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Here's Why Roper Technologies (NASDAQ:ROP) Can Manage Its Debt Responsibly

Here's Why Roper Technologies (NASDAQ:ROP) Can Manage Its Debt Responsibly

這就是爲什麼儒博實業(納斯達克:ROP)可以負責任地管理其債務
Simply Wall St ·  09/30 08:53

Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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 Roper Technologies, Inc. (NASDAQ:ROP) does have debt on its balance sheet. But is this debt a concern to shareholders?

傳奇基金經理李錄(由查理·芒格支持)曾經說過,「最大的投資風險不是價格的波動,而是您是否會遭受永久性的資本損失。」因此,聰明人似乎知道,債務(通常涉及破產)是評估公司風險性時很重要的因素。我們注意到,儒博實業(NASDAQ:ROP)的資產負債表上確實有債務。但這筆債務是否令股東擔憂呢?

When Is Debt Dangerous?

債務何時有危險?

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 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, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.

當企業不能輕鬆通過自由現金流或以有吸引力的價格籌集資本來滿足償還債務的義務時,債務和其他負債會對企業產生風險。 如果公司無法履行償還債務的法律義務,股東可能一無所獲。 然而,更常見(但仍然不便宜)的情況是,公司必須以低廉的股票價格稀釋股東,以控制債務。 當然,許多公司使用債務來資助業務增長,沒有產生任何負面後果。 在考慮公司的債務水平時,第一步是考慮其現金和債務的總體情況。

How Much Debt Does Roper Technologies Carry?

儒博實業承擔了多少債務?

As you can see below, at the end of June 2024, Roper Technologies had US$7.42b of debt, up from US$6.67b a year ago. Click the image for more detail. However, because it has a cash reserve of US$251.5m, its net debt is less, at about US$7.17b.

如下所示,在2024年6月底,儒博實業的債務爲74.2億美元,較一年前的66.7億美元有所增加。 點擊圖片了解更多細節。然而,由於其現金儲備爲2.515億美元,其淨債務減少至約71.7億美元。

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NasdaqGS:ROP Debt to Equity History September 30th 2024
納斯達克:ROP資產負債比歷史數據2024年9月30日

How Strong Is Roper Technologies' Balance Sheet?

儒博實業的資產負債表強度如何?

Zooming in on the latest balance sheet data, we can see that Roper Technologies had liabilities of US$2.81b due within 12 months and liabilities of US$8.90b due beyond that. Offsetting this, it had US$251.5m in cash and US$911.7m in receivables that were due within 12 months. So its liabilities total US$10.5b more than the combination of its cash and short-term receivables.

聚焦最新資產負債表數據,我們可以看到儒博實業有體現在12個月內到期的債務爲28.1億美元,逾期到期的債務爲89億美元。抵消這個的是,它手頭上有現金25.15億美元和應收賬款91.17億美元,這些都是在12個月內到期的。所以它的負債總額比其現金和短期應收賬款的組合多出105億美元。

Given Roper Technologies has a humongous market capitalization of US$59.4b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.

考慮到儒博實業的市值高達594億美元,很難相信這些負債會構成太大威脅。然而,我們認爲值得關注其資產負債表的實力,因爲這可能隨時間而變化。

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。

With net debt to EBITDA of 2.7 Roper Technologies has a fairly noticeable amount of debt. On the plus side, its EBIT was 8.8 times its interest expense, and its net debt to EBITDA, was quite high, at 2.7. If Roper Technologies can keep growing EBIT at last year's rate of 15% over the last year, then it will find its debt load easier to manage. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Roper Technologies's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

儒博實業的淨債務與EBITDA比率爲2.7,負債相當可觀。另一方面,其EBIt是其利息支出的8.8倍,而其淨債務與EBITDA,達到了相當高的2.7。如果儒博實業能夠保持EBIt去年15%的增長速度,那麼它將會發現其債務負擔更容易管理。在分析債務水平時,資產負債表是最明顯的起點。但更重要的是未來收入,將決定儒博實業未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份免費報告,顯示分析師的利潤預測。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Roper Technologies generated free cash flow amounting to a very robust 90% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.

最後,一個企業需要有自由現金流以償還債務;會計利潤並不夠。因此,我們需要清楚地看看EBIt是否導致相應的自由現金流。在過去三年裏,儒博實業產生的自由現金流相當強勁,相當於其EBIt的90%,超出我們的預期。這使其處於一個非常有利的地位來償還債務。

Our View

我們的觀點

Roper Technologies'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. But truth be told we feel its net debt to EBITDA does undermine this impression a bit. Taking all this data into account, it seems to us that Roper Technologies takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. Of course, we wouldn't say no to the extra confidence that we'd gain if we knew that Roper Technologies insiders have been buying shares: if you're on the same wavelength, you can find out if insiders are buying by clicking this link.

儒博實業將EBIt轉換爲自由現金流,表明它可以像Cristiano Ronaldo對付一個14歲以下的守門員一樣輕鬆處理債務。但事實告訴我們,它的淨債務與EBITDA相比有點削弱了這種印象。考慮到所有這些數據,我們覺得儒博實業對待債務的方式相當明智。雖然會帶來一些風險,但也能爲股東帶來更高回報。當然,如果我們知道儒博實業的內部人員一直在購買股票,我們將更加自信。如果你有同樣的想法,你可以通過點擊這個鏈接了解內部人員是否在購買。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。

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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.

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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。

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