Cigna Group (NYSE:CI) Has A Pretty Healthy Balance Sheet
Cigna Group (NYSE:CI) Has A Pretty Healthy Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, The Cigna Group (NYSE:CI) does carry debt. But is this debt a concern to shareholders?
禾倫·巴菲特曾經說過,“波動性遠非風險的同義詞”。所以聰明的錢知道,企業破產通常涉及債務,這是一個非常重要的因素,當你評估一家公司的風險時。重要的是,信諾集團(NYSE:CI)確實有債務。但是這種債務對股東是否構成了風險呢?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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 examine debt levels, we first consider both cash and debt levels, together.
債務可以幫助企業,直到企業無法用新資本或自由現金流支付債務時爲止。在最壞的情況下,如果企業無法償還債權人,就會破產。然而,更常見的(但仍然很昂貴的)情況是,公司必須以便宜的股票價格稀釋股東,才能控制債務。當然,債務的好處是它通常代表便宜的資本,特別是當它代替公司以高回報率再投資時的股份稀釋。當我們檢查債務水平時,首先要考慮現金和債務水平,以及兩者的總和。
What Is Cigna Group's Debt?
信諾集團的債務是什麼?
As you can see below, Cigna Group had US$32.5b of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, it does have US$7.67b in cash offsetting this, leading to net debt of about US$24.8b.
正如您下面所看到的,2024年6月,信諾集團的債務爲325億美元,與前一年相當。您可以單擊圖表以獲取更多詳細信息。但它有76.7億美元的現金抵消這一點,導致淨債務約爲248億美元。
How Healthy Is Cigna Group's Balance Sheet?
信諾集團的資產負債表如何?
Zooming in on the latest balance sheet data, we can see that Cigna Group had liabilities of US$55.4b due within 12 months and liabilities of US$58.5b due beyond that. Offsetting these obligations, it had cash of US$7.67b as well as receivables valued at US$25.1b due within 12 months. So it has liabilities totalling US$81.1b more than its cash and near-term receivables, combined.
放大最新的資產負債表數據,我們可以看到,信諾集團有554億美元的負債在12個月內到期,以及585億美元的負債超過12個月到期。與這些義務相抵消,它有76.7億美元的現金,以及251億美元的應收賬款在12個月內到期。因此,它的負債總額超過了現金和短期應收賬款的811億美元。
This deficit is considerable relative to its very significant market capitalization of US$94.3b, so it does suggest shareholders should keep an eye on Cigna Group's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
相對於其非常顯著的市值943億美元來說,這個虧空是相當大的,因此它確實表明股東應該關注信諾集團的債務使用情況。這表明,如果公司需要迅速扶持其資產負債表,股東將面臨嚴重稀釋。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我們通過將公司的淨債務與其息稅折舊攤銷前利潤(EBITDA)相除,並計算其息稅前利潤(EBIT)如何覆蓋其利息費用(利息覆蓋率)來衡量公司的債務負擔相對於其盈利能力。因此,我們同時考慮債務的絕對數量以及所支付的利率。
Cigna Group has a debt to EBITDA ratio of 2.6 and its EBIT covered its interest expense 5.2 times. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. Sadly, Cigna Group's EBIT actually dropped 5.3% in the last year. If that earnings trend continues then its debt load will grow heavy like the heart of a polar bear watching its sole cub. 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 Cigna Group'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.
信諾集團的債務資產比率爲2.6,其利息費用的EBIT覆蓋了5.2倍。總之,這意味着,雖然我們不希望看到債務水平上升,但我們認爲它可以處理其目前的槓桿。不幸的是,信諾集團過去一年的EBIT實際下降了5.3%。如果這種收益趨勢繼續下去,那麼負債將會變得沉重,就像一隻觀看其唯一幼崽的北極熊的心臟一樣。當您分析債務時,明顯的關注點是資產負債表。但最終,未來的收益決定了信諾集團保持健康資產負債表的能力。因此,如果您想了解專業人士的想法,您可能會發現這份關於分析師盈利預測的免費報告很有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, Cigna Group actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
最後,企業只能用實際的現金流而不是會計利潤來償還債務。因此,邏輯上的下一步是查看經營利潤中實際匹配到的自由現金流的比例。在過去的三年中,信諾集團實際上比EBIt產生了更多的自由現金流。這種強勁的現金生成方式讓我們的心情像一個穿着大黃蜂衣服的小狗一樣溫暖。
Our View
我們的觀點
On our analysis Cigna Group's conversion of EBIT to free cash flow should signal that it won't have too much trouble with its debt. But the other factors we noted above weren't so encouraging. For example, its level of total liabilities makes us a little nervous about its debt. It's also worth noting that Cigna Group is in the Healthcare industry, which is often considered to be quite defensive. When we consider all the factors mentioned above, we do feel a bit cautious about Cigna Group's use of debt. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 3 warning signs for Cigna Group you should be aware of.
根據我們的分析,信諾集團的EBIt轉化爲自由現金流應該表明它不會在債務方面遇到太多麻煩。但是,我們上面提到的其他因素並不那麼令人鼓舞。例如,其總負債水平讓我們對其債務感到有些不安。另外值得注意的是,信諾集團處於醫療保健行業,這通常被認爲是相當保守的。當我們考慮上面提到的所有因素時,我們對信諾集團的債務使用感到有些謹慎。雖然債務具有更高的潛在回報,但我們認爲股東確實應該考慮債務水平如何使股票更加具有風險性。當分析債務水平時,資產負債表是開始的明顯地方。但並不是所有的投資風險都存在於資產負債表中-遠非如此。因爲我們已經發現其中的3個警告信號,您應該知悉。
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。