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Is American Oncology Network (NASDAQ:AONC) Using Debt Sensibly?

Is American Oncology Network (NASDAQ:AONC) Using Debt Sensibly?

美國腫瘤網絡(納斯達克股票代碼:AONC)是否明智地使用債務?
Simply Wall St ·  05/23 03:06

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.' 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. We can see that American Oncology Network, Inc. (NASDAQ:AONC) does use debt in its business. But is this debt a concern to shareholders?

傳奇基金經理李露(由查理·芒格支持)曾經說過:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。我們可以看到,美國腫瘤網絡公司(納斯達克股票代碼:AONC)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?

When Is Debt Dangerous?

債務何時危險?

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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, 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。資本主義的組成部分是 “創造性破壞” 過程,在這種過程中,倒閉的企業被銀行家無情地清算。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。當然,債務的好處在於它通常代表廉價資本,尤其是當它以高回報率進行再投資的能力取代公司的稀釋時。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。

How Much Debt Does American Oncology Network Carry?

美國腫瘤學網絡揹負了多少債務?

The chart below, which you can click on for greater detail, shows that American Oncology Network had US$80.9m in debt in March 2024; about the same as the year before. But on the other hand it also has US$105.0m in cash, leading to a US$24.2m net cash position.

您可以點擊下圖以獲取更多詳細信息,該圖表顯示,美國腫瘤網絡在2024年3月的債務爲8,090萬美元;與前一年大致相同。但另一方面,它也有1.05億美元的現金,淨現金狀況爲2420萬美元。

debt-equity-history-analysis
NasdaqCM:AONC Debt to Equity History May 22nd 2024
納斯達克股票代碼:AONC 債權與股本比率歷史記錄 2024 年 5 月 22 日

How Strong Is American Oncology Network's Balance Sheet?

美國腫瘤網絡的資產負債表有多強?

Zooming in on the latest balance sheet data, we can see that American Oncology Network had liabilities of US$233.8m due within 12 months and liabilities of US$132.0m due beyond that. Offsetting this, it had US$105.0m in cash and US$169.6m in receivables that were due within 12 months. So its liabilities total US$91.2m more than the combination of its cash and short-term receivables.

放大最新的資產負債表數據,我們可以看到,美國腫瘤網絡在12個月內到期的負債爲2.338億美元,之後到期的負債爲1.320億美元。與此相抵消的是,它有1.050億美元的現金和1.696億美元的應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總和高出9,120萬美元。

This deficit is considerable relative to its market capitalization of US$117.6m, so it does suggest shareholders should keep an eye on American Oncology Network's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. While it does have liabilities worth noting, American Oncology Network also has more cash than debt, so we're pretty confident it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since American Oncology Network will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.

相對於其1.176億美元的市值,這一赤字相當可觀,因此這確實表明股東應密切關注美國腫瘤網絡的債務使用情況。這表明,如果公司需要迅速支撐資產負債表,股東將被嚴重稀釋。儘管它確實有值得注意的負債,但美國腫瘤網絡的現金也多於債務,因此我們非常有信心它可以安全地管理債務。在分析債務水平時,資產負債表是顯而易見的起點。但是你不能完全孤立地看待債務;因爲美國腫瘤網絡需要收入來償還債務。因此,在考慮債務時,絕對值得一看收益趨勢。單擊此處查看交互式快照。

In the last year American Oncology Network wasn't profitable at an EBIT level, but managed to grow its revenue by 13%, to US$1.3b. We usually like to see faster growth from unprofitable companies, but each to their own.

去年,美國腫瘤網絡在息稅前利潤水平上沒有盈利,但其收入增長了13%,達到13億美元。我們通常希望看到無利可圖的公司實現更快的增長,但每家公司都有自己的發展。

So How Risky Is American Oncology Network?

那麼美國腫瘤網絡的風險有多大?

Although American Oncology Network had an earnings before interest and tax (EBIT) loss over the last twelve months, it generated positive free cash flow of US$14m. So taking that on face value, and considering the net cash situation, we don't think that the stock is too risky in the near term. With revenue growth uninspiring, we'd really need to see some positive EBIT before mustering much enthusiasm for this business. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 2 warning signs for American Oncology Network you should be aware of, and 1 of them can't be ignored.

儘管美國腫瘤網絡在過去十二個月中出現了息稅前收益(EBIT)虧損,但它創造了1400萬美元的正自由現金流。因此,從面值來看,考慮到淨現金狀況,我們認爲該股在短期內風險不大。由於收入增長平淡無奇,在激發人們對這項業務的熱情之前,我們確實需要看到一些正的息稅前利潤。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。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。一個很好的例子:我們已經發現了你應該注意的美國腫瘤網絡的兩個警告信號,其中一個不容忽視。

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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