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Here's Why Becton Dickinson (NYSE:BDX) Can Manage Its Debt Responsibly

Here's Why Becton Dickinson (NYSE:BDX) Can Manage Its Debt Responsibly

這就是爲什麼貝克頓·狄金森(紐約證券交易所代碼:BDX)可以負責任地管理其債務
Simply Wall St ·  05/21 22:49

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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Becton, Dickinson and Company (NYSE:BDX) does carry debt. But should shareholders be worried about its use of debt?

霍華德·馬克斯說得好,他說的不是擔心股價的波動,而是 “永久損失的可能性是我擔心的風險... 也是我認識的每位實際投資者所擔心的風險。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。重要的是,Becton、Dickinson and Company(紐約證券交易所代碼:BDX)確實有債務。但是,股東是否應該擔心其債務的使用?

When Is Debt A Problem?

債務何時會成爲問題?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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.

債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更頻繁(但仍然昂貴)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。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。

How Much Debt Does Becton Dickinson Carry?

貝克頓·狄金森揹負了多少債務?

The chart below, which you can click on for greater detail, shows that Becton Dickinson had US$18.0b in debt in March 2024; about the same as the year before. On the flip side, it has US$3.18b in cash leading to net debt of about US$14.8b.

您可以點擊下圖查看更多詳情,該圖表顯示,貝克頓·狄金森在2024年3月的債務爲180億美元;與前一年大致相同。另一方面,它擁有31.8億美元的現金,淨負債約爲148億美元。

debt-equity-history-analysis
NYSE:BDX Debt to Equity History May 21st 2024
紐約證券交易所:BDX 債務與股本比率歷史記錄 2024 年 5 月 21 日

How Strong Is Becton Dickinson's Balance Sheet?

貝克頓·狄金森的資產負債表有多強?

According to the last reported balance sheet, Becton Dickinson had liabilities of US$7.33b due within 12 months, and liabilities of US$21.2b due beyond 12 months. Offsetting these obligations, it had cash of US$3.18b as well as receivables valued at US$2.56b due within 12 months. So it has liabilities totalling US$22.8b more than its cash and near-term receivables, combined.

根據上次報告的資產負債表,貝克頓·狄金森的負債爲73.3億美元,12個月後到期的負債爲212億美元。除這些債務外,它有31.8億美元的現金以及價值25.6億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高出228億美元。

While this might seem like a lot, it is not so bad since Becton Dickinson has a huge market capitalization of US$68.3b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.

儘管這可能看起來很多,但還不錯,因爲貝克頓·狄金森市值高達683億美元,因此如果需要,它可能會通過籌集資金來加強資產負債表。但是,我們絕對希望留意其債務帶來過大風險的跡象。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

我們通過以下方法來衡量公司的債務負擔與其盈利能力:將其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),並計算其利息和稅前收益(EBIT)支付利息支出(利息保障)的難易程度。這樣,我們既考慮債務的絕對數量,也考慮爲債務支付的利率。

Becton Dickinson has net debt to EBITDA of 2.9 suggesting it uses a fair bit of leverage to boost returns. On the plus side, its EBIT was 7.4 times its interest expense, and its net debt to EBITDA, was quite high, at 2.9. We saw Becton Dickinson grow its EBIT by 9.4% in the last twelve months. That's far from incredible but it is a good thing, when it comes to paying off debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Becton Dickinson's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

貝克頓·狄金森的淨負債佔息稅折舊攤銷前利潤爲2.9,這表明它使用了相當多的槓桿率來提高回報。從好的方面來看,其息稅前利潤是利息支出的7.4倍,其淨負債佔息稅折舊攤銷前利潤的比例相當高,爲2.9倍。在過去的十二個月中,我們看到貝克頓·狄金森的息稅前利潤增長了9.4%。這遠非不可思議,但在還清債務方面,這是一件好事。在分析債務水平時,資產負債表是顯而易見的起點。但是,未來的收益比什麼都更能決定貝克頓·狄金森未來維持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Becton Dickinson produced sturdy free cash flow equating to 78% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。因此,我們總是檢查息稅前利潤中有多少轉化爲自由現金流。在過去的三年中,貝克頓·狄金森產生了穩健的自由現金流,相當於其息稅前利潤的78%,與我們的預期差不多。這種冷硬現金意味着它可以在需要時減少債務。

Our View

我們的觀點

Becton Dickinson's conversion of EBIT to free cash flow suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But, on a more sombre note, we are a little concerned by its net debt to EBITDA. We would also note that Medical Equipment industry companies like Becton Dickinson commonly do use debt without problems. When we consider the range of factors above, it looks like Becton Dickinson is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 3 warning signs with Becton Dickinson , and understanding them should be part of your investment process.

貝克頓·狄金森將息稅前利潤轉換爲自由現金流,這表明它可以像克里斯蒂亞諾·羅納爾多在對陣14歲以下的守門員的比賽中進球一樣輕鬆地處理債務。但是,更悲觀的是,我們對其淨負債佔息稅折舊攤銷前利潤的比例有些擔憂。我們還要指出,像貝克頓·狄金森這樣的醫療設備行業公司通常會毫無問題地使用債務。當我們考慮上述一系列因素時,看來貝克頓·狄金森使用債務是相當明智的。儘管這帶來了一些風險,但也可以提高股東的回報。資產負債表顯然是分析債務時需要關注的領域。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。我們已經向貝克頓·狄金森確定了三個警告信號,了解它們應該是您投資過程的一部分。

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.

畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。

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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