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GlobalFoundries (NASDAQ:GFS) Has A Pretty Healthy Balance Sheet

GlobalFoundries (NASDAQ:GFS) Has A Pretty Healthy Balance Sheet

全球芯片制造商GlobalFoundries(纳斯达克:GFS)资产负债表状况良好
Simply Wall St ·  09/04 08:13

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. Importantly, GlobalFoundries Inc. (NASDAQ:GFS) does carry debt. 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,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。重要的是,GlobalFoundries Inc.(纳斯达克股票代码:GFS)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 A Problem?

债务何时会成为问题?

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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, 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.

债务是帮助企业发展的工具,但如果企业无法还清贷款人,那么债务就任由他们摆布。资本主义的重要组成部分是 “创造性破坏” 的过程,在这个过程中,倒闭的企业将被银行家无情地清算。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权资本,从而永久稀释股东。当然,债务可以成为企业,尤其是资本密集型企业的重要工具。在考虑企业使用多少债务时,要做的第一件事是将现金和债务放在一起看。

What Is GlobalFoundries's Debt?

GlobalFoundries的债务是什么?

As you can see below, GlobalFoundries had US$2.22b of debt at June 2024, down from US$2.43b a year prior. But on the other hand it also has US$3.37b in cash, leading to a US$1.15b net cash position.

如下所示,截至2024年6月,GlobalFoundries的债务为22.2亿美元,低于去年同期的24.3亿美元。但另一方面,它也有33.7亿美元的现金,净现金状况为11.5亿美元。

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NasdaqGS:GFS Debt to Equity History September 4th 2024
NASDAQGS: GFS 债务与股本的比率历史记录 2024 年 9 月 4 日

How Strong Is GlobalFoundries' Balance Sheet?

GlobalFoundries 的资产负债表有多强?

Zooming in on the latest balance sheet data, we can see that GlobalFoundries had liabilities of US$2.83b due within 12 months and liabilities of US$3.79b due beyond that. On the other hand, it had cash of US$3.37b and US$1.11b worth of receivables due within a year. So its liabilities total US$2.15b more than the combination of its cash and short-term receivables.

放大最新的资产负债表数据,我们可以看到,GlobalFoundries在12个月内到期的负债为28.3亿美元,之后到期的负债为37.9亿美元。另一方面,它有一年内到期的现金为33.7亿美元,还有价值11.1亿美元的应收账款。因此,其负债总额比其现金和短期应收账款的总和高出21.5亿美元。

Given GlobalFoundries has a humongous market capitalization of US$25.8b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, GlobalFoundries boasts net cash, so it's fair to say it does not have a heavy debt load!

鉴于GlobalFoundries的庞大市值为258亿美元,很难相信这些负债会构成很大的威胁。但是,有足够的负债,我们肯定会建议股东今后继续监督资产负债表。尽管负债值得关注,但GlobalFoundries拥有净现金,因此可以公平地说,它没有沉重的债务负担!

It is just as well that GlobalFoundries's load is not too heavy, because its EBIT was down 31% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if GlobalFoundries can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

同样重要的是,GlobalFoundries的负荷并不太重,因为其息税前利润比去年下降了31%。在还清债务方面,收入下降对健康的作用并不比含糖的苏打水更有用。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但最终,该业务未来的盈利能力将决定GlobalFoundries能否随着时间的推移加强其资产负债表。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. GlobalFoundries 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, GlobalFoundries recorded free cash flow worth 57% 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,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。GlobalFoundries的资产负债表上可能有净现金,但研究该企业如何将其利息税前收益(EBIT)转换为自由现金流仍然很有趣,因为这将影响其对债务的需求和管理能力。在最近三年中,GlobalFoundries录得的自由现金流占其息税前利润的57%,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。

Summing Up

总结

While it is always sensible to look at a company's total liabilities, it is very reassuring that GlobalFoundries has US$1.15b in net cash. So we don't have any problem with GlobalFoundries's use of debt. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with GlobalFoundries , and understanding them should be part of your investment process.

尽管查看公司的总负债总是明智的,但令人欣慰的是,GlobalFoundries拥有11.5亿美元的净现金。因此,我们对GlobalFoundries使用债务没有任何问题。资产负债表显然是分析债务时需要关注的领域。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。我们已经向GlobalFoundries发现了一个警告信号,了解它们应该是您投资过程的一部分。

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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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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