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We Think General Dynamics (NYSE:GD) Can Stay On Top Of Its Debt

We Think General Dynamics (NYSE:GD) Can Stay On Top Of Its Debt

我们认为通用动力(纽交所:GD)可以保持其债务的优势
Simply Wall St ·  2024/12/09 07:55

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.' 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. Importantly, General Dynamics Corporation (NYSE:GD) does carry debt. But is this debt a concern to shareholders?

传奇基金经理李录(查理·芒格支持的)曾说过:‘最大投资风险不是价格的波动,而是你是否会遭受永久的资本损失。’ 在审视一家公司的风险时,考虑其资产负债表是很自然的,因为在企业倒闭时,往往会涉及债务。 重要的是,通用动力公司(纽交所:GD)确实有债务。但这对股东来说是个问题吗?

When Is Debt Dangerous?

债务何时有危险?

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. 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, 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.

一般来说,债务只有在公司无法轻松偿还时才会成为真正的问题,无论是通过筹集资金还是靠自身的现金流。在最坏的情况下,如果公司无法偿还债权人,就可能会破产。然而,较常见(但仍然痛苦)的情况是,它不得不以低价筹集新的股本,从而永久稀释股东。当然,债务在企业中可以是一种重要工具,特别是在资本密集型的企业中。当考虑企业使用多少债务时,首先要查看其现金和债务的总和。

How Much Debt Does General Dynamics Carry?

通用动力的债务有多少?

As you can see below, General Dynamics had US$9.27b of debt, at September 2024, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has US$2.10b in cash leading to net debt of about US$7.17b.

如您所见,截至2024年9月,通用动力的债务为92.7亿美元,与前一年大致相同。您可以点击图表获取更详细的信息。另一方面,它有21亿美元的现金,导致净债务约为71.7亿美元。

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NYSE:GD Debt to Equity History December 9th 2024
纽交所:GD债务与权益历史 2024年12月9日

A Look At General Dynamics' Liabilities

通用动力的负债分析

Zooming in on the latest balance sheet data, we can see that General Dynamics had liabilities of US$19.6b due within 12 months and liabilities of US$14.8b due beyond that. Offsetting these obligations, it had cash of US$2.10b as well as receivables valued at US$12.0b due within 12 months. So its liabilities total US$20.2b more than the combination of its cash and short-term receivables.

仔细查看最新的资产负债表数据,我们可以看到通用动力在12个月内的负债为196亿美元,超过12个月的负债为148亿美元。抵消这些义务,它有21亿美元的现金,以及价值120亿美元的应收账款,这些应收账款在12个月内到期。因此,它的负债总额比现金和短期应收账款的总和高出202亿美元。

While this might seem like a lot, it is not so bad since General Dynamics has a huge market capitalization of US$74.6b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.

虽然这似乎很多,但情况并不糟糕,因为通用动力拥有746亿美元的庞大市值,因此如果需要,它可能通过筹集资本来增强其资产负债表。但是,仔细观察其偿还债务的能力仍然是值得的。

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). 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).

我们使用两个主要比率来了解债务相对于收入的水平。首先是净债务除以利息、税项、折旧和摊销前利润(EBITDA),而第二个是其税前利润(EBIT)可以覆盖利息支出的倍数(或简称为利息覆盖率)。 这种方法的优势在于我们既考虑了债务的绝对量(净债务与EBITDA)又考虑了与该债务相关的实际利息支出(利息覆盖比)。

General Dynamics's net debt is only 1.3 times its EBITDA. And its EBIT easily covers its interest expense, being 13.9 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. And we also note warmly that General Dynamics grew its EBIT by 15% last year, making its debt load easier to handle. 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 General Dynamics can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

通用动力的净债务仅是其EBITDA的1.3倍。而且其EBIT轻松覆盖利息支出,达到了其规模的13.9倍。因此,可以说它的债务对它的威胁,就像大象对老鼠的威胁一样。我们还温暖地注意到通用动力去年EBIT增长了15%,使其债务负担更易于处理。毫无疑问,我们从资产负债表中学习到的债务信息最多。但最终,业务的未来盈利能力将决定通用动力能否随着时间的推移增强其资产负债表。因此,如果您想看到专业人士的看法,您可能会发现这份关于分析师盈利预测的免费报告很有趣。

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, General Dynamics produced sturdy free cash flow equating to 77% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.

但我们的最终考虑也很重要,因为公司不能用纸面利润偿还债务;它需要冷硬的现金。因此,合乎逻辑的步骤是查看EBIT的比例与实际自由现金流的匹配程度。在过去三年中,通用动力产生了坚挺的自由现金流,占其EBIT的77%,大致符合我们的预期。这一自由现金流使公司在适当的时候处于良好的偿还债务的境地。

Our View

我们的观点

Happily, General Dynamics's impressive interest cover implies it has the upper hand on its debt. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! Zooming out, General Dynamics seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. Of course, we wouldn't say no to the extra confidence that we'd gain if we knew that General Dynamics insiders have been buying shares: if you're on the same wavelength, you can find out if insiders are buying by clicking this link.

值得欣慰的是,通用动力的强大利息覆盖率意味着它在债务方面处于有利地位。好消息不止于此,因为其EBIT转化为自由现金流的能力也支持了这一印象!放眼全局,通用动力似乎非常合理地使用债务,这让我们赞成。毕竟,合理的杠杆可以提升股本回报。当然,如果我们知道通用动力的内部人士一直在买入股票,那额外的信心也是可取的:如果你有同样的想法,可以通过点击此链接查看内部人士是否在买入。

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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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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