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Devon Energy (NYSE:DVN) Has A Somewhat Strained Balance Sheet

Devon Energy (NYSE:DVN) Has A Somewhat Strained Balance Sheet

戴文能源(紐交所:DVN)的資產負債表有些緊張
Simply Wall St ·  12/16 22:56

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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Devon Energy Corporation (NYSE:DVN) does carry debt. But is this debt a concern to shareholders?

大衛·伊本說得很好:'波動性並不是我們所關心的風險。我們關心的是避免永久性資本損失。' 所以,當你考慮任何給定股票的風險時,很明顯你需要考慮債務,因爲過多的債務可能會使公司陷入困境。值得注意的是,戴文能源公司(紐交所:DVN)確實有債務。但這種債務是否會讓股東感到擔憂?

What Risk Does Debt Bring?

債務帶來了什麼風險?

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. If things get really bad, the lenders can take control of the business. 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, 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

通常來說,債務只有在公司無法輕易償還時才成爲現實問題,或者是通過融資或者自身的現金流。如果情況真的變得很糟,貸方可以控制業務。然而,更常見(但仍然痛苦)的情況是,企業不得不以低價籌集新的資金,從而永久性地稀釋股東的權益。 股權資本 當然,債務的一個好處是,它通常代表着廉價資本,特別是當它替代一個能夠以高回報率再投資的公司的稀釋時。考慮一個企業使用多少債務時,首先要做的是查看其現金和債務的總和。

How Much Debt Does Devon Energy Carry?

戴文能源的債務有多少?

You can click the graphic below for the historical numbers, but it shows that as of September 2024 Devon Energy had US$8.88b of debt, an increase on US$6.16b, over one year. On the flip side, it has US$645.0m in cash leading to net debt of about US$8.24b.

你可以點擊下面的圖表查看歷史數據,但它顯示截至2024年9月,戴文能源的債務爲88.8億美元,較去年61.6億美元有所增加。另一方面,它有64500萬美元的現金,導致淨債務約爲82.4億美元。

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NYSE:DVN Debt to Equity History December 16th 2024
紐交所:DVN 的債務與股本歷史 2024年12月16日

How Healthy Is Devon Energy's Balance Sheet?

戴文能源的資產負債表健康嗎?

We can see from the most recent balance sheet that Devon Energy had liabilities of US$2.91b falling due within a year, and liabilities of US$12.9b due beyond that. Offsetting this, it had US$645.0m in cash and US$1.78b in receivables that were due within 12 months. So it has liabilities totalling US$13.4b more than its cash and near-term receivables, combined.

我們可以從最新的資產負債表中看到,戴文能源有29.1億美元的負債將在一年內到期,129億美元的負債將在更長的時間後到期。抵消這些負債的是它的現金64500萬美元和到期應收賬款17.8億美元。因此,它的負債總額比現金和近期應收賬款總和多出134億美元。

This is a mountain of leverage even relative to its gargantuan market capitalization of US$22.3b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.

即使相對於其超過223億美元的巨大市值,這也是一個巨大的槓桿。這表明,如果公司需要迅速支撐其資產負債表,股東將面臨嚴重的稀釋。

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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

我們使用兩個主要的比率來告訴我們相對於收益的債務水平。第一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA),而第二個是其利潤前利息和稅(EBIT)覆蓋其利息費用的次數(或其利息覆蓋率,簡稱)。因此,我們考慮與折舊和攤銷費用相關的盈利以及沒有相關費用的盈利相對於債務水平。

Devon Energy has a low net debt to EBITDA ratio of only 1.1. And its EBIT easily covers its interest expense, being 15.4 times the size. So we're pretty relaxed about its super-conservative use of debt. On the other hand, Devon Energy saw its EBIT drop by 6.2% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. 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 Devon Energy'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.

戴文能源的淨負債與EBITDA的比率僅爲1.1。其EBIT輕鬆覆蓋其利息支出,規模爲15.4倍。因此,我們對其超保守的債務使用方式感到相當放鬆。另一方面,戴文能源在過去十二個月內EBIT下降了6.2%。如果收益繼續以這個速度下降,公司可能會面臨管理其債務負擔的日益困難。在分析債務時,資產負債表顯然是需要關注的領域。但未來的收益,超過一切,將決定戴文能源保持健康資產負債表的能力。因此,如果你關注未來,可以查看這份顯示分析師利潤預測的自由報告。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. 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, Devon Energy recorded free cash flow of 32% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.

最後,業務需要自由現金流來償還債務;會計利潤是無法滿足的。因此,邏輯的步驟是查看EBIT中與實際自由現金流相匹配的比例。查看最近三年,戴文能源的自由現金流佔其EBIT的32%,這比我們預期的要弱。這在償還債務方面並不好。

Our View

我們的觀點

Neither Devon Energy's ability to grow its EBIT nor its level of total liabilities gave us confidence in its ability to take on more debt. But its interest cover tells a very different story, and suggests some resilience. Looking at all the angles mentioned above, it does seem to us that Devon Energy is a somewhat risky investment as a result of its debt. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 5 warning signs with Devon Energy (at least 2 which shouldn't be ignored) , and understanding them should be part of your investment process.

戴文能源的EBIT增長能力以及其總負債水平都未能讓我們對其承擔更多債務的能力感到信心。 但其利息覆蓋率講述了一個截然不同的故事,並顯示出一定的韌性。 從上述所有角度來看,我們確實認爲戴文能源由於負債而是一項有一定風險的投資。這並不一定是壞事,因爲槓桿可以提高股本回報,但這是需要注意的事項。 在分析債務水平時,資產負債表顯然是一個起點。 但最終,每家公司都可能存在資產負債表之外的風險。 我們已識別出戴文能源的5個警示信號(至少有2個不應忽視),理解這些信號應成爲你的投資過程的一部分。

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.

無論最終結果如何,有時候更容易關注那些根本不需要債務的公司。讀者可以立即免費獲取一份淨債務爲零的成長股列表。

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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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這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。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在提到的任何股票中均沒有持倉。

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