These 4 Measures Indicate That EOG Resources (NYSE:EOG) Is Using Debt Reasonably Well
These 4 Measures Indicate That EOG Resources (NYSE:EOG) Is Using Debt Reasonably Well
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 EOG Resources, Inc. (NYSE:EOG) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
传奇基金经理李录(由查理·芒格支持)曾说:“最大的投资风险不是价格的波动性,而是您是否会遭受到永久的资本损失。”在评估一家公司的风险性时,考虑到负债往往与企业破产有关,查看其资产负债表是再自然不过的事情了。我们注意到EOG Resources, Inc.(NYSE:EOG)确实在其资产负债表上有债务。但真正的问题是,这笔债务是否使公司具有风险。
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
债务是帮助企业增长的工具,但是如果一家企业无法偿还债权人,那么它就完全取决于债权人的意志。如果情况变得非常糟糕,债权人可以接管企业。然而,更频繁(但仍然代价高昂)的情况是公司必须以低于正常价格发行股票,永久稀释股东,以维持其资产负债表。当然,很多公司利用债务资金来实现增长,没有任何负面后果。在考虑公司的债务水平时,第一步是考虑其现金和债务总额。
How Much Debt Does EOG Resources Carry?
EOG Resources承载多少债务?
The chart below, which you can click on for greater detail, shows that EOG Resources had US$3.78b in debt in June 2024; about the same as the year before. But it also has US$5.43b in cash to offset that, meaning it has US$1.65b net cash.
下面的图表显示了EOG Resources在2024年6月拥有37.8亿美元的债务,与前一年大致相同。但它也有54.3亿美元的现金来抵消这笔债务,意味着它有16.5亿美元的净现金。
![1724754865664](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240827/42941176-0-405a15c582cd6db74091830b3379a522.webp/bigjpg)
How Healthy Is EOG Resources' Balance Sheet?
EOG能源财务状况如何?
The latest balance sheet data shows that EOG Resources had liabilities of US$4.63b due within a year, and liabilities of US$11.4b falling due after that. Offsetting this, it had US$5.43b in cash and US$2.66b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$7.98b.
最新的资产负债表数据显示,EOG能源在一年内有46.3亿美元的短期负债,之后有114亿美元的长期负债。抵消这些负债,它有54.3亿美元的现金和26.6亿美元的应收账款,这些款项在12个月内到期。因此,它的负债超过现金和(短期)应收账款的总和达79.8亿美元。
Of course, EOG Resources has a titanic market capitalization of US$72.2b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, EOG Resources also has more cash than debt, so we're pretty confident it can manage its debt safely.
当然,EOG能源的市值高达722亿美元,所以这些负债可能是可控的。然而,我们认为值得密切关注其资产负债表的强度,因为它可能会随时间而变化。虽然它确实有一些值得注意的负债,但EOG能源的现金多于债务,所以我们相当有信心它能够安全地管理债务。
But the bad news is that EOG Resources has seen its EBIT plunge 15% in the last twelve months. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. 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 EOG Resources'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.
但坏消息是,EOG能源过去12个月的息税前利润(EBIt)下降了15%。我们认为,如果这种表现经常重复,可能会给股票带来困难。资产负债表显然是在分析债务时要关注的领域。但最重要的是,未来的盈利将决定EOG能源保持健康资产负债表的能力。所以如果你关注未来,可以查看这份免费报告,显示分析师的盈利预测。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. EOG Resources may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the most recent three years, EOG Resources recorded free cash flow worth 61% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最后,一家公司只能用实实在在的现金偿还债务,而不是会计利润。EOG能源在资产负债表上可能有净现金,但看一下业务如何将息税前利润(EBIT)转化为自由现金流,这一点仍然是有趣的,因为这将影响它对债务的需求和管理能力。在最近的三年中,EOG能源录得的自由现金流值为其息税前利润的61%,这在正常范围内,因为自由现金流不包括利息和税收。这份自由现金流使该公司在适当时可以有能力偿还债务。
Summing Up
总之
While EOG Resources does have more liabilities than liquid assets, it also has net cash of US$1.65b. So we are not troubled with EOG Resources's debt use. 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. For example, we've discovered 3 warning signs for EOG Resources (1 can't be ignored!) that you should be aware of before investing here.
虽然EOG Resources的负债超过流动资产,但其净现金为16.5亿美元。因此,EOG Resources的债务使用并没有给我们带来麻烦。资产负债表显然是分析债务时要关注的领域。但最终,每家公司都可能存在超越资产负债表之外的风险。例如,我们已经发现EOG Resources有3个警示信号(其中有1个必须引起重视!)在您投资之前,您应该了解到。
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,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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