Is Revance Therapeutics (NASDAQ:RVNC) A Risky Investment?
Is Revance Therapeutics (NASDAQ:RVNC) A Risky Investment?
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. As with many other companies Revance Therapeutics, Inc. (NASDAQ:RVNC) makes use of debt. But is this debt a concern to shareholders?
傳奇基金經理Li·Lu曾說過,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。因此,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。與許多其他公司一樣Revance治療公司納斯達克(Sequoia Capital:RVNC)利用債務。但這筆債務對股東來說是一個擔憂嗎?
When Is Debt A Problem?
什麼時候債務是個問題?
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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。最終,如果公司不能履行其償還債務的法定義務,股東可能會一無所有地離開。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。在考慮一家公司的債務水準時,第一步是同時考慮其現金和債務。
Check out our latest analysis for Revance Therapeutics
查看我們對Revance Treeutics的最新分析
How Much Debt Does Revance Therapeutics Carry?
Revance Treeutics背負著多少債務?
As you can see below, Revance Therapeutics had US$380.3m of debt, at June 2023, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of US$319.7m, its net debt is less, at about US$60.6m.
如下所示,截至2023年6月,Revance Treeutics的債務為3.803億美元,與前一年大致相同。您可以單擊圖表查看更多詳細資訊。然而,由於它擁有3.197億美元的現金儲備,其淨債務較少,約為6060萬美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230814/0-dd9b70e9ec5aacae804d54c2e75fd9da-0-5f81464a1f77b07f12e894ad85b7381f.png/big)
A Look At Revance Therapeutics' Liabilities
Revance Treateutics的負債問題
Zooming in on the latest balance sheet data, we can see that Revance Therapeutics had liabilities of US$74.1m due within 12 months and liabilities of US$496.7m due beyond that. Offsetting this, it had US$319.7m in cash and US$17.0m in receivables that were due within 12 months. So it has liabilities totalling US$234.0m more than its cash and near-term receivables, combined.
放大最新的資產負債表數據,我們可以看到Revance Treeutics有7,410萬美元的負債在12個月內到期,超過12個月的負債有4.967億美元到期。作為抵消,它有3.197億美元的現金和1700萬美元的應收賬款在12個月內到期。因此,它的負債總額比現金和近期應收賬款加起來還要多2.34億美元。
Since publicly traded Revance Therapeutics shares are worth a total of US$1.66b, 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. 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 Revance Therapeutics's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
由於上市交易的Revance Treeutics股票總價值16.6億美元,這種負債水準似乎不太可能構成重大威脅。但有足夠的負債,我們肯定會建議股東繼續監控未來的資產負債表。當你分析債務時,資產負債表顯然是你關注的領域。但是,比什麼都重要的是未來的收益,這將決定Revance治療公司未來保持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
In the last year Revance Therapeutics wasn't profitable at an EBIT level, but managed to grow its revenue by 88%, to US$186m. Shareholders probably have their fingers crossed that it can grow its way to profits.
去年,Revance Treeutics在息稅前利潤水準上並沒有盈利,但其收入增長了88%,達到1.86億美元。股東們可能會祈禱它能以自己的方式增長並實現盈利。
Caveat Emptor
告誡買入者
Despite the top line growth, Revance Therapeutics still had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost a very considerable US$276m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through US$214m of cash over the last year. So suffice it to say we consider the stock very risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example - Revance Therapeutics has 2 warning signs we think you should be aware of.
儘管營收增長,Revance治療公司在過去一年中仍然出現息稅前收益(EBIT)虧損。事實上,在息稅前利潤水準上,它損失了非常可觀的2.76億美元。當我們看到這一點,並回憶起資產負債表上相對於現金的負債時,在我們看來,該公司有任何債務似乎是不明智的。坦率地說,我們認為資產負債表遠遠不能與之匹配,儘管隨著時間的推移,它可能會得到改善。然而,它在過去一年燒掉了2.14億美元的現金,這也於事無補。因此,可以說,我們認為這只股票風險很大。毫無疑問,我們從資產負債表中瞭解到的債務最多。然而,並非所有投資風險都存在於資產負債表中--遠非如此。例如-Revance Treeutics有2個個警告標誌我們認為你應該意識到.
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.
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.