share_log

Does AdaptHealth (NASDAQ:AHCO) Have A Healthy Balance Sheet?

Does AdaptHealth (NASDAQ:AHCO) Have A Healthy Balance Sheet?

AdaptHealth(納斯達克:AHCO)擁有健康的資產負債表嗎?
Simply Wall St ·  2024/12/17 22:54

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies AdaptHealth Corp. (NASDAQ:AHCO) makes use of debt. But should shareholders be worried about its use of debt?

禾倫·巴菲特曾 famously 說過,「波動性與風險並不完全相同。」當我們考慮一家公司風險有多大時,我們總是喜歡查看其債務使用情況,因爲債務過重可能導致破產。與許多其他公司一樣,AdaptHealth CORP(納斯達克:AHCO)也在使用債務。但是,股東應該對其債務使用情況感到擔憂嗎?

When Is Debt A Problem?

何時債務成爲問題?

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. 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. The first step when considering a company's debt levels is to consider its cash and debt together.

債務在企業遇到困難還款時會幫助企業,或者通過新資本或自由現金流進行還款。在最壞的情況下,如果公司無法償還債權人,它可能會破產。雖然這種情況並不常見,但我們經常看到債務公司永久性稀釋股東,因爲貸方迫使他們以低價增資。然而,通過替代稀釋,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。考慮一家公司債務水平的第一步是將其現金與債務一起考慮。

What Is AdaptHealth's Net Debt?

AdaptHealth 的淨債務是多少?

You can click the graphic below for the historical numbers, but it shows that AdaptHealth had US$2.03b of debt in September 2024, down from US$2.17b, one year before. However, it also had US$102.3m in cash, and so its net debt is US$1.93b.

您可以點擊下面的圖形查看歷史數據,但顯示 AdaptHealth 在 2024 年 9 月的債務爲 20.3億美元,相較於一年前的 21.7億美元有所下降。然而,它還有 10230萬美元的現金,因此其淨債務爲 19.3億美元。

big
NasdaqCM:AHCO Debt to Equity History December 17th 2024
納斯達克CM:AHCO 債務與股本歷史 2024年12月17日

How Healthy Is AdaptHealth's Balance Sheet?

AdaptHealth的資產負債表有多健康?

According to the last reported balance sheet, AdaptHealth had liabilities of US$553.0m due within 12 months, and liabilities of US$2.39b due beyond 12 months. On the other hand, it had cash of US$102.3m and US$401.2m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$2.44b.

根據最新的資產負債表,AdaptHealth在12個月內有US$55300萬的負債,12個月以後則有US$23.9億的負債。另一方面,它的現金爲US$10230萬,且一年內到期的應收賬款價值爲US$40120萬。因此,它的負債比現金和(短期)應收賬款的總和多出US$24.4億。

This deficit casts a shadow over the US$1.26b company, like a colossus towering over mere mortals. So we definitely think shareholders need to watch this one closely. At the end of the day, AdaptHealth would probably need a major re-capitalization if its creditors were to demand repayment.

這一赤字在US$12.6億的公司上投下陰影,猶如一個巨人高聳在凡人之上。因此,我們確實認爲股東需要密切關注這一點。最終,如果債權人要求還款,AdaptHealth可能需要進行大規模的資本重組。

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).

我們通過查看公司的淨債務與息稅折舊攤銷前利潤(EBITDA)的比率,以及計算息稅前利潤(EBIT)覆蓋利息費用的能力(利息保障率),來衡量公司的債務負擔相對於其盈利能力的情況。這種方法的優勢在於,我們同時考慮了債務的絕對量(通過淨債務與EBITDA的比率)和與該債務相關的實際利息費用(通過其利息保障率)。

While we wouldn't worry about AdaptHealth's net debt to EBITDA ratio of 2.9, we think its super-low interest cover of 2.3 times is a sign of high leverage. It seems that the business incurs large depreciation and amortisation charges, so maybe its debt load is heavier than it would first appear, since EBITDA is arguably a generous measure of earnings. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. The good news is that AdaptHealth grew its EBIT a smooth 55% over the last twelve months. Like the milk of human kindness that sort of growth increases resilience, making the company more capable of managing debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if AdaptHealth 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.

雖然我們不會擔心AdaptHealth的淨債務與EBITDA的比率爲2.9,但我們認爲其僅爲2.3的利息覆蓋率是高槓杆的一個標誌。似乎該業務產生了大量的折舊和攤銷費用,因此它的債務負擔可能比表面上看起來的要重,因爲EBITDA可以說是一個慷慨的收益衡量標準。顯然,借款成本正在最近對股東的回報產生負面影響。好消息是,AdaptHealth在過去的十二個月中EBIT增長了55%。這種增長就像人類的善良之乳,增強了韌性,使公司更能管理債務。分析債務水平時,資產負債表顯然是一個明顯的起點。但最終,業務的未來盈利能力將決定AdaptHealth是否能夠隨着時間的推移增強其資產負債表。因此,如果你關注未來,可以查看這份免費的報告,了解分析師的盈利預測。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Looking at the most recent three years, AdaptHealth recorded free cash flow of 43% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.

最終,一家公司只能用冷硬現金來償還債務,而不是會計利潤。因此,我們顯然需要查看EBIT是否能夠帶來相應的自由現金流。從最近三年的數據來看,AdaptHealth的自由現金流爲其EBIT的43%,這低於我們的預期。在償還債務方面,這並不理想。

Our View

我們的觀點

We'd go so far as to say AdaptHealth's level of total liabilities was disappointing. But at least it's pretty decent at growing its EBIT; that's encouraging. We should also note that Healthcare industry companies like AdaptHealth commonly do use debt without problems. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making AdaptHealth stock a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 1 warning sign with AdaptHealth , and understanding them should be part of your investment process.

我們甚至可以說,AdaptHealth的總負債水平令人失望。但至少它在增長EBIT方面表現相當不錯,這讓人鼓舞。我們還應該注意到,像AdaptHealth這樣的醫療行業公司通常會使用債務而沒有問題。考慮到資產負債表並考慮所有這些因素,我們確實認爲債務使AdaptHealth的股票有點風險。這不一定是壞事,但我們通常會對較少的槓桿感到更安心。毫無疑問,我們從資產負債表中了解債務的最多信息。但最終,每家公司都可能存在資產負債表之外的風險。我們已經識別出與AdaptHealth有關的一個警告信號,了解它們應該是你投資過程的一部分。

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.

無論最終結果如何,有時候更容易關注那些根本不需要債務的公司。讀者可以立即免費獲取一份淨債務爲零的成長股列表。

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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
    搶先評論