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Is MaxLinear (NASDAQ:MXL) Using Debt Sensibly?

Is MaxLinear (NASDAQ:MXL) Using Debt Sensibly?

MaxLinear(納斯達克股票代碼:MXL)是否明智地使用債務?
Simply Wall St ·  02/11 07:54

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. We can see that MaxLinear, Inc. (NASDAQ:MXL) does use debt in its business. But is this debt a concern to shareholders?

傳奇基金經理李露(由查理·芒格支持)曾經說過:“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。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們可以看到,MaxLinear, Inc.(納斯達克股票代碼:MXL)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?

What Risk Does Debt Bring?

債務會帶來什麼風險?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, plenty of companies use debt to fund growth, without any negative consequences. 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。歸根結底,如果公司無法履行償還債務的法律義務,股東可能一無所有地離開。儘管這種情況不太常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人強迫他們以不利的價格籌集資金。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。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。

What Is MaxLinear's Net Debt?

MaxLinear 的淨負債是多少?

The chart below, which you can click on for greater detail, shows that MaxLinear had US$122.4m in debt in December 2023; about the same as the year before. However, its balance sheet shows it holds US$187.3m in cash, so it actually has US$64.9m net cash.

你可以點擊下面的圖表查看更多細節,該圖表顯示,2023年12月,MaxLinear的債務爲1.224億美元;與前一年大致相同。但是,其資產負債表顯示其持有1.873億美元的現金,因此實際上擁有6,490萬美元的淨現金。

debt-equity-history-analysis
NasdaqGS:MXL Debt to Equity History February 11th 2024
NasdaqGS: MXL 2024 年 2 月 11 日債務與股本比率的歷史記錄

How Strong Is MaxLinear's Balance Sheet?

MaxLinear 的資產負債表有多強?

We can see from the most recent balance sheet that MaxLinear had liabilities of US$222.1m falling due within a year, and liabilities of US$171.9m due beyond that. Offsetting these obligations, it had cash of US$187.3m as well as receivables valued at US$170.6m due within 12 months. So it has liabilities totalling US$36.1m 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,MaxLinear的負債爲2.221億美元,一年後到期的負債爲1.719億美元。除這些債務外,它有1.873億美元的現金以及價值1.706億美元的應收賬款在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出3610萬美元。

Of course, MaxLinear has a market capitalization of US$1.56b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, MaxLinear boasts net cash, so it's fair to say it does not have a heavy debt load! 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 MaxLinear'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.

當然,MaxLinear的市值爲15.6億美元,因此這些負債可能是可以控制的。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。儘管負債值得關注,但MaxLinear擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!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,未來的收益比什麼都重要,將決定MaxLinear未來維持健康資產負債表的能力。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。

In the last year MaxLinear had a loss before interest and tax, and actually shrunk its revenue by 38%, to US$693m. To be frank that doesn't bode well.

去年,MaxLinear在利息和稅前出現虧損,實際上其收入減少了38%,至6.93億美元。坦率地說,這並不是一個好兆頭。

So How Risky Is MaxLinear?

那麼 MaxLinear 的風險有多大?

Although MaxLinear had an earnings before interest and tax (EBIT) loss over the last twelve months, it generated positive free cash flow of US$24m. So taking that on face value, and considering the net cash situation, we don't think that the stock is too risky in the near term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. 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. We've identified 1 warning sign with MaxLinear , and understanding them should be part of your investment process.

儘管MaxLinear在過去十二個月中出現了息稅前收益(EBIT)虧損,但它創造了2400萬美元的正自由現金流。因此,從面值來看,考慮到淨現金狀況,我們認爲該股在短期內風險不大。在我們看到息稅前利潤爲正數之前,我們對該股持謹慎態度,尤其是因爲收入增長相當溫和。資產負債表顯然是分析債務時需要關注的領域。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。我們已經確定了MaxLinear的1個警告信號,了解它們應該是您投資過程的一部分。

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。

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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。

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