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Health Check: How Prudently Does MaxLinear (NASDAQ:MXL) Use Debt?

Health Check: How Prudently Does MaxLinear (NASDAQ:MXL) Use Debt?

健康檢查:MaxLinear(納斯達克股票代碼:MXL)使用債務的謹慎程度如何?
Simply Wall St ·  05/12 20:03

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. Importantly, MaxLinear, Inc. (NASDAQ:MXL) does carry debt. But the more important question is: how much risk is that debt creating?

有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。重要的是,MaxLinear, Inc.(納斯達克股票代碼:MXL)確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.

債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。考慮公司的債務水平的第一步是同時考慮其現金和債務。

What Is MaxLinear's Net Debt?

MaxLinear 的淨負債是多少?

The chart below, which you can click on for greater detail, shows that MaxLinear had US$122.5m in debt in March 2024; about the same as the year before. However, its balance sheet shows it holds US$191.9m in cash, so it actually has US$69.4m net cash.

你可以點擊下面的圖表查看更多細節,該圖表顯示,2024年3月,MaxLinear的債務爲1.225億美元;與前一年大致相同。但是,其資產負債表顯示其持有1.919億美元的現金,因此實際上擁有6,940萬美元的淨現金。

debt-equity-history-analysis
NasdaqGS:MXL Debt to Equity History May 12th 2024
NasdaqGS: MXL 債券與股本的比率歷史 2024 年 5 月 12 日

How Healthy Is MaxLinear's Balance Sheet?

MaxLinear 的資產負債表有多健康?

The latest balance sheet data shows that MaxLinear had liabilities of US$223.9m due within a year, and liabilities of US$168.8m falling due after that. Offsetting this, it had US$191.9m in cash and US$126.2m in receivables that were due within 12 months. So it has liabilities totalling US$74.5m more than its cash and near-term receivables, combined.

最新的資產負債表數據顯示,MaxLinear的負債爲2.239億美元,之後到期的負債爲1.688億美元。與此相抵消的是,它有1.919億美元的現金和1.262億美元的應收賬款將在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出7,450萬美元。

Of course, MaxLinear has a market capitalization of US$1.54b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, MaxLinear boasts net cash, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if MaxLinear 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.

當然,MaxLinear的市值爲15.4億美元,因此這些負債可能是可以控制的。話雖如此,很明顯,我們應該繼續監控其資產負債表,以免情況惡化。儘管負債值得關注,但MaxLinear擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但最終,該業務未來的盈利能力將決定MaxLinear能否隨着時間的推移加強其資產負債表。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。

In the last year MaxLinear had a loss before interest and tax, and actually shrunk its revenue by 51%, to US$540m. That makes us nervous, to say the least.

去年,MaxLinear在利息和稅前出現虧損,實際上其收入減少了51%,至5.4億美元。至少可以說,這讓我們感到緊張。

So How Risky Is MaxLinear?

那麼 MaxLinear 的風險有多大?

We have no doubt that loss making companies are, in general, riskier than profitable ones. And we do note that MaxLinear had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through US$5.5m of cash and made a loss of US$155m. With only US$69.4m on the balance sheet, it would appear that its going to need to raise capital again soon. Overall, we'd say the stock is a bit risky, and we're usually very cautious until we see positive free cash flow. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example - MaxLinear has 3 warning signs we think you should be aware of.

我們毫不懷疑,總的來說,虧損公司比盈利的公司風險更大。而且我們確實注意到,在過去的一年中,MaxLinear出現了息稅前收益(EBIT)虧損。事實上,在那段時間裏,它燒燬了550萬美元的現金,損失了1.55億美元。由於資產負債表上只有6940萬美元,看來它需要很快再次籌集資金。總的來說,我們會說這隻股票有點風險,在看到正的自由現金流之前,我們通常會非常謹慎。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如-MaxLinear 有 3 個警告標誌,我們認爲你應該注意。

At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.

歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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