share_log

Lennox International (NYSE:LII) Has A Pretty Healthy Balance Sheet

Lennox International (NYSE:LII) Has A Pretty Healthy Balance Sheet

雷诺士国际(纽交所:LII)拥有相当健康的资产负债表
Simply Wall St ·  11/07 14:04

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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, Lennox International Inc. (NYSE:LII) does carry debt. But is this debt a concern to shareholders?

传奇基金经理李录(查理·芒格支持过)曾经说过,'最大的投资风险不是价格的波动,而是是否会遭受永久性资本损失。' 因此,看来聪明的人知道,债务(通常会涉及破产)是评估一家公司风险有多大时,一个非常重要的因素。值得注意的是,雷诺士国际股份有限公司(纽交所:LII)的确存在债务。但是,这笔债务会让股东担忧吗?

When Is Debt A Problem?

什么时候负债才是一个问题?

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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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.

债务是帮助企业增长的工具,但如果企业无力偿还其债权人的债务,则其存在于债权人的掌控之下。资本主义的本质是“创造性毁灭”过程,其中银行家无情地清算破产的企业。但通常(虽然仍然很昂贵)的情况是企业必须以便宜的股价稀释股东,仅仅是为了控制债务。话虽这样说,最常见的情况是企业合理管理其债务,并使其对自身有利。考虑企业使用多少债务时,首先要做的是看其现金和债务总额。

What Is Lennox International's Net Debt?

雷诺士国际的净债务是多少?

The image below, which you can click on for greater detail, shows that Lennox International had debt of US$1.09b at the end of September 2024, a reduction from US$1.44b over a year. However, because it has a cash reserve of US$255.7m, its net debt is less, at about US$836.8m.

下面的图片,您可以点击查看更详细信息,显示雷诺士国际在2024年9月底的债务为10.9亿美元,比一年前的14.4亿美元有所减少。然而,由于其现金储备为25570万美元,其净债务更少,大约为83680万美元。

big
NYSE:LII Debt to Equity History November 7th 2024
纽交所:LII债务与股本历史数据2024年11月7日

How Strong Is Lennox International's Balance Sheet?

雷诺士的资产负债表有多强?

The latest balance sheet data shows that Lennox International had liabilities of US$1.32b due within a year, and liabilities of US$1.24b falling due after that. Offsetting this, it had US$255.7m in cash and US$816.5m in receivables that were due within 12 months. So it has liabilities totalling US$1.49b more than its cash and near-term receivables, combined.

最新的资产负债表数据显示,雷诺士1年内到期的负债为13.2亿美元,此后到期的负债为12.4亿美元。与此相抵,其现金为25570万元美元,应收账款为81650万元美元,均在12个月内到期。因此,其负债总计达到14.9亿美元,超过了其现金和短期应收账款的总和。

Since publicly traded Lennox International shares are worth a very impressive total of US$22.3b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.

由于上市的雷诺士股票总值为223亿美元,这个负债水平似乎不太可能构成重大威胁。话虽如此,我们清楚地需要继续监测其资产负债表,以防情况变差。

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). 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).

为了衡量公司相对于其收益的债务情况,我们计算其净负债除以利息、税项、折旧和摊销前收益(EBITDA)和其利息支出除以利息前收益(EBIT)的比例(其利息覆盖率)。这种方法的优点是,我们既考虑了债务的绝对量(净负债与 EBITDA),又考虑到了与该债务相关的实际利息支出(其利息覆盖率)。

Lennox International has a low net debt to EBITDA ratio of only 0.79. And its EBIT covers its interest expense a whopping 21.6 times over. So we're pretty relaxed about its super-conservative use of debt. Also positive, Lennox International grew its EBIT by 22% in the last year, and that should make it easier to pay down debt, going forward. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Lennox International 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.

雷诺士的净债务与息税折旧及摊销前利润(EBITDA)比率仅为0.79。而其EBIT覆盖利息费用达到惊人的21.6倍。因此,我们对其极度保守的债务使用感到放心。此外,雷诺士去年的EBIT增长了22%,这应该会更容易地偿还债务。在分析债务水平时,资产负债表是明显的起点。但最终业务的未来盈利能力将决定雷诺士是否能随时间加强其资产负债表。因此,如果你关注未来,可以查看这份显示分析师盈利预测的免费报告。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, Lennox International recorded free cash flow worth 54% 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,虽然税务人员可能热爱会计利润,但贷款人只接受冰冷的现金。因此,理性的步骤是看看EBIT中有多少能够与实际自由现金流匹配。在最近三年中,雷诺士记录的自由现金流相当于其EBIT的54%,这在正常范围内,因为自由现金流不包括利息和税金。这笔自由现金流使公司在适当时候偿还债务处于一个良好的位置。

Our View

我们的观点

The good news is that Lennox International's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And that's just the beginning of the good news since its EBIT growth rate is also very heartening. Looking at the bigger picture, we think Lennox International's use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. 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. Be aware that Lennox International is showing 2 warning signs in our investment analysis , you should know about...

好消息是,雷诺士展示了用其EBIt支付利息费用的能力,这让我们感到像一只毛绒绒的小狗让幼儿快乐一样。而这仅仅是好消息的开始,因为其EBIt增长率也非常令人振奋。从更宏观的角度来看,我们认为雷诺士使用债务的方式相当合理,我们对此并不担忧。毕竟,合理的杠杆可以提升股本回报率。在分析债务水平时,资产负债表是显而易见的起点。然而,并不是所有的投资风险都存在于资产负债表中 - 远非如此。请注意,我们的投资分析中雷诺士展示了2个警示信号,您应该了解...

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

对这篇文章有反馈吗?对内容感到担忧吗?请直接与我们联系。或者,发送电子邮件至editorial-team @ simplywallst.com。
Simply Wall St的这篇文章是一般性质的。我们仅基于历史数据和分析师预测提供评论,使用公正的方法,我们的文章并非意在提供财务建议。这并不构成买入或卖出任何股票的建议,并且不考虑您的目标或财务状况。我们旨在为您带来基于基础数据驱动的长期聚焦分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St对提及的任何股票都没有持仓。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发