Johnson & Johnson (NYSE:JNJ) Has A Pretty Healthy Balance Sheet
Johnson & Johnson (NYSE:JNJ) Has A Pretty Healthy Balance Sheet
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. As with many other companies Johnson & Johnson (NYSE:JNJ) makes use of debt. But is this debt a concern to shareholders?
大卫·伊本言之凿凿,他说:“我们关心的并不是波动性,而是避免永久性的资本损失。”当你考察一个公司的风险程度时,考虑到债务在企业破产时通常会有所涉及,审视公司的资产负债表是再自然不过的了。与许多其他公司一样,强生(纽交所:JNJ)利用债务。但这些债务会让股东担忧吗?
When Is Debt A Problem?
什么时候负债才是一个问题?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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. When we think about a company's use of debt, we first look at cash and debt together.
一般来说,当公司无法轻松偿还债务,要么通过筹措资本,要么通过自有的现金流时,债务才会成为真正的问题。在最坏的情况下,如果公司无法偿付债权人,它可能会破产。 虽然这不太常见,但我们经常看到负债的公司因为贷方价格低迷而永久稀释股东。 当然,债务的优点在于它通常代表着廉价的资本,特别是当它取代具有高回报率再投资能力的公司。 当我们考虑公司使用债务时,我们首先看现金和债务的总和。
What Is Johnson & Johnson's Debt?
强生的债务是多少?
You can click the graphic below for the historical numbers, but it shows that Johnson & Johnson had US$41.5b of debt in June 2024, down from US$45.6b, one year before. However, because it has a cash reserve of US$25.5b, its net debt is less, at about US$16.0b.
你可以点击下面的图表查看历史数据,但它显示强生在2024年6月有415亿美元的债务,比一年前的456亿美元有所减少。然而,由于它有255亿美元的现金储备,其净债务较少,约为160亿美元。
![1724591643773](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240825/42836190-0-feabc09e097ec80ebcc8834577221af8.webp/bigjpg)
A Look At Johnson & Johnson's Liabilities
看跌 Johnson & Johnson 负债情况
We can see from the most recent balance sheet that Johnson & Johnson had liabilities of US$53.9b falling due within a year, and liabilities of US$55.6b due beyond that. Offsetting these obligations, it had cash of US$25.5b as well as receivables valued at US$15.8b due within 12 months. So it has liabilities totalling US$68.3b more than its cash and near-term receivables, combined.
我们可以从最近的资产负债表中看到,Johnson & Johnson 有一年内到期的负债为539亿美元,超过一年后到期的负债为556亿美元。 抵消这些义务,它拥有255亿美元的现金以及价值158亿美元的应收款项,其中12个月内到期。 因此,它的负债总额为683亿美元,超过了其现金和短期应收款项的总和。
Of course, Johnson & Johnson has a titanic market capitalization of US$395.1b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
当然,Johnson & Johnson 的市值高达3951亿美元,所以这些负债可能是可以管理的。 但我们认为值得关注其资产负债表的实力情况,因为随着时间的推移可能会发生变化。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). 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).
BJ批发俱乐部控股公司的净债务只有EBITDA的0.62倍。而其EBIT轻松覆盖其利息费用,比例为12.6倍。因此,我们对其超级保守的债务使用感到相当放心。虽然BJ批发俱乐部控股公司在EBIT方面没有取得太多进展,但至少其盈利保持稳定。当分析债务水平时,资产负债表是显然的切入点。但归根结底,企业未来的盈利能力将决定BJ批发俱乐部控股公司能否随着时间的推移加强资产负债表。因此,如果你要关注未来,可以查看一下这份免费的分析报告,了解分析师的盈利预测。
Johnson & Johnson has net debt of just 0.52 times EBITDA, suggesting it could ramp leverage without breaking a sweat. But the really cool thing is that it actually managed to receive more interest than it paid, over the last year. So it's fair to say it can handle debt like a hotshot teppanyaki chef handles cooking. Fortunately, Johnson & Johnson grew its EBIT by 3.9% in the last year, making that debt load look even more manageable. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Johnson & Johnson can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Johnson & Johnson 的净债务仅为EBITDA的0.52倍,这表明它可以增加杠杆而不费吹灰之力。 但真正酷的是,过去一年它实际上获得的利息超过了支付的利息。 所以可以说它可以处理债务,就像一名出色的铁板烧大厨处理烹饪一样。 幸运的是,Johnson & Johnson 在过去一年将其EBIt增长了3.9%,使得负债负担看起来更容易承担。 在分析债务水平时,资产负债表是显而易见的起点。 但最终业务的未来盈利能力将决定Johnson & Johnson 是否能长期加强其资产负债表。 因此,如果您关注未来,可以查看显示分析师利润预测的免费报告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, Johnson & Johnson 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.
最后,一家公司只能用现金而不是会计利润偿还债务。 因此,我们始终检查EBIt中有多少被转化为自由现金流。 在过去三年中,Johnson & Johnson 记录的自由现金流价值为其EBIt的77%,这在正常范围内,因为自由现金流不包括利息和税金。 这笔冷硬现金意味着它可以在希望时减少债务。
Our View
我们的观点
Happily, Johnson & Johnson's impressive interest cover implies it has the upper hand on its debt. And that's just the beginning of the good news since its conversion of EBIT to free cash flow is also very heartening. Zooming out, Johnson & Johnson seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 1 warning sign for Johnson & Johnson that you should be aware of.
庆幸的是,强生公司出色的利息覆盖率意味着它在债务上具有优势。 而这只是好消息的开始,因为它的税息前息税利润转换为自由现金流也令人鼓舞。 从更大的层面来看,强生公司似乎相当合理地利用债务; 这也得到了我们的认可。 毕竟,合理的杠杆可以提高股东回报率。 毫无疑问,我们对债务的了解大部分来源于资产负债表。 但是,并不是所有的投资风险都在资产负债表内部,远非如此。 例如,我们已经发现了强生公司的一个警示信号,你应该知道。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。
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