Is Chart Industries (NYSE:GTLS) Using Too Much Debt?
Is Chart Industries (NYSE:GTLS) Using Too Much Debt?
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.' 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 Chart Industries, Inc. (NYSE:GTLS) does use debt in its business. But the real question is whether this debt is making the company risky.
正如David Iben所說,“波動性不是我們關心的風險。我們關心的是避免永久性資本損失。”因此,當您考慮某個特定股票的風險時,需要考慮債務,因爲過多的債務可能會使一家公司破產。我們可以看到,查特工業股份有限公司(紐交所:GTLS)確實在業務中使用債務。但真正的問題是,這些債務是否會使公司變得有風險。
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. If things get really bad, the lenders can take control of the business. 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, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
當企業無法輕鬆使用自由現金流或以有吸引力的價格籌集資本來滿足債務義務時,債務和其他負債會成爲企業的風險。如果事情變得非常糟糕,債權人就可以控制企業。然而,更常見(但仍然昂貴)的情況是企業必須以廉價股票稀釋股東權益,以便控制債務。當然,很多公司使用債務資助其增長,而沒有任何負面後果。在考慮企業使用多少債務時,首先要做的是查看其現金和債務。
What Is Chart Industries's Debt?
查特工業股份有限公司的債務是多少?
As you can see below, Chart Industries had US$3.99b of debt at March 2024, down from US$4.33b a year prior. However, because it has a cash reserve of US$191.9m, its net debt is less, at about US$3.80b.
正如下表所示,截至2024年3月,查特工業股份有限公司的債務爲39.9億美元,較去年同期的43.3億美元有所下降。但由於其現金儲備爲19190萬美元,其淨債務較少,約爲38億美元。
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How Healthy Is Chart Industries' Balance Sheet?
查特工業股份有限公司的資產負債表最新數據顯示,到期一年內的負債爲1.89億美元,到期後還款的負債爲4.46億美元。抵消這些債務的是,它擁有1.919億美元的現金以及價值13.8億美元的應收賬款。因此,其負債總額超過其現金和短期應收賬款47.9億美元。
The latest balance sheet data shows that Chart Industries had liabilities of US$1.89b due within a year, and liabilities of US$4.46b falling due after that. Offsetting these obligations, it had cash of US$191.9m as well as receivables valued at US$1.38b due within 12 months. So it has liabilities totalling US$4.79b more than its cash and near-term receivables, combined.
相對於其市值爲6.54億美元,這是一個巨大的槓桿。這表明,如果公司需要迅速平衡財務狀況,股東將被大量稀釋。
This is a mountain of leverage relative to its market capitalization of US$6.54b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
儘管查特工業股份有限公司的債務/息稅前利潤、折舊和攤銷(EBITDA)比率(4.8)表明它使用了一些債務,但其利息覆蓋率非常薄弱,爲1.6,表明其負債很重。顯然,借錢成本對股東的回報產生了負面影響。好消息是,查特工業股份有限公司去年的EBIT增長了189%,這很滋養,像青春的理想主義一樣。如果它能繼續走這條路,就能輕鬆擺脫債務。從資產負債表中可以了解債務情況,毫無疑問。但最終,未來的收益,而不是資產負債表,將決定查特工業股份有限公司能否保持健康的資產負債表。因此,如果您想了解專業人士的看法,您可能會發現這份免費的分析師盈利預測報告很有趣。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通過查看公司的淨債務與利息、稅、折舊、攤銷前利潤(EBITDA)之比以及它的利息費用(利息覆蓋率)可以衡量一個公司的債務負擔與收益能力。因此,我們考慮將債務與有無計算折舊和攤銷費用的收益相對比。
While Chart Industries's debt to EBITDA ratio (4.8) suggests that it uses some debt, its interest cover is very weak, at 1.6, suggesting high leverage. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. The silver lining is that Chart Industries grew its EBIT by 189% last year, which nourishing like the idealism of youth. If it can keep walking that path it will be in a position to shed its debt with relative ease. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Chart Industries'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.
最後,企業需要自由現金流來償還債務,會計利潤無法滿足要求。因此,我們始終要檢查其EBIt有多少被轉化爲自由現金流。在過去的三年裏,查特工業股份有限公司損失了大量現金。雖然投資者無疑期待這種情況在不久的將來發生逆轉,但它顯然意味着其債務使用更具風險性。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Chart Industries burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
從表面上看,查特工業股份有限公司的利息覆蓋率讓我們對股票感到猶豫不決,其EBIt轉化爲自由現金流也不如一年中最繁忙的空餐廳令人鼓舞。但好的方面是,它的EBIt增長率是一個好兆頭,讓我們更加樂觀。從資產負債表中查看並考慮所有這些因素,我們確實相信債務使查特工業股份有限公司的股票有些風險。這不一定是壞事,但如果負債較少會讓我們感到更加放心。很明顯,當您分析債務時,應重點關注資產負債表。但歸根結底,除了資產負債表外,每家公司都存在超越資產負債表範圍的風險。例如:我們已發現3個Chart Industries的警告信號,您應該了解其中的1個。
Our View
我們的觀點
On the face of it, Chart Industries's interest cover left us tentative about the stock, and its conversion of EBIT to free cash flow was no more enticing than the one empty restaurant on the busiest night of the year. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making Chart Industries 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. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 3 warning signs for Chart Industries you should be aware of, and 1 of them can't be ignored.
總體而言,查特工業股份有限公司的利息覆蓋率讓我們對股票感到猶豫不決,其EBIt轉化爲自由現金流也不如一年中最繁忙的空餐廳令人鼓舞。但好的方面是,它的EBIt增長率是一個好兆頭,讓我們更加樂觀。從資產負債表中查看並考慮所有這些因素,我們確實相信債務使查特工業股份有限公司的股票有些風險。這不一定是壞事,但如果負債較少會讓我們感到更加放心。很明顯,當您分析債務時,應重點關注資產負債表。但歸根結底,除了資產負債表外,每家公司都存在超越資產負債表範圍的風險。例如:我們已發現3個Chart Industries的警告信號,您應該了解其中的1個。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
總的來說,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包含這些公司(所有這些公司都有盈利增長的記錄)。這是免費的。
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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.
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。