We Think Albemarle (NYSE:ALB) Has A Fair Chunk Of Debt
We Think Albemarle (NYSE:ALB) Has A Fair Chunk Of Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. Importantly, Albemarle Corporation (NYSE:ALB) does carry debt. But should shareholders be worried about its use of debt?
有人认为作为投资者,波动性而非债务是考虑风险的最佳方式,但沃伦·巴菲特曾经说过:“波动性与风险远非同义词。” 因此,当你考虑任何股票的风险时,需要考虑其债务,因为过多的债务会拖垮一家公司。重要的是,Albemarle公司(纽交所:ALB)确实有负债。但股东们应该担心它的债务使用吗?
When Is Debt A Problem?
什么时候负债才是一个问题?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
一般来说,只有当公司不能轻易地通过筹集资本或自有现金流来偿还债务时,债务才会成为真正的问题。资本主义的本质是“创造性破坏”过程,其中失败的企业被其银行家无情地清算。但更普遍的(但仍然痛苦的)情况是,公司必须以较低的价格筹集新的股本资本,从而永久稀释股东。话虽如此,最常见的情况是公司合理地管理其债务,从而使其受益。考虑公司债务水平的第一步是同时考虑其现金和债务。
What Is Albemarle's Debt?
Albemarle的负债状况是什么?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Albemarle had US$3.42b of debt, an increase on US$3.16b, over one year. However, it does have US$2.06b in cash offsetting this, leading to net debt of about US$1.36b.
您可以点击下面的图表查看历史数字,但它显示,截至2024年3月,Albemarle的债务为34.20亿美元,比去年增长了3.16亿美元。不过,它有20.6亿美元的现金抵销,因此净债务约为13.6亿美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240718/0-5e46a56e1ffec390071a252a5d45673b-0-f4c2b7e13369e7fc04cbb4b0ac3fe348.png/big)
A Look At Albemarle's Liabilities
查看Albemarle的负债状况,我们可以进一步了解到,其应于12个月内偿还的负债为2.05亿美元,而应于12个月后偿还的负债为51.8亿美元。 而其现金为20.6亿美元,应于12个月内到期的应收账款为1.31亿美元。 因此,其负债超过其现金和(短期)应收款的总额386亿美元。
Zooming in on the latest balance sheet data, we can see that Albemarle had liabilities of US$2.05b due within 12 months and liabilities of US$5.18b due beyond that. Offsetting these obligations, it had cash of US$2.06b as well as receivables valued at US$1.31b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$3.86b.
Albemarle的市值非常高,为112亿美元,因此如果需要,它可以很有可能筹集资金来改善其资产负债表。 但很明显,我们一定要仔细检查其是否能够在不稀释股票的情况下管理其债务。毫无疑问,我们从资产负债表上可以了解到负债情况。但最终,比起任何东西,都是未来的收入将决定Albemarle维持健康的资产负债表的能力。因此,如果您关注未来,可以查看这份免费报告,显示分析师的盈利预测。
Albemarle has a very large market capitalization of US$11.2b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. 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 Albemarle'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.
在过去的12个月中,Albemarle的EBIT亏损,并且其收入下降至84亿美元,下降了4.3%。 这不是我们希望看到的。
Over 12 months, Albemarle made a loss at the EBIT level, and saw its revenue drop to US$8.4b, which is a fall of 4.3%. That's not what we would hope to see.
重要的是,在过去一年中,Albemarle的利息、税项、折旧和摊销前利润(EBIT)出现了亏损。具体来说,EBIt的亏损为7840万美元。当我们考虑到它的资产负债表上的负债相对于现金时,对公司有任何债务都显得不明智。坦白地说,我们认为资产负债表远未达到良好的匹配,尽管它可以随时间而改善。过去12个月中,其消耗了16亿美元的自由现金流。因此,我们认为该股票非常危险。毫无疑问,我们从资产负债表上了解到大多数有关债务的信息。但最终,每家公司都可能存在超出资产负债表范围内的风险。
Caveat Emptor
买方自负。
Importantly, Albemarle had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at US$784m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. Another cause for caution is that is bled US$1.6b in negative free cash flow over the last twelve months. So suffice it to say we consider the stock very risky. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 3 warning signs for Albemarle that you should be aware of.
简而言之,Albemarle过去12个月中的自由现金流为负,EBIt亏损,收入下降。如果考虑其资产负债表上的负债相对于现金,公司持有任何债务都显得不明智。总之,我们认为该股票非常危险。毫无疑问,我们从资产负债表上了解到债务的大多数内容。但最终,每家公司都可能存在超出资产负债表范围内的风险。例如,我们已经发现了三个关于Albemarle的警告信号,您应该了解。
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.
总的来说,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包含这些公司(所有这些公司都有盈利增长的记录)。这是免费的。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。