Palo Alto Networks (NASDAQ:PANW) Has A Rock Solid Balance Sheet
Palo Alto Networks (NASDAQ:PANW) Has A Rock Solid Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies Palo Alto Networks, Inc. (NASDAQ:PANW) makes use of debt. But the real question is whether this debt is making the company risky.
禾倫·巴菲特曾經說過：“波動性遠非風險相等。” 因此，想知道任何給定股票有多大風險時，你需要考慮到債務，因爲過於高的負債水平可以導致公司破產。 跟 Palo Alto Networks, Inc. (PANW) 的許多其他公司一樣，它也利用債務資金。 但真正的問題是這些債務是否使公司具有風險。
When Is Debt Dangerous?
債務何時有危險？
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. When we examine debt levels, we first consider both cash and debt levels, together.
當公司無法用自由現金流或以有吸引力的價格籌集資本，償還債務變得困難時，債務和其他負債對業務構成風險。 最終，如果公司無法履行償還債務的法律義務，股東可能一文不值。 然而，更普遍（但仍然痛苦）的情況是，公司以低價籌集新的股本資本，從而永久性地稀釋股東。 儘管如此，最常見的情況是公司合理處理債務並從中受益。 當我們考慮債務水平時，首先考慮現金和債務水平，二者加起來。
How Much Debt Does Palo Alto Networks Carry?
Palo Alto Networks 承擔了多少債務？
As you can see below, Palo Alto Networks had US$1.16b of debt at April 2024, down from US$3.68b a year prior. But on the other hand it also has US$2.89b in cash, leading to a US$1.73b net cash position.
正如下表所示，截至 2024 年 4 月，Palo Alto Networks 的債務爲 11.6 億美元，低於一年前的 36.8 億美元。但另一方面，它也有 28.9 億美元的現金，導致淨現金位 17.3 億美元。
How Strong Is Palo Alto Networks' Balance Sheet?
根據最近公佈的資產負債表，Palo Alto Networks 公司在 12 個月內有 70.8 億美元的負債，超過 12 個月的 63.8 億美元的負債。而它有 28.9 億美元的現金和一年內的 22.9 億美元應收賬款。因此，除了現金和短期應收賬款外，其負債總額超過 82.8 億美元。
According to the last reported balance sheet, Palo Alto Networks had liabilities of US$7.08b due within 12 months, and liabilities of US$6.38b due beyond 12 months. On the other hand, it had cash of US$2.89b and US$2.29b worth of receivables due within a year. So it has liabilities totalling US$8.28b more than its cash and near-term receivables, combined.
考慮到 Palo Alto Networks 具有 1037 億美元的巨大市值，很難相信這些負債構成了多大威脅。 話雖如此，顯然我們應繼續監控其資產負債表，以防惡化。 儘管有着值得注意的負債，Palo Alto Networks 依然擁有淨現金，因此可以說它沒有負債累加！
Given Palo Alto Networks has a humongous market capitalization of US$103.7b, it's hard to believe these liabilities pose much threat. 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, Palo Alto Networks boasts net cash, so it's fair to say it does not have a heavy debt load!
更令人印象深刻的是，Palo Alto Networks 在十二個月內將EBIT增長了 489%。如果保持這種增長，在未來幾年中，債務管理將會更加易於管理。毋庸置疑，資產負債表是了解債務的最佳途徑。但比起任何事情，未來的盈利將決定 Palo Alto Networks 能否繼續保持健康的資產負債表。因此，如果您專注於未來，可以查看此免費報告，以了解分析師的盈利預測。
Even more impressive was the fact that Palo Alto Networks grew its EBIT by 489% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Palo Alto Networks's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
最後，公司只能用現金償還債務，而不能用會計利潤。 雖然 Palo Alto Networks 在資產負債表上有淨現金，但關注企業將其息稅前收益（EBIT）轉化爲自由現金流的表現非常重要，因爲這將影響其處理和管理債務的需求和能力。令股東欣慰的是，Palo Alto Networks 過去兩年的自由現金流超過了 EBIT。對於保持債權人付款能力來說，沒有比來自充實現金更好的了。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Palo Alto Networks may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Happily for any shareholders, Palo Alto Networks actually produced more free cash flow than EBIT over the last two years. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
雖然總體負債情況無論如何都值得注意，但是 Palo Alto Networks 擁有 17.3 億美元的淨現金，這是非常令人放心的。 它的自由現金流達到了 30 億美元，相當於 EBIT 的 559％，這也給我們留下了深刻的印象。 所以 Palo Alto Networks 的債務是否有風險？ 我們不這麼認爲。在分析債務的時候，資產負債表是明確的重點領域。 不過，並不是所有的投資風險都存在於資產負債表中——相反我們認爲 Palo Alto Networks 存在 3 個警告信號（和一個無可忽視的）我們認爲你應該知道。
Summing Up
總之
While it is always sensible to look at a company's total liabilities, it is very reassuring that Palo Alto Networks has US$1.73b in net cash. And it impressed us with free cash flow of US$3.0b, being 559% of its EBIT. So is Palo Alto Networks's debt a risk? It doesn't seem so to us. 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 Palo Alto Networks has 3 warning signs (and 1 which can't be ignored) we think you should know about.
雖然看任何公司的負債總額總是明智的，但 Palo Alto Networks 擁有 17.3 億美元的淨現金非常令人放心。 還有令人印象深刻的是，它的自由現金流爲 30 億美元，相當於 EBIT 的 559％。 因此，Palo Alto Networks 的債務是否存在風險？ 我們並不這麼認爲。資產負債表是分析債務的重點領域，但並不是所有的投資風險都存在於資產負債表中。例如 Palo Alto Networks 存在 3 個警告信號（和一個無法忽視的），我們認爲您應該知道。
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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