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Does Itron (NASDAQ:ITRI) Have A Healthy Balance Sheet?

Does Itron (NASDAQ:ITRI) Have A Healthy Balance Sheet?

伊管(納斯達克:ITRI)是否擁有健康的資產負債表?
Simply Wall St ·  12/17 06:36

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.' 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. We can see that Itron, Inc. (NASDAQ:ITRI) does use debt in its business. But the more important question is: how much risk is that debt creating?

大衛·伊本說得很好:'波動性並不是我們關心的風險。我們關心的是避免資本的永久損失。' 當我們考慮一家公司的風險時,我們總是喜歡關注其負債使用情況,因爲負債過重可能會導致破產。我們可以看到伊管公司(納斯達克:ITRI)確實在其業務中使用負債。但更重要的問題是:那筆負債帶來了多少風險?

When Is Debt A Problem?

何時債務成爲問題?

Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.

負債是幫助企業增長的工具,但如果企業無法償還其債權人,它將處於債權人的掌控之中。最終,如果公司無法履行其法律義務償還債務,股東可能會一無所獲。然而,更常見(但仍然痛苦)的情況是,它不得不以低價籌集新的股本,從而永久稀釋股東。通過替換稀釋,負債可以成爲那些需要資金以高回報率投資增長的企業的極好工具。考慮一家公司的負債水平時,第一步是將其現金和負債一起考慮。

What Is Itron's Debt?

伊管公司的負債是什麼?

As you can see below, at the end of September 2024, Itron had US$1.24b of debt, up from US$454.2m a year ago. Click the image for more detail. On the flip side, it has US$982.5m in cash leading to net debt of about US$258.4m.

正如您在下面看到的,截至2024年9月底,伊管公司擁有12.4億美元的負債,較去年增加了45420萬美元。點擊圖片查看更多詳細信息。另一方面,它有98250萬美元的現金,導致淨負債約爲25840萬美元。

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NasdaqGS:ITRI Debt to Equity History December 17th 2024
納斯達克GS:ITRI負債與權益歷史 2024年12月17日

How Strong Is Itron's Balance Sheet?

伊管的資產負債表有多強?

According to the last reported balance sheet, Itron had liabilities of US$521.5m due within 12 months, and liabilities of US$1.48b due beyond 12 months. On the other hand, it had cash of US$982.5m and US$338.8m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$675.5m.

根據最新報告的資產負債表,伊管在12個月內有52150萬美元的負債,以及在12個月後有14.8億的負債。另一方面,它有98250萬美元的現金和33880萬美元的應收賬款在一年內到期。因此,它的負債超過現金和(短期)應收賬款總和67550萬美元。

Since publicly traded Itron shares are worth a total of US$5.05b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.

由於公開交易的伊管股票總值爲50.5億,似乎這個負債水平不會構成重大威脅。但負債確實足夠,我們肯定會建議股東們繼續關注未來的資產負債表。

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.

我們使用兩個主要比率來了解相對於收益的債務水平。第一個是淨債務除以息稅折舊攤銷前利潤(EBITDA),而第二個是它的息稅前利潤(EBIT)覆蓋其利息支出的次數(或者簡稱爲利息覆蓋率)。這樣,我們同時考慮債務的絕對數量以及所支付的利率。

Itron has net debt of just 0.83 times EBITDA, suggesting it could ramp leverage without breaking a sweat. And remarkably, despite having net debt, it actually received more in interest over the last twelve months than it had to pay. So there's no doubt this company can take on debt while staying cool as a cucumber. Even more impressive was the fact that Itron grew its EBIT by 106% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Itron'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.

伊管的淨負債僅爲EBITDA的0.83倍,這表明它可以在不費力的情況下增加槓桿。而且令人驚訝的是,儘管有淨負債,它在過去12個月內實際收到的利息比需要支付的還要多。因此,毫無疑問,這家公司可以在保持冷靜的情況下承擔債務。更令人印象深刻的是,伊管在12個月內EBIT增長了106%。如果這個增長得以維持,將使未來的債務管理更加輕鬆。毫無疑問,我們從資產負債表中學到了很多關於債務的信息。但未來的收益,尤其是將判斷伊管未來維持健康資產負債表的能力。所以如果你關注未來,可以查看這份免費的報告,裏面展示了分析師的盈利預測。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last two years, Itron produced sturdy free cash flow equating to 57% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.

最後,雖然稅務部門可能喜歡會計利潤,但貸款人只接受冷硬的現金。因此,合理的步驟是查看EBIT中有多少比例與實際的自由現金流相匹配。在過去兩年中,伊管產生了強勁的自由現金流,佔其EBIT的57%,這大約是我們所期望的。這筆自由現金流使公司在適當的時候有良好的償債能力。

Our View

我們的觀點

Happily, Itron's impressive interest cover implies it has the upper hand on its debt. And the good news does not stop there, as its EBIT growth rate also supports that impression! Zooming out, Itron seems to use debt quite reasonably; and that gets the nod from us. While debt does bring risk, when used wisely it can also bring a higher return on equity. We'd be very excited to see if Itron insiders have been snapping up shares. If you are too, then click on this link right now to take a (free) peek at our list of reported insider transactions.

令人欣慰的是,伊管的利息覆蓋率顯著,意味着它在債務管理上佔據優勢。好消息還不止於此,它的EBIT增長率也支持了這一印象!從整體來看,伊管似乎合理地使用了債務;我們對此表示認可。雖然債務確實帶來風險,但如果使用得當,也能帶來更高的股本回報率。我們非常期待看到伊管的內部人士是否一直在買入股票。如果你也期待,那麼請立即點擊這個鏈接,查看我們列出的報告內部交易(免費)。

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.

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.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
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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