Gilead Sciences (NASDAQ:GILD) Has A Pretty Healthy Balance Sheet
Gilead Sciences (NASDAQ:GILD) Has A Pretty Healthy Balance Sheet
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 seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that Gilead Sciences, Inc. (NASDAQ:GILD) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
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,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们注意到,吉利德科学公司(纳斯达克股票代码:GILD)的资产负债表上确实有债务。但更重要的问题是:这笔债务会带来多大的风险?
What Risk Does Debt Bring?
债务会带来什么风险?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
当企业无法通过自由现金流或以诱人的价格筹集资金来轻松履行这些义务时,债务和其他负债就会成为风险。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更频繁(但仍然昂贵)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。但是,通过取代稀释,债务可以成为需要资本以高回报率投资增长的企业的极好工具。当我们检查债务水平时,我们首先要同时考虑现金和债务水平。
What Is Gilead Sciences's Net Debt?
吉利德科学的净负债是多少?
As you can see below, Gilead Sciences had US$25.8b of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has US$4.72b in cash leading to net debt of about US$21.1b.
如下所示,截至2024年3月,吉利德科学的债务为258亿美元,与前一年大致相同。您可以单击图表以获取更多详细信息。另一方面,它拥有47.2亿美元的现金,净负债约为211亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240510/0-1d71aa3790dcf9f29d255d80f8c314a4-0-4a2f6224b22bb4f54ca0a7ea61f21f91.png/big)
How Healthy Is Gilead Sciences' Balance Sheet?
吉利德科学的资产负债表有多健康?
According to the last reported balance sheet, Gilead Sciences had liabilities of US$13.0b due within 12 months, and liabilities of US$25.8b due beyond 12 months. On the other hand, it had cash of US$4.72b and US$4.67b worth of receivables due within a year. So its liabilities total US$29.5b more than the combination of its cash and short-term receivables.
根据上次报告的资产负债表,吉利德科学在12个月内到期的负债为130亿美元,12个月以后到期的负债为258亿美元。另一方面,它有一年内到期的现金为47.2亿美元,还有价值46.7亿美元的应收账款。因此,其负债总额比其现金和短期应收账款的总和高出295亿美元。
This deficit isn't so bad because Gilead Sciences is worth a massive US$81.0b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
这种赤字并没有那么糟糕,因为吉利德科学的市值高达810亿美元,因此,如果有需要,可能会筹集足够的资金来支撑其资产负债表。但是,我们绝对希望留意其债务带来过大风险的迹象。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
为了扩大公司相对于收益的负债规模,我们计算其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),将其利息和税前收益(EBIT)除以利息支出(利息保障)。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。
Gilead Sciences's net debt to EBITDA ratio of about 1.7 suggests only moderate use of debt. And its commanding EBIT of 17.0 times its interest expense, implies the debt load is as light as a peacock feather. While Gilead Sciences doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. 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 Gilead Sciences can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
吉利德科学的净负债与息税折旧摊销前利润的比率约为1.7,这表明债务的使用量不大。其惊人的息税前利润是利息支出的17.0倍,这意味着债务负担像孔雀羽毛一样轻。尽管吉利德科学在息税前利润方面似乎没有太大收益,但至少目前收益保持稳定。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。但最终,该业务的未来盈利能力将决定吉利德科学能否随着时间的推移加强其资产负债表。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。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Gilead Sciences recorded free cash flow worth a fulsome 82% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
但是我们最终的考虑因素也很重要,因为公司无法用纸面利润来偿还债务;它需要冷硬现金。因此,值得检查一下息税前利润中有多少是由自由现金流支持的。在过去的三年中,吉利德科学记录的自由现金流相当于其息税前利润的82%,比我们通常预期的要强。如果需要的话,这有利于偿还债务。
Our View
我们的观点
Happily, Gilead Sciences's impressive interest cover implies it has the upper hand on its debt. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! All these things considered, it appears that Gilead Sciences can comfortably handle its current debt levels. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 4 warning signs with Gilead Sciences , and understanding them should be part of your investment process.
令人高兴的是,吉利德科学令人印象深刻的利息保障意味着它在债务上占了上风。好消息不止于此,因为其将息税前利润转换为自由现金流也支持了这种印象!考虑到所有这些因素,吉利德科学似乎可以轻松应对其当前的债务水平。当然,尽管这种杠杆可以提高股本回报率,但它确实带来了更多的风险,因此值得关注。资产负债表显然是分析债务时需要关注的领域。但归根结底,每家公司都可以控制资产负债表之外存在的风险。我们已经向吉利德科学确定了4个警告信号,了解它们应该是您投资过程的一部分。
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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