H&R Block (NYSE:HRB) Has A Pretty Healthy Balance Sheet
H&R Block (NYSE:HRB) Has A Pretty Healthy Balance Sheet
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that H&R Block, Inc. (NYSE:HRB) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
由伯克希爾哈撒韋的查理·芒格支持的外部基金經理陸立公開表示:「最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。」因此,聰明的人知道負債(通常涉及破產)是評估公司風險的一個非常重要的因素。我們注意到H&R Block,Inc.(紐交所:HRB)的資產負債表上確實有債務。但股東是否應該擔心它的債務使用?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
當企業無法用自由現金流或以有吸引力的價格籌措資本來輕鬆履行債務和其他負債時,債務和其他負債就成爲企業面臨的風險。資本主義的一部分是「創造性破壞」的過程,銀行家會毫不留情地清算破產企業。然而,更常見(但仍然代價高昂)的情況是公司必須以低至谷底價格發行股票,永久稀釋股東,以支撐它的資產負債表。話雖如此,最常見的情況是公司合理地管理債務 - 並以自己的優勢爲自己服務。當我們考慮一家公司的債務使用時,首先要看現金和債務。
How Much Debt Does H&R Block Carry?
H&R Block攜帶多少債務?
As you can see below, H&R Block had US$1.49b of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of US$1.05b, its net debt is less, at about US$440.6m.
正如下文所示,H&R Block在2024年6月的債務爲14.9億美元,並與前一年相當。您可以點擊圖表查看更詳細的信息。然而,由於其擁有10.5億美元的現金儲備,其淨債務較少,約爲44060萬美元。
A Look At H&R Block's Liabilities
查看H&R Block的負債情況
We can see from the most recent balance sheet that H&R Block had liabilities of US$977.3m falling due within a year, and liabilities of US$2.15b due beyond that. Offsetting this, it had US$1.05b in cash and US$69.1m in receivables that were due within 12 months. So it has liabilities totalling US$2.01b more than its cash and near-term receivables, combined.
我們可以從最近的資產負債表看到,H&R Block有97730萬美元的短期到期負債,以及215億美元的長期到期負債。與此相抵,它擁有105億美元的現金和6910萬美元的應收賬款,這些應收賬款在12個月內到期。因此,其負債總額比其現金和短期應收賬款合計多201億美元。
H&R Block has a market capitalization of US$8.80b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
H&R Block的市值爲88億美元,因此如果有需要,它很有可能籌集現金來改善其資產負債表。然而,仔細審視其償債能力仍然很重要。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
爲了比較一個公司的債務與其收益的關係,我們計算其淨債務除以利息、稅、折舊和攤銷前的收益和利息前的收益(其利息覆蓋率)。因此,我們考慮了債務的絕對數量以及支付的利率。
H&R Block's net debt is only 0.48 times its EBITDA. And its EBIT easily covers its interest expense, being 10.2 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. The good news is that H&R Block has increased its EBIT by 7.6% 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 H&R Block 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.
H&R Block的淨債務僅爲其EBITDA的0.48倍。而其EBIT輕鬆覆蓋了利息費用,爲其規模的10.2倍。因此,你可以認爲它對債務的威脅不比大象對老鼠更大。好消息是,H&R Block在過去12個月內將其EBIT增加了7.6%,這應該能緩解任何有關債務償還的擔憂。資產負債表顯然是分析債務時要關注的重點。但最終,企業未來的盈利能力將決定H&R Block是否能夠逐漸加強其資產負債表。因此,如果您想了解專業人士的看法,您可能會發現分析師盈利預測的免費報告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, H&R Block recorded free cash flow worth a fulsome 94% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
最後,企業需要有自由現金流來償還債務;會計利潤並不足以實現這一點。因此,值得檢查其EBIT中有多少是由自由現金流支持的。在過去三年中,H&R Block記錄的自由現金流價值相當於其EBIT的豐厚94%,這比我們通常預期的更強。這使其更有能力償還債務,如果有必要的話。
Our View
我們的觀點
H&R Block's conversion of EBIT to free cash flow 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 net debt to EBITDA also supports that impression! Zooming out, H&R Block seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Be aware that H&R Block is showing 2 warning signs in our investment analysis , you should know about...
H&R Block將EBIt轉化爲自由現金流,這表明它可以像克里斯蒂亞諾·羅納爾多輕鬆向14歲以下的門將進球一樣處理其債務。而好消息並不止於此,因爲它的淨債務與EBITDA之比也支持這種印象!從更廣闊的角度來看,H&R Block似乎相當合理地使用債務;我們也對此表示認可。畢竟,明智的槓桿可以提升股權回報率。在分析債務水平時,資產負債表是明顯的起點。然而,並非所有投資風險都存在於資產負債表內 - 遠非如此。請注意,H&R Block在我們的投資分析中顯示出2個警示信號,你應該了解……
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。