Ferguson Enterprises (NYSE:FERG) Has A Pretty Healthy Balance Sheet
Ferguson Enterprises (NYSE:FERG) Has A Pretty Healthy Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies Ferguson Enterprises Inc. (NYSE:FERG) makes use of debt. But the more important question is: how much risk is that debt creating?
沃伦·巴菲特曾 famously 说过:'波动性与风险并不完全相同。' 当你审视公司的风险时,考虑公司的资产负债表是很自然的,因为债务通常与企业倒闭有关。与许多其他公司一样,费格森企业公司 (纽交所:FERG) 也使用债务。但更重要的问题是:这种债务创造了多少风险?
When Is Debt A Problem?
何时债务成为问题?
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. 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.
当一家企业无法轻易履行那些义务时,债务和其他负债就会变得危险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。在最坏的情况下,如果一家公司无法支付其债权人,就可能会破产。然而,更常见(但仍然代价高昂)的情况是,公司必须以白菜价发行股份,以此来巩固其资产负债表,永久性地稀释股东的股份。尽管如此,最常见的情况是公司合理地管理其债务,并将其视为自己的优势。考虑一家公司使用多少债务时,第一步是一起查看其现金和债务。
How Much Debt Does Ferguson Enterprises Carry?
费格森企业公司负债多少?
You can click the graphic below for the historical numbers, but it shows that as of October 2024 Ferguson Enterprises had US$4.00b of debt, an increase on US$3.72b, over one year. On the flip side, it has US$601.0m in cash leading to net debt of about US$3.40b.
您可以点击下方的图表查看历史数据,但它显示截至2024年10月,费格森企业的债务为40亿美金,比37.2亿美金增加了一年。另一方面,它有60100万美元的现金,使净债务约为34亿美金。
How Healthy Is Ferguson Enterprises' Balance Sheet?
Ferguson Enterprises的资产负债表健康状况如何?
The latest balance sheet data shows that Ferguson Enterprises had liabilities of US$5.74b due within a year, and liabilities of US$5.46b falling due after that. Offsetting this, it had US$601.0m in cash and US$3.64b in receivables that were due within 12 months. So it has liabilities totalling US$6.96b more than its cash and near-term receivables, combined.
最新的资产负债表数据显示,Ferguson Enterprises的负债为57.4亿美金,需在一年内偿还,还有54.6亿美金的负债则在此之后到期。抵消这些负债,它的现金为60100万美元,以及36.4亿美金的应收款项将在12个月内到期。因此,它的负债总额比其现金和短期应收款项总和多出69.6亿美金。
Given Ferguson Enterprises has a humongous market capitalization of US$37.1b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
考虑到Ferguson Enterprises有着庞大的市值为371亿美金,这些负债似乎并不太具威胁性。不过,很明显,我们应该继续关注它的资产负债表,以免情况恶化。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我们使用两个主要的比率来告诉我们相对于收益的债务水平。第一个是净债务除以利息、税、折旧和摊销前利润(EBITDA),而第二个是其利润前利息和税(EBIT)覆盖其利息费用的次数(或其利息覆盖率,简称)。因此,我们考虑与折旧和摊销费用相关的盈利以及没有相关费用的盈利相对于债务水平。
Ferguson Enterprises's net debt is only 1.2 times its EBITDA. And its EBIT easily covers its interest expense, being 14.3 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. But the other side of the story is that Ferguson Enterprises saw its EBIT decline by 4.2% over the last year. That sort of decline, if sustained, will obviously make debt harder 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 Ferguson Enterprises 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.
Ferguson Enterprises的净债务仅为其EBITDA的1.2倍。它的EBIT轻松覆盖了利息费用,达到其规模的14.3倍。因此可以说,它的债务问题并不比大象害怕一只老鼠更为严重。但事情的另一面是,Ferguson Enterprises的EBIT在过去一年中下降了4.2%。如果这种下降持续下去,显然会使债务管理变得更加困难。毫无疑问,我们从资产负债表中了解债务的情况。但最终,业务的未来盈利能力将决定Ferguson Enterprises是否能够随时间强化其资产负债表。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, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Ferguson Enterprises produced sturdy free cash flow equating to 61% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
最后,一家公司只能用现金偿还债务,而不是会计利润。因此,我们总是检查EBIT中有多少转化为自由现金流。在过去三年中,Ferguson Enterprises产生了坚实的自由现金流,约占其EBIT的61%,这是我们所期望的。这样的现金意味着它可以在需要时减少债务。
Our View
我们的观点
Ferguson Enterprises's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But truth be told we feel its EBIT growth rate does undermine this impression a bit. Looking at all the aforementioned factors together, it strikes us that Ferguson Enterprises 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. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Ferguson Enterprises has 3 warning signs we think you should be aware of.
福格森企业的利息覆盖率表明,它能像克里斯蒂亚诺·罗纳尔多对阵14岁以下守门员轻松进球一样轻松应对债务。但说实话,我们感觉它的EBIT增长率有些削弱了这一印象。综合考虑以上所有因素,我们认为福格森企业能够比较轻松地应对债务。有一个优点是,这种杠杆可以提高股东回报,但潜在的缺点是增加了损失的风险,因此值得关注资产负债表。在分析债务时,资产负债表显然是重点。但归根结底,每家公司都可能存在资产负债表之外的风险。例如——福格森企业有3个警告信号,我们认为你应该关注。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
最终,通常更好的是关注没有净负债的公司。你可以访问我们特别列出这些公司的名单(所有公司都有盈利增长的记录)。这是免费的。
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