Oxford Industries (NYSE:OXM) Has A Pretty Healthy Balance Sheet
Oxford Industries (NYSE:OXM) Has A Pretty Healthy Balance Sheet
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 Oxford Industries, Inc. (NYSE:OXM) does use debt in its business. But the real question is whether this debt is making the company risky.
作爲投資者,有些人認爲波動率而不是債務是考慮風險最好的方式,但禾倫·巴菲特曾說:“波動性遠非風險的同義詞。”當你檢查一家公司的風險時,考慮該公司的資產負債表是很自然的,因爲當企業崩潰時通常牽涉到債務。我們可以看到牛津工業(NYSE:OXM)在業務上使用了債務。但真正的問題是這些債務是否使公司變得更加風險。
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. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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. 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,但如果企業無力償還貸款,就處於貸款方的掌控之下。如果情況真的變得很糟糕,貸款方可以接管企業。然而,一種更經常發生的(但仍然代價昂貴)情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,以支撐其資產負債表。當然,負債的好處是,它通常代表着廉價的資本,特別是當它代替具有高回報能力的公司的稀釋時。考慮企業使用多少負債時,首先要做的是將其現金和債務放在一起看。
How Much Debt Does Oxford Industries Carry?
牛津工業負債情況如何?
The image below, which you can click on for greater detail, shows that Oxford Industries had debt of US$18.6m at the end of May 2024, a reduction from US$94.3m over a year. On the flip side, it has US$7.66m in cash leading to net debt of about US$11.0m.
下圖(可單擊以獲取更多詳細信息)顯示,牛津工業在2024年5月底債務爲1860萬美元,比一年前的9430萬美元有所減少。相反,它有766萬美元的現金,因此淨債務約爲1100萬美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240729/0-bbf0b3550851929851908a1ff3ad2751-0-8a5d97c85ec5a94b1648a69d0c843481.png/big)
A Look At Oxford Industries' Liabilities
牛津工業負債情況一覽表。最新的資產負債表顯示,牛津工業在一年內到期的負債爲22560萬美元,之後到期的負債爲33850萬美元。另一方面,它有766萬美元的現金和10740萬美元的應收賬款。因此,它的負債總額超過其現金和短期應收帳款的總和達44910萬美元。
The latest balance sheet data shows that Oxford Industries had liabilities of US$225.6m due within a year, and liabilities of US$338.5m falling due after that. On the other hand, it had cash of US$7.66m and US$107.4m worth of receivables due within a year. So it has liabilities totalling US$449.1m more than its cash and near-term receivables, combined.
牛津工業(net of cash)幾乎沒有債務,並且負債與EBITDA比率爲0.047,EBIt爲利息費用的36.5倍。因此,相對於過去的收益來說,債務負擔似乎微不足道。如果牛津工業管理層無法防止上一年的EBIt下降24%,那麼其低負債率可能成爲關鍵。當一家公司看到其盈利下降時,有時會發現其與貸款人的關係變得不好。當您分析債務時,資產負債表顯然是要關注的領域。但是最終,未來的收益而不是資產負債表上的數字將決定牛津工業在未來保持健康資產負債表的能力。因此,如果您關注未來,可以查看此免費報告,其中顯示分析師的利潤預測。
Oxford Industries has a market capitalization of US$1.61b, so it could very likely raise cash to ameliorate 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. Carrying virtually no net debt, Oxford Industries has a very light debt load indeed.
最後,我們要考慮的也很重要,因爲公司無法用紙質利潤支付債務;它需要有現金儲備。因此,我們始終要檢查該EBIt有多少被轉化爲自由現金流。在最近的三年中,牛津工業記錄了價值68% EBIt的自由現金流。 由於自由現金流不包括利息和稅收,因此這是正常的情況。這些冰冷的現金意味着它可以在想要時減少債務。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通過查看公司的淨債務與利息、稅、折舊、攤銷前利潤(EBITDA)之比以及它的利息費用(利息覆蓋率)可以衡量一個公司的債務負擔與收益能力。因此,我們考慮將債務與有無計算折舊和攤銷費用的收益相對比。
Oxford Industries has very little debt (net of cash), and boasts a debt to EBITDA ratio of 0.047 and EBIT of 36.5 times the interest expense. So relative to past earnings, the debt load seems trivial. The modesty of its debt load may become crucial for Oxford Industries if management cannot prevent a repeat of the 24% cut to EBIT over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. 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 Oxford Industries's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
牛津工業的EBIt增長率在這項分析中受到真正的負面影響,雖然其他因素我們認爲還不錯。特別是,我們對它的利息覆蓋率印象深刻。當我們考慮以上提到的所有因素時,我們認爲牛津工業在管理其債務方面做得很好。但是要注意: 我們認爲債務水平已經高到需要持續監測的程度。在分析債務水平時,資產負債表是明顯的起點。但最終,除資產負債表之外,每家企業都可能存在超出資產負債表之外的風險。請注意,牛津工業在我們的投資分析中顯示了4個警告信號,您應該了解...
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, Oxford Industries recorded free cash flow worth 68% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
最後我們還要考慮一個問題,即公司無法以紙質利潤支付債務;它需要冷硬現金。因此,我們始終要檢查該EBIt有多少被轉化爲自由現金流。在最近的三年中,牛津工業記錄了價值68% EBIt的自由現金流。由於自由現金流不包括利息和稅收,因此這種冰冷的現金意味着它可以在想要的時候減少債務。
Our View
我們的觀點
Oxford Industries's EBIT growth rate was a real negative on this analysis, although the other factors we considered were considerably better. In particular, we are dazzled with its interest cover. When we consider all the elements mentioned above, it seems to us that Oxford Industries is managing its debt quite well. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. 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. Be aware that Oxford Industries is showing 4 warning signs in our investment analysis , you should know about...
牛津工業的EBIT增長率在這項分析中真正是一項負面因素,儘管我們考慮的其他因素要好得多。特別是,我們對其利息覆蓋倍數感到很驚訝。考慮到上述所有因素,我們認爲牛津工業管理其債務相當不錯。但需要注意:我們認爲債務水平已高到需要持續監測的地步。在分析債務水平時,資產負債表是顯然的起點。但歸根結底,每家公司都可能存在資產負債表之外的風險。請留意:我們的投資分析中牛津工業正在顯示4個警告信號,您應該知道……
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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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。