Is Teledyne Technologies (NYSE:TDY) A Risky Investment?
Is Teledyne Technologies (NYSE:TDY) A Risky Investment?
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 note that Teledyne Technologies Incorporated (NYSE:TDY) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
禾倫·巴菲特曾說:“波動性遠非風險的同義詞。因此,當您考慮某個給定股票存在多少風險時,需要考慮債務,因爲過多的債務會拖累一家公司。”我們注意到 Teledyne Technologies Incorporated(NYSE:TDY)確實在其資產負債表上有債務。但更重要的問題是:這些債務造成了多少風險?
When Is Debt Dangerous?
債務何時有危險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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.
當企業出現資本短缺或自由現金流問題時,債務可以爲其提供幫助。作爲資本主義的一部分,“創造性破壞”的過程往往是銀行家無情地清理失去生機的企業,然而,更常見(但仍然令人痛苦)的情況是,公司需要以較低的價格籌集新的股本資本,從而永久稀釋股東。當然,債務的優點在於它通常代表着廉價資本,尤其是當它替代在公司具有高回報率的能力時的稀釋時。在我們評估債務水平時,首先要考慮現金和債務水平。
How Much Debt Does Teledyne Technologies Carry?
Teledyne Technologies 承受多少債務?
You can click the graphic below for the historical numbers, but it shows that Teledyne Technologies had US$2.80b of debt in June 2024, down from US$3.35b, one year before. However, it does have US$443.3m in cash offsetting this, leading to net debt of about US$2.35b.
您可以單擊下面的圖表以查看歷史數據,但它顯示,截至 2024 年 6 月,Teledyne Technologies 的債務總額爲 2.8 億美元,低於一年前的 3.35 億美元。但它確實有 4.4330 億美元的現金來抵消這筆費用,從而導致淨負債約爲 2.35 億美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240805/0-87c9870a6c4fd69dba4b75d358a3e07c-0-29b318c89dca70039a037b5ca8cfe912.png/big)
A Look At Teledyne Technologies' Liabilities
Teledyne Technologies 的負債情況
According to the last reported balance sheet, Teledyne Technologies had liabilities of US$1.39b due within 12 months, and liabilities of US$3.51b due beyond 12 months. Offsetting this, it had US$443.3m in cash and US$1.16b in receivables that were due within 12 months. So its liabilities total US$3.29b more than the combination of its cash and short-term receivables.
根據最近的資產負債表,Teledyne Technologies 由於在未來 12 個月內必須支付的 1.39 億美元的負債和超過 12 個月後必須支付的 3.51 億美元的負債而擁有 0.4433 億美元的現金和 1.16 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總和多出 32.9 億美元。
Of course, Teledyne Technologies has a titanic market capitalization of US$19.2b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
當然,Teledyne Technologies 的市值達到 19.2 億美元,因此這些負債可能是可以管理的。即便如此,我們仍需繼續關注其資產負債表,以免其惡化。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
爲了衡量公司相對於其收益的債務情況,我們計算其淨負債除以利息、稅項、折舊和攤銷前收益(EBITDA)和其利息支出除以利息前收益(EBIT)的比例(其利息覆蓋率)。這種方法的優點是,我們既考慮了債務的絕對量(淨負債與 EBITDA),又考慮到了與該債務相關的實際利息支出(其利息覆蓋率)。
We'd say that Teledyne Technologies's moderate net debt to EBITDA ratio ( being 1.8), indicates prudence when it comes to debt. And its commanding EBIT of 16.5 times its interest expense, implies the debt load is as light as a peacock feather. Notably Teledyne Technologies's EBIT was pretty flat over the last year. Ideally it can diminish its debt load by kick-starting earnings growth. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Teledyne Technologies'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.
從該公司逐年穩定的息稅前利潤(EBIT)爲 16.5 倍其利息費用可以看出,Teledyne Technologies 的合理淨債務 / EBITDA 比率表明其處理債務的謹慎態度。 毫無疑問,財務報表上最能體現企業債務的是資產負債表。 但未來收益決定了 Teledyne Technologies 維持健康資產負債表的能力。因此,如果您關注未來,可以查看本免費報告,其中顯示了分析師的利潤預測。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Teledyne Technologies produced sturdy free cash flow equating to 70% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,即便稅務部門喜歡會計利潤,貸款人也只接受確實的現金流。因此,我們必須清楚 Teledyne Technologies 的 EBIT 是否導致相應的自由現金流。在過去的三年中,Teledyne Technologies 制定了穩健的自由現金流,相當於其 EBIT 的 70%,這是我們預期的。這種自由現金流使公司在適當時可以償還債務。
Our View
我們的觀點
Teledyne Technologies's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! When we consider the range of factors above, it looks like Teledyne Technologies is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of Teledyne Technologies's earnings per share history for free.
Teledyne Technologies 的利息支付倍數說明其可以像Cristiano Ronaldo 對付 14 歲以下守門員那樣應對債務。更好的消息是,其 EBIT 轉化爲自由現金流同樣支持這種印象!當我們考慮以上各個因素時,看起來 Teledyne Technologies 在使用債務方面非常明智。雖然這帶來了一定的風險,但也可能爲股東帶來更高的回報。我們認爲除了其他因素之外,追蹤每股收益正在以多快的速度增長是很重要的。如果您已經意識到了這一點,那麼您很幸運,因爲今天您可以免費查看這個互動圖表,其中顯示了 Teledyne Technologies 的每股收益歷史記錄。
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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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。