Is AMN Healthcare Services (NYSE:AMN) Using Too Much Debt?
Is AMN Healthcare Services (NYSE:AMN) Using Too Much Debt?
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.' 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 note that AMN Healthcare Services, Inc. (NYSE:AMN) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
David Iben说得很好,“波动性并不是我们关心的风险,我们关心的是避免永久的资本损失。”当您评估一个公司的风险时,考虑到负债往往涉及到企业破产时,自然要考虑公司的资产负债表。我们注意到AMN Healthcare Services, Inc. (纽交所:AMN) 的资产负债表上确实有负债。但真正的问题是这些负债是否使公司具有风险。
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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
债务在企业面临新资本或自由现金流难以偿还时起到了帮助作用。资本主义的组成部分是“创造性破坏”过程,在这个过程中,银行家无情地清算破产的企业。虽然这并不太常见,但我们经常看到企业因负债而永久地稀释股东的权益,因为债权人强迫它们以困境价格筹集资本。话虽如此,最常见的情况是,企业合理地管理其债务——并利用它们的优势。当我们审查债务水平时,我们首先考虑现金和债务水平。
What Is AMN Healthcare Services's Debt?
AMN Healthcare Services的债务是什么?
The image below, which you can click on for greater detail, shows that at June 2024 AMN Healthcare Services had debt of US$1.19b, up from US$1.03b in one year. On the flip side, it has US$48.0m in cash leading to net debt of about US$1.14b.
下图是2024年6月AMN Healthcare Services的负债情况的详细信息,点击可放大查看。数据显示,AMN Healthcare Services的债务从一年前的1.03亿美元增加到了11.9亿美元。而同时,公司又有4800万美元的现金,净负债约为11.4亿美元。
![1724330510953](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240822/42735455-0-8cbb231f6d4db00c7773eb396c75487a.webp/bigjpg)
How Strong Is AMN Healthcare Services' Balance Sheet?
AMN医疗保健服务的资产负债表有多强?
Zooming in on the latest balance sheet data, we can see that AMN Healthcare Services had liabilities of US$573.9m due within 12 months and liabilities of US$1.32b due beyond that. Offsetting these obligations, it had cash of US$48.0m as well as receivables valued at US$599.2m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.25b.
从最新的资产负债表数据来看,AMN医疗保健服务有US$57390万的短期负债和US$13.2亿的长期负债。相比之下,其US$4800万的现金和US$59920万的应收账款在12个月内到期。因此,其负债超过了其现金和(短期)应收账款的总和,达到了US$12.5亿。
This is a mountain of leverage relative to its market capitalization of US$1.93b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
相对于其US$19.3亿的市值来说,这是一座巨大的杠杆山。这意味着如果公司需要迅速巩固其资产负债表,股东的权益将被大幅稀释。
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)。
AMN Healthcare Services has a debt to EBITDA ratio of 3.1 and its EBIT covered its interest expense 3.1 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Even worse, AMN Healthcare Services saw its EBIT tank 58% over the last 12 months. If earnings continue to follow that trajectory, paying off that debt load will be harder than convincing us to run a marathon in the rain. 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 AMN Healthcare Services'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.
AMN医疗保健服务的债务与EBITDA比率为3.1倍,其EBIT覆盖了利息费用的3.1倍。这表明尽管债务水平相当高,但我们不会把它们称为问题。更糟糕的是,过去12个月,AMN医疗保健服务的EBIT下降了58%。如果收益继续沿着这个轨迹走下去,偿还那笔债务将比说服我们在雨中参加一次马拉松更难。在分析债务时,资产负债表显然是需要重点关注的领域。但与任何其他因素相比,未来的收益将决定AMN医疗保健服务能否维持一个健康的资产负债表。因此,如果你关注未来,你可以查看这份免费报告,其中包含分析师对利润的预测。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, AMN Healthcare Services recorded free cash flow worth 78% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最后,一家企业需要有自由现金流来偿还债务;会计利润是不够的。因此,我们始终会检查有多少EBIT能转化为自由现金流。在最近的三年中,AMN医疗保健服务的自由现金流占其EBIT的比例为78%,这是正常水平,因为自由现金流不包括利息和税收。这种自由现金流使该公司在适当时有能力偿还债务。
Our View
我们的观点
AMN Healthcare Services's EBIT growth rate was a real negative on this analysis, although the other factors we considered cast it in a significantly better light. In particular, its conversion of EBIT to free cash flow was re-invigorating. It's also worth noting that AMN Healthcare Services is in the Healthcare industry, which is often considered to be quite defensive. When we consider all the factors discussed, it seems to us that AMN Healthcare Services is taking some risks with its use of debt. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. 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 2 warning signs for AMN Healthcare Services that you should be aware of.
amn医疗保健服务的EBIt增长率在这个分析中确实是一个真正的负面因素,尽管我们考虑的其他因素让其看起来好得多。特别是,其EBIt转化为自由现金流是非常有活力的。值得注意的是,amn医疗保健服务属于常被认为非常保守的医疗保健行业。当我们综合考虑所有讨论的因素时,我们觉得amn医疗保健服务正在运用债务冒一些风险。因此,虽然杠杆确实可以提高股东权益的回报,但我们不希望真的看到杠杆从这里增加。在分析债务水平时,资产负债表显然是一个明显的起点。但最终,每家公司都可能存在资产负债表之外的风险。例如,我们已经找到了amn医疗保健服务的2个警示信号,你应该注意。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
归根结底,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包括所有表现出盈利增长轨迹的公司。这是免费的。
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