Does 3M (NYSE:MMM) Have A Healthy Balance Sheet?
Does 3M (NYSE:MMM) Have A Healthy Balance Sheet?
Warren Buffett famously said, '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 note that 3M Company (NYSE:MMM) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
禾倫•巴菲特曾說:「波動性和風險遠非同義詞。」 呈現公司風險時,考慮到債務常常參與業務崩潰,因此審視公司資產負債表是很自然的。我們注意到紐交所上市公司3m(300萬公司)的資產負債表上確實有債務。但是,股東是否應該擔心它對債務的使用呢?
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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. When we think about a company's use of debt, we first look at cash and debt together.
當企業無法通過自由現金流或以有吸引力的價格籌資滿足債務義務時,債務和其他負債對企業變得高風險。最終,如果公司不能履行償還債務的法定義務,股東可能會一無所有地離開。但是,更常見(但仍令人痛苦)的情況是,它必須以低價募集新的權益資本,從而永久性地稀釋股東。然而,在代替稀釋的情況下,債務可以成爲需要高回報率投資增長的資本的公司極好的工具。當我們考慮公司對債務的使用時,首先考慮現金和債務的組合。
What Is 3M's Net Debt?
3m的淨債務是多少?
The image below, which you can click on for greater detail, shows that 3M had debt of US$13.2b at the end of June 2024, a reduction from US$16.1b over a year. However, it does have US$10.3b in cash offsetting this, leading to net debt of about US$2.84b.
下面的圖像,您可以單擊以獲取更詳細信息,顯示了300萬公司(300萬公司)在2024年6月底時的債務爲132億美元,比一年前的161億美元減少。然而,它確實有103億美元的現金來抵消這些債務,從而產生淨債務約爲28.4億美元。
![](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240817/0-6337d080ba908b88263fa2f334bb3ea4-0-ef24bcc4eab1233ca840847486948660.png/big)
NYSE:MMM Debt to Equity History August 17th 2024
NYSE:MMm負債權益歷史記錄2024年8月17日
A Look At 3M's Liabilities
看看3m的負債
The latest balance sheet data shows that 3M had liabilities of US$14.3b due within a year, and liabilities of US$25.0b falling due after that. On the other hand, it had cash of US$10.3b and US$3.58b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$25.5b.
最新的資產負債表數據顯示,300萬公司(300萬)有143億美元的負債需要在一年內償還,250億美元的負債到期後需要償還。另一方面,其一年內的現金爲103億美元,應收賬款價值爲35.8億美元。所以其負債超過其現金和(短期)應收賬款的總和達255億美元。
This deficit isn't so bad because 3M is worth a massive US$69.9b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
由於300萬公司市值高達699億美元,因此這一赤字並不十分嚴重。因此,我們必須認真檢查它是否能夠管理債務而不稀釋。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). 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).
我們使用兩個主要比率來指導我們了解債務相對於收益的水平。第一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA)的比率,而第二個是其利息費用(或其利息覆蓋率)的盈利利潤之前的收益(EBIT)的多少倍(或簡稱其利息覆蓋率)。這種方法的優點是我們同時考慮到債務的絕對規模(通過淨債務與EBITDA的比值)和與該債務相關聯的實際利息支出(通過其利息覆蓋率)。
While 3M's low debt to EBITDA ratio of 0.39 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 6.0 times last year does give us pause. So we'd recommend keeping a close eye on the impact financing costs are having on the business. Unfortunately, 3M's EBIT flopped 17% over the last four quarters. If earnings continue to decline at that rate then handling the debt will be more difficult than taking three children under 5 to a fancy pants restaurant. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if 3M 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.
雖然3M的低淨債務除以EBITDA比率爲0.39表明只是適度使用了債務,但去年EBIt的利潤僅覆蓋利息支出的6.0倍的情況確實讓我們感到擔憂。因此,我們建議密切關注融資成本對業務的影響。不幸的是,3M的EBIt在過去四個季度下降了17%。如果盈利繼續以這種速度下降,那麼處理債務將比帶着三個五歲以下的孩子去一家高檔餐廳困難得多。毫無疑問,我們從資產負債表中了解到的關於債務的信息最爲重要。但是,最終業務的未來盈利能力將決定300萬公司能否隨着時間的推移加強其資產負債表。因此,如果您想了解專業人士的想法,您可能會發現有信分析師盈利預測的免費報告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent three years, 3M recorded free cash flow worth 74% 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,儘管稅務部門可能愛上會計利潤,但貸款人只接受冷酷的現金。因此,檢查多少EBIt被自由現金流支持是值得的。在最近三年中,300萬公司記錄的自由現金流價值爲其EBIt的74%,這大約是正常的,因爲自由現金流不包括利息和稅收。這些冷酷無情的現金意味着它可以在想要時減少其債務。
Our View
我們的觀點
3M's EBIT growth rate was a real negative on this analysis, although the other factors we considered were considerably better. There's no doubt that its ability to to convert EBIT to free cash flow is pretty flash. When we consider all the factors mentioned above, we do feel a bit cautious about 3M's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 3 warning signs for 3M that you should be aware of before investing here.
3M公司的EBIt增長率是這項分析的真正負面因素,儘管我們考慮的其他因素都相當好。毫無疑問,將其EBIt轉化爲自由現金流的能力相當突出。當我們考慮上述所有因素時,我們對3M公司使用債務感到有點謹慎。雖然我們讚賞債務可以增強股權回報,但我們建議股東密切關注其債務水平,以免增加。毫無疑問,我們從資產負債表中了解債務的信息最爲重要。然而,並非所有的投資風險都包含在資產負債表中。例如,我們發現了有關300萬公司投資的3個預警信號,您在進行投資之前應該了解一下。
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。