Does Kroger (NYSE:KR) Have A Healthy Balance Sheet?
Does Kroger (NYSE:KR) Have A 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.' 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 The Kroger Co. (NYSE:KR) does use debt in its business. But the more important question is: how much risk is that debt creating?
戴维·伊本先生曾言:波动率不是我们关心的风险。我们关注的是如何避免资本的永久损失。因此,当您考虑一家股票的风险性时,需要考虑债务因素,因为过多的债务可能会使公司破产。我们可以看到,克罗格(NYSE:KR)在业务中使用了债务。但更重要的问题是:这些债务带来了多大的风险?
What Risk Does Debt Bring?
债务带来了什么风险?
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. 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. 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. The first step when considering a company's debt levels is to consider its cash and debt together.
一般而言,只有当公司无法轻松偿还债务时,债务才会成为真正的问题,无论是通过筹集资本还是通过自己的现金流。如果公司无法履行偿还债务的法律义务,股东可能会一无所有。然而,一种更常见的(但仍然昂贵的)情况是,公司必须以便宜的股价稀释股东权益,以控制债务。然而,通过取代稀释,债务可以成为需要以高回报率投资增长的企业的极好工具。考虑一家公司的债务水平时,首先要考虑其现金和债务的总体情况。
How Much Debt Does Kroger Carry?
克罗格承担了多少债务?
The image below, which you can click on for greater detail, shows that Kroger had debt of US$10.2b at the end of May 2024, a reduction from US$11.4b over a year. However, because it has a cash reserve of US$2.85b, its net debt is less, at about US$7.34b.
点击下面的图片可以查看更多细节,显示克罗格在2024年5月底有102亿美元的债务,比一年前的114亿美元有所减少。但是,由于它有28.5亿美元的现金储备,因此其净债务较少,约为73.4亿美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240802/0-450c1072a9ea2723c1acb8b7417885fa-0-1107f691a61be15a09ce9bd1583f10a1.png/big)
How Healthy Is Kroger's Balance Sheet?
克罗格的资产负债表状况如何?根据最新公布的资产负债表,克罗格在12个月内有164亿美元的负债到期,有228亿美元的负债在12个月后到期。与此同时,它有28.5亿美元的现金和197亿美元的应收账款在12个月内到期。因此,其负债超过其现金和(短期)应收账款总和344亿美元。这个负债额相对于其非常显著的市值393亿美元来说是相当大的,因此它确实建议股东关注克罗格对债务的使用。如果其债权人要求其加强资产负债表,股东很可能面临严重稀释。
According to the last reported balance sheet, Kroger had liabilities of US$16.4b due within 12 months, and liabilities of US$22.8b due beyond 12 months. Offsetting these obligations, it had cash of US$2.85b as well as receivables valued at US$1.97b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$34.4b.
克罗格的净债务仅为其EBITDA的0.91倍,并且其EBIT覆盖其利息支出超过11.9倍。因此,我们对其超级保守的债务使用非常放心。好消息是,在过去12个月中,克罗格的EBIT增加了6.0%,这应该可以缓解对债务偿还的担忧。当你分析债务时,资产负债表显然是需要关注的领域。但是,在未来,决定克罗格能否保持健康的资产负债表的是未来的收益,而不是其他方面。所以,如果你关注未来,你可以查看这份免费报告,显示分析师的利润预测。
This deficit is considerable relative to its very significant market capitalization of US$39.3b, so it does suggest shareholders should keep an eye on Kroger's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
最后,公司只能用冷酷无情的现金支付债务,而不是会计利润。因此,值得检查的是,多少EBIT的支持是由自由现金流所支撑的。在过去的三年中,克罗格产生了牢固的自由现金流,相当于其EBIT的54%,大约符合我们的预期。这笔现金意味着它可以在需要时减少债务。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我们通过将公司的净债务与其息税折旧摊销前利润(EBITDA)相除,并计算其息税前利润(EBIT)如何覆盖其利息费用(利息覆盖率)来衡量公司的债务负担相对于其盈利能力。因此,我们同时考虑债务的绝对数量以及所支付的利率。
Kroger's net debt is only 0.91 times its EBITDA. And its EBIT covers its interest expense a whopping 11.9 times over. So we're pretty relaxed about its super-conservative use of debt. The good news is that Kroger has increased its EBIT by 6.0% over twelve months, which should ease any concerns about debt repayment. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Kroger'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.
就资产负债表而言,克罗格最显著的正面因素是它似乎能够自信地用EBIT支付利息支出。但是,我们上面提到的其他因素并不那么令人鼓舞。例如,其总负债的水平让我们对其债务感到有些担忧。当我们考虑上述所有因素时,我们对克罗格使用债务感到有些谨慎。虽然债务确实具有潜在回报,但我们认为股东应该考虑债务水平可能会使股票更加风险。毫无疑问,我们最多能从资产负债表中了解债务。但是,最终,每个公司都可能存在超出资产负债表之外的风险。例如,我们已经发现了Kroger的2个警示信号,在进行投资之前,您应该了解这些警示信号。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Kroger produced sturdy free cash flow equating to 54% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
最后,公司只能用冷酷无情的现金支付债务,而不是会计利润。因此,值得检查的是,多少EBIT的支持是由自由现金流所支撑的。在过去的三年中,克罗格产生了牢固的自由现金流,相当于其EBIT的54%,大约符合我们的预期。这笔现金意味着它可以在需要时减少债务。
Our View
我们的观点
When it comes to the balance sheet, the standout positive for Kroger was the fact that it seems able to cover its interest expense with its EBIT confidently. But the other factors we noted above weren't so encouraging. For example, its level of total liabilities makes us a little nervous about its debt. When we consider all the factors mentioned above, we do feel a bit cautious about Kroger's use of debt. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more 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 example, we've discovered 2 warning signs for Kroger that you should be aware of before investing here.
在资产负债表方面,克罗格最突出的优势是它似乎能够自信地用其EBIT支付利息支出。但是,我们上面提到的其他因素并不那么令人鼓舞,例如,其总负债水平让我们对其债务感到有些担忧。当我们考虑上述所有因素时,我们对克罗格使用债务感到有些谨慎。虽然债务确实具有潜在回报,但我们认为股东应该考虑债务水平可能会使股票更加风险。毫无疑问,我们最多能从资产负债表中了解债务,但最终,每个公司都可能存在超出资产负债表之外的风险。例如,我们已经发现了Kroger的2个警示信号,在进行投资之前,您应该了解这些警示信号。
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.
说到底,有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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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.
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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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。