Is TechnipFMC (NYSE:FTI) Using Too Much Debt?
Is TechnipFMC (NYSE:FTI) Using Too Much Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. Importantly, TechnipFMC plc (NYSE:FTI) does carry debt. But is this debt a concern to shareholders?
当我们考虑一个公司的风险时,我们总是喜欢看它的债务使用情况,因为过度债务可能导致破产。很重要的是,德希尼布fmc公司(纽交所:FTI)确实有债务。但这债务对股东是否构成风险呢?
What Risk Does Debt Bring?
债务带来了什么风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free 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. 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 step when considering a company's debt levels is to consider its cash and debt together.
债务对于企业提供帮助,直到企业只能通过新资本或自由现金流来偿还债务。如果情况变得非常糟糕,债权人可以接管企业。虽然这种情况并不太常见,但我们经常会看到欠债的公司因为债权人迫使他们以低价募集资本而导致股东的永久性稀释。当然,债务的好处是它通常代表了廉价资本,尤其是当它以高回报率的再投资能力替代了稀释。考虑企业债务水平的第一步是考虑其现金和债务的总体情况。
How Much Debt Does TechnipFMC Carry?
TechnipFMC承担多少债务?
You can click the graphic below for the historical numbers, but it shows that TechnipFMC had US$968.4m of debt in June 2024, down from US$1.43b, one year before. However, because it has a cash reserve of US$721.0m, its net debt is less, at about US$247.4m.
您可以点击下面的图形来查看历史数据,但它显示出德希尼布fmc在2024年6月的债务为9684万美元,低于一年前的14.3亿美元。然而,由于它有7210万美元的现金储备,所以它的净债务较低,大约为2474万美元。
A Look At TechnipFMC's Liabilities
最新的资产负债表数据显示,TechnipFMC有着41.3亿美元的短期负债和19.1亿美元的长期负债。相对地,它拥有7.085亿美元的现金和24.7亿美元的应收账款,这些账款在12个月内到期。所以,它的负债总额比其净现金和短期收账款加起来还多28.7亿美元。
We can see from the most recent balance sheet that TechnipFMC had liabilities of US$4.45b falling due within a year, and liabilities of US$1.78b due beyond that. On the other hand, it had cash of US$721.0m and US$2.57b worth of receivables due within a year. So it has liabilities totalling US$2.94b more than its cash and near-term receivables, combined.
从最近的资产负债表中可以看出,德希尼布fmc的负债总额为44.5亿美元,其余额在一年内到期;而超过一年到期的负债总额为17.8亿美元。另一方面,其现金余额为72100万美元,应收账款在一年内到期的总额为25.7亿美元。因此,其负债总额超过现金和短期应收账款的总和为29.4亿美元。
While this might seem like a lot, it is not so bad since TechnipFMC has a huge market capitalization of US$11.4b, 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,但由于德希尼布fmc的市值高达114亿美元,所以如果有需要的话,它可能通过筹资来增强其资产负债表。但很明显,我们应该密切关注它是否能够在不稀释股权的情况下管理债务。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
为了比较一个公司的债务与其收益的关系,我们计算其净债务除以利息、税、折旧和摊销前的收益和利息前的收益(其利息覆盖率)。因此,我们考虑了债务的绝对数量以及支付的利率。
TechnipFMC has net debt of just 0.20 times EBITDA, indicating that it is certainly not a reckless borrower. And this view is supported by the solid interest coverage, with EBIT coming in at 7.3 times the interest expense over the last year. Better yet, TechnipFMC grew its EBIT by 116% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if TechnipFMC 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.
德希尼布fmc的净债务只相当于EBITDA的0.20倍,这表明它绝对不是一个鲁莽的借款人。这个观点得到了可靠的利息覆盖率的支持,过去一年里的EBIT为利息支出的7.3倍。更好的是,德希尼布fmc去年的EBIT增长了116%,这是一个令人印象深刻的改善。这一增长将更容易偿还债务。资产负债表显然是分析债务时要关注的重点。但最终,企业未来的盈利能力将决定德希尼布fmc能否逐渐增强其资产负债表。因此,如果你关注未来,你可以查看这份显示分析师利润预测的免费报告。
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 last three years, TechnipFMC recorded free cash flow worth a fulsome 96% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
但我们最后的考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要真金白银的现金。因此,合乎逻辑的下一步是查看EBIT中实际自由现金流所占比例。在过去的三年里,德希尼布fmc记录的自由现金流相当于其EBIT的96%,这比我们通常预期的要强。这使其有能力偿还债务,如果有需要的话。
Our View
我们的观点
Happily, TechnipFMC'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. Looking at the bigger picture, we think TechnipFMC's use of debt seems quite reasonable and we're not concerned about it. While debt does bring risk, when used wisely it can also bring a higher return on equity. We'd be very excited to see if TechnipFMC insiders have been snapping up shares. If you are too, then click on this link right now to take a (free) peek at our list of reported insider transactions.
德希尼布fmc令人印象深刻地将EBIT转化为自由现金流,这意味着它在债务方面占据了上风。而且,好消息只是刚刚开始,因为它的EBIT增长率也非常令人振奋。从更大的视角来看,我们认为德希尼布fmc的债务使用似乎相当合理,我们对此并不担心。尽管债务带来风险,但在明智使用时,它也可以带来更高的股东权益回报。我们会非常兴奋地看到德希尼布fmc内部人士是否一直在购买股票。如果您也感兴趣,立即点击此链接免费查看我们报告的内部交易清单。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底,有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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