Is Xometry (NASDAQ:XMTR) Using Too Much Debt?
Is Xometry (NASDAQ:XMTR) Using Too Much Debt?
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.' 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 can see that Xometry, Inc. (NASDAQ:XMTR) does use debt in its business. But is this debt a concern to shareholders?
由伯克希爾·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。”當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。我們可以看到,Xometry, Inc.(納斯達克股票代碼:XMTR)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free 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. 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 step when considering a company's debt levels is to consider its cash and debt together.
債務可以爲企業提供幫助,直到企業難以償還債務,無論是新資本還是自由現金流。歸根結底,如果公司無法履行其償還債務的法律義務,股東可能會一無所獲。但是,更常見(但仍然很痛苦)的情況是,它必須以低廉的價格籌集新的股權資本,從而永久稀釋股東。但是,通過取代稀釋,對於需要資本以高回報率投資增長的企業來說,債務可以成爲一個非常好的工具。考慮公司債務水平的第一步是將其現金和債務一起考慮。
View our latest analysis for Xometry
查看我們對 Xometry 的最新分析
What Is Xometry's Debt?
Xometry 的債務是什麼?
As you can see below, Xometry had US$281.3m of debt, at September 2023, which is about the same as the year before. You can click the chart for greater detail. However, it also had US$276.8m in cash, and so its net debt is US$4.53m.
如下所示,截至2023年9月,Xometry的債務爲2.813億美元,與前一年大致相同。您可以單擊圖表以獲取更多詳細信息。但是,它也有2.768億美元的現金,因此其淨負債爲453萬美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240117/0-95fa35b61b6ee0afd830227d9793f1b2-0-b501c79ba867e7158720ce1fc8c60ebb.png/big)
How Healthy Is Xometry's Balance Sheet?
Xometry 的資產負債表有多健康?
The latest balance sheet data shows that Xometry had liabilities of US$67.8m due within a year, and liabilities of US$295.8m falling due after that. Offsetting this, it had US$276.8m in cash and US$64.0m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$22.9m.
最新的資產負債表數據顯示,Xometry的負債爲6,780萬美元,之後到期的負債爲2.958億美元。與此相抵消的是,它有2.768億美元的現金和6,400萬美元的應收賬款將在12個月內到期。因此,其負債超過其現金和(短期)應收賬款總額2,290萬美元。
This state of affairs indicates that Xometry's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the US$1.44b company is short on cash, but still worth keeping an eye on the balance sheet. But either way, Xometry has virtually no net debt, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Xometry 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.
這種狀況表明,Xometry的資產負債表看起來相當穩健,因爲其總負債幾乎等於其流動資產。因此,這家價值14.4億美元的公司現金短缺的可能性很小,但仍然值得關注資產負債表。但是無論哪種方式,Xometry幾乎沒有淨負債,因此可以公平地說,它沒有沉重的債務負擔!資產負債表顯然是分析債務時需要關注的領域。但最終,該業務未來的盈利能力將決定Xometry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, Xometry reported revenue of US$433m, which is a gain of 24%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.
在過去的12個月中,Xometry公佈的收入爲4.33億美元,增長了24%,儘管它沒有報告任何利息和稅前收益。股東們可能對它能夠實現盈利抱有疑慮。
Caveat Emptor
Caveat Emptor
Despite the top line growth, Xometry still had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at US$81m. 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. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through US$62m of cash over the last year. So suffice it to say we do consider the stock to be risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Xometry that you should be aware of.
儘管收入有所增長,但Xometry去年仍出現利息和稅前收益(EBIT)虧損。具體而言,息稅前利潤虧損爲8100萬美元。當我們審視這一點並回顧其資產負債表上相對於現金的負債時,對我們來說,公司有任何債務似乎是不明智的。坦率地說,我們認爲資產負債表遠非匹配,儘管可以隨着時間的推移而改善。但是,去年它燒掉了6200萬美元的現金,這無濟於事。因此,只要說我們確實認爲這隻股票有風險就足夠了。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,我們已經確定了兩個你應該注意的 Xometry 警告信號。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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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。