Does ONEOK (NYSE:OKE) Have A Healthy Balance Sheet?
Does ONEOK (NYSE:OKE) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, ONEOK, Inc. (NYSE:OKE) does carry debt. But should shareholders be worried about its use of debt?
戴维·伊本说得很好:‘波动性不是我们关心的风险。我们关心的是避免资本的永久损失。’ 所以,当你考虑任何一只股票的风险时,考虑债务可能是显而易见的,因为过多的债务可能会拖垮一家公司。重要的是,ONEOk, Inc. (纽交所:OKE) 确实有债务。但是,股东应该担心它的债务使用吗?
What Risk Does Debt Bring?
债务带来了什么风险?
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. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. 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,但如果一家企业无法偿还贷款人,那么它就处于贷款人的掌控之下。在最坏的情况下,如果一家公司无法偿还债权人,可能会破产。然而,更常见(但仍然痛苦)的情况是,它不得不以低价筹集新的股本,从而永久性地稀释股东的权益。通过替代稀释,债务对于需要资本以高回报率投资于增长的企业来说,可以是非常好的工具。考虑企业使用多少债务时,首先要查看其现金和债务的综合情况。
What Is ONEOK's Debt?
ONEOK的债务是什么?
As you can see below, at the end of September 2024, ONEOK had US$28.1b of debt, up from US$22.0b a year ago. Click the image for more detail. On the flip side, it has US$579.0m in cash leading to net debt of about US$27.6b.
正如你在下面看到的,到2024年9月底,ONEOk的债务为281亿美元,比一年前的220亿美元有所增加。点击图片查看更多细节。另一方面,它有57900万美元的现金,导致净债务约为276亿美元。
How Healthy Is ONEOK's Balance Sheet?
ONEOK的资产负债表健康吗?
According to the last reported balance sheet, ONEOK had liabilities of US$3.56b due within 12 months, and liabilities of US$30.6b due beyond 12 months. Offsetting these obligations, it had cash of US$579.0m as well as receivables valued at US$1.25b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$32.3b.
根据最近报告的资产负债表,ONEOK在12个月内的负债为35.6亿美元,超过12个月的负债为306亿美元。抵消这些义务,它有57900万美元的现金以及价值12.5亿美元的应收账款,且这些应收账款在12个月内到期。因此,它的负债超过了现金及(短期)应收账款总和的323亿美元。
This deficit isn't so bad because ONEOK is worth a massive US$58.5b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
这个赤字并不是很糟糕,因为ONEOK的市值达到了585亿美元,因此,如果需要的话,可能能筹集足够的资本来支撑其资产负债表。然而,仔细审视其偿债能力仍然是值得的。
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).
为了评估一家公司的债务相对于其收益的情况,我们计算其净债务与息税折旧摊销前利润(EBITDA)的比率,以及息税利润(EBIT)与利息费用(即利息覆盖)的比率。这种方法的优点在于我们同时考虑到债务的绝对数额(使用净债务与EBITDA的比率)和与该债务相关的实际利息支出(使用利息覆盖率)。
ONEOK's debt is 4.9 times its EBITDA, and its EBIT cover its interest expense 3.7 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. The good news is that ONEOK grew its EBIT a smooth 48% over the last twelve months. Like a mother's loving embrace of a newborn that sort of growth builds resilience, putting the company in a stronger position to manage its debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine ONEOK'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.
ONEOK的债务是其EBITDA的4.9倍,其EBIT能覆盖利息支出3.7倍。综合来看,这意味着虽然我们不希望看到债务水平上升,但我们认为其能够应付当前的杠杆。好消息是,ONEOK在过去12个月内其EBIT增长了48%。这种增长就像母亲对新生儿的温暖拥抱,建立了韧性,使公司在管理债务方面处于更强的位置。毫无疑问,我们从资产负债表中了解债务的最多。但未来的收益,胜于其他,将决定ONEOK未来维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,您可能会发现这份关于分析师利润预测的免费报告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the most recent three years, ONEOK recorded free cash flow worth 70% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
最后,一个企业需要自由现金流来偿还债务;会计利润是无法满足的。因此,我们显然需要看看EBIT是否带来了对应的自由现金流。在最近三年中,ONEOK的自由现金流占其EBIT的70%,这在正常范围内,因为自由现金流不包括利息和税。这种切实的现金意味着它可以在需要时减少债务。
Our View
我们的观点
When it comes to the balance sheet, the standout positive for ONEOK was the fact that it seems able to grow its EBIT confidently. But the other factors we noted above weren't so encouraging. In particular, net debt to EBITDA gives us cold feet. When we consider all the elements mentioned above, it seems to us that ONEOK is managing its debt quite well. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with ONEOK .
关于资产负债表,ONEOk的一个显著积极因素是它似乎能够自信地增长其EBIT。但我们上面提到的其他因素并不那么令人鼓舞。特别是,净债务与EBITDA的比例让我们感到不安。当我们考虑上述所有要素时,我们认为ONEOk在管理其债务方面做得相当不错。但需要提醒的是:我们认为债务水平足够高,值得继续监测。毫无疑问,我们从资产负债表中学到了很多有关债务的知识。但最终,每家公司都可能存在资产负债表之外的风险。为此,您应该注意我们发现的ONEOk的1个警告信号。
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,如果你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,今天就来发现我们独家的净现金成长股票列表。
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