boost to revenue. It seems to be growing nicely. While the past is always worth studying, it is the future that matters most of all. So you might want to take a peek at how much the company is expected to grow in the next few years.
Sweetgreen策划进一步扩张,需要募集资金的难度有多大?
How Hard Would It Be For Sweetgreen To Raise More Cash For Growth?
毫无疑问,就Sweetgreen的现金流消耗而言,它似乎处于相当不错的地位,但即使这只是假设,询问它如何轻松地筹集更多资金以支持其扩展也始终是值得的。企业可以通过债务或股权来筹集资本。通常,企业会出售自身的新股份,以筹集资金并推动增长。通过观察企业的现金消耗与市值的比较,我们可以揭示,如果企业需要筹集足以支付一年现金消耗的资金,那么股东将会受到多少稀释。
There's no doubt Sweetgreen seems to be in a fairly good position, when it comes to managing its cash burn, but even if it's only hypothetical, it's always worth asking how easily it could raise more money to fund growth. Companies can raise capital through either debt or equity. Commonly, a business will sell new shares in itself to raise cash and drive growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.
由于Sweetgreen的市值为39亿美元,因此其3,000万美元的现金消耗量占其市值的约0.8%。因此,它几乎可以轻松借贷以资助未来一年的扩张,或者通过发行一些股票来轻松募集资金。
Since it has a market capitalisation of US$3.9b, Sweetgreen's US$30m in cash burn equates to about 0.8% of its market value. So it could almost certainly just borrow a little to fund another year's growth, or else easily raise the cash by issuing a few shares.
Sweetgreen的现金流状况有多危险?我想现在您应该能够看出来,我们对Sweetgreen的现金流消耗问题并不太担心。特别是,我们认为,Sweetgreen的现金消耗时间表明该企业在控制支出方面做得很好。尽管收入的增长并不是很惊人,但这仍然是一个积极的因素。考虑到这份报告中的所有因素,我们对Sweetgreen的现金流消耗问题并不担心,因为从经营资本的角度看,该企业的表现不俗,能够按需支出。对Sweetgreen的危险的深入检查揭示了三个预警信号,读者在投资这只股票之前应该思考。
How Risky Is Sweetgreen's Cash Burn Situation?
当然,Sweetgreen可能不是最好的股票购买选择。因此,您可能希望查看此收益率高的公司的免费收藏,或者查看此具有高内部所有权的股票列表。
As you can probably tell by now, we're not too worried about Sweetgreen's cash burn. In particular, we think its cash runway stands out as evidence that the company is well on top of its spending. And even though its revenue growth wasn't quite as impressive, it was still a positive. Taking all the factors in this report into account, we're not at all worried about its cash burn, as the business appears well capitalized to spend as needs be. An in-depth examination of risks revealed 3 warning signs for Sweetgreen that readers should think about before committing capital to this stock.
从现在起,我们不会太过担心Sweetgreen的现金流消耗的问题。特别是,我们认为其现金消耗时间表明该企业在控制支出方面做得很好。尽管其收入增长并不是非常惊人,但仍然是一个积极的因素。考虑到这份报告中的所有因素,由于该企业看起来资本充足,能够按需支出,我们对其现金流消耗问题并不担心。在深入检查风险因素后,我们为Sweetgreen展示了三个预警信号,读者在投入资本之前应该考虑这些因素。
Of course Sweetgreen may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
当然,Sweetgreen可能并不是最好的股票购买选择。因此,您可能希望查看此免费的高股本回报率的公司收藏,或者查看此具有更高内部所有权的股票列表。
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