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.
沃倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當我們考慮一家公司的風險時,我們總是喜歡看它對債務的使用,因爲債務超負荷可能導致破產。與許多其他公司一樣,Tempur Sealy International, Inc.(紐約證券交易所代碼:TPX)也使用債務。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?
債務何時會成爲問題?
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. 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.
債務是幫助企業增長的工具,但如果企業無法還清貸方,那麼債務就任其擺佈。資本主義的重要部分是 “創造性破壞” 的過程,在這個過程中,倒閉的企業被銀行家無情地清算。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股權資本,從而永久稀釋股東。當然,債務的好處是它通常代表廉價資本,尤其是當它用高回報率進行再投資的能力取代了公司的稀釋時。在考慮企業使用多少債務時,要做的第一件事是將其現金和債務放在一起考慮。
Check out our latest analysis for Tempur Sealy International
看看我們對 Tempur Sealy International 的最新分析
What Is Tempur Sealy International's Debt?
Tempur Sealy International 的債務是多少?
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.
您可以點擊下圖了解更多詳細信息,該圖片顯示,截至2023年9月底,Tempur Sealy International的債務爲25.4億美元,較一年的27.2億美元有所減少。但是,它確實有9160萬美元的現金抵消了這一點,導致淨負債約爲24.4億美元。
A Look At Tempur Sealy International's Liabilities
看看 Tempur Sealy International 的負債
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.
我們可以從最新的資產負債表中看出,Tempur Sealy International在一年內到期的負債爲10.6億美元,此後到期的負債爲32.6億美元。抵消這一點的是,它有9160萬美元的現金和5.258億美元的應收賬款,這些應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總和高出371億美元。
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.
儘管這可能看起來很多,但還不錯,因爲Tempur Sealy International的市值爲67.6億美元,因此,如果需要,它可能會通過籌集資金來加強資產負債表。但是我們一定要睜大眼睛,看看有跡象表明其債務帶來了太大風險。
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告知我們相對於收益的債務水平。第一個是淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),第二個是其利息和稅前收益(EBIT)覆蓋其利息支出(或簡稱利息保障)的多少倍。這樣,我們既考慮債務的絕對數量,也考慮爲債務支付的利率。
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的債務是其息稅折舊攤銷前利潤的3.2倍,其息稅前收益覆蓋其利息支出的4.8倍以上。這表明,儘管債務水平很高,但我們不認爲它們有問題。壞消息是,Tempur Sealy International的息稅前利潤比去年下降了18%。如果這種下降得不到遏制,那麼管理其債務將比以溢價出售西蘭花味的冰淇淋更難。資產負債表顯然是分析債務時需要關注的領域。但是,未來的收益將決定Tempur Sealy International未來維持健康資產負債表的能力,比什麼都重要。因此,如果你專注於未來,你可以查看這份顯示分析師利潤預測的免費報告。
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.
最後,企業需要自由現金流來償還債務;會計利潤根本無法削減債務。因此,值得檢查一下息稅前收益中有多少是由自由現金流支持的。在過去的三年中,Tempur Sealy International產生了穩健的自由現金流,相當於其息稅前收益的50%,與我們的預期差不多。這種自由現金流使公司能夠在適當的時候償還債務。
Our View
我們的觀點
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...
仔細考慮Tempur Sealy International(沒有)增加息稅前收益的嘗試,我們當然並不熱情。但至少它將息稅前利潤轉換爲自由現金流還不錯。從資產負債表來看,考慮到所有這些因素,我們確實認爲債務使Tempur Sealy International的股票有點風險。這不一定是一件壞事,但如果槓桿率降低,我們通常會感到更舒服。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中——遠非如此。請注意,Tempur Sealy International在我們的投資分析中顯示出兩個警告信號,您應該知道...
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.
畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。
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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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。