Is Ouster (NYSE:OUST) A Risky Investment?
Is Ouster (NYSE:OUST) A Risky Investment?
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.' 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 Ouster, Inc. (NYSE:OUST) does use debt in its business. But is this debt a concern to shareholders?
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,我認識的每個實際投資者都很擔心。 」當您評估公司的風險性時,考慮到公司的資產負債表情況是自然的,因爲債務通常涉及到企業倒閉。我們可以看到,Ouster公司(NYSE:OUST)確實在業務中使用了債務。但是,這筆債務是否讓股東感到擔憂呢?
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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.
債務能夠幫助企業,直到企業無法通過新資本或自由現金流償還債務爲止。資本主義的精髓在於「創造性破壞」的過程,其中銀行家無情地清算失敗的企業。儘管這不是太常見的情況,我們經常看到負債的企業因爲債權人要求他們以低價籌集資本而永久性稀釋股東。但是,通過取代稀釋,債務可以成爲需要資本以高回報投資成長的企業的極好工具。檢查企業使用多少債務的第一步是將現金和債務放在一起看待。
What Is Ouster's Debt?
Ouster的債務是多少?
The image below, which you can click on for greater detail, shows that at June 2024 Ouster had debt of US$44.0m, up from US$40.1m in one year. But it also has US$184.2m in cash to offset that, meaning it has US$140.3m net cash.
下方的圖表可以點擊查看詳細信息,在2024年6月,Ouster的債務爲4400萬美元,比一年前的4010萬美元增加。但是它也有18420萬美元的現金抵消,意味着它有14030萬美元的淨現金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240815/0-1681810d237688c69f7c94cc74b05b86-0-82d15cf5458341796a9626fd7a5b89b0.png/big)
How Strong Is Ouster's Balance Sheet?
Ouster的資產負債表有多強?
We can see from the most recent balance sheet that Ouster had liabilities of US$74.1m falling due within a year, and liabilities of US$65.2m due beyond that. Offsetting these obligations, it had cash of US$184.2m as well as receivables valued at US$14.3m due within 12 months. So it can boast US$59.3m more liquid assets than total liabilities.
從最近的資產負債表中可以看到,Ouster於一年內面臨着7,410萬美元到期的負債,以及超過6,520萬美元的到期負債。但是,它有1.842億美元的現金以及價值1,430萬美元的應收賬款,到期日在12個月內。因此,它比總負債多出5930萬美元的流動資產。
This surplus suggests that Ouster has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Ouster has more cash than debt is arguably a good indication that it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Ouster 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.
這份盈餘表明Ouster的資產負債表保守,可能很容易消除其債務。簡而言之,Ouster現金多於債務,這無疑表明它可以安全地管理債務。當分析債務水平時,資產負債表是明顯的起點。但是,最終業務的未來盈利能力將決定Ouster能否隨着時間的推移加強其資產負債表。因此,如果您想查看專業人士的看法,可以考慮閱讀這份免費的分析師利潤預測報告。
Over 12 months, Ouster reported revenue of US$100m, which is a gain of 69%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.
在12個月內,Ouster報告的營業收入爲1億美元,增長了69%,儘管它沒有報告任何利息和稅前收益。希望公司能夠實現盈利增長。
So How Risky Is Ouster?
Ouster有多大的風險?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And in the last year Ouster had an earnings before interest and tax (EBIT) loss, truth be told. And over the same period it saw negative free cash outflow of US$82m and booked a US$122m accounting loss. However, it has net cash of US$140.3m, so it has a bit of time before it will need more capital. With very solid revenue growth in the last year, Ouster may be on a path to profitability. By investing before those profits, shareholders take on more risk in the hope of bigger rewards. 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 instance, we've identified 3 warning signs for Ouster that you should be aware of.
我們毫不懷疑,虧損的公司總體上比盈利的公司更具風險。說實話,在過去的一年裏,Ouster對利息和稅前收益(EBIT)虧損。在同一時期,它還看到了8200萬美元的負自由現金流以及計提了1.22億美元的會計虧損。但是,它的淨現金爲1.403億美元,因此在需要更多資本之前,它還有一些時間。在過去的一年中,在營業收入實現非常堅實的增長的情況下,Ouster可能在實現盈利的道路上。通過在利潤之前投資,股東們承擔着更大的風險,希望獲得更大的回報。分析債務水平時,資產負債表是明顯的起點。但是,每個公司最終都可能存在超出資產負債表的風險。例如,我們已經發現Ouster的3個警告信號,您應該知道。
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。
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。