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Trex Company (NYSE:TREX) Seems To Use Debt Quite Sensibly

Trex Company (NYSE:TREX) Seems To Use Debt Quite Sensibly

Trex公司(紐交所:TREX)似乎相當明智地使用債務。
Simply Wall St ·  06/09 20:33

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. As with many other companies Trex Company, Inc. (NYSE:TREX) makes use of debt. But is this debt a concern to shareholders?

戴維·伊本說得好,“波動性不是我們關心的風險。我們關心的是避免永久性資本損失。” 當我們考慮一家公司的風險程度時,我們總是喜歡看它的債務使用情況,因爲債務超載可能導致滅頂之災。與許多其他公司一樣,美國交易所上市的Trex Company,Inc. (NYSE:TREX)利用了債務。但是,這種債務會對股東構成風險嗎?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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, 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 think about a company's use of debt, we first look at cash and debt together.

一般來說,只有當一家公司無法輕鬆償還債務時,債務才會成爲真正的問題,無論是通過籌集資金還是通過自身現金流。最終,如果公司無法履行其償付債務的法律義務,股東可能什麼都得不到。然而,更頻繁(但仍然代價高昂)的情況是,公司必須以低於市場價格的價格發行股份,永久地稀釋股東,以支撐其資產負債表。當然,債務的好處是,它通常代表廉價的資本,特別是當它代替具有高回報率再投資能力的公司的稀釋時。當我們考慮一家公司的債務使用情況時,我們首先看現金和債務。

How Much Debt Does Trex Company Carry?

Trex Company 承擔了多少債務?

You can click the graphic below for the historical numbers, but it shows that Trex Company had US$223.0m of debt in March 2024, down from US$369.5m, one year before. And it doesn't have much cash, so its net debt is about the same.

您可以點擊下面的圖表查看歷史數據,但它顯示,Trex Company於2024年3月有2.23億美元的債務,比一年前的3.695億美元有所減少。它沒有太多現金,因此其淨債務幾乎相同。

debt-equity-history-analysis
NYSE:TREX Debt to Equity History June 9th 2024
NYSE:TREX 債務股本比歷史記錄 2024 年 6 月 9 日

How Healthy Is Trex Company's Balance Sheet?

Trex Company 的資產負債表健康狀況怎樣?

We can see from the most recent balance sheet that Trex Company had liabilities of US$369.2m falling due within a year, and liabilities of US$119.6m due beyond that. Offsetting this, it had US$3.05m in cash and US$373.5m in receivables that were due within 12 months. So it has liabilities totalling US$112.3m more than its cash and near-term receivables, combined.

我們可以從最近的資產負債表看到,Trex Company有3.692億美元的短期到期負債,以及1.196億美元的長期到期負債。與此同時,它有305萬美元的現金和3.735億美元的應收賬款,這些應收賬款在12個月內到期。所以,它的負債總額比其現金和短期應收賬款加起來還多112.3萬美元。

Having regard to Trex Company's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the US$8.71b company is struggling for cash, we still think it's worth monitoring its balance sheet.

考慮到Trex Company的規模,其流動資產似乎與其總負債保持很好的平衡。因此,雖然很難想象這家價值87.1億美元的公司正在爲現金而苦苦掙扎,我們仍然認爲有必要關注其資產負債表。

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). 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).

爲了考察公司債務與盈利的相對關係,我們計算其淨債務與利息、稅、折舊和攤銷前利潤(EBITDA)的比值以及其利息支出(利息保障倍數)與利潤之前的利潤(EBIT)的比值。這種方法的優點是,我們考慮了與債務相關的絕對量(淨債務與EBITDA)和實際利息開支(利息保障倍數)的實際利潤。

Trex Company has a low debt to EBITDA ratio of only 0.56. But the really cool thing is that it actually managed to receive more interest than it paid, over the last year. So it's fair to say it can handle debt like a hotshot teppanyaki chef handles cooking. In addition to that, we're happy to report that Trex Company has boosted its EBIT by 51%, thus reducing the spectre of future debt repayments. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Trex Company 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.

Trex Company的負債與息稅前收益率比僅爲0.56。但真正酷的事情是,它在過去的一年裏實際上獲得了比其支付的利息更多的利息。因此可以公平地說,它能像一位高超的鐵板燒大廚一樣處理債務。此外,我們很高興報道,Trex Company增加了51%的息稅前收益,從而降低了未來償債的風險。分析債務時,資產負債表顯然是需要重點關注的領域。但最終,企業未來的盈利能力將決定Trex Company是否能在時間內加強其資產負債表。因此,如果您關注未來,可以查看該免費報告,以顯示分析師的利潤預測。

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. In the last three years, Trex Company's free cash flow amounted to 38% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.

最後,公司只能用現金而不是會計利潤償還債務。因此,我們始終要檢查該息稅前利潤是否轉化爲自由現金流。在過去三年中,Trex Company的自由現金流相當於其息稅前利潤的38%,低於我們的預期。在償還債務方面並不理想。

Our View

我們的觀點

The good news is that Trex Company's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But truth be told we feel its conversion of EBIT to free cash flow does undermine this impression a bit. Looking at the bigger picture, we think Trex Company's use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. 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. To that end, you should be aware of the 1 warning sign we've spotted with Trex Company .

好消息是,Trex Company用其息稅前收益覆蓋其利息支出的能力讓我們高興,就像一隻毛茸茸的小狗令一個小孩高興一樣。但真相是,我認爲其息稅前利潤轉化爲自由現金流的能力會削弱這種印象一些。總體而言,我們認爲Trex Company的債務使用似乎相當合理,我們對此並不擔憂。畢竟,合理的槓桿比可以增加股本回報。分析債務時,資產負債表顯然是需要重點關注的領域。但並非所有投資風險都存在於資產負債表中。因此,您應該注意我們已經發現的1個Trex Company警告信號。

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。

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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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