Does Taylor Morrison Home (NYSE:TMHC) Have A Healthy Balance Sheet?
Does Taylor Morrison Home (NYSE:TMHC) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, Taylor Morrison Home Corporation (NYSE:TMHC) does carry debt. But the real question is whether this debt is making the company risky.
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:「波動性遠非風險的代名詞。」當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。重要的是,泰勒·莫里森家居公司(紐約證券交易所代碼:TMHC)確實有債務。但真正的問題是這筆債務是否使公司面臨風險。
When Is Debt A Problem?
債務何時成爲問題?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人迫使他們以不良价格籌集資金。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。在考慮企業使用多少債務時,要做的第一件事是同時考慮其現金和債務。
What Is Taylor Morrison Home's Net Debt?
泰勒·莫里森房屋的淨負債是多少?
The image below, which you can click on for greater detail, shows that at September 2024 Taylor Morrison Home had debt of US$2.14b, up from US$1.99b in one year. However, because it has a cash reserve of US$256.4m, its net debt is less, at about US$1.89b.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年9月,泰勒·莫里森家居的債務爲21.4億美元,高於一年的19.9億美元。但是,由於其現金儲備爲2.564億美元,其淨負債較少,約爲18.9億美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20241218/0-9d9b0eb0e76bcc876c995c368ba513bb-0-a64b2059c57fd33b0cafbf0791f371c5.png/big)
How Strong Is Taylor Morrison Home's Balance Sheet?
泰勒·莫里森·霍姆的資產負債表有多強?
The latest balance sheet data shows that Taylor Morrison Home had liabilities of US$1.04b due within a year, and liabilities of US$2.53b falling due after that. Offsetting this, it had US$256.4m in cash and US$207.6m in receivables that were due within 12 months. So it has liabilities totalling US$3.11b more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,泰勒·莫里森房屋的負債爲10.4億美元,之後到期的負債爲25.3億美元。與此相抵消的是,它有2.564億美元的現金和2.076億美元的應收賬款將在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出31.1億美元。
While this might seem like a lot, it is not so bad since Taylor Morrison Home has a market capitalization of US$6.69b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
儘管這可能看起來很多,但還不錯,因爲Taylor Morrison Home的市值爲66.9億美元,因此如果需要,它可能會通過籌集資金來加強其資產負債表。但很明顯,我們一定要仔細研究它能否在不稀釋的情況下管理債務。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以其扣除利息、稅項、折舊和攤銷前的收益(EBITDA)和其利息和稅前收益(EBIT)除以其利息支出(利息保障)。這種方法的優勢在於,我們既考慮了債務的絕對數量(淨負債佔息稅折舊攤銷前利潤),也考慮了與該債務相關的實際利息支出(及其利息覆蓋率)。
Taylor Morrison Home's net debt to EBITDA ratio of about 1.6 suggests only moderate use of debt. And its strong interest cover of 164 times, makes us even more comfortable. On the other hand, Taylor Morrison Home saw its EBIT drop by 5.6% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Taylor Morrison Home 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.
泰勒·莫里森·霍姆的淨負債與息稅折舊攤銷前利潤的比率約爲1.6,這表明債務的使用量不大。而且其164次的強大利息封面使我們更加自在。另一方面,泰勒·莫里森家居的息稅前利潤在過去十二個月中下降了5.6%。如果收益繼續以這種速度下降,公司管理債務負擔的難度可能會越來越大。在分析債務水平時,資產負債表是顯而易見的起點。但最終,該業務未來的盈利能力將決定泰勒·莫里森家居能否隨着時間的推移加強其資產負債表。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
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. Over the most recent three years, Taylor Morrison Home recorded free cash flow worth 56% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。因此,合乎邏輯的步驟是研究該息稅前利潤與實際自由現金流相匹配的比例。在最近三年中,Taylor Morrison Home的自由現金流佔其息稅前利潤的56%,鑑於自由現金流不包括利息和稅收,這幾乎是正常的。這種自由現金流使公司處於有利地位,可以在適當的時候償還債務。
Our View
我們的觀點
On our analysis Taylor Morrison Home's interest cover should signal that it won't have too much trouble with its debt. But the other factors we noted above weren't so encouraging. For example, its EBIT growth rate makes us a little nervous about its debt. Looking at all this data makes us feel a little cautious about Taylor Morrison Home's debt levels. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with Taylor Morrison Home .
根據我們的分析,泰勒·莫里森家居的利息保障應該表明其債務不會遇到太多問題。但是我們上面提到的其他因素並不那麼令人鼓舞。例如,其息稅前利潤增長率使我們對其債務有些緊張。查看所有這些數據使我們對泰勒·莫里森·霍姆的債務水平感到有些謹慎。儘管我們意識到債務可以提高股本回報率,但我們建議股東密切關注其債務水平,以免債務增加。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。爲此,你應該注意我們在泰勒·莫里森家中發現的1個警告標誌。
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,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼立即查看我們的淨現金增長股票的獨家清單。
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.
對這篇文章有反饋嗎?擔心內容嗎?直接聯繫我們。或者,發送電子郵件給編輯組(網址爲)simplywallst.com。
Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。