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These 4 Measures Indicate That Brookdale Senior Living (NYSE:BKD) Is Using Debt In A Risky Way

These 4 Measures Indicate That Brookdale Senior Living (NYSE:BKD) Is Using Debt In A Risky Way

这4项指标表明布鲁克代尔高级护理(纽交所:BKD)正在以风险较大的方式使用债务
Simply Wall St ·  2024/12/13 20:07

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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Brookdale Senior Living Inc. (NYSE:BKD) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?

传奇基金经理李路(查理·芒格支持的)曾说过:‘最大的投资风险不是价格的波动,而是你是否会遭受资本的永久损失。’当我们考虑公司有多风险时,我们总是喜欢关注它的债务使用,因为债务过重可能导致破产。我们注意到布鲁克代尔高级护理公司(纽交所股票代码:BKD)确实在资产负债表上有债务。但更重要的问题是:这些债务带来了多大的风险?

What Risk Does Debt Bring?

债务带来了什么风险?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. When we think about a company's use of debt, we first look at 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依靠自身的现金流。最终,如果公司无法履行偿还债务的法律义务,股东可能会一无所获。然而,更常见(但仍然痛苦)的情况是,它不得不以低价格筹集新的股本,从而永久稀释股东的权益。当然,债务在企业中可以是一个重要的工具,特别是资本密集型企业。当我们考虑公司的债务使用时,我们首先会将现金和债务结合在一起进行分析。

What Is Brookdale Senior Living's Net Debt?

布鲁克代尔高级护理的净债务是多少?

The chart below, which you can click on for greater detail, shows that Brookdale Senior Living had US$3.71b in debt in September 2024; about the same as the year before. On the flip side, it has US$284.4m in cash leading to net debt of about US$3.42b.

下面的图表,您可以点击以获取更多详细信息,显示布鲁克代尔高级护理在2024年9月有37.1亿美元的债务;与前一年大致相同。另一方面,它有28440万美元的现金,导致净债务约为34.2亿美元。

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NYSE:BKD Debt to Equity History December 13th 2024
纽交所:BKD 债务与股本历史 2024年12月13日

A Look At Brookdale Senior Living's Liabilities

布鲁克代尔高级护理的负债情况

According to the last reported balance sheet, Brookdale Senior Living had liabilities of US$584.0m due within 12 months, and liabilities of US$5.06b due beyond 12 months. Offsetting this, it had US$284.4m in cash and US$53.0m in receivables that were due within 12 months. So it has liabilities totalling US$5.31b more than its cash and near-term receivables, combined.

根据最新的资产负债表,布鲁克代尔高级护理在12个月内有58400万美元的负债,超过12个月的负债为50.6亿美金。相应地,它有28440万美元现金和5300万美元的应收账款在12个月内到期。因此,其负债总额超过其现金和短期应收账款的总和达到了53.1亿美金。

This deficit casts a shadow over the US$1.08b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Brookdale Senior Living would probably need a major re-capitalization if its creditors were to demand repayment.

这种赤字如同一座巨人般的阴影笼罩着这家10.8亿美金的公司。因此我们无疑会密切关注其资产负债表。最终,如果债权人要求偿还,布鲁克代尔高级护理可能需要进行一次大规模的资本重组。

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).

我们通过查看公司的净债务与息税折旧摊销前利润(EBITDA)的比率,以及计算息税前利润(EBIT)覆盖利息费用的能力(利息保障率),来衡量公司的债务负担相对于其盈利能力的情况。这种方法的优势在于,我们同时考虑了债务的绝对量(通过净债务与EBITDA的比率)和与该债务相关的实际利息费用(通过其利息保障率)。

Brookdale Senior Living shareholders face the double whammy of a high net debt to EBITDA ratio (8.2), and fairly weak interest coverage, since EBIT is just 0.30 times the interest expense. This means we'd consider it to have a heavy debt load. One redeeming factor for Brookdale Senior Living is that it turned last year's EBIT loss into a gain of US$68m, over the last twelve months. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Brookdale Senior Living's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

布鲁克代尔高级护理的股东面临着净负债与EBITDA比率(8.2)高和利息覆盖能力相对较弱的双重打击,因为EBIT仅为利息支出的0.30倍。这意味着我们认为它的负债负担沉重。布鲁克代尔高级护理的一项值得注意的因素是,去年它将EBIT的亏损转为6800万美元的收益。在分析负债水平时,资产负债表显然是一个起点。但未来的收益,尤其是,将判断布鲁克代尔高级护理未来保持健康资产负债表的能力。因此,如果你想看看专业人士的看法,你可能会发现这个关于分析师利润预测的免费报告很有趣。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of the earnings before interest and tax (EBIT) is backed by free cash flow. During the last year, Brookdale Senior Living burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.

最后,公司只能用冷硬的现金来偿还债务,而不是会计利润。因此,值得检查一下息税前利润(EBIT)中有多少是由自由现金流支持的。在过去一年里,布鲁克代尔高级护理消耗了大量现金。虽然这可能是为了增长而支出的结果,但确实使债务风险大大增加。

Our View

我们的观点

To be frank both Brookdale Senior Living's conversion of EBIT to free cash flow and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But at least its EBIT growth rate is not so bad. We should also note that Healthcare industry companies like Brookdale Senior Living commonly do use debt without problems. Taking into account all the aforementioned factors, it looks like Brookdale Senior Living has too much debt. While some investors love that sort of risky play, it's certainly not our cup of tea. 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. For example, we've discovered 2 warning signs for Brookdale Senior Living that you should be aware of before investing here.

坦率地说,布鲁克代尔高级护理将EBIt转换为自由现金流的能力以及其保持在总负债之上的记录让我们对其债务水平感到相当不安。但至少其EBIt增长率还不错。我们还应注意,像布鲁克代尔高级护理这样的医疗行业公司通常使用债务而不会出现问题。考虑到上述所有因素,布鲁克代尔高级护理似乎债务过多。虽然有些投资者喜欢这种风险投资,但这显然不是我们的选择。在分析债务水平时,资产负债表无疑是一个显而易见的起点。但最终,每家公司都可能存在资产负债表之外的风险。例如,我们发现了布鲁克代尔高级护理的两个警告信号,在您决定投资前应注意。

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.

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.

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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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