Lockheed Martin (NYSE:LMT) Seems To Use Debt Quite Sensibly
Lockheed Martin (NYSE:LMT) Seems To Use Debt Quite Sensibly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Lockheed Martin Corporation (NYSE:LMT) does carry debt. But should shareholders be worried about its use of debt?
傳奇基金經理李露(由查理·芒格支持)曾經說過:「最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。」因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。重要的是,洛克希德·馬丁公司(紐約證券交易所代碼:LMT)確實有債務。但是,股東是否應該擔心其債務的使用?
When Is Debt Dangerous?
債務何時危險?
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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.
債務是幫助企業增長的工具,但是如果企業無法還清貸款人的債務,那麼債務就任其擺佈。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。但是,通過取代稀釋,對於需要資本以高回報率投資增長的企業來說,債務可以成爲一個非常好的工具。在考慮企業使用多少債務時,要做的第一件事是同時考慮其現金和債務。
How Much Debt Does Lockheed Martin Carry?
洛克希德·馬丁公司揹負了多少債務?
The image below, which you can click on for greater detail, shows that at June 2024 Lockheed Martin had debt of US$19.3b, up from US$17.5b in one year. However, it does have US$2.52b in cash offsetting this, leading to net debt of about US$16.7b.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年6月,洛克希德·馬丁公司的債務爲193億美元,高於一年的175億美元。但是,它確實有25.2億美元的現金抵消了這一點,淨負債約爲167億美元。
![1724852931430](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240828/43011033-0-17fa755f98795432778b9b74c67b9fd3.webp/bigjpg)
How Strong Is Lockheed Martin's Balance Sheet?
洛克希德·馬丁公司的資產負債表有多強?
The latest balance sheet data shows that Lockheed Martin had liabilities of US$18.5b due within a year, and liabilities of US$30.4b falling due after that. Offsetting these obligations, it had cash of US$2.52b as well as receivables valued at US$16.8b due within 12 months. So it has liabilities totalling US$29.5b more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,洛克希德·馬丁公司的負債爲185億美元,此後到期的負債爲304億美元。除這些債務外,它有25.2億美元的現金以及價值168億美元的應收賬款將在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出295億美元。
This deficit isn't so bad because Lockheed Martin is worth a massive US$133.0b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
這種赤字還不錯,因爲洛克希德·馬丁公司的市值高達1330億美元,因此,如果有需要,可能會籌集足夠的資金來支撐其資產負債表。但很明顯,我們一定要仔細研究它能否在不稀釋的情況下管理債務。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我們通過以下方法來衡量公司的債務負擔與其盈利能力:將其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),並計算其利息和稅前收益(EBIT)支付利息支出(利息保障)的難易程度。因此,我們將債務與收益的關係考慮在內,包括和不包括折舊和攤銷費用。
With a debt to EBITDA ratio of 1.6, Lockheed Martin uses debt artfully but responsibly. And the fact that its trailing twelve months of EBIT was 8.9 times its interest expenses harmonizes with that theme. On the other hand, Lockheed Martin saw its EBIT drop by 2.3% in the last twelve months. That sort of decline, if sustained, will obviously make debt harder to handle. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Lockheed Martin 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.
洛克希德·馬丁公司的債務與息稅折舊攤銷前利潤比率爲1.6,巧妙但負責任地使用債務。而且,其過去十二個月的息稅前利潤是其利息支出的8.9倍,這一事實與這一主題一致。另一方面,洛克希德·馬丁公司的息稅前利潤在過去十二個月中下降了2.3%。這種下降如果持續下去,顯然會使債務更難處理。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但最終,該業務的未來盈利能力將決定洛克希德·馬丁公司能否隨着時間的推移加強其資產負債表。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
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, Lockheed Martin recorded free cash flow worth a fulsome 85% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。因此,我們顯然需要研究該息稅前利潤是否會帶來相應的自由現金流。在過去的三年中,洛克希德·馬丁公司記錄的自由現金流相當於其息稅前利潤的85%,比我們通常預期的要強。這使其在償還債務方面處於非常有利的地位。
Our View
我們的觀點
Happily, Lockheed Martin's impressive conversion of EBIT to free cash flow implies it has the upper hand on its debt. But, on a more sombre note, we are a little concerned by its EBIT growth rate. All these things considered, it appears that Lockheed Martin can comfortably handle its current debt levels. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. 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. Be aware that Lockheed Martin is showing 2 warning signs in our investment analysis , you should know about...
令人高興的是,洛克希德·馬丁公司令人印象深刻地將息稅前利潤轉換爲自由現金流,這意味着它在債務方面佔了上風。但是,更悲觀的是,我們對它的息稅前利潤增長率有點擔憂。考慮到所有這些因素,洛克希德·馬丁公司似乎可以輕鬆應對其目前的債務水平。當然,儘管這種槓桿可以提高股本回報率,但它確實帶來了更多的風險,因此值得關注。在分析債務水平時,資產負債表是顯而易見的起點。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。請注意,洛克希德·馬丁公司在我們的投資分析中顯示了兩個警告信號,你應該知道...
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.
畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。