J.B. Hunt Transport Services (NASDAQ:JBHT) Has A Somewhat Strained Balance Sheet
J.B. Hunt Transport Services (NASDAQ:JBHT) Has A Somewhat Strained Balance Sheet
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 J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) does use debt in its business. But is this debt a concern to shareholders?
傳奇基金經理陸儷(受查理·芒格支持)曾說過:“最大的投資風險不是價格的波動性,而是你是否會遭受永久性的資本損失。”當我們考慮一家公司的風險程度時,考慮到債務通常是導致企業破產的原因,公司的資產負債表是一個很自然的考慮對象。我們可以看到J.B. Hunt Transport Services,Inc.(納斯達克:JBHT)確實在其業務中使用了債務。但這種債務是否令股東擔憂呢?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
債務在業務擴張時能助力,直到欠債的時候。企業如果無法向債權人償還所欠債務,公司最壞的情況下會破產。另外,公司必須通過連續發行股票以超低的價格獲取新資本,以穩固其資產負債表,這是一種更頻繁但同樣代價高昂的情況。然而,最常見的情況是公司能夠合理地管理其負債,使之成爲權利。當我們思考一家公司的債務使用情況時,我們首先查看現金和債務的總額。
What Is J.B. Hunt Transport Services's Debt?
J.B. Hunt Transport Services的債務情況是什麼?
The image below, which you can click on for greater detail, shows that at March 2024 J.B. Hunt Transport Services had debt of US$1.37b, up from US$1.24b in one year. However, because it has a cash reserve of US$64.2m, its net debt is less, at about US$1.30b.
下圖展示的是J.B. Hunt Transport Services於2024年3月的債務,爲13.7億美元,比一年前的12.4億美元有所增加。然而,由於它擁有6,420萬美元的現金儲備,因此其淨債務只有約13億美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240617/0-ccafa93a4be69b1898f2346654072bca-0-6d7e9f3c9be9479d01c3c2f91e493048.png/big)
How Strong Is J.B. Hunt Transport Services' Balance Sheet?
J.B. Hunt Transport Services的資產負債表數據顯示,該公司的短期負債爲15.4億美元,長期負債爲27.2億美元。與此相對應,它擁有6,420萬美元的現金和12個月內應收賬款1.27億美元。因此,它的負債總額比現金和短期應收賬款的總額多約29.3億美元。
The latest balance sheet data shows that J.B. Hunt Transport Services had liabilities of US$1.54b due within a year, and liabilities of US$2.72b falling due after that. Offsetting this, it had US$64.2m in cash and US$1.27b in receivables that were due within 12 months. So its liabilities total US$2.93b more than the combination of its cash and short-term receivables.
當然,J.B. Hunt Transport Services擁有巨大的市值達162億美元,所以這些債務可能是可以應對的。但是,我們認爲值得關注它的資產負債表的強度,因爲它隨着時間的推移可能會發生變化。
Of course, J.B. Hunt Transport Services has a titanic market capitalization of US$16.2b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
J.B. Hunt Transport Services的淨債務與息稅折舊與攤銷前利潤(EBITDA)比率僅爲0.79。它的EBIT覆蓋其利息支出15.4倍。因此,可以認爲其受債務的威脅程度不高,就像大象不會受到老鼠的威脅一樣。實際上,J.B. Hunt Transport Services的救命稻草是其低的債務水平,因爲其EBIT在過去12個月內下降了29%。萎縮的收益(如果這一趨勢繼續下去)可能會使即使是適度的債務也具有相當的風險。毋庸置疑,我們從資產負債表上了解到的大部分是有關債務方面的情況。不過,公司將來的盈利能力最終將決定J.B. Hunt Transport Services能否隨着時間的推移強化其資產負債表。因此,如果您關注未來,可以查看此免費報告,其中顯示了分析師的利潤預測。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通過查看公司的淨債務與利息、稅、折舊、攤銷前利潤(EBITDA)之比以及它的利息費用(利息覆蓋率)可以衡量一個公司的債務負擔與收益能力。因此,我們考慮將債務與有無計算折舊和攤銷費用的收益相對比。
J.B. Hunt Transport Services has a low net debt to EBITDA ratio of only 0.79. And its EBIT covers its interest expense a whopping 15.4 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. In fact J.B. Hunt Transport Services's saving grace is its low debt levels, because its EBIT has tanked 29% in the last twelve months. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. 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 J.B. Hunt Transport Services 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.
最後,公司只能用真正的現金而不是會計利潤來償還債務。因此,值得檢查的是多少EBIT得到了自由現金流的支持。在過去的三年中,J.B. Hunt Transport Services創造了等同於其EBIT 12%的自由現金流,表現不佳。對我們來說,如此低的現金轉換引發了對其熄滅債務能力的一些擔憂。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. In the last three years, J.B. Hunt Transport Services created free cash flow amounting to 12% of its EBIT, an uninspiring performance. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
既然J.B. Hunt Transport Services的EBIT增長能力不強,其EBIT轉換爲自由現金流的能力也不高,所以我們對該公司接受更多債務的能力缺乏信心。但好消息是,其似乎能夠輕鬆地用其EBIT支付利息費用。我們認爲,在考慮了上述數據點之後,J.B. Hunt Transport Services的債務情況使其有些風險。這並不一定是一件壞事,因爲負債可以提高股本回報率,但還是需要注意。考慮到我們對該股票的猶豫不決,了解J.B. Hunt Transport Services內部人士最近是否出售了任何股票是個好主意。您可以點擊這裏查詢內部人員最近是否出售了股票。
Our View
我們的觀點
Neither J.B. Hunt Transport Services's ability to grow its EBIT nor its conversion of EBIT to free cash flow gave us confidence in its ability to take on more debt. But the good news is it seems to be able to cover its interest expense with its EBIT with ease. We think that J.B. Hunt Transport Services's debt does make it a bit risky, after considering the aforementioned data points together. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. Given our hesitation about the stock, it would be good to know if J.B. Hunt Transport Services insiders have sold any shares recently. You click here to find out if insiders have sold recently.
最後,公司只能用冰冷的現金而不是會計利潤償還債務。因此,值得檢查的是多少EBIT得到了自由現金流的支持。在過去的三年中,J.B. Hunt Transport Services創造了等同於其EBIT 12%的自由現金流,表現不佳。對我們來說,如此低的現金轉換引發了對其熄滅債務能力的一些擔憂。J.B. Hunt Transport Services的EBIT增長能力並不強,其EBIT轉換爲自由現金流的能力也不高,這使我們缺乏其接受更多債務的信心。不過好消息是,其似乎能夠輕鬆地用其EBIT支付利息費用。我們認爲,在考慮了上述數據點之後,J.B. Hunt Transport Services的債務情況使其有些風險。這並不一定是一件壞事,因爲負債可以提高股本回報率,但還是需要注意。考慮到我們對該股票的猶豫不決,了解J.B. Hunt Transport Services內部人士最近是否出售了任何股票是個好主意。您可以點擊這裏查詢內部人員最近是否出售了股票。
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.
總的來說,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包含這些公司(所有這些公司都有盈利增長的記錄)。這是免費的。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。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。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。