Does Cognizant Technology Solutions (NASDAQ:CTSH) Have A Healthy Balance Sheet?
Does Cognizant Technology Solutions (NASDAQ:CTSH) Have A Healthy Balance Sheet?
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. We note that Cognizant Technology Solutions Corporation (NASDAQ:CTSH) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
有人说,波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。我们注意到,高知特科技解决方案公司(纳斯达克股票代码:CTSH)的资产负债表上确实有债务。但更重要的问题是:这笔债务会带来多大的风险?
When Is Debt Dangerous?
债务何时危险?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业增长的工具,但是如果企业无法偿还贷款,那么债务就任其摆布。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,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股本,从而永久稀释股东。当然,债务的好处在于它通常代表廉价资本,尤其是当它以高回报率进行再投资的能力取代公司的稀释时。当我们检查债务水平时,我们首先要同时考虑现金和债务水平。
How Much Debt Does Cognizant Technology Solutions Carry?
高知特科技解决方案背负了多少债务?
As you can see below, Cognizant Technology Solutions had US$623.0m of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. But it also has US$2.21b in cash to offset that, meaning it has US$1.58b net cash.
如下所示,截至2024年6月,Cognizant Technology Solutions的债务为6.23亿美元,与前一年大致相同。您可以单击图表以获取更多详细信息。但它也有22.1亿美元的现金可以抵消这一点,这意味着它的净现金为15.8亿美元。
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How Healthy Is Cognizant Technology Solutions' Balance Sheet?
Cognizant 技术解决方案的资产负债表有多健康?
We can see from the most recent balance sheet that Cognizant Technology Solutions had liabilities of US$2.95b falling due within a year, and liabilities of US$1.74b due beyond that. On the other hand, it had cash of US$2.21b and US$3.97b worth of receivables due within a year. So it can boast US$1.50b more liquid assets than total liabilities.
我们可以从最新的资产负债表中看出,Cognizant Technology Solutions的负债为29.5亿美元,一年后到期的负债为17.4亿美元。另一方面,它有22.1亿美元的现金和价值39.7亿美元的应收账款将在一年内到期。因此,它拥有比总负债多出15.0亿美元的流动资产。
This short term liquidity is a sign that Cognizant Technology Solutions could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Cognizant Technology Solutions boasts net cash, so it's fair to say it does not have a heavy debt load!
这种短期流动性表明,由于其资产负债表远未紧张,Cognizant Technology Solutions可能会轻松还清债务。简而言之,Cognizant Technology Solutions拥有净现金,因此可以公平地说,它没有沉重的债务负担!
Cognizant Technology Solutions's EBIT was pretty flat over the last year, but that shouldn't be an issue given the it doesn't have a lot of debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Cognizant Technology Solutions'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.
去年,Cognizant Technology Solutions的息税前利润相当持平,但鉴于它没有大量债务,这应该不是问题。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Cognizant Technology Solutions未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Cognizant Technology Solutions 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. During the last three years, Cognizant Technology Solutions produced sturdy free cash flow equating to 69% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
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。Cognizant Technology Solutions的资产负债表上可能有净现金,但研究该企业将其利息和税前收益(EBIT)转换为自由现金流的效果仍然很有趣,因为这将影响其对债务的需求和管理能力。在过去三年中,Cognizant Technology Solutions产生了稳健的自由现金流,相当于其息税前利润的69%,与我们的预期差不多。这种冷硬现金意味着它可以在需要时减少债务。
Summing Up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Cognizant Technology Solutions has net cash of US$1.58b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of US$1.6b, being 69% of its EBIT. So we don't think Cognizant Technology Solutions's use of debt is risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for Cognizant Technology Solutions you should be aware of.
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,Cognizant Technology Solutions的净现金为15.8亿美元,流动资产比负债还多。它以16亿美元的自由现金流给我们留下了深刻的印象,占其息税前利润的69%。因此,我们认为Cognizant Technology Solutions使用债务没有风险。在分析债务水平时,资产负债表是显而易见的起点。但是,并非所有的投资风险都存在于资产负债表中,远非如此。一个很好的例子:我们发现了你应该注意的Cognizant Technology Solutions的1个警告信号。
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.
当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。
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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。