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Here's Why Tyson Foods (NYSE:TSN) Has A Meaningful Debt Burden

Here's Why Tyson Foods (NYSE:TSN) Has A Meaningful Debt Burden

以下是为什么泰森食品(纽交所:TSN)拥有重要债务负担的原因
Simply Wall St ·  09/21 09:12

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says '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. We note that Tyson Foods, Inc. (NYSE:TSN) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?

伯克希尔哈撒韦的查理·芒格支持的外部基金经理李录在谈到“最大的投资风险不是价格波动,而是资本是否会遭受永久性损失”时毫不隐瞒。因此,聪明的资金知道,债务(通常涉及破产)在评估公司风险时是一个非常重要的因素。我们注意到泰森食品公司(纽交所:TSN)的资产负债表上确实有债务。但更重要的问题是:这笔债务造成了多大的风险呢?

Why Does Debt Bring Risk?

为什么债务会带来风险?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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. When we think about a company's use of debt, we first look at cash and debt together.

债务在企业遇到偿付困难时能够提供帮助,直到企业通过新资本或自由现金流弥补偿付困难。在最坏的情况下,如果公司无法偿还债权人的债务,将会破产。然而,在更常见(但仍然痛苦)的情况下,公司必须以低价筹集新的股权资本,从而永久性稀释股东权益。不过,通过替代稀释,债务可以成为那些需要资本投资高回报增长的企业的极好工具。当我们考虑一个公司使用债务的时候,我们会首先考虑现金和债务的总和。

How Much Debt Does Tyson Foods Carry?

泰森食品承载多少债务?

As you can see below, at the end of June 2024, Tyson Foods had US$11.0b of debt, up from US$9.32b a year ago. Click the image for more detail. However, because it has a cash reserve of US$2.58b, its net debt is less, at about US$8.44b.

如下所示,在2024年6月底,泰森食品的债务为110亿美元,高于一年前的93.2亿美元。点击图像以获取更多详细信息。然而,由于其现金储备为25.8亿美元,其净债务较少,约为84.4亿美元。

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NYSE:TSN Debt to Equity History September 21st 2024
纽交所:TSN货币资金负债比历史数据2024年9月21日

How Healthy Is Tyson Foods' Balance Sheet?

泰森食品的资产负债表健康状况如何?

Zooming in on the latest balance sheet data, we can see that Tyson Foods had liabilities of US$5.81b due within 12 months and liabilities of US$13.7b due beyond that. Offsetting these obligations, it had cash of US$2.58b as well as receivables valued at US$2.39b due within 12 months. So it has liabilities totalling US$14.6b more than its cash and near-term receivables, combined.

仔细观察最新的资产负债表数据,我们可以看到泰森食品的短期债务为58.1亿美元,超过12个月到期的债务为137亿美元。与此同时,它拥有25.8亿美元的现金和23.9亿美元的应收账款,其中12个月内到期。因此,其债务总额超过现金和短期应收账款的总和为146亿美元。

This is a mountain of leverage even relative to its gargantuan market capitalization of US$21.9b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.

即使相对于其巨大的市值219亿美元而言,这仍然是一座债务之山。这意味着如果公司需要迅速补充资产负债表,股东的份额将被大大稀释。

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). 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).

我们通过查看净债务与利息、税、折旧和摊销前收益(EBITDA)之比以及计算其利息支出由收益前利息和税(EBIT)覆盖的程度来度量一家公司的债务负载相对于其收益能力的程度。此方法的优点在于我们同时考虑了债务的绝对量(以净债务为EBITDA)以及与该债务相关的实际利息支出(以其利息覆盖倍数计算)。

Tyson Foods has a debt to EBITDA ratio of 3.3 and its EBIT covered its interest expense 2.9 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Worse, Tyson Foods's EBIT was down 30% over the last year. If earnings keep going like that over the long term, it has a snowball's chance in hell of paying off that debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Tyson Foods's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

泰森食品的债务与息税折旧摊销前利润(EBITDA)比率为3.3,其EBIT能覆盖利息支出的2.9倍。这表明尽管债务水平相当高,但我们并不认为其存在问题。更糟糕的是,泰森食品的EBIT在过去一年下降了30%。如果长期利润继续如此下滑,它几乎没有可能偿还那笔债务。毫无疑问,我们从资产负债表上了解到债务的情况最多。但是,未来的收益,而不仅仅是任何事情,都将决定泰森食品维持健康资产负债表的能力。因此,如果您想知道专业人士的看法,您可能会发现关于分析师利润预测的免费报告是有趣的。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Looking at the most recent three years, Tyson Foods recorded free cash flow of 31% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.

但是,我们最后的考虑也很重要,因为一家公司不能以虚假利润支付债务,而需要真金白银。因此,逻辑上的下一步是看看EBIT的比例与实际自由现金流的匹配程度。在最近的三年中,泰森食品的自由现金流占其EBIT的31%,这比我们预期的要弱。这种较弱的现金转换使得应对负债更加困难。

Our View

我们的观点

We'd go so far as to say Tyson Foods's EBIT growth rate was disappointing. And even its level of total liabilities fails to inspire much confidence. Overall, it seems to us that Tyson Foods's balance sheet is really quite a risk to the business. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. 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. For instance, we've identified 2 warning signs for Tyson Foods (1 can't be ignored) you should be aware of.

我们甚至可以说, 泰森食品的税息折旧摊销前利润增长率令人失望. 甚至其总负债水平也无法激发太多的信心. 总体而言, 对我们来说, 泰森食品的资产负债表对业务确实是一个相当大的风险.所以,我们对这只股票的戒心几乎与一只饥饿的小猫担心掉到主人的鱼塘里一样: 吃一次亏, 两次踹青蛙,人们说. 分析债务水平时, 资产负债表是明显的起点. 但并非所有的投资风险都存在于资产负债表中-远非如此. 例如,我们已经识别出泰森食品的2个警告信号(1个不容忽视) 你应该意识到.

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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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