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We Think Tri Pointe Homes (NYSE:TPH) Can Stay On Top Of Its Debt

We Think Tri Pointe Homes (NYSE:TPH) Can Stay On Top Of Its Debt

我们认为tri pointe homes (纽交所:TPH)可以守住其债务顶部
Simply Wall St ·  08/31 09:40

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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that Tri Pointe Homes, Inc. (NYSE:TPH) does use debt in its business. But the more important question is: how much risk is that debt creating?

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,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。我们可以看到,Tri Pointe Homes, Inc.(纽约证券交易所代码:TPH)确实在其业务中使用了债务。但更重要的问题是:这笔债务会带来多大的风险?

What Risk Does Debt Bring?

债务会带来什么风险?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.

债务为企业提供帮助,直到企业难以用新的资本或自由现金流还清债务。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。但是,通过取代稀释,债务可以成为需要资本以高回报率投资增长的企业的一个非常好的工具。当我们考虑公司对债务的使用时,我们首先要同时考虑现金和债务。

What Is Tri Pointe Homes's Net Debt?

Tri Pointe Homes 的净负债是多少?

You can click the graphic below for the historical numbers, but it shows that Tri Pointe Homes had US$962.1m of debt in June 2024, down from US$1.38b, one year before. However, because it has a cash reserve of US$492.9m, its net debt is less, at about US$469.1m.

你可以点击下图查看历史数字,但它显示Tri Pointe Homes在2024年6月的债务为9.621亿美元,低于一年前的13.8亿美元。但是,由于其现金储备为4.929亿美元,其净负债较少,约为4.691亿美元。

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NYSE:TPH Debt to Equity History August 31st 2024
纽约证券交易所:TPH 债务与股本的比率记录 2024 年 8 月 31 日

A Look At Tri Pointe Homes' Liabilities

看看Tri Pointe Homes的负债

We can see from the most recent balance sheet that Tri Pointe Homes had liabilities of US$287.4m falling due within a year, and liabilities of US$1.17b due beyond that. Offsetting these obligations, it had cash of US$492.9m as well as receivables valued at US$83.9m due within 12 months. So its liabilities total US$879.8m more than the combination of its cash and short-term receivables.

我们可以从最新的资产负债表中看出,Tri Pointe Homes的负债为2.874亿美元,一年后到期的负债为11.7亿美元。除这些债务外,它有4.929亿美元的现金以及价值8,390万美元的应收账款将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总额高出8.798亿美元。

While this might seem like a lot, it is not so bad since Tri Pointe Homes has a market capitalization of US$4.12b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.

尽管这可能看起来很多,但还不错,因为Tri Pointe Homes的市值为41.2亿美元,因此如果需要,它可能会通过筹集资金来加强资产负债表。但是,仍然值得仔细研究其偿还债务的能力。

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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

为了扩大公司相对于收益的负债规模,我们计算其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),将其利息和税前收益(EBIT)除以利息支出(利息保障)。因此,我们将债务与收益的关系考虑在内,包括和不包括折旧和摊销费用。

Tri Pointe Homes's net debt is only 0.84 times its EBITDA. And its EBIT covers its interest expense a whopping 1k times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. But the bad news is that Tri Pointe Homes has seen its EBIT plunge 19% in the last twelve months. If that rate of decline in earnings continues, the company could find itself in a tight spot. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Tri Pointe Homes's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

Tri Pointe Homes的净负债仅为其息税折旧摊销前利润的0.84倍。而且其息税前利润支付了高达0.1万倍的利息支出。因此,你可以争辩说,它受到债务的威胁并不比大象受到老鼠的威胁更大。但坏消息是,在过去的十二个月中,Tri Pointe Homes的息税前利润下降了19%。如果收益的下降速度持续下去,该公司可能会陷入困境。在分析债务水平时,资产负债表是显而易见的起点。但是,未来的收益将决定Tri Pointe Homes未来维持健康资产负债表的能力。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。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, Tri Pointe Homes recorded free cash flow worth 55% 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.

但是我们最终的考虑因素也很重要,因为公司无法用纸面利润来偿还债务;它需要冷硬现金。因此,我们总是检查该息税前利润中有多少转化为自由现金流。在最近三年中,Tri Pointe Homes记录的自由现金流占其息税前利润的55%,鉴于自由现金流不包括利息和税收,这几乎是正常的。这种自由现金流使公司处于有利地位,可以在适当的时候偿还债务。

Our View

我们的观点

When it comes to the balance sheet, the standout positive for Tri Pointe Homes was the fact that it seems able to cover its interest expense with its EBIT confidently. However, our other observations weren't so heartening. In particular, EBIT growth rate gives us cold feet. When we consider all the factors mentioned above, we do feel a bit cautious about Tri Pointe Homes's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for Tri Pointe Homes you should be aware of.

在资产负债表方面,Tri Pointe Homes最大的利好之处在于,它似乎能够自信地用息税前利润来支付利息支出。但是,我们的其他观察结果并不那么令人鼓舞。特别是,息税前利润增长率使我们措手不及。当我们考虑上述所有因素时,我们对Tri Pointe Homes的债务使用确实有些谨慎。尽管我们意识到债务可以提高股本回报率,但我们建议股东密切关注其债务水平,以免债务增加。在分析债务水平时,资产负债表是显而易见的起点。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。一个很好的例子:我们发现了你应该注意的 Tri Pointe Homes 的 1 个警告标志。

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,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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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。

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