Is Ralph Lauren (NYSE:RL) Using Too Much Debt?
Is Ralph Lauren (NYSE:RL) Using Too Much 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.' 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. Importantly, Ralph Lauren Corporation (NYSE:RL) does carry debt. But is this debt a concern to shareholders?
作爲投資者,有人認爲波動性而不是債務是考慮風險的最佳方式,但禾倫•巴菲特曾經說過:「波動性遠非風險的代名詞。」當你檢查一家公司的風險時,考慮其資產負債表是非常自然的,因爲銷售崩盤時通常涉及債務。重要的是,Ralph Lauren Corporation (NYSE:RL)確實有負債。但這些債務會影響股東嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest 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.
一般來說,在公司難以輕鬆償還債務(無論是通過募集資金還是通過自有現金流)時,債務才會成爲真正的問題。資本主義的一個固有特徵就是「創造性摧毀」過程,其中失敗的企業被它們的銀行家無情地清算。但一個更常見(但仍然昂貴)的情況是,一家公司必須以便宜的股價稀釋股東權益,以控制債務。當然,債務的好處在於,它往往代表着廉價的資本,特別是當它用於代替以高投資回報率重新投資的公司時。考慮一家企業使用多少債務時,最初要做的事情是查看其現金和債務總額。
How Much Debt Does Ralph Lauren Carry?
拉夫勞倫公司(NYSE:RL)負債多少?
The chart below, which you can click on for greater detail, shows that Ralph Lauren had US$1.14b in debt in June 2024; about the same as the year before. But it also has US$1.76b in cash to offset that, meaning it has US$619.4m net cash.
下面的圖表,您可以單擊它以獲取更詳細的信息,顯示拉夫勞倫在2024年6月有1.14億美元的債務;與前年同期大致持平。但它也有1.76億美元的現金進行抵消,意味着它擁有619.4萬美元的淨現金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240818/0-e359668fa30c76339f5695fec403c69a-0-641efc36359739ed31aad45e362d1400.png/big)
A Look At Ralph Lauren's Liabilities
看看拉夫勞倫的負債
The latest balance sheet data shows that Ralph Lauren had liabilities of US$1.57b due within a year, and liabilities of US$2.70b falling due after that. On the other hand, it had cash of US$1.76b and US$487.0m worth of receivables due within a year. So it has liabilities totalling US$2.03b more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,拉夫勞倫有15.7億美元的短期負債和27億美元的長期負債。另一方面,它有1.76億美元的現金和4870萬美元的應收賬款短期到期。因此,它的負債總額超過了現金和短期應收賬款總額2030萬美元。
This deficit isn't so bad because Ralph Lauren is worth a massive US$10.1b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. While it does have liabilities worth noting, Ralph Lauren also has more cash than debt, so we're pretty confident it can manage its debt safely.
這個赤字並不那麼糟糕,因爲拉夫勞倫價值巨大,達到101億美元,因此如果需要,可能可以籌集足夠的資本來支撐它的資產負債表。但我們絕對要密切關注其負債是否帶來了過多的風險。儘管它確實有值得注意的負債,但拉夫勞倫也有比債務更多的現金,所以我們非常有信心它可以安全地管理其負債。
On top of that, Ralph Lauren grew its EBIT by 38% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Ralph Lauren 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.
此外,拉夫勞倫在過去12個月中將其EBIt增長了38% ,這種增長將使其更容易處理債務。分析債務水平時,資產負債表是明顯的起點。但最終業務的未來盈利能力將決定拉夫勞倫是否能夠隨着時間的推移加強其資產負債表。因此,如果您想了解專業人士的想法,可以看看我們對分析師盈利預測的免費報告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Ralph Lauren has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the most recent three years, Ralph Lauren recorded free cash flow worth 77% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
最後,公司只能用真錢而不是會計利潤來償還債務。儘管拉夫勞倫在其資產負債表上有淨現金,但看看其將利潤(稅息前利潤EBIT)轉化爲自由現金流的能力還是值得的,以幫助我們了解其正在以多快的速度積累(或侵蝕)現金餘額。在最近的三年中,拉夫勞倫獲得的自由現金流價值爲其EBIt的77%左右,這是正常水平,因爲自由現金流不包括利息和稅金。這些真金白銀意味着它可以在需要時減少其債務。
Summing Up
總之
While Ralph Lauren does have more liabilities than liquid assets, it also has net cash of US$619.4m. And it impressed us with its EBIT growth of 38% over the last year. So is Ralph Lauren's debt a risk? It doesn't seem so to us. 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. Be aware that Ralph Lauren is showing 2 warning signs in our investment analysis , you should know about...
儘管拉夫勞倫的負債比流動資產多,但它也有淨現金619.4萬美元。我們對其過去一年的EBIt增長率達到38%也感到印象深刻。因此,拉夫勞倫的債務是否存在風險?我們認爲沒有。毫無疑問,資產負債表能讓我們了解債務情況。但最終,每家公司都可能面臨超出資產負債表以外的風險存在。請注意,我們在投資分析中發現拉夫勞倫顯示了2個警告信號,您應該知道...
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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