Health Check: How Prudently Does Tejon Ranch (NYSE:TRC) Use Debt?
Health Check: How Prudently Does Tejon Ranch (NYSE:TRC) Use Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says '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 Tejon Ranch Co. (NYSE:TRC) does use debt in its business. But the real question is whether this debt is making the company risky.
伯克希爾哈撒韋旗下由查理·芒格支持的外部基金經理李錄明確表示:“最大的投資風險不是價格波動,而是是否會遭受資本永久損失。”當你考慮一家公司的風險時,考慮到債務通常在企業崩潰時涉及,關注它的資產負債表是非常自然的選擇。我們發現Tejon Ranch股份公司(紐交所:TRC)確實在業務中使用了債務。但真正的問題是這些債務是否使公司變得有風險。
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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.
債務是幫助企業成長的工具,但如果企業不能償還債務,則存在於債權人的掌控下。如果情況變得非常糟糕,債權人可以接管企業。然而,一個更爲常見且仍然痛苦的情況是,企業需要以低價籌集新的股權資本,這樣就會永久稀釋股東權益。當然,債務在企業中可以是一種重要的工具,特別是在資本密集型企業中。考慮企業使用多少債務時,首先要做的是看看它的現金和債務結合在一起。
How Much Debt Does Tejon Ranch Carry?
Tejon Ranch有多少債務?
As you can see below, Tejon Ranch had US$47.9m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. However, its balance sheet shows it holds US$60.7m in cash, so it actually has US$12.7m net cash.
正如下圖所示,截至2024年3月,Tejon Ranch公司有4790萬美元的債務,與前一年相當。你可以點擊圖表查看更詳細的信息。但是,其資產負債表顯示其持有6070萬美元的現金,因此實際上有1270萬美元的淨現金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240717/0-ba9d7415aeacdcb8d607fb59a9530e40-0-1b949205746e06161203a579b7fbaaa0.png/big)
How Strong Is Tejon Ranch's Balance Sheet?
Tejon Ranch的資產負債表如何?
The latest balance sheet data shows that Tejon Ranch had liabilities of US$15.4m due within a year, and liabilities of US$83.6m falling due after that. Offsetting these obligations, it had cash of US$60.7m as well as receivables valued at US$3.87m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$34.4m.
最新的資產負債表數據顯示,Tejon Ranch公司有1540萬美元的短期負債,8360萬美元的長期負債。 抵消這些責任,它持有6070萬美元的現金以及價值387萬美元的應收款,到期在12個月內。 因此,其負債超過其現金和(短期)應收款總和3440萬美元。
Given Tejon Ranch has a market capitalization of US$491.2m, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Tejon Ranch boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Tejon Ranch 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.
考慮到Tejon Ranch的市值爲4912萬美元,很難相信這些負債帶來了多大的威脅。 話雖如此,顯然我們應該繼續監視其資產負債表,以免情況惡化。儘管它有值得注意的負債,但Tejon Ranch擁有淨現金,因此可以說它沒有承擔重負的債務負擔!資產負債表顯然是分析債務的領域。但最終業務的未來盈利能力將決定Tejon Ranch能否隨着時間的推移加強其資產負債表。因此,如果您關注未來,可以查看這份展示分析師利潤預測的免費報告。
In the last year Tejon Ranch had a loss before interest and tax, and actually shrunk its revenue by 43%, to US$40m. To be frank that doesn't bode well.
在過去的一年中,Tejon Ranch在計息前虧損,並將其營收實際縮減了43%,至4000萬美元。老實說,這並不好。
So How Risky Is Tejon Ranch?
那麼Tejon Ranch有多大的風險?儘管過去十二個月Tejon Ranch的計息前利潤(EBIT)有虧損的記錄,但它實現了57.7萬美元的法定利潤。因此,在考慮它擁有的淨現金和法定利潤時,該股票在短期內可能並不像看起來那麼有風險。鑑於營收增長乏力,我們真的需要看到一些積極的EBIt才能對這個業務產生熱情。分析債務水平時,資產負債表是明顯的起點。但最終,每個公司都可能存在於資產負債表以外的風險。例如- Tejon Ranch有1個警告信號,我們認爲您應該注意。
Although Tejon Ranch had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of US$577k. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. With revenue growth uninspiring, we'd really need to see some positive EBIT before mustering much enthusiasm for this business. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Tejon Ranch has 1 warning sign we think you should be aware of.
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.
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。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?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。