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Is NetApp (NASDAQ:NTAP) Using Too Much Debt?

Is NetApp (NASDAQ:NTAP) Using Too Much Debt?

美國網存(納斯達克股票代碼: NTAP)是否使用了過多的債務?
Simply Wall St ·  08/05 09:17

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. We can see that NetApp, Inc. (NASDAQ:NTAP) does use debt in its business. But should shareholders be worried about its use of debt?

霍華德·馬克斯表達得很好,他說,與其擔心股價波動,“我擔心的是永久性損失的可能性……我認識的每位實際投資者都會這樣擔心。”考慮公司風險性時,我們總是希望看看它的負債使用情況,因爲負債過重會導致破產。我們可以看到NetApp,Inc. (納斯達克:NTAP)確實在其業務中使用了債務。但是股東應該擔心它的債務使用嗎?

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. 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, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.

直到業務面臨資金壓力或者自由現金流變得充裕,債務對業務有所幫助。在最壞情況下,一家公司如果無法償還債權人,可能會破產。然而,更常見但仍然昂貴的情況是,公司必須以低廉的股價稀釋股東來控制債務。當然,許多公司使用債務爲增長提供資金,並沒有任何負面影響。考慮公司的債務水平的第一步是將其現金和負債置於一起考慮。

What Is NetApp's Debt?

什麼是NetApp的債務?

As you can see below, NetApp had US$2.39b of debt, at April 2024, which is about the same as the year before. You can click the chart for greater detail. But it also has US$3.26b in cash to offset that, meaning it has US$866.0m net cash.

如下所示,NetApp於2024年4月份擁有23.9億美元的債務,與去年大致相當。你可以點擊圖表以查看更詳細的信息。但是,它還有32.6億美元的現金來抵消這些債務,這意味着它擁有8,6600萬美元的淨現金。

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NasdaqGS:NTAP Debt to Equity History August 5th 2024
NasdaqGS:NTAP的負債權益歷史圖表(2024年8月5日)

How Strong Is NetApp's Balance Sheet?

NetApp的資產負債表有多強大?根據最後報告的資產負債表,NetApp應在12個月內支付411億美元的負債,並應支付超過12個月的464億美元的負債。抵消這些義務,它擁有32.6億美元的現金以及價值101億美元的應收款項,用於在12個月內到期。因此,它的負債總額比其現金和短期應收款項的總和高出44.8億美元。

According to the last reported balance sheet, NetApp had liabilities of US$4.11b due within 12 months, and liabilities of US$4.64b due beyond 12 months. Offsetting these obligations, it had cash of US$3.26b as well as receivables valued at US$1.01b due within 12 months. So its liabilities total US$4.48b more than the combination of its cash and short-term receivables.

儘管由於總負債的原因,NetApp的資產負債表不是特別強大,但明顯看到它有淨現金8,6600萬美元。而且還有一個加上它的自由現金流,達到了1.5億美元。所以我們認爲NetApp的債務使用不是很冒險。當分析債務時,資產負債表顯然是要關注的領域。但是最終,業務的未來盈利能力將決定NetApp能否隨着時間的推移增強其資產負債表。因此,如果您專注於未來,可以查看此免費報告,以顯示分析師對利潤的預測。

Since publicly traded NetApp shares are worth a very impressive total of US$24.5b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. While it does have liabilities worth noting, NetApp also has more cash than debt, so we're pretty confident it can manage its debt safely.

最後,公司只能用冷酷的現金,而不是會計利潤來償還債務。NetApp可能在資產負債表上擁有淨現金,但是查看業務如何將其利潤前利息和稅前利潤(Ebit)轉化爲自由現金流,仍然很有趣,因爲它將影響它管理債務的需求和能力。在過去的三年中,NetApp產生的自由現金流相當強勁,達到了93%的Ebit,超出了我們的預期。如果需要償還債務,這將使其處於良好的位置。

Fortunately, NetApp grew its EBIT by 9.4% in the last year, making that debt load look even more manageable. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if NetApp can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

幸運的是,NetApp在過去一年中增加了9.4%的利潤,這使得它的債務負擔看起來更加可行。資產負債表顯然是分析債務的關注領域。但最終,業務的未來盈利能力將決定NetApp能否隨着時間的推移增強其資產負債表。因此,如果您專注於未來,您可以查看此免費報告,以了解分析師的利潤預測。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. NetApp may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, NetApp generated free cash flow amounting to a very robust 93% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.

最後,公司只有用硬通貨現金才能償還債務,而不是會計利潤。 NetApp可能在資產負債表上擁有淨現金,但查看業務在利息和稅前利潤(Ebit)之前將其現金流轉化爲自由現金流的能力,仍然很有趣,因爲它將影響其管理債務的需求和能力。在過去的三年中,NetApp產生了非常強勁的自由現金流,相當於其Ebit的93%,超出了我們的預期。這使得它可以安全地管理其債務。

Summing Up

總之

Although NetApp's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of US$866.0m. The cherry on top was that in converted 93% of that EBIT to free cash flow, bringing in US$1.5b. So we don't think NetApp's use of debt is risky. 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. For example - NetApp has 1 warning sign we think you should be aware of.

儘管NetApp的資產負債表並不特別強大,由於其總負債的原因,但很明顯它擁有淨現金8,6600萬美元。好消息是,它將93%的Ebit轉換成了自由現金流,帶來了15億美元的收益。因此,我們認爲NetApp的債務使用並不冒險。在分析債務水平時,資產負債表是着手開始的明顯領域。但是最終,每個公司都可以包含超出資產負債表之外的風險。例如,NetApp有1個警告標誌值得您注意。

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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。

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