Is Bloom Energy (NYSE:BE) A Risky Investment?
Is Bloom Energy (NYSE:BE) A Risky Investment?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says '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. We can see that Bloom Energy Corporation (NYSE:BE) does use debt in its business. But should shareholders be worried about its use of debt?
伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”因此,當你評估公司的風險時,聰明的人似乎知道債務(通常與破產有關)是一個非常重要的因素。我們可以看出來 布魯姆能源公司 紐約證券交易所代碼:BE)在其業務中確實使用了債務。但是,股東們是否應該擔心其對債務的使用?
When Is Debt A Problem?
債務何時會成爲問題?
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 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. 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. When we think about a company's use of debt, we first look at cash and debt together.
一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。在最壞的情況下,如果一家公司無法償還債權人,它可能會破產。但是,更頻繁(但仍然代價高昂)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。但是,通過取代稀釋,對於需要資金以高回報率投資增長的企業來說,債務可能是一個非常好的工具。當我們考慮公司對債務的使用時,我們首先要同時考慮現金和債務。
View our latest analysis for Bloom Energy
查看我們對 Bloom Energy 的最新分析
What Is Bloom Energy's Net Debt?
布魯姆能源的淨負債是多少?
As you can see below, at the end of June 2023, Bloom Energy had US$1.32b of debt, up from US$847.5m a year ago. Click the image for more detail. However, it does have US$767.1m in cash offsetting this, leading to net debt of about US$549.9m.
如下所示,截至2023年6月底,Bloom Energy的債務爲13.2億美元,高於去年同期的8.475億美元。點擊圖片了解更多詳情。但是,它確實有7.671億美元的現金抵消了這一點,淨負債約爲5.499億美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230909/0-69536d919f91320182d5a805828086e9-0-425d791110df3f280f4dcd0d7ad0efe4.png/big)
A Look At Bloom Energy's Liabilities
看看布魯姆能源的負債
We can see from the most recent balance sheet that Bloom Energy had liabilities of US$518.0m falling due within a year, and liabilities of US$1.55b due beyond that. On the other hand, it had cash of US$767.1m and US$401.5m worth of receivables due within a year. So it has liabilities totalling US$894.6m more than its cash and near-term receivables, combined.
我們可以從最新的資產負債表中看出,Bloom Energy在一年內到期的負債爲5.180億美元,此後到期的負債爲15.5億美元。另一方面,它有7.671億美元的現金和價值4.015億美元的應收賬款在一年內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出8.946億美元。
Bloom Energy has a market capitalization of US$3.15b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. 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 Bloom Energy 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.
Bloom Energy的市值爲31.5億美元,因此,如果需要,它很可能會籌集資金來改善資產負債表。但是,仍然值得仔細研究一下其償還債務的能力。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但歸根結底,該業務未來的盈利能力將決定Bloom Energy能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
Over 12 months, Bloom Energy reported revenue of US$1.3b, which is a gain of 34%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.
在過去的12個月中,Bloom Energy公佈的收入爲13億美元,增長了34%,儘管它沒有報告任何利息和稅前收益。運氣好的話,公司將能夠實現盈利。
Caveat Emptor
Caveat Emptor
Even though Bloom Energy managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. Indeed, it lost US$147m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled US$573m in negative free cash flow over the last twelve months. So suffice it to say we consider the stock very risky. 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 example, we've discovered 1 warning sign for Bloom Energy that you should be aware of before investing here.
儘管Bloom Energy設法相當巧妙地提高了收入,但冷酷的事實是,它正在息稅前利潤線上虧損。事實上,按息稅前利潤計算,它損失了1.47億美元。當我們審視這個問題並回想起資產負債表上相對於現金的負債時,該公司有任何債務對我們來說似乎是不明智的。因此,我們認爲它的資產負債表有點緊張,儘管並非無法修復。另一個需要謹慎行事的是,在過去的十二個月中,自由現金流爲負5.73億美元。因此,只要說我們認爲這隻股票風險很高就足夠了。資產負債表顯然是你分析債務時要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,我們發現 1 個 Bloom Energy 的警告 在這裏投資之前,你應該注意這一點。
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.
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎?擔心內容嗎? 取得聯繫 直接和我們在一起。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是籠統的。 我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。 它不構成買入或賣出任何股票的建議,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。簡而言之,華爾街在上述任何股票中都沒有頭寸。