These 4 Measures Indicate That Greenbrier Companies (NYSE:GBX) Is Using Debt Extensively
These 4 Measures Indicate That Greenbrier Companies (NYSE:GBX) Is Using Debt Extensively
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.' 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 note that The Greenbrier Companies, Inc. (NYSE:GBX) does have debt on its balance sheet. But is this debt a concern to shareholders?
有人认为,作为投资者,最好的风险思考方式是波动性,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。' 因此,当您考虑任何给定股票的风险有多大时,需要考虑债务,因为过多的债务可能会拖垮一家公司。我们注意到格林布赖尔公司(NYSE:GBX)的资产负债表上确实有债务。但这些债务是否会令股东担忧呢?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务和其他负债对于一家企业而言,当它无法通过自由现金流或以优惠价格融资来轻松满足这些义务时,就会产生风险。在最糟糕的情况下,如果一家公司无法支付其债权人,则会破产。不过,更常见(但仍然代价高昂)的情况是,公司必须以折价的价格发行股票,永久性地稀释股东的利益,仅仅为了支撑其资产负债表。尽管如此,最常见情况是一家公司合理掌控其债务,让其自身受益。考虑一家企业使用了多少债务时,首先要做的是看其现金和负债的总体情况。
What Is Greenbrier Companies's Net Debt?
格林布赖尔公司的净债务是多少?
The image below, which you can click on for greater detail, shows that at August 2024 Greenbrier Companies had debt of US$1.76b, up from US$1.61b in one year. However, it also had US$351.8m in cash, and so its net debt is US$1.40b.
下面的图片显示,截至2024年8月,格林布赖尔公司的债务为17.6亿美元,比一年前的16.1亿美元增加。 但公司也有35180万美元现金,因此其净债务为14亿美元。
How Strong Is Greenbrier Companies' Balance Sheet?
格林布赖尔公司的资产负债表有多强?
The latest balance sheet data shows that Greenbrier Companies had liabilities of US$1.08b due within a year, and liabilities of US$1.59b falling due after that. Offsetting these obligations, it had cash of US$351.8m as well as receivables valued at US$568.9m due within 12 months. So its liabilities total US$1.76b more than the combination of its cash and short-term receivables.
最新的资产负债表数据显示,格林布赖尔公司一年内到期的负债为10.8亿美元,到期后的负债为15.9亿美元。 抵消这些义务,它手头有35180万美元的现金,以及价值56890万美元的应收款项,其中12个月内到期。 因此,其负债总额比其现金和短期应收款项的总和高出17.6亿美元。
When you consider that this deficiency exceeds the company's US$1.60b market capitalization, you might well be inclined to review the balance sheet intently. 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.
当考虑到这一逆差超过公司的16亿美元市值时,您可能会倾向于仔细审查资产负债表。 假设,如果公司被迫以当前股价筹集资本偿还其负债,就需要大规模稀释。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
我们通过查看净债务与利息、税、折旧和摊销前收益(EBITDA)之比以及计算其利息支出由收益前利息和税(EBIT)覆盖的程度来度量一家公司的债务负载相对于其收益能力的程度。此方法的优点在于我们同时考虑了债务的绝对量(以净债务为EBITDA)以及与该债务相关的实际利息支出(以其利息覆盖倍数计算)。
Greenbrier Companies's debt is 3.3 times its EBITDA, and its EBIT cover its interest expense 3.1 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. Looking on the bright side, Greenbrier Companies boosted its EBIT by a silky 51% in the last year. Like the milk of human kindness that sort of growth increases resilience, making the company more capable of managing debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Greenbrier Companies 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.
格林布赖尔公司的债务是其EBITDA的3.3倍,其EBIT覆盖其利息支出的3.1倍。 综合起来,这意味着,虽然我们不希望看到债务水平上升,但我们认为其目前的杠杆是可以承受的。 从积极的一面来看,格林布赖尔公司去年的EBIT增长了51%。 像人类的仁慈之心一样,这种增长提高了韧性,使公司更有能力管理债务。 在分析债务水平时,资产负债表是显而易见的起点。 但最终,企业未来的盈利能力将决定格林布赖尔公司是否能够随着时间加强其资产负债表。 因此,如果您关注未来,可以查看这份显示分析师利润预测的免费报告。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Greenbrier Companies burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
但我们最终的考虑也很重要,因为一家公司不能用纸面利润支付债务;它需要现金。因此,逻辑的下一步是看看EBIt的比例是否与实际的自由现金流相匹配。在过去三年里,Greenbrier Companies消耗了大量现金。虽然这可能是为增长支出的结果,但确实使债务风险更高。
Our View
我们的观点
We'd go so far as to say Greenbrier Companies's conversion of EBIT to free cash flow was disappointing. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. Looking at the bigger picture, it seems clear to us that Greenbrier Companies's use of debt is creating risks for the company. If all goes well, that should boost returns, but on the flip side, the risk of permanent capital loss is elevated by the debt. 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. To that end, you should learn about the 3 warning signs we've spotted with Greenbrier Companies (including 1 which doesn't sit too well with us) .
我们甚至可以说格林布赖尔公司的EBIt转化为自由现金流令人失望。但值得一提的是,其EBIt增长率是一个好迹象,让我们更加乐观。从更大的角度来看,对我们来说很明显,格林布赖尔公司的债务利用正为该公司带来风险。如果一切顺利,这将提高回报,但另一方面,由于债务,永久资本损失的风险也会升高。在分析债务水平时,资产负债表是明显的起点。但最终,每家公司都可能存在超出资产负债表范围的风险。为此,您应该了解我们发现格林布赖尔公司存在的3个警示信号(其中有一个我们不太满意)。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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