Does RadNet (NASDAQ:RDNT) Have A Healthy Balance Sheet?
Does RadNet (NASDAQ:RDNT) Have A Healthy Balance Sheet?
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, RadNet, Inc. (NASDAQ:RDNT) does carry debt. But should shareholders be worried about its use of debt?
传奇基金经理李录(受到查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是资本是否会永久性损失。”因此,显而易见,聪明人知道,在评估一个公司的风险时,负债(通常与破产有关)是一个非常重要的因素。值得注意的是,RadNet, Inc.(纳斯达克: RDNT)确实存在债务。但股东们应该担心它的债务使用吗?
When Is Debt A Problem?
什么时候负债才是一个问题?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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 think about a company's use of debt, we first look at cash and debt together.
当企业无法轻松通过自由现金流或以有吸引力价格筹集资本来履行这些义务时,债务和其他负债变得具有风险。资本主义的一个重要组成部分是“创造性破产”过程,失败的企业会被银行无情清算。然而,一个更频繁(但仍然昂贵)的情况是,一个公司必须以大打折价发行股票,永久性稀释股东权益,只是为了巩固其资产负债表。当然,债务的好处是,它通常代表着廉价资本,特别是当它取代一家公司中的稀释时,该公司具有以高回报率再投资的能力。当我们考虑公司的债务使用时,我们首先看现金和债务两者结合在一起。
What Is RadNet's Debt?
RadNet的债务是什么?
The image below, which you can click on for greater detail, shows that at September 2024 RadNet had debt of US$1.02b, up from US$860.3m in one year. On the flip side, it has US$748.9m in cash leading to net debt of about US$270.7m.
下面的图片,您可以点击查看更多详细信息,显示2024年9月RadNet的债务为10.2亿美元,比一年前的86030万美元有所增加。反过来,它有74890万美元现金,导致净债务约为27070万美元。
A Look At RadNet's Liabilities
审视radnet的负债
We can see from the most recent balance sheet that RadNet had liabilities of US$470.1m falling due within a year, and liabilities of US$1.69b due beyond that. On the other hand, it had cash of US$748.9m and US$229.3m worth of receivables due within a year. So its liabilities total US$1.18b more than the combination of its cash and short-term receivables.
从最近的资产负债表中,我们可以看到RadNet有1年内到期的负债为47010万美元,超过1年到期的负债为16.9亿美元。另一方面,它持有74890万美元现金和22930万美元的应收款项。因此,其负债总额比其现金和短期应收款项的组合多11.8亿美元。
Since publicly traded RadNet shares are worth a total of US$6.05b, 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.
由于公开交易的RadNet股份总值为60.5亿美元,这个负债水平似乎不太可能构成重大威胁。话虽如此,明显我们应继续监控其资产负债表,以防情况恶化。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Service Corporation International的债务是其EBITDA的3.5倍,而其EBIT可覆盖其利息开支的3.7倍。综合考虑,虽然我们不希望看到债务水平上升,但我们认为它可以应对当前的杠杆。好消息是,Service Corporation International在过去12个月中将其EBIT提高了2.9%,从而逐渐降低了其相对于收益的债务水平。毫无疑问,我们从资产负债表中获得了有关债务的大部分内容。但是,相对于资产负债表,更重要的是未来收益,这将决定Service Corporation International维持健康资产负债表的能力。如果您关注未来,您可以查看此免费报告,其中有分析师的利润预测。
Given net debt is only 1.1 times EBITDA, it is initially surprising to see that RadNet's EBIT has low interest coverage of 1.2 times. So one way or the other, it's clear the debt levels are not trivial. We note that RadNet grew its EBIT by 27% in the last year, and that should make it easier to pay down debt, going forward. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine RadNet'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.
考虑到净负债仅为EBITDA的1.1倍,看到RadNet的EBIT利息保障只有1.2倍,最初令人惊讶。因此,可以明显地看出债务水平并不微不足道。我们注意到RadNet在过去一年中的EBIT增长了27%,这应该会使其未来更容易偿还债务。资产负债表显然是你分析债务时要关注的重点领域。但最终,决定RadNet未来能否保持健康资产负债表的主要是未来的盈利。所以,如果你关注未来,可以查看这份免费报告,其中展示了分析师的利润预测。
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. Looking at the most recent three years, RadNet recorded free cash flow of 44% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
但我们的最后考虑也很重要,因为一家公司无法用虚构利润偿还债务;它需要实打实的现金。因此,逻辑的下一步是看看EBIT中有多少部分与实际的自由现金流相匹配。回顾最近的三年,RadNet的自由现金流占其EBIT的比例为44%,这比我们预期的要弱。这种较弱的现金转化使得处理负债更加困难。
Our View
我们的观点
Happily, RadNet's impressive EBIT growth rate implies it has the upper hand on its debt. But the stark truth is that we are concerned by its interest cover. We would also note that Healthcare industry companies like RadNet commonly do use debt without problems. Looking at all the aforementioned factors together, it strikes us that RadNet can handle its debt fairly comfortably. On the plus side, this leverage can boost shareholder returns, but the potential downside is more risk of loss, so it's worth monitoring the balance sheet. 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. For instance, we've identified 2 warning signs for RadNet that you should be aware of.
尽管RadNet令人印象深刻的EBIT增长率意味着它在债务方面占据上风。但令人震惊的是,我们对其利息保障倍数感到担忧。我们还注意到,像RadNet这样的医疗保健行业公司通常会使用债务而没有问题。综合考虑所有上述因素,我们认为RadNet可以相当舒适地处理其债务。从好的一面来看,这种杠杆作用可以提高股东回报,但潜在的风险是更多的损失风险,因此值得监控资产负债表。当您分析债务时,资产负债表显然是要重点关注的领域。然而,并非所有投资风险都存在于资产负债表中,情况远非如此。例如,我们已确定RadNet存在2个警告信号,您应该注意。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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