Is Skechers U.S.A (NYSE:SKX) A Risky Investment?
Is Skechers U.S.A (NYSE:SKX) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Skechers U.S.A., Inc. (NYSE:SKX) makes use of debt. But should shareholders be worried about its use of debt?
禾倫·巴菲特曾經說過:“波動性遠非風險的同義詞。”當我們考慮一家公司的風險性時,我們總是喜歡看它是否使用了債務,因爲債務過多可能會導致破產。和許多其他公司一樣,Skechers U.S.A., Inc.(紐交所代碼: SKX)會使用債務。但是股東是否應該擔心它的債務使用情況?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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.
一般而言,只有當公司無法輕易償還債務時(通過籌集資金或自有現金流),債務才會成爲真正的問題。如果公司無法履行償還債務的合法義務,則股東可能會一無所有。然而,更常見的(但仍然令人痛苦的)情況是,公司必須以低價籌集新的股本資金,從而永久性地稀釋股東。話雖如此,最常見的情況是公司合理地管理其債務並獲得自身優勢。在考慮一家企業使用多少債務時,首先要做的事情是同時查看其現金和債務。
What Is Skechers U.S.A's Debt?
Skechers U.S.A的債務狀況是怎樣的?
You can click the graphic below for the historical numbers, but it shows that Skechers U.S.A had US$346.3m of debt in March 2024, down from US$361.2m, one year before. But it also has US$1.11b in cash to offset that, meaning it has US$762.7m net cash.
您可以單擊下面的圖形查看歷史數字,但它顯示Skechers U.S.A 2024年3月有3.463億美元的債務,比一年前的3.612億美元有所下降。但它也有11.1億美元的現金來抵消,這意味着它有7.627億美元的淨現金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240723/0-7165d1077bf5a88284e29ffc12e58afe-0-fbacd112819fa694180262aa7b09e179.png/big)
How Strong Is Skechers U.S.A's Balance Sheet?
Skechers U.S.A的資產負債表強度如何?
We can see from the most recent balance sheet that Skechers U.S.A had liabilities of US$1.64b falling due within a year, and liabilities of US$1.37b due beyond that. On the other hand, it had cash of US$1.11b and US$1.24b worth of receivables due within a year. So its liabilities total US$669.7m more than the combination of its cash and short-term receivables.
我們可以從最近的資產負債表看出,Skechers U.S.A手頭有16.4億美元的短期到期負債,以及13.7億美元的長期到期負債。 另一方面,它手頭有11.1億美元的現金和12.4億美元的應收賬款。 因此,其負債總額比其現金和短期應收款項的總和高6.697億美元。
Since publicly traded Skechers U.S.A shares are worth a total of US$9.67b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. While it does have liabilities worth noting, Skechers U.S.A also has more cash than debt, so we're pretty confident it can manage its debt safely.
由於公開交易的Skechers U.S.A.股票總價值達96.7億美元,因此這種程度的負債似乎不會構成重大威脅。但是有足夠的負債,我們肯定建議股東繼續監視資產負債表的情況。儘管它確實有值得注意的負債,但Skechers U.S.A的現金比債務多,因此我們非常確信它可以安全地管理其債務。
On top of that, Skechers U.S.A grew its EBIT by 45% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Skechers U.S.A can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
此外,Skechers U.S.A過去12個月的EBIt增長了45%,這種增長將使其更容易處理其債務。毫無疑問,我們從資產負債表中學到的有關債務的信息最豐富。但最終業務的未來利潤決定了Skechers U.S.A是否能夠隨着時間的推移加強其資產負債表。因此,如果您想了解專業人士的想法,則可能會發現此免費分析師盈利預測報告有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Skechers U.S.A has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Looking at the most recent three years, Skechers U.S.A recorded free cash flow of 33% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
但我們最後的考慮也很重要,因爲公司無法用紙上的利潤償還債務,它需要真金白銀。雖然Skechers U.S.A在其資產負債表中擁有淨現金,但看看其將利息和稅前利潤(EBIT)轉換爲自由現金流的能力對我們了解其建立(或流失)現金餘額的速度很有幫助。查看最近的三年,Skechers U.S.A記錄的自由現金流爲其EBIt的33%,這比我們預期的要弱。這種弱的現金轉換使其更難處理負債。
Summing Up
總之
While it is always sensible to look at a company's total liabilities, it is very reassuring that Skechers U.S.A has US$762.7m in net cash. And we liked the look of last year's 45% year-on-year EBIT growth. So is Skechers U.S.A's debt a risk? It doesn't seem so to us. We'd be motivated to research the stock further if we found out that Skechers U.S.A insiders have bought shares recently. If you would too, then you're in luck, since today we're sharing our list of reported insider transactions for free.
儘管查看公司的全部負債總是明智的,但Skechers U.S.A擁有7,6270萬美元的淨現金非常令人放心。我們也喜歡去年EBIt增長了45%。那麼,Skechers U.S.A的債務是否存在風險?我們認爲似乎並沒有。如果我們發現Skechers U.S.A的內部人士最近購買了股票,我們將積極進一步研究該股票。如果您也是,請注意,今天我們免費分享我們的內部交易報告清單。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家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。