These 4 Measures Indicate That Ingersoll Rand (NYSE:IR) Is Using Debt Safely
These 4 Measures Indicate That Ingersoll Rand (NYSE:IR) Is Using Debt Safely
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that Ingersoll Rand Inc. (NYSE:IR) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
沃伦·巴菲特曾经说过:“波动性并不等同于风险。”因此当你考虑任何股票的风险时,需要考虑债务,因为过多的债务可能会拖垮一家公司。我们注意到英格索兰公司(纽交所:IR)确实在其资产负债表上有债务。但股东们是否应该担心其债务使用呢?
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. 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 think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业成长的一种工具,但如果一家企业无法偿还贷款,那么它就要依赖债权人的帮助。如果公司无法履行偿还债务的法律义务,股东们可能一无所有。虽然这种情况并不常见,但我们经常看到负债累累的公司因为债权人迫使他们以低价增资而永久稀释股东利益。然而,与稀释相比,债务可以成为对需要资本以高回报率投资于增长的企业非常有效的工具。当我们考虑公司的债务使用时,我们首先看现金和债务的总体情况。
How Much Debt Does Ingersoll Rand Carry?
英格索兰承载了多少债务?
The image below, which you can click on for greater detail, shows that at June 2024 Ingersoll Rand had debt of US$4.74b, up from US$2.76b in one year. However, it also had US$1.07b in cash, and so its net debt is US$3.67b.
下图(点击可放大)显示,截至2024年6月,英格索兰负债47.4亿美元,较一年前的27.6亿美元有所增加。然而,其现金为10.7亿美元,因此其净债务为36.7亿美元。
![1725044586987](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240831/43140217-0-fb619c30c0ca654cc54bc575195a4128.webp/bigjpg)
A Look At Ingersoll Rand's Liabilities
英格索兰负债情况一览
The latest balance sheet data shows that Ingersoll Rand had liabilities of US$1.76b due within a year, and liabilities of US$6.05b falling due after that. On the other hand, it had cash of US$1.07b and US$1.43b worth of receivables due within a year. So it has liabilities totalling US$5.32b more than its cash and near-term receivables, combined.
最新的资产负债表数据显示,英格索兰一年内到期的负债为十七亿六千万美元,而到期日后的负债为六十五亿美元。另一方面,它的现金为一亿零七千万美元,一年内到期的应收账款为一亿四千三百万美元。因此,其负债金额比现金和近期应收账款总和多出五亿三千二百万美元。
Of course, Ingersoll Rand has a titanic market capitalization of US$36.1b, 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,英格索兰市值为三百六十一亿美元,所以这些负债可能是能够处理的。然而,我们认为值得关注其资产负债表的强度,因为它可能随着时间的推移而变化。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我们使用两个主要的比率来告诉我们相对于收益的债务水平。第一个是净债务除以利息、税、折旧和摊销前利润(EBITDA),而第二个是其利润前利息和税(EBIT)覆盖其利息费用的次数(或其利息覆盖率,简称)。因此,我们考虑与折旧和摊销费用相关的盈利以及没有相关费用的盈利相对于债务水平。
With a debt to EBITDA ratio of 2.0, Ingersoll Rand uses debt artfully but responsibly. And the fact that its trailing twelve months of EBIT was 9.2 times its interest expenses harmonizes with that theme. Also relevant is that Ingersoll Rand has grown its EBIT by a very respectable 30% in the last year, thus enhancing its ability to pay down debt. 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 Ingersoll Rand 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.
英格索兰的债务与息税折旧及摊销前利润之比为2.0,它巧妙而负责任地利用债务。事实上,其过去十二个月的息税折旧前利润是利息费用的9.2倍,与这一主题相一致。另一个相关因素是,英格索兰在过去一年中的息税折旧前利润以非常可观的30%增长,从而增强了其偿还债务的能力。毫无疑问,我们从资产负债表中了解到的关于债务的信息最多。但最终,业务的未来盈利能力将决定英格索兰能否随着时间增强其资产负债表。因此,如果您想了解专业人士的观点,您可能会对这份有关分析师盈利预测的免费报告感兴趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Ingersoll Rand generated free cash flow amounting to a very robust 87% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
最后,企业需要有自由现金流来偿还债务;会计利润并不能解决这个问题。因此,值得检查一下这些息税折旧前利润中有多少是由自由现金流支持的。在过去三年中,英格索兰产生了可观的自由现金流,占其息税折旧前利润的百分之八十七,超出我们的预期。这使其处于非常有利的偿还债务的位置。
Our View
我们的观点
Ingersoll Rand's conversion of EBIT to free cash flow suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its EBIT growth rate also supports that impression! Looking at the bigger picture, we think Ingersoll Rand's use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. Another factor that would give us confidence in Ingersoll Rand would be if insiders have been buying shares: if you're conscious of that signal too, you can find out instantly by clicking this link.
英格索兰将EBIt转化为自由现金流,这表明它无论是像C罗一样轻松进球对阵14岁以下的门将,这样轻松地处理债务。好消息不仅止于此,其EBIt增长率也支持这种印象!从更大的角度来看,我们认为英格索兰的债务使用似乎相当合理,我们对此并不担心。毕竟,合理的杠杆可以增加股本回报。另一个让我们对英格索兰有信心的因素是内部人员是否一直在购买股票:如果您也对这一信号关注,您可以点击此链接即可了解。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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