share_log

These 4 Measures Indicate That AMN Healthcare Services (NYSE:AMN) Is Using Debt Extensively

These 4 Measures Indicate That AMN Healthcare Services (NYSE:AMN) Is Using Debt Extensively

这4项指标表明AMN医疗保健服务(纽约证券交易所代码:AMN)正在广泛使用债务
Simply Wall St ·  05/22 23:11

Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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 can see that AMN Healthcare Services, Inc. (NYSE:AMN) does use debt in its business. But is this debt a concern to shareholders?

传奇基金经理李露(由查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们可以看到,AMN医疗服务公司(纽约证券交易所代码:AMN)确实在其业务中使用了债务。但是这笔债务是股东关心的问题吗?

Why Does Debt Bring Risk?

为什么债务会带来风险?

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.

一般而言,只有当公司无法通过筹集资金或用自己的现金流轻松还清债务时,债务才会成为真正的问题。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,更频繁(但仍然昂贵)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。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。

How Much Debt Does AMN Healthcare Services Carry?

AMN 医疗保健服务背负了多少债务?

As you can see below, at the end of March 2024, AMN Healthcare Services had US$1.27b of debt, up from US$983.8m a year ago. Click the image for more detail. However, it does have US$50.6m in cash offsetting this, leading to net debt of about US$1.22b.

如下所示,截至2024年3月底,AMN医疗保健服务的债务为12.7亿美元,高于去年同期的9.838亿美元。点击图片查看更多细节。但是,它确实有5,060万美元的现金抵消了这一点,净负债约为12.2亿美元。

debt-equity-history-analysis
NYSE:AMN Debt to Equity History May 22nd 2024
纽约证券交易所:AMN 债务与股本比率历史记录 2024 年 5 月 22 日

A Look At AMN Healthcare Services' Liabilities

看看 AMN 医疗保健服务的负债

According to the last reported balance sheet, AMN Healthcare Services had liabilities of US$623.9m due within 12 months, and liabilities of US$1.40b due beyond 12 months. On the other hand, it had cash of US$50.6m and US$676.2m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.29b.

根据上次报告的资产负债表,AMN Healthcare Services的负债为6.239亿美元,12个月后到期的负债为14.0亿美元。另一方面,它有5,060万美元的现金和价值6.762亿美元的应收账款将在一年内到期。因此,其负债超过其现金和(短期)应收账款总额12.9亿美元。

This deficit isn't so bad because AMN Healthcare Services is worth US$2.27b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.

这种赤字还不错,因为AMN Healthcare Services的价值为22.7亿美元,因此,如果有需要,可能会筹集足够的资金来支撑其资产负债表。但是,我们绝对希望留意其债务带来过大风险的迹象。

In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

为了扩大公司相对于收益的负债规模,我们计算其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),将其利息和税前收益(EBIT)除以利息支出(利息保障)。因此,我们将债务与收益的关系考虑在内,包括和不包括折旧和摊销费用。

AMN Healthcare Services's debt is 2.9 times its EBITDA, and its EBIT cover its interest expense 4.2 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Worse, AMN Healthcare Services's EBIT was down 55% 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 AMN Healthcare Services'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.

AMN Healthcare Services的债务是其息税折旧摊销前利润的2.9倍,其息税前利润是其利息支出的4.2倍。这表明,尽管债务水平很高,但我们不会称其为有问题。更糟糕的是,AMN医疗服务的息税前利润比去年下降了55%。如果收益长期保持这样的水平,那么偿还债务的可能性很小。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,未来的收益将决定AMN Healthcare Services未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, AMN Healthcare Services recorded free cash flow worth a fulsome 81% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.

但是我们最终的考虑因素也很重要,因为公司无法用纸面利润来偿还债务;它需要冷硬现金。因此,值得检查一下息税前利润中有多少是由自由现金流支持的。在过去三年中,AMN Healthcare Services记录的自由现金流相当于其息税前利润的81%,比我们通常预期的要强。这使其在偿还债务方面处于非常有利的地位。

Our View

我们的观点

AMN Healthcare Services's EBIT growth rate and net debt to EBITDA definitely weigh on it, in our esteem. But the good news is it seems to be able to convert EBIT to free cash flow with ease. We should also note that Healthcare industry companies like AMN Healthcare Services commonly do use debt without problems. Looking at all the angles mentioned above, it does seem to us that AMN Healthcare Services is a somewhat risky investment as a result of its debt. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. 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. For example, we've discovered 2 warning signs for AMN Healthcare Services that you should be aware of before investing here.

在我们看来,AMN Healthcare Services的息税前利润增长率和净负债占息税折旧摊销前利润的比率无疑给它带来但好消息是,它似乎能够轻松地将息税前利润转换为自由现金流。我们还应该注意,像AMN Healthcare Services这样的医疗保健行业公司通常会毫无问题地使用债务。从上面提到的所有角度来看,在我们看来,由于其债务,AMN Healthcare Services确实是一项风险较大的投资。并非所有风险都是坏的,因为如果得到回报,它可以提高股价回报,但是这种债务风险值得牢记。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。但归根结底,每家公司都可以控制资产负债表之外存在的风险。例如,我们发现了AMN医疗保健服务的两个警告信号,在投资之前,您应该注意这些信号。

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.

当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。

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?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。

译文内容由第三方软件翻译。


以上内容仅用作资讯或教育之目的,不构成与富途相关的任何投资建议。富途竭力但不能保证上述全部内容的真实性、准确性和原创性。
    抢沙发