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Is Alpha and Omega Semiconductor (NASDAQ:AOSL) Using Too Much Debt?

Is Alpha and Omega Semiconductor (NASDAQ:AOSL) Using Too Much Debt?

Alpha和Omega半導體(納斯達克:AOSL)是否使用了過多的債務?
Simply Wall St ·  11/12 13:56

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Alpha and Omega Semiconductor Limited (NASDAQ:AOSL) makes use of debt. But the more important question is: how much risk is that debt creating?

霍華德·馬克斯說得很好,他說,與其擔心股價波動,'我擔心的是永久性損失的可能性...我認識的每位實踐投資者都擔心這一點。' 當我們考慮一家公司有多大風險時,我們總是喜歡看它的債務使用情況,因爲債務過載可能導致災難。就像許多其他公司一樣,Alpha and Omega Semiconductor Limited(納斯達克:AOSL)利用債務。但更重要的問題是:這些債務到底帶來了多大風險?

When Is Debt A Problem?

什麼時候負債才是一個問題?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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.

債務在業務遇到困難無法償還時起到幫助作用,可以通過新資本或自由現金流來償還。資本主義不可或缺的過程之一是「創造性破壞」,失敗的企業會被它們的銀行無情地清算。然而,更常見(但仍然痛苦)的情景是,企業不得不以低價籌集新的股本,從而永久稀釋股東利益。當然,有很多公司利用債務來資助增長,而不會帶來任何負面後果。考慮公司的債務水平時的第一步是將其現金和債務合併考慮。

What Is Alpha and Omega Semiconductor's Debt?

Alpha and Omega Semiconductor的債務情況是什麼?

As you can see below, Alpha and Omega Semiconductor had US$35.5m of debt at September 2024, down from US$47.0m a year prior. But it also has US$176.2m in cash to offset that, meaning it has US$140.7m net cash.

如下所示,Alpha and Omega Semiconductor在2024年9月的債務爲3550萬美元,比前一年的4700萬美元減少。但它還有17620萬美元的現金來抵消,這意味着它有14070萬美元淨現金。

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NasdaqGS:AOSL Debt to Equity History November 12th 2024
納斯達克:AOSL債務與股本歷史數據2024年11月12日

How Healthy Is Alpha and Omega Semiconductor's Balance Sheet?

Alpha and Omega Semiconductor的資產負債表有多健康?

According to the last reported balance sheet, Alpha and Omega Semiconductor had liabilities of US$151.7m due within 12 months, and liabilities of US$90.6m due beyond 12 months. Offsetting these obligations, it had cash of US$176.2m as well as receivables valued at US$31.1m due within 12 months. So it has liabilities totalling US$35.1m more than its cash and near-term receivables, combined.

根據最近報告的資產負債表,Alpha and Omega Semiconductor有短期內到期的負債爲15170萬美元,超過12個月到期的負債爲9060萬美元。 抵消這些責任,它的現金爲17620萬美元,短期應收賬款價值爲3110萬美元。 因此,它的負債總額比其現金和近期應收賬款合計多3510萬美元。

Given Alpha and Omega Semiconductor has a market capitalization of US$769.0m, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Alpha and Omega Semiconductor boasts net cash, so it's fair to say it does not have a heavy debt load! 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 Alpha and Omega Semiconductor 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.

鑑於Alpha and Omega Semiconductor的市值爲76900萬美元,很難相信這些負債會構成威脅。 話雖如此,很明顯我們應繼續監視其資產負債表,以防情況惡化。 儘管其值得注意的負債,Alpha and Omega Semiconductor擁有淨現金,因此可以說它沒有沉重的負債負擔! 分析債務時,資產負債表顯然是焦點。 但最終業務的未來盈利將決定Alpha and Omega Semiconductor能否隨着時間加強其資產負債表。 因此,如果你專注未來,可以查看這份免費報告,其中包含分析師的收益預測。

In the last year Alpha and Omega Semiconductor's revenue was pretty flat, and it made a negative EBIT. While that's not too bad, we'd prefer see growth.

在過去一年,Alpha and Omega Semiconductor的營業收入基本持平,並且EBIt爲負。 儘管這並不算太差,我們更希望看到增長。

So How Risky Is Alpha and Omega Semiconductor?

那麼Alpha and Omega Semiconductor的風險有多大?

Statistically speaking companies that lose money are riskier than those that make money. And we do note that Alpha and Omega Semiconductor had an earnings before interest and tax (EBIT) loss, over the last year. And over the same period it saw negative free cash outflow of US$8.6m and booked a US$19m accounting loss. While this does make the company a bit risky, it's important to remember it has net cash of US$140.7m. That kitty means the company can keep spending for growth for at least two years, at current rates. Overall, we'd say the stock is a bit risky, and we're usually very cautious until we see positive free cash flow. 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. For example - Alpha and Omega Semiconductor has 3 warning signs we think you should be aware of.

從統計數據上講,虧損的公司比盈利的公司更具風險性。 我們注意到,過去一年內Alpha and Omega Semiconductor的息稅前利潤(EBIT)虧損。 同期它看到自由現金流出860萬美元,錄得1900萬美元的會計虧損。 儘管這使公司稍微有點風險,但重要的是記住其淨現金爲14070萬美元。 這筆錢意味着公司可以保持至少兩年的增長支出,以目前的速度。 總的來說,我們會說該股有點風險,並且我們通常在看到正面的自由現金流之前會非常謹慎。 在分析負債水平時,資產負債表是明顯的起點。 但並非所有投資風險都存在於資產負債表中 - 遠非如此。 例如 - Alpha and Omega Semiconductor有3個警示標誌,我們認爲您應該注意。

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。

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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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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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