Is Ralph Lauren (NYSE:RL) Using Too Much Debt?
Is Ralph Lauren (NYSE:RL) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. Importantly, Ralph Lauren Corporation (NYSE:RL) does carry debt. But is this debt a concern to shareholders?
作为投资者,有人认为波动性而不是债务是考虑风险的最佳方式,但沃伦•巴菲特曾经说过:“波动性远非风险的代名词。”当你检查一家公司的风险时,考虑其资产负债表是非常自然的,因为销售崩盘时通常涉及债务。重要的是,Ralph Lauren Corporation (NYSE:RL)确实有负债。但这些债务会影响股东吗?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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,在公司难以轻松偿还债务(无论是通过募集资金还是通过自有现金流)时,债务才会成为真正的问题。资本主义的一个固有特征就是“创造性摧毁”过程,其中失败的企业被它们的银行家无情地清算。但一个更常见(但仍然昂贵)的情况是,一家公司必须以便宜的股价稀释股东权益,以控制债务。当然,债务的好处在于,它往往代表着廉价的资本,特别是当它用于代替以高投资回报率重新投资的公司时。考虑一家企业使用多少债务时,最初要做的事情是查看其现金和债务总额。
How Much Debt Does Ralph Lauren Carry?
拉夫劳伦公司(NYSE:RL)负债多少?
The chart below, which you can click on for greater detail, shows that Ralph Lauren had US$1.14b in debt in June 2024; about the same as the year before. But it also has US$1.76b in cash to offset that, meaning it has US$619.4m net cash.
下面的图表,您可以单击它以获取更详细的信息,显示拉夫劳伦在2024年6月有1.14亿美元的债务;与前年同期大致持平。但它也有1.76亿美元的现金进行抵消,意味着它拥有619.4万美元的净现金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240818/0-e359668fa30c76339f5695fec403c69a-0-641efc36359739ed31aad45e362d1400.png/big)
A Look At Ralph Lauren's Liabilities
看看拉夫劳伦的负债
The latest balance sheet data shows that Ralph Lauren had liabilities of US$1.57b due within a year, and liabilities of US$2.70b falling due after that. On the other hand, it had cash of US$1.76b and US$487.0m worth of receivables due within a year. So it has liabilities totalling US$2.03b more than its cash and near-term receivables, combined.
最新的资产负债表数据显示,拉夫劳伦有15.7亿美元的短期负债和27亿美元的长期负债。另一方面,它有1.76亿美元的现金和4870万美元的应收账款短期到期。因此,它的负债总额超过了现金和短期应收账款总额2030万美元。
This deficit isn't so bad because Ralph Lauren is worth a massive US$10.1b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. While it does have liabilities worth noting, Ralph Lauren also has more cash than debt, so we're pretty confident it can manage its debt safely.
这个赤字并不那么糟糕,因为拉夫劳伦价值巨大,达到101亿美元,因此如果需要,可能可以筹集足够的资本来支撑它的资产负债表。但我们绝对要密切关注其负债是否带来了过多的风险。尽管它确实有值得注意的负债,但拉夫劳伦也有比债务更多的现金,所以我们非常有信心它可以安全地管理其负债。
On top of that, Ralph Lauren grew its EBIT by 38% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Ralph Lauren can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
此外,拉夫劳伦在过去12个月中将其EBIt增长了38% ,这种增长将使其更容易处理债务。分析债务水平时,资产负债表是明显的起点。但最终业务的未来盈利能力将决定拉夫劳伦是否能够随着时间的推移加强其资产负债表。因此,如果您想了解专业人士的想法,可以看看我们对分析师盈利预测的免费报告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Ralph Lauren has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the most recent three years, Ralph Lauren recorded free cash flow worth 77% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
最后,公司只能用真钱而不是会计利润来偿还债务。尽管拉夫劳伦在其资产负债表上有净现金,但看看其将利润(税息前利润EBIT)转化为自由现金流的能力还是值得的,以帮助我们了解其正在以多快的速度积累(或侵蚀)现金余额。在最近的三年中,拉夫劳伦获得的自由现金流价值为其EBIt的77%左右,这是正常水平,因为自由现金流不包括利息和税金。这些真金白银意味着它可以在需要时减少其债务。
Summing Up
总之
While Ralph Lauren does have more liabilities than liquid assets, it also has net cash of US$619.4m. And it impressed us with its EBIT growth of 38% over the last year. So is Ralph Lauren's debt a risk? It doesn't seem so to us. 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. Be aware that Ralph Lauren is showing 2 warning signs in our investment analysis , you should know about...
尽管拉夫劳伦的负债比流动资产多,但它也有净现金619.4万美元。我们对其过去一年的EBIt增长率达到38%也感到印象深刻。因此,拉夫劳伦的债务是否存在风险?我们认为没有。毫无疑问,资产负债表能让我们了解债务情况。但最终,每家公司都可能面临超出资产负债表以外的风险存在。请注意,我们在投资分析中发现拉夫劳伦显示了2个警告信号,您应该知道...
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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