Is Teva Pharmaceutical Industries (NYSE:TEVA) Using Too Much Debt?
Is Teva Pharmaceutical Industries (NYSE:TEVA) Using Too Much Debt?
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.' 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. As with many other companies Teva Pharmaceutical Industries Limited (NYSE:TEVA) makes use of debt. But the real question is whether this debt is making the company risky.
有人说,作为投资者,思考风险最好的方式是考虑波动性,而不是债务,但沃伦·巴菲特曾经说过:“波动性远非风险的同义词。”当你评估一个公司的风险时,考虑到其资产负债表是很自然的,因为企业倒闭时通常伴随着债务。和其他很多公司一样,梯瓦制药(NYSE:TEVA)也使用债务。但真正的问题是这些债务是否让公司具有风险。
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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.
一般而言,只有当一家公司无法通过增资或用自有的现金流来轻松偿还债务时,债务才会成为真正的问题。如果公司不能够满足偿还债务的法律义务,那么股东可能会一文不值。虽然这种情况并不太常见,但我们通常会看到负债的公司会因为债权人在恶劣价格下强迫其增资而导致股东永久性稀释。当然,负债的好处在于,它常常代表了廉价资本,特别是当它代替了一家公司需要高回报率进行再投资的减弱时。考虑一家公司的债务水平时的第一步是将其现金和债务一起考虑。
What Is Teva Pharmaceutical Industries's Net Debt?
梯瓦制药工业的净债务是多少?
The image below, which you can click on for greater detail, shows that Teva Pharmaceutical Industries had debt of US$18.6b at the end of June 2024, a reduction from US$20.7b over a year. However, it also had US$2.26b in cash, and so its net debt is US$16.4b.
下面的图片可以点击以获得更多细节,显示梯瓦制药工业在2024年6月底的债务为186亿美元,较去年减少了20.7亿美元。然而,它也有2.26亿美元的现金,因此其净债务为164亿美元。
![1724867276220](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240829/43019884-0-6eca14413d36fbf411b5e38b50048063.webp/bigjpg)
How Healthy Is Teva Pharmaceutical Industries' Balance Sheet?
Teva制药的资产负债表有多健康?
Zooming in on the latest balance sheet data, we can see that Teva Pharmaceutical Industries had liabilities of US$13.0b due within 12 months and liabilities of US$21.7b due beyond that. Offsetting this, it had US$2.26b in cash and US$3.77b in receivables that were due within 12 months. So its liabilities total US$28.8b more than the combination of its cash and short-term receivables.
仔细查看最新的资产负债表数据,我们可以看到Teva制药公司在12个月内有130亿美元的负债,并且在此之后有217亿美元的负债。 与此相抵,它有22.6亿美元的现金和37.7亿美元的应收款项,这些应收款项在12个月内到期。所以它的负债总额超过了其现金和短期应收款项的组合达到了288亿美元。
Given this deficit is actually higher than the company's massive market capitalization of US$21.1b, we think shareholders really should watch Teva Pharmaceutical Industries's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
考虑到这个赤字实际上比公司庞大的211亿美元市值还要高,我们认为股东们应该像一个父母第一次看孩子骑车一样关注Teva制药的债务水平。假设公司被迫以当前股价来偿还其负债,那么极高的稀释是必要的。
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。
Teva Pharmaceutical Industries's debt is 3.6 times its EBITDA, and its EBIT cover its interest expense 3.6 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. The good news is that Teva Pharmaceutical Industries grew its EBIT a smooth 40% over the last twelve months. Like a mother's loving embrace of a newborn that sort of growth builds resilience, putting the company in a stronger position to manage its debt. 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 Teva Pharmaceutical Industries'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.
Teva制药的债务是其EBITDA的3.6倍,其EBIT能够覆盖利息支出的3.6倍。这表明虽然债务水平相当高,但我们并不认为它们是有问题的。好消息是Teva制药在过去12个月里EBIT顺利增长了40%。像母亲对新生儿的深情拥抱一样,这种增长增强了公司的韧性,使其能够更好地管理债务。在分析债务时,资产负债表明显是需要重点关注的领域。但最终,未来收益才是决定Teva制药公司能否保持健康资产负债表的关键。所以如果你注重未来,可以查看这份免费报告,其中包含了分析师的盈利预测。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Looking at the most recent three years, Teva Pharmaceutical Industries recorded free cash flow of 26% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
但我们最终的考虑也很重要,因为一家公司不能用纸上利润来偿还债务;它需要有现金流。所以值得检查一下EBIt有多少是由自由现金流支持的。看最近三年的数据,梯瓦制药的自由现金流占EBIt的26%,这比我们预期的要弱。这种弱势的现金转换使得处理债务变得更加困难。
Our View
我们的观点
Mulling over Teva Pharmaceutical Industries's attempt at staying on top of its total liabilities, we're certainly not enthusiastic. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making Teva Pharmaceutical Industries stock a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. Even though Teva Pharmaceutical Industries lost money on the bottom line, its positive EBIT suggests the business itself has potential. So you might want to check out how earnings have been trending over the last few years.
思考一下梯瓦制药在应对其总负债方面的努力,我们并不热衷。但好的一面是,它的EBIt增长率是一个好的迹象,使我们更加乐观。从资产负债表来看,考虑了所有这些因素,我们确实认为债务使得梯瓦制药的股票有一定风险。这不一定是坏事,但我们通常会更喜欢更少的杠杆。即使梯瓦制药在底线上亏损,其正面的EBIt表明业务本身具有潜力。因此,您可能想要查看过去几年的收益趋势。
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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