Would Corsair Gaming (NASDAQ:CRSR) Be Better Off With Less Debt?
Would Corsair Gaming (NASDAQ:CRSR) Be Better Off With Less Debt?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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. Importantly, Corsair Gaming, Inc. (NASDAQ:CRSR) does carry debt. But the real question is whether this debt is making the company risky.
著名基金經理李璐(受查理·芒格支持)曾說:“最大的投資風險不是價格波動,而是您是否會遭受資本永久性損失。”當您考慮一家公司有多大風險時,考慮其資產負債表是再自然不過的事情了,因爲一旦企業破產,通常涉及債務。但是,重要的是,Corsair Gaming, Inc.(NASDAQ: CRSR)確實有債務。但是,真正的問題在於這筆債務是否使該公司具有風險。
When Is Debt Dangerous?
債務何時有危險?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業增長的工具,但如果企業無力償還債務,則僅存在於債權人的掌控之中。 如果公司無法滿足法定還款義務,股東可能會一無所有。儘管這不太常見,但我們經常看到負債累累的企業因爲貸款人迫使它們以困境價格籌集資本而永久性地稀釋股東。當然,債務的好處是,它通常代表着廉價的資本,特別是在替代具有高回報率再投資能力的企業股份稀釋時。當我們考慮公司對債務的使用時,首先會查看現金和負債的總和。
How Much Debt Does Corsair Gaming Carry?
Corsair Gaming負債多少?
The image below, which you can click on for greater detail, shows that Corsair Gaming had debt of US$183.3m at the end of March 2024, a reduction from US$228.8m over a year. However, because it has a cash reserve of US$127.8m, its net debt is less, at about US$55.6m.
以下圖像展示的是Corsair Gaming在2024年3月底的債務情況(點擊圖象可放大觀看),較去年同期的228.8百萬美金減少到了183.3百萬美金。但是,由於該公司有1.278百萬美金的現金儲備,因此淨負債就少啦,只有約5,560萬美金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240720/0-459b88bab28b9c1b78b75ee05ef574e0-0-05839482ea3ed5eb790f1e11ae831313.png/big)
How Strong Is Corsair Gaming's Balance Sheet?
Corsair Gaming資產負債表有多強勁?
According to the last reported balance sheet, Corsair Gaming had liabilities of US$342.1m due within 12 months, and liabilities of US$225.8m due beyond 12 months. On the other hand, it had cash of US$127.8m and US$204.9m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$235.3m.
根據最近披露的資產負債表,Corsair Gaming在12個月內有3.421百萬美元的負債,超過12個月有2.258百萬美元的負債。另一方面,它擁有1.278百萬美金的現金和2.049百萬美金的應收賬款。因此,其負債超過其現金和(短期)應收賬款的總和,超過了2.353百萬美金。
This deficit isn't so bad because Corsair Gaming is worth US$1.01b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Corsair Gaming'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.
這個差額不算太糟糕,因爲Corsair Gaming價值1.01億美金,因此如果有需要,可能能籌集足夠的資金來支撐其資產負債表。但是我們肯定要敏銳地關注證明其債務帶來過多風險的跡象。當分析債務水平時,資產負債表是開始的明顯地方。但是更重要的是未來的收入,這些未來的收入將決定Corsair Gaming維持健康資產負債表的能力。因此,如果您想看看專業人士的看法,您可能會發現這份分析師利潤預測的免費報告很有趣。
In the last year Corsair Gaming wasn't profitable at an EBIT level, but managed to grow its revenue by 7.0%, to US$1.4b. We usually like to see faster growth from unprofitable companies, but each to their own.
在過去的一年中,Corsair Gaming在EBIt級別上沒有盈利,但其收入增長了7.0%,達到14億美元。我們通常希望看到虧損公司的增長更快,但每個公司都有自己的情況。
Caveat Emptor
買方自負。
Over the last twelve months Corsair Gaming produced an earnings before interest and tax (EBIT) loss. Indeed, it lost US$1.6m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of US$8.3m. So we do think this stock is quite risky. For riskier companies like Corsair Gaming I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
在過去的十二個月中,Corsair Gaming EBIt虧損,EBIt虧損了160萬美元。考慮到上面提到的負債,我們並不認爲公司應該使用太多債務,因此我們認爲它的資產負債表有點緊繃,但並不超出修復範疇。例如,我們不希望看到去年的830萬美元虧損重演。因此,我們認爲這隻股票相當有風險。對於類似Corsair Gaming這樣的高風險公司,我總是喜歡關注長期的利潤和收入趨勢。幸運的是,您可以點擊查看我們的交互式圖形,了解其盈利,收入和營運現金流。
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。