EOG Resources (NYSE:EOG) Has A Pretty Healthy Balance Sheet
EOG Resources (NYSE:EOG) Has A Pretty Healthy Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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 can see that EOG Resources, Inc. (NYSE:EOG) does use debt in its business. But is this debt a concern to shareholders?
大卫·伊本说得好,他说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。我们可以看到,EOG资源公司(纽约证券交易所代码:EOG)确实在其业务中使用了债务。但是这笔债务是股东关心的问题吗?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, 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.
债务为企业提供帮助,直到企业难以用新的资本或自由现金流还清债务。最终,如果公司无法履行偿还债务的法律义务,股东可能一无所有地离开。但是,更常见(但仍然昂贵)的情况是,公司必须以低廉的股价稀释股东,这样才能控制债务。当然,债务可能是企业的重要工具,尤其是资本密集型企业。考虑公司债务水平的第一步是将其现金和债务放在一起考虑。
What Is EOG Resources's Net Debt?
什么是EOG Resources的净负债?
You can click the graphic below for the historical numbers, but it shows that EOG Resources had US$3.81b of debt in September 2023, down from US$5.08b, one year before. But on the other hand it also has US$5.33b in cash, leading to a US$1.52b net cash position.
你可以点击下图查看历史数字,但它显示EOG Resources在2023年9月的债务为38.1亿美元,低于一年前的50.8亿美元。但另一方面,它也有53.3亿美元的现金,净现金状况为152亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240208/0-43da20453a190668c6d210c69b45af67-0-aab992e10a5db8ce1c84f19b38a495a4.png/big)
How Strong Is EOG Resources' Balance Sheet?
EOG Resources的资产负债表有多强?
According to the last reported balance sheet, EOG Resources had liabilities of US$4.23b due within 12 months, and liabilities of US$11.7b due beyond 12 months. Offsetting these obligations, it had cash of US$5.33b as well as receivables valued at US$2.93b due within 12 months. So its liabilities total US$7.64b more than the combination of its cash and short-term receivables.
根据上次报告的资产负债表,EOG Resources的负债为42.3亿美元,12个月以后到期的负债为117亿美元。除这些债务外,它有53.3亿美元的现金以及价值29.3亿美元的应收账款将在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76.4亿美元。
Given EOG Resources has a humongous market capitalization of US$65.2b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, EOG Resources boasts net cash, so it's fair to say it does not have a heavy debt load!
鉴于EOG Resources的巨额市值为652亿美元,很难相信这些负债会构成很大的威胁。话虽如此,很明显,我们应该继续监控其资产负债表,以免情况恶化。尽管负债值得关注,但EOG Resources拥有净现金,因此可以公平地说,它没有沉重的债务负担!
The good news is that EOG Resources has increased its EBIT by 2.8% over twelve months, which should ease any concerns about debt repayment. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine EOG Resources'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.
好消息是,EOG Resources在十二个月内将其息税前利润增长了2.8%,这应该可以缓解对债务偿还的任何担忧。在分析债务水平时,资产负债表是显而易见的起点。但是,未来的收益将决定EOG Resources未来维持健康资产负债表的能力。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While EOG Resources 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, EOG Resources recorded free cash flow worth 63% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。尽管EOG Resources的资产负债表上有净现金,但仍值得一看其将利息和税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度有多快。在最近三年中,鉴于自由现金流不包括利息和税收,EOG Resources记录的自由现金流占其息税前利润的63%,这几乎是正常的。这种冷硬现金意味着它可以在需要时减少债务。
Summing Up
总结
While EOG Resources does have more liabilities than liquid assets, it also has net cash of US$1.52b. So is EOG Resources's debt a risk? It doesn't seem so to us. 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, we've discovered 2 warning signs for EOG Resources (1 can't be ignored!) that you should be aware of before investing here.
尽管EOG Resources的负债确实超过了流动资产,但其净现金也为152亿美元。那么EOG Resources的债务有风险吗?在我们看来,情况并非如此。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。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。例如,我们发现了 EOG 资源的 2 个警告标志(1 个不容忽视!)在这里投资之前,您应该注意这一点。
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。
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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。