Is Maximus (NYSE:MMS) A Risky Investment?
Is Maximus (NYSE:MMS) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 Maximus, Inc. (NYSE:MMS) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
传奇基金经理李录(得到了查理·芒格的支持)曾经说过:'最大的投资风险不是价格的波动性,而是你是否会遭受到资本的永久损失。'当你评估一家公司的风险时,考虑其资产负债表是很自然的,因为在企业倒闭时通常涉及债务。我们注意到Maximus, Inc.(纽交所:MMS)的资产负债表上确实有债务。但股东们是否应该担心其使用债务编号?
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. If things get really bad, the lenders can take control of the business. 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. When we think about a company's use of debt, we first look at cash and debt together.
一般而言,只有当公司无法轻松偿还债务时,无论是通过筹集资本还是通过自己的现金流,债务才会成为实际问题。如果情况变得非常糟糕,债权人就会控制企业。尽管这不是太常见的情况,但我们经常看到,因为债权人强迫它们以破产价格筹集资本,许多负债累累的公司会永久稀释股东权益。话虽如此,最常见的情况是公司合理地管理其债务,从而为自己带来利益。当我们考虑一家公司的债务使用时,我们首先关注现金和债务。
What Is Maximus's Net Debt?
马克西姆斯的净债务是多少?
The image below, which you can click on for greater detail, shows that Maximus had debt of US$1.14b at the end of June 2024, a reduction from US$1.31b over a year. However, it also had US$102.8m in cash, and so its net debt is US$1.04b.
下图显示了马克西姆斯在2024年6月底有11.4亿美元的债务,较去年减少了13.1亿美元。然而,它也有1.028亿美元的现金,因此其净债务是1.04亿美元。
![1724668900128](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240826/42870710-0-ec05c14a63f7c34e43c6a6fea27c8307.webp/bigjpg)
How Healthy Is Maximus' Balance Sheet?
马克西姆斯的资产负债表健康吗?
Zooming in on the latest balance sheet data, we can see that Maximus had liabilities of US$680.0m due within 12 months and liabilities of US$1.50b due beyond that. On the other hand, it had cash of US$102.8m and US$859.9m worth of receivables due within a year. So its liabilities total US$1.22b more than the combination of its cash and short-term receivables.
通过最新的资产负债表数据,我们可以看到马克西姆斯在12个月内有6.8亿美元的负债,并且有超过15亿美元的负债。另一方面,它有1.02亿美元的现金和0.8599亿美元的应收账款。因此,它的负债总额比现金和短期应收账款的总和多了12.2亿美元。
Maximus has a market capitalization of US$5.52b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
马克西姆斯的市值为55.2亿美元,因此如果需要,它很有可能筹集现金来改善资产负债表。然而,仔细观察其偿债能力仍然是值得的。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Service Corporation International的债务是其EBITDA的3.5倍,而其EBIT可覆盖其利息开支的3.7倍。综合考虑,虽然我们不希望看到债务水平上升,但我们认为它可以应对当前的杠杆。好消息是,Service Corporation International在过去12个月中将其EBIT提高了2.9%,从而逐渐降低了其相对于收益的债务水平。毫无疑问,我们从资产负债表中获得了有关债务的大部分内容。但是,相对于资产负债表,更重要的是未来收益,这将决定Service Corporation International维持健康资产负债表的能力。如果您关注未来,您可以查看此免费报告,其中有分析师的利润预测。
Maximus's net debt is sitting at a very reasonable 1.8 times its EBITDA, while its EBIT covered its interest expense just 5.7 times last year. While these numbers do not alarm us, it's worth noting that the cost of the company's debt is having a real impact. It is well worth noting that Maximus's EBIT shot up like bamboo after rain, gaining 59% in the last twelve months. That'll make it easier to manage its debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Maximus's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
马克西姆斯的净债务为其EBITDA的1.8倍,而其EBIT去年仅覆盖了其利息费用的5.7倍。虽然这些数字并不让人担忧,但值得注意的是,公司债务成本正在产生真正的影响。 值得注意的是,马克西姆斯的EBIT在过去十二个月中增长了59%。这将使其更容易管理债务。 在分析债务水平时,资产负债表是显而易见的起点。但最关键的还是未来的盈利,它将决定马克西姆斯是否能够保持健康的资产负债表。所以,如果你关注未来,可以查看这份显示分析师利润预测的免费报告。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Maximus recorded free cash flow worth a fulsome 92% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
最后,虽然税务部门可能喜欢会计利润,但借款人只接受冰冷的现金。因此,我们始终要检查有多少EBIT转化为自由现金流。在过去三年中,马克西姆斯的自由现金流价值达到了其EBIT的92%,这比我们通常预期的更强。这使其处于非常有力的偿债地位。
Our View
我们的观点
Happily, Maximus's impressive conversion of EBIT to free cash flow implies it has the upper hand on its debt. And that's just the beginning of the good news since its EBIT growth rate is also very heartening. Zooming out, Maximus seems to use debt quite reasonably; and that gets the nod from us. While debt does bring risk, when used wisely it can also bring a higher return on equity. 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. For instance, we've identified 1 warning sign for Maximus that you should be aware of.
马克西姆斯服务令人愉快地将EBIT转换为自由现金流,这意味着它在债务方面占据了上风。这只是好消息的开始,因为它的EBIT增长率也非常令人鼓舞。总体而言,马克西姆斯似乎合理地使用债务,而这也得到了我们的认可。债务确实带来风险,但明智地使用时也可以带来更高的股本回报率。毫无疑问,我们从资产负债表中了解最多的是债务情况。但最终,每个公司都可能包含超出资产负债表之外的风险。例如,我们已经发现马克西姆斯有1个警告信号,您应该注意。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。
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