Johnson & Johnson (NYSE:JNJ) Has A Pretty Healthy Balance Sheet
Johnson & Johnson (NYSE:JNJ) Has A Pretty 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.' 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. As with many other companies Johnson & Johnson (NYSE:JNJ) makes use of debt. But is this debt a concern to shareholders?
大衛·伊本言之鑿鑿,他說:「我們關心的並不是波動性,而是避免永久性的資本損失。」當你考察一個公司的風險程度時,考慮到債務在企業破產時通常會有所涉及,審視公司的資產負債表是再自然不過的了。與許多其他公司一樣,強生(紐交所:JNJ)利用債務。但這些債務會讓股東擔憂嗎?
When Is Debt A Problem?
什麼時候負債才是一個問題?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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 think about a company's use of debt, we first look at cash and debt together.
一般來說,當公司無法輕鬆償還債務,要麼通過籌措資本,要麼通過自有的現金流時,債務才會成爲真正的問題。在最壞的情況下,如果公司無法償付債權人,它可能會破產。 雖然這不太常見,但我們經常看到負債的公司因爲貸方價格低迷而永久稀釋股東。 當然,債務的優點在於它通常代表着廉價的資本,特別是當它取代具有高回報率再投資能力的公司。 當我們考慮公司使用債務時,我們首先看現金和債務的總和。
What Is Johnson & Johnson's Debt?
強生的債務是多少?
You can click the graphic below for the historical numbers, but it shows that Johnson & Johnson had US$41.5b of debt in June 2024, down from US$45.6b, one year before. However, because it has a cash reserve of US$25.5b, its net debt is less, at about US$16.0b.
你可以點擊下面的圖表查看歷史數據,但它顯示強生在2024年6月有415億美元的債務,比一年前的456億美元有所減少。然而,由於它有255億美元的現金儲備,其淨債務較少,約爲160億美元。
![1724591643773](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240825/42836190-0-feabc09e097ec80ebcc8834577221af8.webp/bigjpg)
A Look At Johnson & Johnson's Liabilities
看跌 Johnson & Johnson 負債情況
We can see from the most recent balance sheet that Johnson & Johnson had liabilities of US$53.9b falling due within a year, and liabilities of US$55.6b due beyond that. Offsetting these obligations, it had cash of US$25.5b as well as receivables valued at US$15.8b due within 12 months. So it has liabilities totalling US$68.3b more than its cash and near-term receivables, combined.
我們可以從最近的資產負債表中看到,Johnson & Johnson 有一年內到期的負債爲539億美元,超過一年後到期的負債爲556億美元。 抵消這些義務,它擁有255億美元的現金以及價值158億美元的應收款項,其中12個月內到期。 因此,它的負債總額爲683億美元,超過了其現金和短期應收款項的總和。
Of course, Johnson & Johnson has a titanic market capitalization of US$395.1b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
當然,Johnson & Johnson 的市值高達3951億美元,所以這些負債可能是可以管理的。 但我們認爲值得關注其資產負債表的實力情況,因爲隨着時間的推移可能會發生變化。
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).
BJ批發俱樂部控股公司的淨債務只有EBITDA的0.62倍。而其EBIT輕鬆覆蓋其利息費用,比例爲12.6倍。因此,我們對其超級保守的債務使用感到相當放心。雖然BJ批發俱樂部控股公司在EBIT方面沒有取得太多進展,但至少其盈利保持穩定。當分析債務水平時,資產負債表是顯然的切入點。但歸根結底,企業未來的盈利能力將決定BJ批發俱樂部控股公司能否隨着時間的推移加強資產負債表。因此,如果你要關注未來,可以查看一下這份免費的分析報告,了解分析師的盈利預測。
Johnson & Johnson has net debt of just 0.52 times EBITDA, suggesting it could ramp leverage without breaking a sweat. But the really cool thing is that it actually managed to receive more interest than it paid, over the last year. So it's fair to say it can handle debt like a hotshot teppanyaki chef handles cooking. Fortunately, Johnson & Johnson grew its EBIT by 3.9% in the last year, making that debt load look even more manageable. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Johnson & Johnson 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.
Johnson & Johnson 的淨債務僅爲EBITDA的0.52倍,這表明它可以增加槓桿而不費吹灰之力。 但真正酷的是,過去一年它實際上獲得的利息超過了支付的利息。 所以可以說它可以處理債務,就像一名出色的鐵板燒大廚處理烹飪一樣。 幸運的是,Johnson & Johnson 在過去一年將其EBIt增長了3.9%,使得負債負擔看起來更容易承擔。 在分析債務水平時,資產負債表是顯而易見的起點。 但最終業務的未來盈利能力將決定Johnson & Johnson 是否能長期加強其資產負債表。 因此,如果您關注未來,可以查看顯示分析師利潤預測的免費報告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, Johnson & Johnson recorded free cash flow worth 77% 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,一家公司只能用現金而不是會計利潤償還債務。 因此,我們始終檢查EBIt中有多少被轉化爲自由現金流。 在過去三年中,Johnson & Johnson 記錄的自由現金流價值爲其EBIt的77%,這在正常範圍內,因爲自由現金流不包括利息和稅金。 這筆冷硬現金意味着它可以在希望時減少債務。
Our View
我們的觀點
Happily, Johnson & Johnson's impressive interest cover implies it has the upper hand on its debt. And that's just the beginning of the good news since its conversion of EBIT to free cash flow is also very heartening. Zooming out, Johnson & Johnson seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. 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 instance, we've identified 1 warning sign for Johnson & Johnson that you should be aware of.
慶幸的是,強生公司出色的利息覆蓋率意味着它在債務上具有優勢。 而這只是好消息的開始,因爲它的稅息前息稅利潤轉換爲自由現金流也令人鼓舞。 從更大的層面來看,強生公司似乎相當合理地利用債務; 這也得到了我們的認可。 畢竟,合理的槓桿可以提高股東回報率。 毫無疑問,我們對債務的了解大部分來源於資產負債表。 但是,並不是所有的投資風險都在資產負債表內部,遠非如此。 例如,我們已經發現了強生公司的一個警示信號,你應該知道。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們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。