These 4 Measures Indicate That Tempur Sealy International (NYSE:TPX) Is Using Debt Extensively
These 4 Measures Indicate That Tempur Sealy International (NYSE:TPX) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies Tempur Sealy International, Inc. (NYSE:TPX) makes use of debt. But the real question is whether this debt is making the company risky.
沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”当我们考虑一家公司的风险时,我们总是喜欢看它对债务的使用,因为债务超负荷可能导致破产。与许多其他公司一样,Tempur Sealy International, Inc.(纽约证券交易所代码:TPX)也使用债务。但真正的问题是这笔债务是否使公司面临风险。
When Is Debt A Problem?
债务何时会成为问题?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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.
债务是帮助企业增长的工具,但如果企业无法还清贷方,那么债务就任其摆布。资本主义的重要部分是 “创造性破坏” 的过程,在这个过程中,倒闭的企业被银行家无情地清算。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股权资本,从而永久稀释股东。当然,债务的好处是它通常代表廉价资本,尤其是当它用高回报率进行再投资的能力取代了公司的稀释时。在考虑企业使用多少债务时,要做的第一件事是将其现金和债务放在一起考虑。
Check out our latest analysis for Tempur Sealy International
看看我们对 Tempur Sealy International 的最新分析
What Is Tempur Sealy International's Debt?
Tempur Sealy International 的债务是多少?
The image below, which you can click on for greater detail, shows that Tempur Sealy International had debt of US$2.54b at the end of September 2023, a reduction from US$2.72b over a year. However, it does have US$91.6m in cash offsetting this, leading to net debt of about US$2.44b.
您可以点击下图了解更多详细信息,该图片显示,截至2023年9月底,Tempur Sealy International的债务为25.4亿美元,较一年的27.2亿美元有所减少。但是,它确实有9160万美元的现金抵消了这一点,导致净负债约为24.4亿美元。
A Look At Tempur Sealy International's Liabilities
看看 Tempur Sealy International 的负债
We can see from the most recent balance sheet that Tempur Sealy International had liabilities of US$1.06b falling due within a year, and liabilities of US$3.26b due beyond that. Offsetting this, it had US$91.6m in cash and US$525.8m in receivables that were due within 12 months. So its liabilities total US$3.71b more than the combination of its cash and short-term receivables.
我们可以从最新的资产负债表中看出,Tempur Sealy International在一年内到期的负债为10.6亿美元,此后到期的负债为32.6亿美元。抵消这一点的是,它有9160万美元的现金和5.258亿美元的应收账款,这些应收账款将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总和高出371亿美元。
While this might seem like a lot, it is not so bad since Tempur Sealy International has a market capitalization of US$6.76b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
尽管这可能看起来很多,但还不错,因为Tempur Sealy International的市值为67.6亿美元,因此,如果需要,它可能会通过筹集资金来加强资产负债表。但是我们一定要睁大眼睛,看看有迹象表明其债务带来了太大风险。
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.
我们使用两个主要比率来告知我们相对于收益的债务水平。第一个是净负债除以利息、税项、折旧和摊销前的收益(EBITDA),第二个是其利息和税前收益(EBIT)覆盖其利息支出(或简称利息保障)的多少倍。这样,我们既考虑债务的绝对数量,也考虑为债务支付的利率。
Tempur Sealy International's debt is 3.2 times its EBITDA, and its EBIT cover its interest expense 4.8 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. The bad news is that Tempur Sealy International saw its EBIT decline by 18% over the last year. If that sort of decline is not arrested, then the managing its debt will be harder than selling broccoli flavoured ice-cream for a premium. 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 Tempur Sealy International'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.
Tempur Sealy International的债务是其息税折旧摊销前利润的3.2倍,其息税前收益覆盖其利息支出的4.8倍以上。这表明,尽管债务水平很高,但我们不认为它们有问题。坏消息是,Tempur Sealy International的息税前利润比去年下降了18%。如果这种下降得不到遏制,那么管理其债务将比以溢价出售西兰花味的冰淇淋更难。资产负债表显然是分析债务时需要关注的领域。但是,未来的收益将决定Tempur Sealy International未来维持健康资产负债表的能力,比什么都重要。因此,如果你专注于未来,你可以查看这份显示分析师利润预测的免费报告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Tempur Sealy International produced sturdy free cash flow equating to 50% 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.
最后,企业需要自由现金流来偿还债务;会计利润根本无法削减债务。因此,值得检查一下息税前收益中有多少是由自由现金流支持的。在过去的三年中,Tempur Sealy International产生了稳健的自由现金流,相当于其息税前收益的50%,与我们的预期差不多。这种自由现金流使公司能够在适当的时候偿还债务。
Our View
我们的观点
Mulling over Tempur Sealy International's attempt at (not) growing its EBIT, we're certainly not enthusiastic. But at least its conversion of EBIT to free cash flow is not so bad. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making Tempur Sealy International stock a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that Tempur Sealy International is showing 2 warning signs in our investment analysis , you should know about...
仔细考虑Tempur Sealy International(没有)增加息税前收益的尝试,我们当然并不热情。但至少它将息税前利润转换为自由现金流还不错。从资产负债表来看,考虑到所有这些因素,我们确实认为债务使Tempur Sealy International的股票有点风险。这不一定是一件坏事,但如果杠杆率降低,我们通常会感到更舒服。资产负债表显然是分析债务时需要关注的领域。但是,并非所有的投资风险都存在于资产负债表中——远非如此。请注意,Tempur Sealy International在我们的投资分析中显示出两个警告信号,您应该知道...
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.
毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的净现金增长股票清单。
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。