Does Kura Oncology (NASDAQ:KURA) Have A Healthy Balance Sheet?
Does Kura Oncology (NASDAQ:KURA) Have A Healthy Balance Sheet?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Kura Oncology, Inc. (NASDAQ:KURA) does carry debt. But should shareholders be worried about its use of debt?
霍華德·馬克斯說得很好,他說與其擔心股價波動,不如擔心永久性損失的風險,每個實際的投資者都擔心這個。因此,聰明的投資者知道,債務(通常涉及破產)是評估公司風險的一個非常重要的因素。值得注意的是,Kura Oncology,Inc. (NASDAQ:KURA)的確有負債。但股東們是否應該擔心其使用債務呢?
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. If things get really bad, the lenders can take control of the business. 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. The first step when considering a company's debt levels is to consider its cash and debt together.
當花費和其他負債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地滿足那些義務時,債務和其他負債對商業會帶來風險。如果情況變得非常糟糕,貸款人可以控制企業。但是,更常見的情況是公司必須以便宜的股票價格稀釋股東只是爲了控制債務,而這仍是一種昂貴的情況。然而,通過代替稀釋,債務可以成爲需要資金以高回報率投資增長的企業的極好工具。考慮一家公司的債務水平時的第一步是將其現金和債務放在一起考慮。
What Is Kura Oncology's Net Debt?
Kura Oncology的淨債務是多少?
The chart below, which you can click on for greater detail, shows that Kura Oncology had US$9.38m in debt in March 2024; about the same as the year before. However, it does have US$527.1m in cash offsetting this, leading to net cash of US$517.7m.
下面的圖表(點擊可獲得更詳細信息)顯示,Kura Oncology在2024年3月有938萬美元的債務,與前一年大致相同。然而,它也有52710萬美元的現金抵消,導致淨現金爲51770萬美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240713/0-2748ecf5c180a2646c5f023d5b4f0487-0-6f954989abc5f8e881803c11296250a5.png/big)
How Healthy Is Kura Oncology's Balance Sheet?
Kura Oncology的資產負債表有多健康?
The latest balance sheet data shows that Kura Oncology had liabilities of US$32.3m due within a year, and liabilities of US$16.6m falling due after that. Offsetting this, it had US$527.1m in cash and US$4.30m in receivables that were due within 12 months. So it can boast US$482.6m more liquid assets than total liabilities.
最新的資產負債表數據顯示,Kura Oncology短期內有3230萬美元的負債,之後有1660萬美元的負債到期。與此相抵消,它有52710萬美元的現金和430萬美元的應收賬款在12個月內到期。因此,它擁有48260萬美元的超額流動資產,超過總負債。
This surplus suggests that Kura Oncology is using debt in a way that is appears to be both safe and conservative. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Succinctly put, Kura Oncology boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Kura Oncology'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.
這種餘額表明,Kura Oncology在使用債務方面似乎是安全和保守的。考慮到它具有足夠的短期流動性,我們認爲它不會與借款人有任何問題。簡而言之,Kura Oncology擁有淨現金,因此可以說它沒有沉重的債務負擔!在分析債務水平時,資產負債表顯然是一個起點。但最終,未來的收益,而不是別的什麼,將決定Kura Oncology保持健康資產負債表的能力。因此,如果您想了解專業人士的看法,您可能會發現這份分析師盈利預測的免費報告很有意思。
Since Kura Oncology doesn't have significant operating revenue, shareholders may be hoping it comes up with a great new product, before it runs out of money.
由於Kura Oncology沒有重要的營業收入,股東們可能希望它在錢用完之前推出一個偉大的新產品。
So How Risky Is Kura Oncology?
那麼Kura Oncology的風險有多大?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And the fact is that over the last twelve months Kura Oncology lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of US$138m and booked a US$168m accounting loss. But the saving grace is the US$517.7m on the balance sheet. That means it could keep spending at its current rate for more than two years. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. 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. For instance, we've identified 3 warning signs for Kura Oncology (1 is potentially serious) you should be aware of.
毫無疑問,虧損企業通常比盈利企業更具風險。事實上,在過去的十二個月中,Kura Oncology在利息和稅前收益(EBIT)方面虧損。在同期內,它見負現金流出超過1.38億美元,並計提了1.68億美元的會計損失。但拯救的是其資產負債表上的5,177萬美元。這意味着它可以以當前的速度繼續支出兩年以上。儘管其資產負債表看起來足夠流動,但如果一家企業不能定期產生自由現金流,債務總是會讓我們有點緊張。毫無疑問,我們從資產負債表上學到的關於債務的知識最豐富。但最終,每家企業都可能存在資產負債表之外的風險。例如,我們已經確定了Kura Oncology的3個警示信號(其中1個可能很嚴重),您應該意識到這些風險。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
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