Vishay Intertechnology (NYSE:VSH) Has A Somewhat Strained Balance Sheet
Vishay Intertechnology (NYSE:VSH) Has A Somewhat Strained Balance Sheet
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Vishay Intertechnology, Inc. (NYSE:VSH) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
作为投资者,一些人认为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:“波动性远非风险的代名词。”当我们思考公司的风险性时,我们总是喜欢看它的债务使用情况,因为债务过载会导致毁灭。我们注意到威世科技(纽交所:VSH)的资产负债表上确实有债务。但真正的问题是,这笔债务是否使公司具有风险性。
What Risk Does Debt Bring?
债务带来了什么风险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
债务是帮助企业增长的工具,但如果企业无力偿还其贷款人,那么企业就处于贷款人的掌控之下。最坏的情况下,公司无法偿付其债权人,就会破产。然而,更频繁(但仍然昂贵)的情况是,公司必须以超低价格发行股票,永久性稀释股东,以支持其资产负债表。当然,有很多公司使用债务资助增长,没有任何负面影响。考虑一家公司的债务水平时,第一步是将其现金和债务合并考虑。
What Is Vishay Intertechnology's Net Debt?
威世科技的净债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2024 Vishay Intertechnology had US$820.6m of debt, an increase on US$639.7m, over one year. However, because it has a cash reserve of US$688.1m, its net debt is less, at about US$132.6m.
您可以点击下面的图表查看历史数字,但它显示,截至2024年6月,威世科技的债务达到82060万美元,较去年增加了63970万美元。然而,由于威世科技拥有68810万美元的现金储备,它的净债务较少,大约为13260万美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240819/0-f446526630231961f0932d1f6795c320-0-2987126336cdb9a3b296c5b6c2cdbc3e.png/big)
A Look At Vishay Intertechnology's Liabilities
威世科技负债概述
Zooming in on the latest balance sheet data, we can see that Vishay Intertechnology had liabilities of US$670.0m due within 12 months and liabilities of US$1.30b due beyond that. On the other hand, it had cash of US$688.1m and US$424.5m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$858.7m.
放大最新的资产负债表数据,我们可以看到威世科技有67000万美元的短期到期负债和超过13亿美元的长期到期负债。另一方面,它有68810万美元的现金和42450万美元的一年内应收账款。因此,其负债超过了现金和(短期)应收账款的总和85870万美元。
While this might seem like a lot, it is not so bad since Vishay Intertechnology has a market capitalization of US$2.77b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
虽然这可能看起来很多,但由于威世科技的总市值为27.7亿美元,所以如果需要,它可能可以通过筹集资本来加强其资产负债表。但很明显,我们绝对应该密切关注它能否在不稀释的情况下管理其债务。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
为了衡量公司相对于其收益的债务情况,我们计算其净负债除以利息、税项、折旧和摊销前收益(EBITDA)和其利息支出除以利息前收益(EBIT)的比例(其利息覆盖率)。这种方法的优点是,我们既考虑了债务的绝对量(净负债与 EBITDA),又考虑到了与该债务相关的实际利息支出(其利息覆盖率)。
Vishay Intertechnology has a low debt to EBITDA ratio of only 0.29. And remarkably, despite having net debt, it actually received more in interest over the last twelve months than it had to pay. So there's no doubt this company can take on debt while staying cool as a cucumber. The modesty of its debt load may become crucial for Vishay Intertechnology if management cannot prevent a repeat of the 56% cut to EBIT over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Vishay Intertechnology 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.
威世科技的债务对EBITDA比率仅为0.29。值得注意的是,尽管净债务,过去十二个月它实际上获得的利息比需要支付的利息还要多。因此,毫无疑问,这家公司可以承担债务而保持镇定自若。如果趋势继续下去,其收益的56%削减可能会使威世科技的债务负载变得非常重要。分析债务时,资产负债表显然是关注的重点。但最终,业务未来的盈利能力将决定威世科技是否能够随着时间推移加强其资产负债表。因此,如果您想了解专业人士的想法,您可能会发现这篇关于分析师盈利预测的免费报告非常有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Vishay Intertechnology reported free cash flow worth 19% of its EBIT, which is really quite low. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
但我们最终的考虑也很重要,因为公司无法用虚拟利润支付债务;它需要真金白银。因此,我们显然需要看看EBIT是否导致相应的自由现金流。在过去的三年中,威世科技报告的自由现金流价值相当于其EBIT的19%,这实际上相当低。对我们而言,这样的现金转换率引发了一些对其偿还债务能力的担忧。
Our View
我们的观点
We feel some trepidation about Vishay Intertechnology's difficulty EBIT growth rate, but we've got positives to focus on, too. For example, its interest cover and net debt to EBITDA give us some confidence in its ability to manage its debt. We think that Vishay Intertechnology's debt does make it a bit risky, after considering the aforementioned data points together. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example - Vishay Intertechnology has 3 warning signs we think you should be aware of.
我们对威世科技的EBIt增长率感到一些担忧,但我们也有一些要重点关注的积极因素。例如,其利息覆盖率和净债务与EBITDA使我们对其管理债务的能力充满信心。鉴于上述数据点综合考虑,我们认为威世科技的债务确实存在一定风险。这并不一定是坏事,因为杠杆作用可以提高股本回报率,但这是需要注意的事情。分析债务水平时,资产负债表是明显的起点。然而,并非所有的投资风险都存在于资产负债表上--相反,那里也有很多。例如,威世科技存在着3个预警信号,我们认为您应该了解它们。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
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。
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。