We Think EPAM Systems (NYSE:EPAM) Can Manage Its Debt With Ease
We Think EPAM Systems (NYSE:EPAM) Can Manage Its Debt With Ease
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. We note that EPAM Systems, Inc. (NYSE:EPAM) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。我们注意到EPAM系统公司(纽约证券交易所代码:EPAM)的资产负债表上确实有债务。但更重要的问题是:这笔债务造成了多大的风险?
When Is Debt A Problem?
什么时候债务是个问题?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。当然,许多公司利用债务为增长提供资金,没有任何负面后果。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
See our latest analysis for EPAM Systems
查看我们对EPAM系统的最新分析
How Much Debt Does EPAM Systems Carry?
EPAM系统背负着多少债务?
The image below, which you can click on for greater detail, shows that EPAM Systems had debt of US$25.9m at the end of June 2023, a reduction from US$36.9m over a year. However, its balance sheet shows it holds US$1.85b in cash, so it actually has US$1.82b net cash.
下图(您可以单击查看更多详细信息)显示,截至2023年6月底,EPAM Systems的债务为2590万美元,低于一年内的3690万美元。然而,其资产负债表显示,它持有18.5亿美元现金,因此它实际上拥有18.2亿美元的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230919/0-3ec5d5ffc165f091901785119bc5350a-0-e35b8389de6c6e9536dc6d97c94ac272.png/big)
A Look At EPAM Systems' Liabilities
EPAM系统的负债问题
Zooming in on the latest balance sheet data, we can see that EPAM Systems had liabilities of US$584.1m due within 12 months and liabilities of US$246.3m due beyond that. Offsetting these obligations, it had cash of US$1.85b as well as receivables valued at US$917.5m due within 12 months. So it can boast US$1.94b more liquid assets than total liabilities.
放大最新的资产负债表数据,我们可以看到,EPAM Systems有5.841亿美元的负债在12个月内到期,超过12个月的负债有2.463亿美元到期。为了抵消这些债务,它有18.5亿美元的现金以及价值9.175亿美元的应收账款在12个月内到期。因此,它可以号称拥有19.4亿美元的流动资产总计负债。
This short term liquidity is a sign that EPAM Systems could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, EPAM Systems boasts net cash, so it's fair to say it does not have a heavy debt load!
这种短期流动性是一个迹象,表明EPAM Systems可能可以轻松偿还债务,因为其资产负债表远未捉襟见肘。简而言之,EPAM Systems拥有净现金,所以可以公平地说,它没有沉重的债务负担!
The good news is that EPAM Systems has increased its EBIT by 3.3% over twelve months, which should ease any concerns about debt repayment. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if EPAM Systems 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.
好消息是,EPAM系统公司在12个月内息税前利润增长了3.3%,这应该会缓解人们对债务偿还的担忧。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,该业务未来的盈利能力将决定EPAM系统公司能否随着时间的推移加强其资产负债表。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While EPAM Systems has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the most recent three years, EPAM Systems recorded free cash flow worth 76% 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.
最后,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。虽然EPAM系统公司的资产负债表上有净现金,但仍然值得看看它将息税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解它建立(或侵蚀)现金余额的速度有多快。在最近三年中,EPAM Systems记录的自由现金流相当于其息税前利润的76%,考虑到自由现金流不包括利息和税收,这一数字接近正常水平。这种自由现金流使公司在适当的时候处于偿还债务的有利地位。
Summing Up
总结
While it is always sensible to investigate a company's debt, in this case EPAM Systems has US$1.82b in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of US$560m, being 76% of its EBIT. So is EPAM Systems's debt a risk? It doesn't seem so to us. Over time, share prices tend to follow earnings per share, so if you're interested in EPAM Systems, you may well want to click here to check an interactive graph of its earnings per share history.
虽然调查一家公司的债务总是明智的,但在这种情况下,EPAM Systems拥有18.2亿美元的净现金和体面的资产负债表。它给我们留下了深刻的印象,自由现金流为5.6亿美元,占其息税前利润的76%。那么,EPAM Systems的债务是一种风险吗?但在我们看来并非如此。随着时间的推移,股价往往会跟随每股收益,所以如果你对EPAM系统公司感兴趣,你很可能想要点击这里查看其每股收益历史的交互式图表。
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.
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
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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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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。