Does MACOM Technology Solutions Holdings (NASDAQ:MTSI) Have A Healthy Balance Sheet?
Does MACOM Technology Solutions Holdings (NASDAQ:MTSI) Have A Healthy Balance Sheet?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) makes use of debt. But the real question is whether this debt is making the company risky.
禾倫-巴菲特曾著名說過,“波動性遠非風險的代名詞。” 當我們考慮一家公司的風險性時,我們通常喜歡看一下它的負債使用情況,因爲負債過重可能導致破產。與許多其他公司一樣,MACOM Technology Solutions Holdings, Inc. (納斯達克股票代碼:MTSI) 使用負債。但真正的問題是,這些負債是否使公司存在風險。
When Is Debt Dangerous?
債務何時有危險?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
當一個企業無法用自由現金流或以有吸引力的價格籌集資本來輕易地履行債務或債權時,債務和其他負債將會對企業構成風險。在最壞的情況下,如果一家公司無法償還債權人的債務,則會破產。 然而,更常見的(但仍然昂貴)情況是公司必須以低價稀釋股東,以使債務得到控制。當然,債務可能是企業中的重要工具,特別是在資本密集型企業中。在考慮企業使用多少債務時,首先要做的是查看它的現金和債務。
What Is MACOM Technology Solutions Holdings's Debt?
MACOM Technology Solutions Holdings的債務是什麼?
The image below, which you can click on for greater detail, shows that MACOM Technology Solutions Holdings had debt of US$456.9m at the end of March 2024, a reduction from US$576.2m over a year. But on the other hand it also has US$476.4m in cash, leading to a US$19.6m net cash position.
如下圖所示(可單擊以獲取更多詳細信息),截至2024年3月底,MACOM Technology Solutions Holdings的債務爲4.569億美元,較去年同期的5.762億美元有所減少。但另一方面,它還擁有4.764億美元的現金,形成一個淨現金位19.6百萬美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240622/0-4b629527659a087f1236a9e34258cc31-0-975c5e6451d49874639e19d69b63643c.png/big)
How Healthy Is MACOM Technology Solutions Holdings' Balance Sheet?
MACOM Technology Solutions Holdings的資產負債表狀況如何?
We can see from the most recent balance sheet that MACOM Technology Solutions Holdings had liabilities of US$108.9m falling due within a year, and liabilities of US$521.9m due beyond that. Offsetting these obligations, it had cash of US$476.4m as well as receivables valued at US$120.2m due within 12 months. So its liabilities total US$34.1m more than the combination of its cash and short-term receivables.
我們可以從最近的資產負債表上看到,MACOM Technology Solutions Holdings的負債有1.089億美元將在一年內到期,另有521.9億美元的負債將在一年之後到期。與此同時,它有4.764億美元的現金以及價值120.2億美元的應收賬款需要在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3410萬美元。
This state of affairs indicates that MACOM Technology Solutions Holdings' 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$7.57b company is short on cash, but still worth keeping an eye on the balance sheet. Despite its noteworthy liabilities, MACOM Technology Solutions Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
這種情況表明MACOM Technology Solutions Holdings的資產負債表看起來相當穩健,因爲其總負債幾乎與其流動資產相等。因此,這家價值75.7億美元的公司很可能不缺現金,但仍需要關注其資產負債表狀況。儘管它有相當可觀的負債,但MACOM Technology Solutions Holdings擁有淨現金,因此可以說其負債負擔並不重!
In fact MACOM Technology Solutions Holdings's saving grace is its low debt levels, because its EBIT has tanked 52% in the last twelve months. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if MACOM Technology Solutions Holdings 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.
事實上,MACOM Technology Solutions Holdings的救命稻草是其低負債水平,因爲其稅息前收益(EBIT)在過去12個月中暴跌了52%。當一家公司看到其收益下滑時,它有時會發現與其貸款方的關係變得不融洽。在分析債務水平時,資產負債表是一個很明顯的起點。但最終,企業的未來盈利能力將決定MACOM Technology Solutions Holdings能否隨着時間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,您可能會發現此分析報告中有關分析師利潤預測的免費報告非常有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. MACOM Technology Solutions Holdings may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, MACOM Technology Solutions Holdings 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,雖然稅務部門可能會崇尚會計利潤,但貸款方只接受冰冷的現金。MACOM Technology Solutions Holdings可能在資產負債表上有淨現金,但是查看業務將其稅息前收益(EBIT)轉化爲自由現金流的能力是非常有趣的,因爲這將影響到其管理債務的需求和能力。在過去的三年中,MACOM Technology Solutions Holdings實際上產生的自由現金流比EBIT還要高。這種強大的現金流量的產生會讓我們感到非常滿意。
Summing Up
總之
While it is always sensible to look at a company's total liabilities, it is very reassuring that MACOM Technology Solutions Holdings has US$19.6m in net cash. And it impressed us with free cash flow of US$129m, being 123% of its EBIT. So we don't have any problem with MACOM Technology Solutions Holdings's use of debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that MACOM Technology Solutions Holdings is showing 1 warning sign in our investment analysis , you should know about...
雖然查看公司的總負債總是明智的,但MACOM Technology Solutions Holdings擁有1960萬美元的淨現金令人非常放心。而且它的自由現金流爲1.29億美元,是其EBIT的123%。因此,我們對MACOM Technology Solutions Holdings的債務使用沒有任何問題。毫無疑問,我們從資產負債表中了解到關於債務的最多信息。但是,最終,每個公司都可能存在超越資產負債表之外的風險。請注意,MACOM Technology Solutions Holdings在我們的投資分析中顯示出了1個警告信號,您應該知道...
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。