Is Helix Energy Solutions Group (NYSE:HLX) Using Too Much Debt?
Is Helix Energy Solutions Group (NYSE:HLX) Using Too Much Debt?
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.' 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 note that Helix Energy Solutions Group, Inc. (NYSE:HLX) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
在投資者考慮風險時,有人認爲波動性而不是債務是最好的方式,但禾倫·巴菲特曾經說過,“波動性遠非風險的同義詞”。考慮一家公司的資產負債表是非常自然的事情,因爲當企業崩潰時往往與債務有關。我們注意到Helix Energy Solutions Group, Inc. (紐交所:HLX)的資產負債表上確實有債務。但是股東們是否應該擔心其使用債務呢?
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. 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 examine debt levels, we first consider both cash and debt levels, together.
借款是幫助企業增長的工具,但如果企業無法償還債權人,那麼它就處於他們的支配之下。資本主義的一部分是“創造性破壞”的過程,失敗的企業經常會被銀行家無情地清算。然而,更常見的情況是公司必須以較低的股價稀釋股東,以便控制債務。通過取代股份稀釋,債務可以成爲需要資本以高回報率投資於增長的企業的極好工具。當我們檢查債務水平時,我們首先考慮現金和債務水平。
What Is Helix Energy Solutions Group's Net Debt?
Helix Energy Solutions Group的淨債務是多少?
The image below, which you can click on for greater detail, shows that at March 2024 Helix Energy Solutions Group had debt of US$318.2m, up from US$260.5m in one year. However, it does have US$323.8m in cash offsetting this, leading to net cash of US$5.69m.
下面的圖片(單擊可放大)顯示2024年3月Helix Energy Solutions Group的債務爲3.182億美元,比去年的2.605億美元增加了3,820萬美元。然而,公司有3.238億美元的現金抵消了這一點,導致淨現金爲569萬美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240611/0-33700cc303c800362457f092b11190ac-0-3f07c6b2cf9f1dc87e85aa71ed5093e7.png/big)
How Healthy Is Helix Energy Solutions Group's Balance Sheet?
Helix Energy Solutions Group的資產負債表狀況如何?
According to the last reported balance sheet, Helix Energy Solutions Group had liabilities of US$348.0m due within 12 months, and liabilities of US$799.0m due beyond 12 months. Offsetting these obligations, it had cash of US$323.8m as well as receivables valued at US$225.8m due within 12 months. So it has liabilities totalling US$597.3m more than its cash and near-term receivables, combined.
根據最新的資產負債表,Helix Energy Solutions Group的短期負債爲3,4800萬美元,超過12個月的負債爲7,9900萬美元。與此同時,它有3,2380萬美元的現金和2,2580萬美元的應收賬款即將在12個月內到期。因此,它的負債總額比現金和短期應收賬款還多5973萬美元。
Helix Energy Solutions Group has a market capitalization of US$1.64b, 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. Despite its noteworthy liabilities, Helix Energy Solutions Group boasts net cash, so it's fair to say it does not have a heavy debt load!
Helix Energy Solutions Group的市值爲1.64億美元,因此如果需要,它很可能籌集現金來改善其資產負債表。然而,仍有必要仔細研究其償還債務的能力。儘管它有可觀的負債,Helix Energy Solutions Group仍然擁有淨現金,因此可以說它的債務負擔不重!
Notably, Helix Energy Solutions Group's EBIT launched higher than Elon Musk, gaining a whopping 4,465% on last year. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Helix Energy Solutions Group 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.
值得注意的是,Helix Energy Solutions Group的EBIt的增長速度超過了埃隆·馬斯克,去年增加了驚人的4,465%。在分析債務水平時,資產負債表是顯而易見的起點。但最終,企業未來的盈利能力將決定Helix Energy Solutions Group能否隨着時間的推移加強其資產負債表。因此,如果您想知道專業人士的看法,您可能會發現有關分析師盈利預測的免費報告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Helix Energy Solutions Group has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last two years, Helix Energy Solutions Group actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
最後,企業需要自由現金流來償還債務。會計利潤並不能解決這問題。雖然Helix Energy Solutions Group的資產負債表上有淨現金,但仍值得關注它將Ebit轉換爲自由現金流的能力,以幫助我們了解它是如何迅速積累(或耗費)現金的。在過去兩年中,Helix Energy Solutions Group實際上比EBIt產生了更多的自由現金流。這種強勁的現金生成方式讓我們的內心感覺像身穿大黃蜂服的小狗一樣溫暖。
Summing Up
總之
Although Helix Energy Solutions Group's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of US$5.69m. The cherry on top was that in converted 205% of that EBIT to free cash flow, bringing in US$206m. So we don't think Helix Energy Solutions Group's use of debt is 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. We've identified 1 warning sign with Helix Energy Solutions Group , and understanding them should be part of your investment process.
儘管Helix Energy Solutions Group的資產負債表不是特別強大,由於總負債,但它明顯擁有淨現金569萬美元。在將其EBIt的205%轉換爲自由現金流的過程中又帶來2,0600萬美元的收入,這真是錦上添花。因此,我們認爲Helix Energy Solutions Group使用債務並不會帶來風險。當您分析債務時,資產負債表顯然是需要關注的領域。但是,並非所有的投資風險都扎根於資產負債表。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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