We're Not Worried About Sweetgreen's (NYSE:SG) Cash Burn
We're Not Worried About Sweetgreen's (NYSE:SG) Cash Burn
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. For example, Sweetgreen (NYSE:SG) shareholders have done very well over the last year, with the share price soaring by 140%. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.
即使一個企業在虧損,如果股東以正確的價格購買一家良好的企業,他們仍然有可能賺到錢。例如,Sweetgreen(紐交所:SG)的股東在過去一年裏表現非常出色,股價飆升了140%。不過,虧損企業存在風險,因爲它們可能潛在地耗盡所有現金並陷入困境。
So notwithstanding the buoyant share price, we think it's well worth asking whether Sweetgreen's cash burn is too risky. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. Let's start with an examination of the business' cash, relative to its cash burn.
因此,儘管股價看似繁榮,我們仍然認爲值得問問Sweetgreen的現金流風險是否過高。在本文中,企業的現金流是指一個虧損的企業爲資助其成長而花費現金的年度速率,即其負的自由現金流。讓我們從考察企業現金和現金流開始。
When Might Sweetgreen Run Out Of Money?
Sweetgreen會在什麼時候用完現金?
A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. In June 2024, Sweetgreen had US$245m in cash, and was debt-free. Importantly, its cash burn was US$30m over the trailing twelve months. So it had a cash runway of about 8.3 years from June 2024. Even though this is but one measure of the company's cash burn, the thought of such a long cash runway warms our bellies in a comforting way. Depicted below, you can see how its cash holdings have changed over time.
一個企業的現金消耗時間是它以當前的現金流速率耗盡其現金儲備的時間。2024年6月,Sweetgreen的現金爲24500萬美元,沒有債務。空頭自由現金流爲3,000萬美元,在過去12個月中,因此,從2024年6月算起,現金的消耗時間約爲8.3年。儘管這只是考量企業現金流的一個方面,想到有如此長的現金消耗時間仍然讓人感到欣慰。下圖展示了其現金持有量隨時間的變化情況。
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How Well Is Sweetgreen Growing?
Sweetgreen的成長情況如何?過去12個月中,Sweetgreen成功將現金消耗降低了77%,這表明它在正確的增長軌跡上。值得高興的是,這是在收入增長25%的幫助下實現的。它似乎在不斷增長。雖然過去總是值得研究,但最重要的是未來。因此,您可能想看看未來幾年公司的預期增長。
Sweetgreen managed to reduce its cash burn by 77% over the last twelve months, which suggests it's on the right flight path. Pleasingly, this was achieved with the help of a 25% boost to revenue. It seems to be growing nicely. While the past is always worth studying, it is the future that matters most of all. So you might want to take a peek at how much the company is expected to grow in the next few years.
Sweetgreen策劃進一步擴張,需要募集資金的難度有多大?
How Hard Would It Be For Sweetgreen To Raise More Cash For Growth?
毫無疑問,就Sweetgreen的現金流消耗而言,它似乎處於相當不錯的地位,但即使這只是假設,詢問它如何輕鬆地籌集更多資金以支持其擴展也始終是值得的。企業可以通過債務或股權來籌集資本。通常,企業會出售自身的新股份,以籌集資金並推動增長。通過觀察企業的現金消耗與市值的比較,我們可以揭示,如果企業需要籌集足以支付一年現金消耗的資金,那麼股東將會受到多少稀釋。
There's no doubt Sweetgreen seems to be in a fairly good position, when it comes to managing its cash burn, but even if it's only hypothetical, it's always worth asking how easily it could raise more money to fund growth. Companies can raise capital through either debt or equity. Commonly, a business will sell new shares in itself to raise cash and drive growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.
由於Sweetgreen的市值爲39億美元,因此其3,000萬美元的現金消耗量佔其市值的約0.8%。因此,它幾乎可以輕鬆借貸以資助未來一年的擴張,或者通過發行一些股票來輕鬆募集資金。
Since it has a market capitalisation of US$3.9b, Sweetgreen's US$30m in cash burn equates to about 0.8% of its market value. So it could almost certainly just borrow a little to fund another year's growth, or else easily raise the cash by issuing a few shares.
Sweetgreen的現金流狀況有多危險?我想現在您應該能夠看出來,我們對Sweetgreen的現金流消耗問題並不太擔心。特別是,我們認爲,Sweetgreen的現金消耗時間表明該企業在控制支出方面做得很好。儘管收入的增長並不是很驚人,但這仍然是一個積極的因素。考慮到這份報告中的所有因素,我們對Sweetgreen的現金流消耗問題並不擔心,因爲從經營資本的角度看,該企業的表現不俗,能夠按需支出。對Sweetgreen的危險的深入檢查揭示了三個預警信號,讀者在投資這隻股票之前應該思考。
How Risky Is Sweetgreen's Cash Burn Situation?
當然,Sweetgreen可能不是最好的股票購買選擇。因此,您可能希望查看此收益率高的公司的免費收藏,或者查看此具有高內部所有權的股票列表。
As you can probably tell by now, we're not too worried about Sweetgreen's cash burn. In particular, we think its cash runway stands out as evidence that the company is well on top of its spending. And even though its revenue growth wasn't quite as impressive, it was still a positive. Taking all the factors in this report into account, we're not at all worried about its cash burn, as the business appears well capitalized to spend as needs be. An in-depth examination of risks revealed 3 warning signs for Sweetgreen that readers should think about before committing capital to this stock.
從現在起,我們不會太過擔心Sweetgreen的現金流消耗的問題。特別是,我們認爲其現金消耗時間表明該企業在控制支出方面做得很好。儘管其收入增長並不是非常驚人,但仍然是一個積極的因素。考慮到這份報告中的所有因素,由於該企業看起來資本充足,能夠按需支出,我們對其現金流消耗問題並不擔心。在深入檢查風險因素後,我們爲Sweetgreen展示了三個預警信號,讀者在投入資本之前應該考慮這些因素。
Of course Sweetgreen may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
當然,Sweetgreen可能並不是最好的股票購買選擇。因此,您可能希望查看此免費的高股本回報率的公司收藏,或者查看此具有更高內部所有權的股票列表。
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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。