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Marvell Technology (NASDAQ:MRVL) Is Making Moderate Use Of Debt

Marvell Technology (NASDAQ:MRVL) Is Making Moderate Use Of Debt

迈威尔科技(纳斯达克:MRVL)在适度使用债务
Simply Wall St ·  08/25 10:51

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.' 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. As with many other companies Marvell Technology, Inc. (NASDAQ:MRVL) makes use of debt. But the more important question is: how much risk is that debt creating?

一些人说,作为投资者,用波动性而不是债务来考虑风险是最好的方式,但沃伦·巴菲特曾经说过'波动性与风险远非同义词。' 当我们考虑一个公司有多大风险时,我们总是喜欢看它使用债务的情况,因为债务过载可能导致破产。和许多其他公司一样,迈威尔科技股份有限公司(纳斯达克股票代码:MRVL)利用债务。 但更重要的问题是:这笔债务造成了多大风险?

Why Does Debt Bring Risk?

为什么债务会带来风险?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.

当企业无法通过自由现金流或以有吸引力的价格筹集资本来很容易地履行债务义务时,债务和其他负债就会变得有风险。在资本主义中,'创造性破坏'的过程是银行家无情清算失败的企业。然而,一种更普遍(但仍然痛苦的)情况是,企业不得不以低价格募集新的股本资本,从而永久性地稀释股东权益。然而,通过取代稀释,债务可以成为企业的极好工具,以此为企业投资于高回报增长。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体情况。

How Much Debt Does Marvell Technology Carry?

迈威尔科技承载多少债务?

You can click the graphic below for the historical numbers, but it shows that Marvell Technology had US$4.15b of debt in May 2024, down from US$4.67b, one year before. However, it also had US$847.7m in cash, and so its net debt is US$3.30b.

您可以点击下方的图表查看历史数据,但数据显示,迈威尔科技在2024年5月有41.5亿美元的债务,比一年前的46.7亿美元有所减少。然而,它也持有84770万美元的现金,因此其净债务为33亿美元。

1724597498116
NasdaqGS:MRVL Debt to Equity History August 25th 2024

How Strong Is Marvell Technology's Balance Sheet?

迈威尔科技的资产负债表强大吗?

Zooming in on the latest balance sheet data, we can see that Marvell Technology had liabilities of US$1.47b due within 12 months and liabilities of US$4.54b due beyond that. Offsetting these obligations, it had cash of US$847.7m as well as receivables valued at US$881.9m due within 12 months. So its liabilities total US$4.28b more than the combination of its cash and short-term receivables.

Zooming in on the latest balance sheet data, we can see that Marvell Technology had liabilities of US$14.7 billion due within 12 months and liabilities of US$45.4 billion due beyond that. Offsetting these obligations, it had cash of US$847.7 million as well as receivables valued at US$881.9 million due within 12 months. So its liabilities total US$4.28 billion more than the combination of its cash and short-term receivables.

Of course, Marvell Technology has a titanic market capitalization of US$62.2b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. 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 Marvell Technology'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.

当然,迈威尔科技的市值庞大,达到了622亿美元,所以这些负债可能是可以应付的。但是,负债总额仍比其现金和短期应收款项的总和高出42.8亿美元,因此我们肯定建议股东继续监控资产负债表的情况。在分析债务时,资产负债表显然是需要关注的重点。但最重要的还是未来的盈利情况,这将决定迈威尔科技能否保持健康的资产负债表。所以,如果您想了解专业人士的看法,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。

In the last year Marvell Technology had a loss before interest and tax, and actually shrunk its revenue by 7.6%, to US$5.3b. We would much prefer see growth.

在过去一年中,迈威尔科技的利息和税前亏损,并且其营业收入实际上下降了7.6%,至5.3亿美元。我们更希望看到增长。

Caveat Emptor

买方自负。

Over the last twelve months Marvell Technology produced an earnings before interest and tax (EBIT) loss. Indeed, it lost US$462m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. We would feel better if it turned its trailing twelve month loss of US$980m into a profit. So we do think this stock is quite risky. When I consider a company to be a bit risky, I think it is responsible to check out whether insiders have been reporting any share sales. Luckily, you can click here ito see our graphic depicting Marvell Technology insider transactions.

在过去的十二个月里,迈威尔科技的利息和税前亏损。的确,利息和税前亏损达到了4.62亿美元。考虑到上述的负债情况,我们对公司使用这么多债务并不太有信心。坦率地说,我们认为资产负债表远未达到最佳状态,尽管它可以通过时间的推移而改善。如果它能将过去十二个月的9.8亿美元亏损转为盈利,我们会感到更放心。因此,我们认为这支股票相当风险。当我认为一家公司有些风险时,我认为负责任的做法是检查内部人员是否举报过任何股票卖出情况。幸运的是,您可以点击此处查看我们描述迈威尔科技内部交易的图表。

At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.

归根结底,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包括所有表现出盈利增长轨迹的公司。这是免费的。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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