share_log

Is Ardelyx (NASDAQ:ARDX) Using Debt Sensibly?

Is Ardelyx (NASDAQ:ARDX) Using Debt Sensibly?

ardelyx (纳斯达克:ARDX) 是否明智地使用债务?
Simply Wall St ·  10/01 09:41

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 can see that Ardelyx, Inc. (NASDAQ:ARDX) does use debt in its business. But should shareholders be worried about its use of debt?

霍华德·马克斯说得好,他说的不是担心股价的波动,而是 “永久损失的可能性是我担心的风险... 也是我认识的每位实际投资者所担心的风险。”当我们考虑一家公司的风险时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们可以看到,Ardelyx公司(纳斯达克股票代码:ARDX)确实在其业务中使用了债务。但是,股东是否应该担心其债务的使用?

When Is Debt Dangerous?

债务何时危险?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.

当企业无法通过自由现金流或以诱人的价格筹集资金来轻松履行这些义务时,债务和其他负债就会成为风险。最终,如果公司无法履行偿还债务的法律义务,股东可能会一无所获。但是,更常见(但仍然昂贵)的情况是,公司为了控制债务,必须以低廉的股价稀释股东。当然,许多公司使用债务为增长提供资金,而不会产生任何负面影响。考虑公司的债务水平的第一步是同时考虑其现金和债务。

What Is Ardelyx's Debt?

什么是 Ardelyx 的债务?

You can click the graphic below for the historical numbers, but it shows that as of June 2024 Ardelyx had US$123.4m of debt, an increase on US$40.2m, over one year. However, its balance sheet shows it holds US$186.0m in cash, so it actually has US$62.6m net cash.

你可以点击下图查看历史数字,但它显示,截至2024年6月,Ardelyx在一年内有1.234亿美元的债务,比4,020万美元有所增加。但是,其资产负债表显示其持有1.86亿美元的现金,因此实际上拥有6,260万美元的净现金。

big
NasdaqGM:ARDX Debt to Equity History October 1st 2024
NasdaqGM: ARDX 债券与股本的比率历史记录 2024 年 10 月 1 日

How Strong Is Ardelyx's Balance Sheet?

Ardelyx 的资产负债表有多强?

Zooming in on the latest balance sheet data, we can see that Ardelyx had liabilities of US$62.4m due within 12 months and liabilities of US$134.1m due beyond that. Offsetting these obligations, it had cash of US$186.0m as well as receivables valued at US$37.2m due within 12 months. So it actually has US$26.7m more liquid assets than total liabilities.

放大最新的资产负债表数据,我们可以看到,Ardelyx在12个月内到期的负债为6,240万美元,之后到期的负债为1.341亿美元。除这些债务外,它有1.86亿美元的现金以及价值3720万美元的应收账款在12个月内到期。因此,它的流动资产实际上比总负债多2670万美元。

Having regard to Ardelyx's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the US$1.57b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Ardelyx boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Ardelyx 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.

考虑到Ardelyx的规模,其流动资产与总负债似乎保持了良好的平衡。因此,尽管很难想象这家价值15.7亿美元的公司正在为现金而苦苦挣扎,但我们仍然认为值得监控其资产负债表。简而言之,Ardelyx拥有净现金,因此可以公平地说,它没有沉重的债务负担!资产负债表显然是分析债务时需要关注的领域。但最终,该业务的未来盈利能力将决定Ardelyx能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。

Over 12 months, Ardelyx reported revenue of US$210m, which is a gain of 153%, although it did not report any earnings before interest and tax. So its pretty obvious shareholders are hoping for more growth!

在过去的12个月中,Ardelyx公布的收入为2.1亿美元,增长了153%,尽管它没有报告任何利息和税前收益。因此,很明显,股东们希望获得更多的增长!

So How Risky Is Ardelyx?

那么 Ardelyx 的风险有多大?

Statistically speaking companies that lose money are riskier than those that make money. And the fact is that over the last twelve months Ardelyx lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of US$86m and booked a US$65m accounting loss. However, it has net cash of US$62.6m, so it has a bit of time before it will need more capital. Importantly, Ardelyx's revenue growth is hot to trot. While unprofitable companies can be risky, they can also grow hard and fast in those pre-profit years. 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 3 warning signs for Ardelyx you should be aware of.

从统计学上讲,亏损的公司比赚钱的公司风险更大。事实是,在过去的十二个月中,Ardelyx的利息和税前收益(EBIT)额度出现了亏损。同期,它的自由现金流出为负8600万美元,会计亏损为6500万美元。但是,它的净现金为6,260万美元,因此在需要更多资金之前还有一段时间。重要的是,Ardelyx的收入增长势头强劲。尽管无利可图的公司可能存在风险,但它们也可能在盈利前的年份中艰难而快速地发展。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,并非所有的投资风险都存在于资产负债表中,远非如此。一个很好的例子:我们发现了你应该注意的3个Ardelyx警告信号。

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,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

对这篇文章有反馈吗?对内容感到担忧吗?请直接联系我们。或者,也可以发送电子邮件至编辑团队 (at) simplywallst.com。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发