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We Think U.S. Physical Therapy (NYSE:USPH) Can Manage Its Debt With Ease

We Think U.S. Physical Therapy (NYSE:USPH) Can Manage Its Debt With Ease

我们认为美国物理治疗公司(纽交所:USPH)能够轻松管理其债务
Simply Wall St ·  2024/12/12 07:46

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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies U.S. Physical Therapy, Inc. (NYSE:USPH) makes use of debt. But should shareholders be worried about its use of debt?

霍华德·马克斯很好地总结了这一点,他说,与其担心股票价格的波动,不如说“我担心的风险是永久性损失的可能性……这是我认识的每个实际投资者所担心的。” 在检查一家公司风险有多大时,考虑其资产负债表是很自然的,因为债务往往与企业倒闭有关。 像许多其他公司一样,美国物理治疗公司(NYSE:USPH)也利用了债务。 债权人的使用是否应该让股东感到担忧?

When Is Debt A Problem?

何时债务成为问题?

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. 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. 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.

债务是帮助企业增长的工具,但如果企业无法偿还债务人,那么它就处于对方的 mercy。 最终,如果公司无法履行其偿还债务的法律义务,股东可能会一无所获。 然而,更常见(但仍然昂贵)的情况是,公司不得不以低廉的股价稀释股东股份,以便控制债务。 然而,通过替代稀释,债务可以成为需要资本来高回报投资于增长的企业的极好工具。 当我们考虑一家公司的债务使用时,我们首先会将现金和债务放在一起来看。

What Is U.S. Physical Therapy's Debt?

美国物理治疗公司的债务是多少?

As you can see below, U.S. Physical Therapy had US$142.5m of debt at September 2024, down from US$149.1m a year prior. However, it also had US$118.3m in cash, and so its net debt is US$24.2m.

正如下方所示,截至2024年9月,美国物理治疗公司的债务为14250万美元,较前一年的14910万美元有所下降。 然而,它同时拥有11830万美元的现金,因此净债务为2420万美元。

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NYSE:USPH Debt to Equity History December 12th 2024
NYSE:USPH的债务与股本历史 2024年12月12日

How Strong Is U.S. Physical Therapy's Balance Sheet?

美国物理疗法的资产负债表有多强?

The latest balance sheet data shows that U.S. Physical Therapy had liabilities of US$115.3m due within a year, and liabilities of US$243.2m falling due after that. Offsetting this, it had US$118.3m in cash and US$77.1m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$163.1m.

最新的资产负债表数据显示,美国物理疗法的负债为11530万美元,需在一年内偿还,24320万美元的负债则在之后到期。相对而言,它有11830万美元的现金和7710万美元的应收款项将在12个月内到期。因此,其负债超出了现金和(短期)应收款项的总和16310万美元。

Since publicly traded U.S. Physical Therapy shares are worth a total of US$1.45b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.

由于上市交易的美国物理疗法股票总值为14.5亿美元,这样的负债水平似乎不会构成主要威胁。然而,我们确实认为,密切关注其资产负债表的强度是值得的,因为随着时间的推移,这可能会发生变化。

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。

U.S. Physical Therapy's net debt is only 0.28 times its EBITDA. And its EBIT easily covers its interest expense, being 25.1 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. While U.S. Physical Therapy doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine U.S. Physical Therapy's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

美国物理疗法的净债务仅为其EBITDA的0.28倍。其EBIT轻松覆盖了利息支出,约为25.1倍。因此你可以说它的债务不比大象对老鼠的威胁更大。虽然美国物理疗法似乎在EBIT方面没有太多增长,但至少目前收益保持稳定。当你分析债务时,显然资产负债表是关注的重点。但未来的收益,最重要的是,将判断美国物理疗法保持健康资产负债表的能力。因此,如果你关注未来,可以查看这份免费的报告,了解分析师的利润预测。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, U.S. Physical Therapy generated free cash flow amounting to a very robust 91% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.

最后,一家企业需要自由现金流来偿还债务;仅靠会计利润是行不通的。因此,我们显然需要关注EBIT是否能带来相应的自由现金流。在过去三年中,美国物理疗法产生的自由现金流占其EBIT的91%,远超我们的预期。这使其在偿还债务方面处于非常强的位置。

Our View

我们的观点

Happily, U.S. Physical Therapy'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. We would also note that Healthcare industry companies like U.S. Physical Therapy commonly do use debt without problems. Zooming out, U.S. Physical Therapy seems to use debt quite reasonably; and that gets the nod from us. While debt does bring risk, when used wisely it can also bring a higher return on equity. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 4 warning signs for U.S. Physical Therapy that you should be aware of.

令人高兴的是,美国物理疗法公司令人印象深刻的利息覆盖率意味着它在债务上占据优势。好消息的不仅仅是这一点,因为它的EBIT转化为自由现金流的表现也令人鼓舞。我们还注意到,像美国物理疗法这样的医疗行业公司通常会合理使用债务。整体来看,美国物理疗法似乎相对合理地使用债务;这得到了我们的认可。虽然债务确实带来风险,但如果明智使用,它也能带来更高的股本回报。在分析债务水平时,资产负债表显然是一个好的起点。但最终,每家公司都可能存在资产负债表外的风险。例如,我们已经识别出美国物理疗法的4个警示信号,您应该注意。

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.

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.

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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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