Here's Why Astronics (NASDAQ:ATRO) Can Afford Some Debt
Here's Why Astronics (NASDAQ:ATRO) Can Afford Some Debt
Warren Buffett famously said, '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. We can see that Astronics Corporation (NASDAQ:ATRO) does use debt in its business. But should shareholders be worried about its use of debt?
禾倫·巴菲特曾經說過,“波動性與風險毫不相同。”因此,當你考慮一支股票有多大風險時,你需要考慮到它的債務情況,因爲太多的債務會拖垮一家公司。我們可以看到,Astronics公司(納斯達克代碼:ATRO)確實在經營中使用了債務。但股東們是否應該擔心它使用債務的情況呢?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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,但如果一家企業無力償還貸款,那麼它就在貸方的掌控中。最終,如果公司無法履行償還債務的法定義務,股東可能一無所獲。然而,更常見(但仍然昂貴)的情況是,一家企業只能以廉價的股票價格稀釋股東來控制債務。話雖如此,最常見的情況是,一家公司合理地管理着自己的債務,從而使自己受益。
How Much Debt Does Astronics Carry?
Astronics承載了多少債務?
The image below, which you can click on for greater detail, shows that Astronics had debt of US$162.1m at the end of March 2024, a reduction from US$172.4m over a year. However, it does have US$5.31m in cash offsetting this, leading to net debt of about US$156.8m.
下面的圖片可以點擊以獲取更詳細的信息,顯示Astronics在2024年3月底的債務爲1.621億美元,比去年減少了1.724億美元。然而,它有530萬美元的現金抵消,導致淨債務約爲1.568億美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240718/0-2db1d8d6bd2a3d48ce30d0ae0aae011f-0-be5ea44084b68224926d16d6ff086b5f.png/big)
How Healthy Is Astronics' Balance Sheet?
Astronics的財務狀況如何?
According to the last reported balance sheet, Astronics had liabilities of US$151.3m due within 12 months, and liabilities of US$227.0m due beyond 12 months. On the other hand, it had cash of US$5.31m and US$170.2m worth of receivables due within a year. So its liabilities total US$202.7m more than the combination of its cash and short-term receivables.
根據最後公佈的資產負債表,Astronics在12個月內有1.513億美元的負債,12個月後有2.270億美元的負債。另一方面,它有530萬美元的現金和1.702億美元的應收賬款。因此,其負債總額比其現金和短期應收賬款的組合高出2.027億美元。
While this might seem like a lot, it is not so bad since Astronics has a market capitalization of US$787.4m, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt. 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 Astronics'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.
雖然這看起來像是很多,但不算太糟糕,因爲Astronics的市值爲7.874億美元,所以如果需要的話,它可能可以通過增加資本來加強其資產負債表。然而,在分析債務時,仍有必要仔細觀察其償債能力。顯然資產負債表是分析債務的重點。但是,最終決定Astronics能否保持健康的資產負債表的是未來的收益。如果你想知道專業人士的看法,你可能會發現這份關於分析師收益預測的免費報告很有趣。
In the last year Astronics wasn't profitable at an EBIT level, but managed to grow its revenue by 25%, to US$718m. Shareholders probably have their fingers crossed that it can grow its way to profits.
在過去的一年中,Astronics的EBIt(息稅前利潤)沒有盈利,但其營收增長了25%,達到了7.18億美元。股東們可能會祈禱它能在增長中獲得利潤。
Caveat Emptor
買方自負。
Even though Astronics managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. To be specific the EBIT loss came in at US$5.4m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled US$10m in negative free cash flow over the last twelve months. So to be blunt we think it is risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 2 warning signs for Astronics (1 can't be ignored!) that you should be aware of before investing here.
儘管Astronics的收入增長相當靈活,但冷酷的事實是,它在EBIt方面虧損了。具體來說,EBIt虧損達540萬美元。當我們看到這個數字時,想到其資產負債表上的負債相對於現金,我們認爲公司負債不明智。所以我們認爲它的資產負債表有一點緊張,但並非無法修復。在過去的12個月中,還有另一個值得注意的方面,即負自由現金流的1000萬美元。因此,直言不諱地說,我們認爲它存在風險。資產負債表顯然是分析債務的重點。但是,每個公司都可能含有存在於資產負債表之外的風險。例如,我們發現Astronics存在2個警告信號(1個不能被忽視!)在你進行投資之前,你應該知道這些信號。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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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
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。