Kadant (NYSE:KAI) Seems To Use Debt Quite Sensibly
Kadant (NYSE:KAI) Seems To Use Debt Quite Sensibly
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.' 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 Kadant Inc. (NYSE:KAI) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
大衛伊本說得很好,他說過:「波動性不是我們關心的風險。我們關心的是避免永久性的資本損失。」當我們考慮一個公司有多大風險時,我們總是喜歡看它的債務使用情況,因爲債務過載可能導致毀滅。我們注意到凱登紙業(紐交所:KAI)的資產負債表上確實有債務。但真正的問題是,這些債務是否會讓公司變得冒險。
When Is Debt Dangerous?
債務何時有危險?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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. When we examine debt levels, we first consider both cash and debt levels, together.
一般來說,當企業無法輕易地通過籌集資本或自身現金流償還債務時,債務才會成爲真正的問題。最終,如果企業無法履行償還債務的法律義務,股東可能什麼也得不到。雖然這種情況並不太常見,但我們經常看到高負債的公司永久性地稀釋股東權益,因爲債權人迫使它們以低價 raised capital。不過,通過取代稀釋,債務可以成爲需要資本以高回報率投資於增長的企業的極好工具。在審查債務水平時,我們首先考慮現金和債務水平兩者之間的關係。
What Is Kadant's Debt?
Kadant的債務是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2024 Kadant had US$343.3m of debt, an increase on US$155.1m, over one year. However, it also had US$73.8m in cash, and so its net debt is US$269.5m.
您可以點擊下面的圖表查看歷史數據,但它顯示,截至2024年6月,凱登紙業的債務爲34330萬美元,比去年增加了15510萬美元。然而,它也有7380萬美元的現金,因此淨債務爲26950萬美元。
![1725016286203](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240830/43123324-0-1162c4f7ad14a564bc5aa039e1b19ee7.webp/bigjpg)
How Strong Is Kadant's Balance Sheet?
Kadant的資產負債表有多強?
The latest balance sheet data shows that Kadant had liabilities of US$202.0m due within a year, and liabilities of US$435.7m falling due after that. Offsetting this, it had US$73.8m in cash and US$164.8m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$399.0m.
最新的資產負債表數據顯示,凱登紙業的短期負債爲2,0200萬美元,逾期負債爲4,3570萬美元。同時,該公司有7,380萬美元現金和16,480萬美元應於12個月內收回的應收賬款。因此,凱登紙業的負債超過現金和(即將到期的)應收賬款的總和39,900萬美元。
Of course, Kadant has a market capitalization of US$3.74b, 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.
當然,凱登紙業的市場資本化爲37.4億美元,所以這些負債可能是可以應對的。然而,我們認爲值得關注其資產負債表強度,因爲它可能隨時間變化。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我們通過將公司的淨債務與其息稅折舊攤銷前利潤(EBITDA)相除,並計算其息稅前利潤(EBIT)如何覆蓋其利息費用(利息覆蓋率)來衡量公司的債務負擔相對於其盈利能力。因此,我們同時考慮債務的絕對數量以及所支付的利率。
Kadant's net debt is only 1.2 times its EBITDA. And its EBIT covers its interest expense a whopping 15.2 times over. So we're pretty relaxed about its super-conservative use of debt. The good news is that Kadant has increased its EBIT by 8.0% over twelve months, which should ease any concerns about debt repayment. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Kadant 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.
凱登紙業的淨債務僅爲EBITDA的1.2倍。其EBIt對其利息支出有15.2倍的覆蓋率。所以我們對其超保守的負債使用方式感到相當放心。好消息是,凱登紙業過去12個月的EBIt增長了8.0%,這應該能緩解對債務償還的擔憂。在分析債務水平時,資產負債表是最明顯的起點。但最終業務未來的盈利能力將決定凱登紙業能否隨時間加強其資產負債表。因此,如果您關注未來,可以查看這份顯示分析師利潤預測的免費報告。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Kadant produced sturdy free cash flow equating to 71% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,儘管財務利潤對稅務部門來說可能很有用,但只有真金白銀的現金才能獲得借貸者的接受。因此,值得檢查多少EBIt的支持來自自由現金流。在過去的三年中,凱登紙業產生了可靠的自由現金流,相當於其EBIt的71%,這正是我們所期望的。這筆自由現金流使該公司有能力在適當時償還債務。
Our View
我們的觀點
Happily, Kadant'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, Kadant 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. Case in point: We've spotted 1 warning sign for Kadant you should be aware of.
令人高興的是,凱登紙業令人印象深刻的利息覆蓋率意味着它在債務方面佔據了優勢。這只是好消息的開始,因爲它的經營利潤轉化爲自由現金流也令人非常欣慰。放大來講,凱登紙業在使用債務方面似乎非常合理,並且我們對此表示贊同。畢竟,明智的槓桿可以提高股本回報率。毫無疑問,我們可以從資產負債表中了解債務的大部分信息。然而,並不是所有的投資風險都存在於資產負債表中-遠非如此。例如:我們發現凱登紙業有1個警告信號,你應該注意。
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.
說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。