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Does RadNet (NASDAQ:RDNT) Have A Healthy Balance Sheet?

Does RadNet (NASDAQ:RDNT) Have A Healthy Balance Sheet?

RadNet(納斯達克:RDNT)是否擁有健康的資產負債表?
Simply Wall St ·  12/03 19:52

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. Importantly, RadNet, Inc. (NASDAQ:RDNT) does carry debt. But should shareholders be worried about its use of debt?

傳奇基金經理李錄(受到查理·芒格支持)曾經說過:「最大的投資風險不是價格的波動,而是資本是否會永久性損失。」因此,顯而易見,聰明人知道,在評估一個公司的風險時,負債(通常與破產有關)是一個非常重要的因素。值得注意的是,RadNet, Inc.(納斯達克: RDNT)確實存在債務。但股東們應該擔心它的債務使用嗎?

When Is Debt A Problem?

什麼時候負債才是一個問題?

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. 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.

當企業無法輕鬆通過自由現金流或以有吸引力價格籌集資本來履行這些義務時,債務和其他負債變得具有風險。資本主義的一個重要組成部分是「創造性破產」過程,失敗的企業會被銀行無情清算。然而,一個更頻繁(但仍然昂貴)的情況是,一個公司必須以大打折價發行股票,永久性稀釋股東權益,只是爲了鞏固其資產負債表。當然,債務的好處是,它通常代表着廉價資本,特別是當它取代一家公司中的稀釋時,該公司具有以高回報率再投資的能力。當我們考慮公司的債務使用時,我們首先看現金和債務兩者結合在一起。

What Is RadNet's Debt?

RadNet的債務是什麼?

The image below, which you can click on for greater detail, shows that at September 2024 RadNet had debt of US$1.02b, up from US$860.3m in one year. On the flip side, it has US$748.9m in cash leading to net debt of about US$270.7m.

下面的圖片,您可以點擊查看更多詳細信息,顯示2024年9月RadNet的債務爲10.2億美元,比一年前的86030萬美元有所增加。反過來,它有74890萬美元現金,導致淨債務約爲27070萬美元。

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NasdaqGM:RDNT Debt to Equity History December 3rd 2024
NasdaqGM:RDNt債務與股權歷史2024年12月3日

A Look At RadNet's Liabilities

審視radnet的負債

We can see from the most recent balance sheet that RadNet had liabilities of US$470.1m falling due within a year, and liabilities of US$1.69b due beyond that. On the other hand, it had cash of US$748.9m and US$229.3m worth of receivables due within a year. So its liabilities total US$1.18b more than the combination of its cash and short-term receivables.

從最近的資產負債表中,我們可以看到RadNet有1年內到期的負債爲47010萬美元,超過1年到期的負債爲16.9億美元。另一方面,它持有74890萬美元現金和22930萬美元的應收款項。因此,其負債總額比其現金和短期應收款項的組合多11.8億美元。

Since publicly traded RadNet shares are worth a total of US$6.05b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.

由於公開交易的RadNet股份總值爲60.5億美元,這個負債水平似乎不太可能構成重大威脅。話雖如此,明顯我們應繼續監控其資產負債表,以防情況惡化。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

Service Corporation International的債務是其EBITDA的3.5倍,而其EBIT可覆蓋其利息開支的3.7倍。綜合考慮,雖然我們不希望看到債務水平上升,但我們認爲它可以應對當前的槓桿。好消息是,Service Corporation International在過去12個月中將其EBIT提高了2.9%,從而逐漸降低了其相對於收益的債務水平。毫無疑問,我們從資產負債表中獲得了有關債務的大部分內容。但是,相對於資產負債表,更重要的是未來收益,這將決定Service Corporation International維持健康資產負債表的能力。如果您關注未來,您可以查看此免費報告,其中有分析師的利潤預測。

Given net debt is only 1.1 times EBITDA, it is initially surprising to see that RadNet's EBIT has low interest coverage of 1.2 times. So one way or the other, it's clear the debt levels are not trivial. We note that RadNet grew its EBIT by 27% in the last year, and that should make it easier to pay down debt, going forward. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine RadNet'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.

考慮到淨負債僅爲EBITDA的1.1倍,看到RadNet的EBIT利息保障只有1.2倍,最初令人驚訝。因此,可以明顯地看出債務水平並不微不足道。我們注意到RadNet在過去一年中的EBIT增長了27%,這應該會使其未來更容易償還債務。資產負債表顯然是你分析債務時要關注的重點領域。但最終,決定RadNet未來能否保持健康資產負債表的主要是未來的盈利。所以,如果你關注未來,可以查看這份免費報告,其中展示了分析師的利潤預測。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Looking at the most recent three years, RadNet recorded free cash flow of 44% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.

但我們的最後考慮也很重要,因爲一家公司無法用虛構利潤償還債務;它需要實打實的現金。因此,邏輯的下一步是看看EBIT中有多少部分與實際的自由現金流相匹配。回顧最近的三年,RadNet的自由現金流佔其EBIT的比例爲44%,這比我們預期的要弱。這種較弱的現金轉化使得處理負債更加困難。

Our View

我們的觀點

Happily, RadNet's impressive EBIT growth rate implies it has the upper hand on its debt. But the stark truth is that we are concerned by its interest cover. We would also note that Healthcare industry companies like RadNet commonly do use debt without problems. Looking at all the aforementioned factors together, it strikes us that RadNet can handle its debt fairly comfortably. On the plus side, this leverage can boost shareholder returns, but the potential downside is more risk of loss, so it's worth monitoring the balance sheet. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for RadNet that you should be aware of.

儘管RadNet令人印象深刻的EBIT增長率意味着它在債務方面佔據上風。但令人震驚的是,我們對其利息保障倍數感到擔憂。我們還注意到,像RadNet這樣的醫療保健行業公司通常會使用債務而沒有問題。綜合考慮所有上述因素,我們認爲RadNet可以相當舒適地處理其債務。從好的一面來看,這種槓桿作用可以提高股東回報,但潛在的風險是更多的損失風險,因此值得監控資產負債表。當您分析債務時,資產負債表顯然是要重點關注的領域。然而,並非所有投資風險都存在於資產負債表中,情況遠非如此。例如,我們已確定RadNet存在2個警告信號,您應該注意。

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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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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