Does TopBuild (NYSE:BLD) Have A Healthy Balance Sheet?
Does TopBuild (NYSE:BLD) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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. As with many other companies TopBuild Corp. (NYSE:BLD) makes use of debt. But should shareholders be worried about its use of debt?
當大衛·埃本(David Iben)說「波動性不是我們所關心的風險。我們關心的是避免永久性的資本損失。」時,他說得很好。因此,當您考慮任何給定的股票有多大風險時,需要考慮債務,因爲債務過多可能會使一家公司陷入困境。和許多其他公司一樣,TopBuild Corp.(紐交所代碼:BLD)也利用了債務。但是股東們應該擔心它的債務使用嗎?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
借貸會在企業到了爲償還債務而面臨新的資本或自由現金流問題時提供支持。如果公司不能履行償還債務的法律義務,那麼股東可能會一無所有。但是,這種情況相對較少(雖然仍然很昂貴),更常見的是公司需要通過以低價出售股票的方式稀釋股東權益以控制債務。當然,借貸帶來的好處是,它通常代表了廉價的資本,特別是當它替代了公司具有以高回報率再投資能力的股權稀釋時。在考慮企業使用多少債務時,首先要將現金和債務一起考慮。
What Is TopBuild's Debt?
TopBuild的債務是什麼?
As you can see below, TopBuild had US$1.40b of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, it also had US$463.2m in cash, and so its net debt is US$934.4m.
正如您在下面所看到的,TopBuild在2024年6月份有14億美元的債務,與前一年相當。您可以點擊圖表查看更詳細的信息。但是,它也有4632萬美元的現金,所以它的淨債務是9344萬美元。
![1724442308136](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240824/42816723-0-cdf554a508db4e0a4f02fae9856136f3.webp/bigjpg)
A Look At TopBuild's Liabilities
TopBuild的負債情況
The latest balance sheet data shows that TopBuild had liabilities of US$752.2m due within a year, and liabilities of US$1.79b falling due after that. Offsetting these obligations, it had cash of US$463.2m as well as receivables valued at US$859.7m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.22b.
最新的資產負債表數據顯示,TopBuild一年內應付負債爲7.522億美元,此後應付負債達到17.9億美元。而現金爲4.632億美元,應收賬款爲8.597億美元,均在12個月內到期。因此,TopBuild的負債減去現金和(即將到期的)應收賬款後,仍有12.2億美元的差額。
Of course, TopBuild has a titanic market capitalization of US$11.7b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
當然,TopBuild的市值高達11.7億美元,所以這些負債可能是可以管理的。但有足夠的負債,我們肯定會推薦股東繼續關注資產負債表的情況。
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。
TopBuild has a low net debt to EBITDA ratio of only 0.89. And its EBIT covers its interest expense a whopping 12.0 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. The good news is that TopBuild has increased its EBIT by 4.9% over twelve months, which should ease any concerns about debt repayment. 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 TopBuild 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.
TopBuild的淨債務與EBITDA比率僅爲0.89。其EBIT可覆蓋其利息支出12.0倍。所以可以說,它受到債務的威脅不比大象受到老鼠的威脅更多。好消息是,TopBuild過去一年的EBIT增長了4.9%,這應該可以緩解有關償還債務的擔憂。需要重點關注的就是資產負債表,因爲它直接影響債務分析。但最終,業務的未來盈利能力將決定TopBuild是否能夠逐漸增強其資產負債表。如果您想知道專業人士的看法,您可能會發現這份關於分析師盈利預測的免費報告是有趣的。
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. Over the most recent three years, TopBuild recorded free cash flow worth 67% 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,雖然稅務部門可能喜歡會計利潤,但債權人只接受冰冷的現金。因此,我們清楚地需要看一下EBIT是否帶來相應的自由現金流。在最近的三年中,TopBuild的自由現金流相當於其EBIT的67%,這是正常水平,因爲自由現金流不包括利息和稅。這筆冰冷的現金意味着它可以在需要時減少債務。
Our View
我們的觀點
TopBuild'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 TopBuild is pretty sensible with its use of debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. 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. To that end, you should be aware of the 1 warning sign we've spotted with TopBuild .
TopBuild的利息保障倍數表明它可以像克里斯蒂亞諾·羅納爾多對陣14歲以下門將一樣輕鬆處理其債務。而好消息不止於此,因爲它將EBIt轉化爲自由現金流的能力也支持了這一印象!當我們考慮以上的因素範圍時,可以看出TopBuild在債務使用上是相當明智的。這意味着他們承擔了更多風險,希望提高股東回報。毫無疑問,我們從資產負債表中獲得了關於債務的大部分信息。然而,並不是所有的投資風險都存在於資產負債表中,相反,與此相關,您應該意識到我們在TopBuild發現的1個警示信號。
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。
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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。