Is Ouster (NYSE:OUST) A Risky Investment?
Is Ouster (NYSE:OUST) A Risky Investment?
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that Ouster, Inc. (NYSE:OUST) does use debt in its business. But is this debt a concern to shareholders?
霍华德·马克斯表达得很好,他说:“与其担心股价波动,我担心的是永久性损失的可能性,我认识的每个实际投资者都很担心。 ”当您评估公司的风险性时,考虑到公司的资产负债表情况是自然的,因为债务通常涉及到企业倒闭。我们可以看到,Ouster公司(NYSE:OUST)确实在业务中使用了债务。但是,这笔债务是否让股东感到担忧呢?
What Risk Does Debt Bring?
债务带来了什么风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务能够帮助企业,直到企业无法通过新资本或自由现金流偿还债务为止。资本主义的精髓在于“创造性破坏”的过程,其中银行家无情地清算失败的企业。尽管这不是太常见的情况,我们经常看到负债的企业因为债权人要求他们以低价筹集资本而永久性稀释股东。但是,通过取代稀释,债务可以成为需要资本以高回报投资成长的企业的极好工具。检查企业使用多少债务的第一步是将现金和债务放在一起看待。
What Is Ouster's Debt?
Ouster的债务是多少?
The image below, which you can click on for greater detail, shows that at June 2024 Ouster had debt of US$44.0m, up from US$40.1m in one year. But it also has US$184.2m in cash to offset that, meaning it has US$140.3m net cash.
下方的图表可以点击查看详细信息,在2024年6月,Ouster的债务为4400万美元,比一年前的4010万美元增加。但是它也有18420万美元的现金抵消,意味着它有14030万美元的净现金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240815/0-1681810d237688c69f7c94cc74b05b86-0-82d15cf5458341796a9626fd7a5b89b0.png/big)
How Strong Is Ouster's Balance Sheet?
Ouster的资产负债表有多强?
We can see from the most recent balance sheet that Ouster had liabilities of US$74.1m falling due within a year, and liabilities of US$65.2m due beyond that. Offsetting these obligations, it had cash of US$184.2m as well as receivables valued at US$14.3m due within 12 months. So it can boast US$59.3m more liquid assets than total liabilities.
从最近的资产负债表中可以看到,Ouster于一年内面临着7,410万美元到期的负债,以及超过6,520万美元的到期负债。但是,它有1.842亿美元的现金以及价值1,430万美元的应收账款,到期日在12个月内。因此,它比总负债多出5930万美元的流动资产。
This surplus suggests that Ouster has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Ouster has more cash than debt is arguably a good indication that it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Ouster 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.
这份盈余表明Ouster的资产负债表保守,可能很容易消除其债务。简而言之,Ouster现金多于债务,这无疑表明它可以安全地管理债务。当分析债务水平时,资产负债表是明显的起点。但是,最终业务的未来盈利能力将决定Ouster能否随着时间的推移加强其资产负债表。因此,如果您想查看专业人士的看法,可以考虑阅读这份免费的分析师利润预测报告。
Over 12 months, Ouster reported revenue of US$100m, which is a gain of 69%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.
在12个月内,Ouster报告的营业收入为1亿美元,增长了69%,尽管它没有报告任何利息和税前收益。希望公司能够实现盈利增长。
So How Risky Is Ouster?
Ouster有多大的风险?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And in the last year Ouster had an earnings before interest and tax (EBIT) loss, truth be told. And over the same period it saw negative free cash outflow of US$82m and booked a US$122m accounting loss. However, it has net cash of US$140.3m, so it has a bit of time before it will need more capital. With very solid revenue growth in the last year, Ouster may be on a path to profitability. By investing before those profits, shareholders take on more risk in the hope of bigger rewards. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 3 warning signs for Ouster that you should be aware of.
我们毫不怀疑,亏损的公司总体上比盈利的公司更具风险。说实话,在过去的一年里,Ouster对利息和税前收益(EBIT)亏损。在同一时期,它还看到了8200万美元的负自由现金流以及计提了1.22亿美元的会计亏损。但是,它的净现金为1.403亿美元,因此在需要更多资本之前,它还有一些时间。在过去的一年中,在营业收入实现非常坚实的增长的情况下,Ouster可能在实现盈利的道路上。通过在利润之前投资,股东们承担着更大的风险,希望获得更大的回报。分析债务水平时,资产负债表是明显的起点。但是,每个公司最终都可能存在超出资产负债表的风险。例如,我们已经发现Ouster的3个警告信号,您应该知道。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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