We Think Fluor (NYSE:FLR) Can Manage Its Debt With Ease
We Think Fluor (NYSE:FLR) Can Manage Its Debt With Ease
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that Fluor Corporation (NYSE:FLR) does use debt in its business. But the real question is whether this debt is making the company risky.
大卫·伊本说得好,他说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们可以看到,福陆公司(纽约证券交易所代码:FLR)确实在其业务中使用了债务。但真正的问题是这笔债务是否使公司面临风险。
What Risk Does Debt Bring?
债务会带来什么风险?
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. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般而言,只有当公司无法通过筹集资金或自己的现金流轻松还清债务时,债务才会成为真正的问题。资本主义的重要组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。尽管这种情况并不常见,但我们经常看到负债累累的公司会永久稀释股东,因为贷款机构迫使他们以不利的价格筹集资金。当然,债务可以成为企业的重要工具,尤其是资本密集型企业。在考虑企业使用多少债务时,要做的第一件事就是综合考虑其现金和债务。
What Is Fluor's Debt?
什么是福陆的债务?
The image below, which you can click on for greater detail, shows that at June 2024 Fluor had debt of US$1.14b, up from US$996.0m in one year. However, it does have US$2.71b in cash offsetting this, leading to net cash of US$1.57b.
您可以点击下图查看更多详情,该图片显示,截至2024年6月,福陆的债务为11.4亿美元,高于一年的9.96亿美元。但是,它确实有27.1亿美元的现金抵消了这一点,净现金为15.7亿美元。
![1724755114626](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240827/42936040-0-08ff95f9a2e15ae83b7da0d54a850a03.webp/bigjpg)
A Look At Fluor's Liabilities
看看福陆的负债
The latest balance sheet data shows that Fluor had liabilities of US$2.84b due within a year, and liabilities of US$1.73b falling due after that. On the other hand, it had cash of US$2.71b and US$2.00b worth of receivables due within a year. So it can boast US$137.0m more liquid assets than total liabilities.
最新的资产负债表数据显示,福陆在一年内到期的负债为28.4亿美元,之后到期的负债为17.3亿美元。另一方面,它有27.1亿美元的现金和价值20亿美元的应收账款将在一年内到期。因此,它拥有比总负债多1.37亿美元的流动资产。
This state of affairs indicates that Fluor's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the US$8.50b company is struggling for cash, we still think it's worth monitoring its balance sheet. Simply put, the fact that Fluor has more cash than debt is arguably a good indication that it can manage its debt safely.
这种状况表明,福陆的资产负债表看起来相当稳健,因为其总负债几乎等于其流动资产。因此,尽管很难想象这家价值850亿美元的公司正在为现金而苦苦挣扎,但我们仍然认为值得监控其资产负债表。简而言之,福陆的现金多于债务这一事实可以说是一个很好的迹象,表明它可以安全地管理债务。
Even more impressive was the fact that Fluor grew its EBIT by 405% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. 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 Fluor 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.
更令人印象深刻的是,福陆在十二个月内将其息税前利润增长了405%。如果这种增长得以维持,将使未来几年的债务更加易于管理。资产负债表显然是分析债务时需要关注的领域。但最终,该业务的未来盈利能力将决定福陆能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Fluor 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. Looking at the most recent three years, Fluor recorded free cash flow of 39% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
最后,企业需要自由现金流来偿还债务;会计利润根本无法减少债务。尽管福陆的资产负债表上有净现金,但仍值得一看其将利息税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度有多快。纵观最近三年,福陆录得的自由现金流占其息税前利润的39%,低于我们的预期。在偿还债务方面,这并不好。
Summing Up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Fluor has net cash of US$1.57b, as well as more liquid assets than liabilities. And we liked the look of last year's 405% year-on-year EBIT growth. So we don't think Fluor's use of debt is risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Fluor is showing 2 warning signs in our investment analysis , you should know about...
虽然我们同情那些认为债务令人担忧的投资者,但您应该记住,福陆的净现金为15.7亿美元,流动资产也多于负债。而且我们喜欢去年息税前利润同比增长405%的样子。因此,我们认为福陆使用债务没有风险。资产负债表显然是分析债务时需要关注的领域。但归根结底,每家公司都可以控制资产负债表之外存在的风险。请注意,福陆在我们的投资分析中显示出两个警告信号,您应该知道...
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。