Is Nova (NASDAQ:NVMI) A Risky Investment?
Is Nova (NASDAQ:NVMI) A Risky Investment?
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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies Nova Ltd. (NASDAQ:NVMI) makes use of debt. But the more important question is: how much risk is that debt creating?
作爲一位投資者,有人認爲波動性而不是債務是思考風險的最佳方式,但禾倫·巴菲特曾經說過:“波動性遠非與風險同義詞。”因此,當您考慮任何股票的風險時,需要考慮債務,因爲過多的債務可以使公司陷入困境。和其他許多公司一樣,Nova Ltd. (納斯達克:NVMI) 使用債務。但更重要的問題是:這些債務所產生的風險有多大?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. 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. 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.
當企業無法通過自由現金流或以有吸引力的價格籌集資本來輕鬆滿足債務時,債務和其他負債將會成爲企業的風險。資本主義的一個重要組成部分是“創造性破壞”過程。在這個過程中,銀行家們會無情地清算失敗的企業。然而,更普遍(但仍昂貴)的情況是,一家公司需要以低廉的股票價格稀釋股東,以便控制債務。儘管如此,最常見的情況是一個公司合理地管理其債務並且出於自身利益。在我們考慮一個公司的債務使用時,首先要看現金和債務兩者之間的關係。
How Much Debt Does Nova Carry?
Nova的債務有多少?
As you can see below, Nova had US$198.0m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. But on the other hand it also has US$495.5m in cash, leading to a US$297.5m net cash position.
正如以下圖表所示,截至2024年3月,Nova的債務總額爲1.98億美元,與前一年大致相同。您可以單擊圖表以獲取更多詳細信息。另一方面,它也持有495.5億美元的現金,導致淨現金爲2.975億美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240705/0-a5670a1f3aacbd7bdb3b76282815867a-0-31383e2f57af16f5e484c1f3e96c98cf.png/big)
How Healthy Is Nova's Balance Sheet?
Nova的資產負債表有多健康?
We can see from the most recent balance sheet that Nova had liabilities of US$338.3m falling due within a year, and liabilities of US$59.4m due beyond that. Offsetting these obligations, it had cash of US$495.5m as well as receivables valued at US$99.4m due within 12 months. So it actually has US$197.1m more liquid assets than total liabilities.
最新資產負債表顯示,Nova在一年內到期的負債總額爲3.383億美元,到期日在一年以上的負債總額爲5940萬美元。抵消這些義務,它持有495.5億美元的現金以及估值爲9940萬美元的應收賬款,截至12個月。因此,它實際上有1.971億美元。比總負債還多出了更多的流動資產。
This surplus suggests that Nova has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Nova has more cash than debt is arguably a good indication that it can manage its debt safely.
這些剩餘款項表明Nova的資產負債表比較保守,可能很容易消除其債務。簡而言之,Nova擁有比債務更多的現金顯然是它能夠安全地管理其債務的良好指標。
But the other side of the story is that Nova saw its EBIT decline by 8.4% over the last year. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Nova's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
但故事的另一面是Nova去年EBIt下降了8.4%。如果收益繼續以這樣的速度下降,公司可能會越來越難以管理其債務負擔。資產負債表顯然是分析債務時需要關注的領域。但最重要的是,未來的收益將決定Nova維持健康資產負債表的能力。因此,如果您關注未來,可以查看這份免費的報告,其中顯示了分析師的盈利預測。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Nova 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, Nova recorded free cash flow worth a fulsome 86% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
最後,雖然稅務部門可能喜歡會計利潤,但貸方只接受冰冷的現金。Nova可能在資產負債表上有淨現金,但查看該企業將其利潤(利息和稅前利潤)轉化爲自由現金流的能力變得有趣,因爲這將影響其管理債務的需求和能力。在過去的三年中,Nova記錄了充沛的現金流,價值相當於其EBIt的86%,這比我們通常預期的要強。如果有需要,它的這種現金流很好的將其資產負債表償還債務。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Nova has US$297.5m in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of US$143m, being 86% of its EBIT. So is Nova's debt a risk? It doesn't seem so to us. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of Nova's earnings per share history for free.
雖然調查一家公司的債務總是明智的,但在這種情況下,Nova擁有2.975億美元的淨現金和一個看起來不錯的資產負債表。其自由現金流爲1.43億美元,相當於其EBIt的86%。那麼Nova的債務是一種風險嗎?按我們的看法不是。除了其他大多數指標外,我們認爲跟蹤每股收益的增長速度(如果有)是最重要的。如果您也有同樣的認識,那麼今天您可以免費查看Nova的每股收益歷史的交互式圖表。
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,有時更容易關注那些甚至不需要債務的公司。讀者可以免費查看零淨債務增長股票列表,立即獲得。
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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。