Does Funko (NASDAQ:FNKO) Have A Healthy Balance Sheet?
Does Funko (NASDAQ:FNKO) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 note that Funko, Inc. (NASDAQ:FNKO) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
有人說,作爲投資者,波動性而不是債務是考慮風險的最佳方式,但沃倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,當你評估公司的風險時,聰明的貨幣似乎知道債務——通常與破產有關——是一個非常重要的因素。我們注意到,Funko, Inc.(納斯達克股票代碼:FNKO)的資產負債表上確實有債務。但真正的問題是這筆債務是否使公司面臨風險。
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業發展的工具,但如果企業無法還清貸款人,那麼債務就任由他們擺佈。資本主義的重要組成部分是 “創造性破壞” 的過程,在這個過程中,倒閉的企業將被銀行家無情地清算。但是,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東才能控制債務。當然,債務的好處在於它通常代表廉價資本,尤其是當它取代了對一家能夠以高回報率進行再投資的公司的攤薄時。當我們考慮公司使用債務時,我們首先要同時考慮現金和債務。
Check out our latest analysis for Funko
查看我們對 Funko 的最新分析
What Is Funko's Debt?
Funko 的債務是什麼?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 Funko had US$299.5m of debt, an increase on US$250.2m, over one year. However, it does have US$31.9m in cash offsetting this, leading to net debt of about US$267.6m.
你可以點擊下圖查看歷史數字,但它顯示,截至2023年9月,Funko在一年內有2.995億美元的債務,比2.502億美元增加了2.50億美元。但是,它確實有3190萬美元的現金抵消了這一點,導致淨負債約爲2.676億美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231106/0-26d56db526276303908e85799caad5ba-0-3ca083c411990ac8b39b371752ca49e5.png/big)
How Healthy Is Funko's Balance Sheet?
Funko 的資產負債表有多健康?
According to the last reported balance sheet, Funko had liabilities of US$421.7m due within 12 months, and liabilities of US$215.5m due beyond 12 months. Offsetting this, it had US$31.9m in cash and US$166.9m in receivables that were due within 12 months. So its liabilities total US$438.5m more than the combination of its cash and short-term receivables.
根據上次報告的資產負債表,Funko在12個月內到期的負債爲4.217億美元,12個月後到期的負債爲2.155億美元。抵消這一點的是,它有3190萬美元的現金和1.669億美元的應收賬款,這些應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總和高出4.385億美元。
This deficit is considerable relative to its market capitalization of US$461.0m, so it does suggest shareholders should keep an eye on Funko's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. 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 Funko 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.
相對於其4.610億美元的市值,這一赤字相當可觀,因此這確實表明股東應密切關注Funko的債務使用情況。如果其貸款人要求其支撐資產負債表,股東可能會面臨嚴重的稀釋。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。但最終,該業務的未來盈利能力將決定Funko能否隨着時間的推移加強其資產負債表。因此,如果你專注於未來,你可以查看這份顯示分析師利潤預測的免費報告。
Over 12 months, Funko made a loss at the EBIT level, and saw its revenue drop to US$1.1b, which is a fall of 14%. We would much prefer see growth.
在過去的12個月中,Funko的息稅前利潤水平出現虧損,收入下降至11億美元,下降了14%。我們更希望看到增長。
Caveat Emptor
Caveat Emptor
While Funko's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Indeed, it lost a very considerable US$80m 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$21m in negative free cash flow over the last twelve months. So to be blunt we think it is risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 3 warning signs for Funko (1 can't be ignored!) that you should be aware of before investing here.
儘管Funko收入的下降差不多像開玩笑一樣令人心動,但可以說,其息稅前收益(EBIT)虧損的吸引力更小。事實上,它在息稅前利潤水平上損失了非常可觀的8000萬美元。當我們審視這個問題並回顧其資產負債表上相對於現金的負債時,我們認爲該公司有任何債務似乎是不明智的。因此,我們認爲其資產負債表有些緊張,儘管並非無法修復。另一個值得謹慎的理由是,在過去的十二個月中,自由現金流爲負2100萬美元。因此,坦率地說,我們認爲這是有風險的。在分析債務水平時,資產負債表顯然是起點。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,我們發現了 Funko 的 3 個警告信號(1 個不容忽視!)在這裏投資之前,你應該意識到這一點。
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.
畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。
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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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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,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本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型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。