Is Pulmonx (NASDAQ:LUNG) Using Debt Sensibly?
Is Pulmonx (NASDAQ:LUNG) Using Debt Sensibly?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that Pulmonx Corporation (NASDAQ:LUNG) does use debt in its business. But should shareholders be worried about its use of debt?
霍华德·马克斯说得好,他说的不是担心股价的波动,而是 “永久损失的可能性是我担心的风险... 也是我认识的每位实际投资者所担心的风险。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。我们可以看到,Pulmonx公司(纳斯达克股票代码:LUNG)确实在其业务中使用了债务。但是,股东是否应该担心其债务的使用?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
一般而言,只有当公司无法通过筹集资金或用自己的现金流轻松还清债务时,债务才会成为真正的问题。归根结底,如果公司无法履行偿还债务的法律义务,股东可能会一无所获地离开。尽管这种情况并不常见,但我们经常看到负债累累的公司永久稀释股东,因为贷款人迫使他们以不良价格筹集资金。当然,许多公司使用债务为增长提供资金,而不会产生任何负面影响。当我们考虑公司对债务的使用时,我们首先要同时考虑现金和债务。
What Is Pulmonx's Net Debt?
Pulmonx 的净负债是多少?
As you can see below, at the end of December 2023, Pulmonx had US$37.2m of debt, up from US$17.3m a year ago. Click the image for more detail. But it also has US$117.1m in cash to offset that, meaning it has US$79.9m net cash.
如下所示,截至2023年12月底,Pulmonx的债务为3720万美元,高于去年同期的1730万美元。点击图片了解更多详情。但它也有1.171亿美元的现金可以抵消这一点,这意味着它的净现金为7,990万美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240223/0-dc144ed55f7619320e9e0d4ae44102f5-0-84f04ac71c18e39ca6a6b5e3b55489a8.png/big)
How Strong Is Pulmonx's Balance Sheet?
Pulmonx 的资产负债表有多强?
Zooming in on the latest balance sheet data, we can see that Pulmonx had liabilities of US$23.2m due within 12 months and liabilities of US$36.3m due beyond that. Offsetting this, it had US$117.1m in cash and US$12.1m in receivables that were due within 12 months. So it actually has US$69.7m more liquid assets than total liabilities.
放大最新的资产负债表数据,我们可以看到,Pulmonx在12个月内到期的负债为2320万美元,之后到期的负债为3630万美元。与此相抵消的是,它有1.171亿美元的现金和1210万美元的应收账款将在12个月内到期。所以它实际上有6970万美元 更多 流动资产超过总负债。
This surplus suggests that Pulmonx has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Pulmonx boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Pulmonx'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.
这种盈余表明Pulmonx的资产负债表比较保守,可以毫不费力地消除债务。简而言之,Pulmonx拥有净现金,因此可以公平地说,它没有沉重的债务负担!在分析债务水平时,资产负债表是显而易见的起点。但是,未来的收益比什么都重要,将决定Pulmonx未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
Over 12 months, Pulmonx reported revenue of US$69m, which is a gain of 28%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.
在过去的12个月中,Pulmonx公布的收入为6900万美元,增长了28%,尽管它没有报告任何利息和税前收益。股东们可能对它能够实现盈利抱有疑虑。
So How Risky Is Pulmonx?
那么 Pulmonx 的风险有多大?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And we do note that Pulmonx had an earnings before interest and tax (EBIT) loss, over the last year. And over the same period it saw negative free cash outflow of US$40m and booked a US$61m accounting loss. But the saving grace is the US$79.9m on the balance sheet. That kitty means the company can keep spending for growth for at least two years, at current rates. Pulmonx's revenue growth shone bright over the last year, so it may well be in a position to turn a profit in due course. By investing before those profits, shareholders take on more risk in the hope of bigger rewards. 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. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Pulmonx you should know about.
就其本质而言,亏损的公司比盈利历史悠久的公司风险更大。而且我们确实注意到,在过去的一年中,Pulmonx出现了息税前收益(EBIT)亏损。同期,它的自由现金流出为负4000万美元,会计亏损为6100万美元。但最幸运的是资产负债表上的7,990万美元。这意味着,按照目前的速度,公司可以将增长支出保持至少两年。去年,Pulmonx的收入增长光彩照人,因此它很可能有能力在适当的时候实现盈利。通过在这些利润之前进行投资,股东会承担更大的风险,希望获得更大的回报。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。这些风险可能很难发现。每家公司都有它们,我们发现了你应该知道的3个Pulmonx警告信号。
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.
当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。
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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。