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Does Vulcan Materials (NYSE:VMC) Have A Healthy Balance Sheet?

Does Vulcan Materials (NYSE:VMC) Have A Healthy Balance Sheet?

火神材料(紐約證券交易所代碼:VMC)的資產負債表是否良好?
Simply Wall St ·  05/24 03:27

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.' 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. As with many other companies Vulcan Materials Company (NYSE:VMC) makes use of debt. But is this debt a concern to shareholders?

傳奇基金經理陸鬆鬆(受到Charlie Munger支持)曾說過:“最大的投資風險不在於價格的波動,而在於是否會遭受永久性資本損失。”考慮公司的資產負債表以確定其風險是非常正常的,因爲當一個公司破產時,通常情況下是由於債務問題。像許多其他公司一樣,Vulcan Materials公司(NYSE:VMC)也有債務問題。但是這種債務對股東來說算不算問題呢?

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. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.

債務對一家公司是有利的,除非公司無法用新資本或自由現金流償還債務,否則就是它的災難性結果。公司如果無法償還債務,最壞的情況下是破產。儘管這種情況並不普遍,我們經常會看到負債的公司因爲當債權人強制他們以低於正常價格的方式募集資本而不斷地稀釋股東的股權。當然了,債務可以是一種重要的工具,尤其是對於有體量業務的企業而言。當我們考慮一家公司對債務的利用情況時,首先要看的是現金和債務的總量。

What Is Vulcan Materials's Debt?

Vulcan Materials的債務情況是怎樣的?

The image below, which you can click on for greater detail, shows that Vulcan Materials had debt of US$3.33b at the end of March 2024, a reduction from US$3.88b over a year. On the flip side, it has US$292.4m in cash leading to net debt of about US$3.04b.

下面的圖片可以點擊以獲得更詳細的信息,它顯示Vulcan Materials在2024年3月底的債務總額爲33億美元,較去年同期的38.8億美元有所減少。反之,它有2.924億美元的現金,淨債務約爲30.4億美元。

debt-equity-history-analysis
NYSE:VMC Debt to Equity History May 23rd 2024
NYSE:VMC的資產負債歷史(2024年5月23日)

How Strong Is Vulcan Materials' Balance Sheet?

Vulcan Materials的資產負債表情況如何?根據最近一份公佈的資產負債表,Vulcan Materials的12個月到期債務爲6.962億美元,超過12個月到期債務爲57億美元。另一方面,它有2.924億美元的現金和8.861億美元的應收賬款到期在一年內。因此,其負債嚴重超過其現金和(短期的)應收賬款總和522億美元。

According to the last reported balance sheet, Vulcan Materials had liabilities of US$696.2m due within 12 months, and liabilities of US$5.70b due beyond 12 months. On the other hand, it had cash of US$292.4m and US$886.1m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$5.22b.

當然,Vulcan Materials的市值達到了巨大的347億美元,因此這些負債可能是可以管理的。然而,我們認爲值得關注的是其資產負債表的強度,因爲它可能會隨着時間的推移而發生變化。

Of course, Vulcan Materials has a titanic market capitalization of US$34.7b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.

Vulcan Materials的淨債務與EBITDA的比率爲1.5,說明該公司巧妙地利用了債務。令人矚目的利息覆蓋率(8.1倍利息費用的EBIT)肯定不會消除這種印象。另一個好跡象是,Vulcan Materials能夠在十二個月內將其EBIT增長了30%,這使其更容易償還債務。在分析債務水平時,資產負債表是一個明顯的起點。但是事實上,未來的收益,而不是任何其他因素,將決定Vulcan Materials維持健康資產負債表的能力。因此,如果您想了解專業人士的看法,您可能會發現這份由分析師制定的收益預測報告很有趣。

We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). 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).

我們使用兩個主要比率來分析債務與收益之間的關係。第一個比率是淨債務與利息、稅、折舊和攤銷前利潤(EBITDA)的比率,第二個比率是其利潤前利潤和稅(EBIT)覆蓋利息支出的次數(或其利息覆蓋比率)。這種方法的優點在於我們考慮到了債務的絕對數量(通過淨債務與EBITDA的比率),以及與這些債務相關的實際利息支出(通過其利息覆蓋比率)。

Vulcan Materials's net debt of 1.5 times EBITDA suggests graceful use of debt. And the alluring interest cover (EBIT of 8.1 times interest expense) certainly does not do anything to dispel this impression. Another good sign is that Vulcan Materials has been able to increase its EBIT by 30% in twelve months, making it easier to pay down 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 Vulcan Materials'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.

但是我們最終的考慮也很重要,因爲一家公司不能通過虛構的利潤來還債務;它需要冰冷的現金。因此,邏輯步驟是查看EBIT所對應的實際自由現金流的比例。在最近的三年中,Vulcan Materials的自由現金流達到了其EBIT的51%左右,這是正常水平,因爲自由現金流不包括利息和稅收。這些冰冷的現金意味着它可以在需要時減少債務。沒有好消息是,Vulcan Materials表現出了增長EBIT的能力,這讓我們像小孩子一樣興奮。我們也認爲它的利息覆蓋率是一個積極的因素。綜合考慮所有這些數據,我們認爲Vulcan Materials對債務採取了相當明智的方法。雖然這帶來了一些風險,但它也可以提高股東的回報率。在分析債務水平時,資產負債表是一個明顯的起點。但是最終,每家公司都可能存在超出資產負債表之外的風險。爲此,您應該意識到我們發現了Vulcan Materials的2個預警信號。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, Vulcan Materials recorded free cash flow worth 51% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.

但是,我們最終的考慮也很重要,因爲公司無法用虛構的利潤來還債務,它需要冰冷的現金。因此,邏輯步驟是查看EBIT對應的實際自由現金流的比例。在最近的三年中,Vulcan Materials的自由現金流價值相當於其EBIT的51%,這是正常的水平,因爲自由現金流不包括利息和稅款。這些冰冷的現金意味着它可以在需要時減少債務。

Our View

我們的觀點

The good news is that Vulcan Materials's demonstrated ability to grow its EBIT delights us like a fluffy puppy does a toddler. And we also thought its interest cover was a positive. Taking all this data into account, it seems to us that Vulcan Materials takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 2 warning signs we've spotted with Vulcan Materials .

好消息是,Vulcan Materials表現出了增加EBIT的能力,這令我們像幼兒看待一隻毛茸茸的小狗一樣高興。我們還認爲它的利息覆蓋率是一個積極的因素。綜合考慮所有這些數據,我們認爲Vulcan Materials對債務採取了相當理性的方法。雖然這樣做會帶來一些風險,但它也可以爲股東提供更好的回報。在分析債務水平時,資產負債表是一個明顯的起點。但是最終,每家公司都可能存在超出資產負債表之外的風險。因此,您應該知道我們發現了兩個Vulcan Materials的警告信號。

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.

如果您在所有這些工作之後,更感興趣於擁有堅實資產負債表的快速發展公司,請立即查看我們的淨現金成長股列表。

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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.

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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

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