Does Pagaya Technologies (NASDAQ:PGY) Have A Healthy Balance Sheet?
Does Pagaya Technologies (NASDAQ:PGY) Have A Healthy Balance Sheet?
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.' 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. Importantly, Pagaya Technologies Ltd. (NASDAQ:PGY) does carry debt. But the more important question is: how much risk is that debt creating?
Howard Marks說得好,“與其擔心股價波動,我擔心的是永久性損失的風險……我認識的每一個實踐投資者都會這樣擔心。”我們考慮公司有多大風險時,總是喜歡看看它的負債使用情況,因爲負債過載可能導致破產。重要的是,Pagaya Technologies Ltd.(NASDAQ:PGY)確實負債累累。但更重要的問題是:這些債務產生了多大的風險?
When Is Debt Dangerous?
債務何時有危險?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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.
債務是幫助企業成長的工具,但如果企業無法償還其債權人,則它將存在於債權人的掌控之中。在最壞的情況下,如果一個公司無法償還其債權人,它就會破產。然而,更常見的(但仍然昂貴的)情況是公司必須以低廉的價格稀釋股東,以便控制債務。當然,債務可以成爲企業的重要工具,特別是資本密集型企業。當我們考慮公司使用債務時,我們首先看現金和負債的結合。
What Is Pagaya Technologies's Debt?
Pagaya Technologies的負債是什麼?
As you can see below, at the end of March 2024, Pagaya Technologies had US$566.2m of debt, up from US$259.2m a year ago. Click the image for more detail. On the flip side, it has US$275.8m in cash leading to net debt of about US$290.4m.
如下所示,在2024年3月底,Pagaya Technologies的債務爲56620萬美元,比去年同期的25920萬美元增加了30900萬美元。點擊圖像以獲得更多詳細信息。另一方面,它有27580萬美元的現金,導致淨債務約爲29040萬美元。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240723/0-1f307d92714192ae640e038b170a6b75-0-42cc01bc58832a4b5e7f62c25c273f3d.png/big)
How Strong Is Pagaya Technologies' Balance Sheet?
Pagaya Technologies的資產負債表有多強?根據最後公佈的資產負債表,Pagaya Technologies有US$16940萬的負債到期,這些負債在12個月內到期,以及US$51360萬的負債在12個月後到期。抵銷這些義務,它有US$27580萬的現金,以及價值US$8740萬的應收賬款在12個月內到期。因此,它的負債超過了其現金和(短期)應收賬款的總和31990萬美元。
According to the last reported balance sheet, Pagaya Technologies had liabilities of US$169.4m due within 12 months, and liabilities of US$513.6m due beyond 12 months. Offsetting these obligations, it had cash of US$275.8m as well as receivables valued at US$87.4m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$319.9m.
雖然這看起來很多,但並不那麼糟糕,因爲Pagaya Technologies的市值爲1.04億美元,如果需要,它可能可以通過籌措資本來增強其資產負債表。但是,我們肯定要注意其債務是否帶來了過多的風險。
While this might seem like a lot, it is not so bad since Pagaya Technologies has a market capitalization of US$1.04b, 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.
正如Pagaya Technologies具有相當令人擔憂的淨債務/ EBITDA比率爲9.6,但非常強的利息覆蓋率爲0.1萬所示。這意味着,除非公司擁有非常便宜的債務,否則利息支出將可能在未來增長。值得注意的是,Pagaya Technologies在上一年EBIt水平上虧損,但在過去12個月實現了840萬美元的正EBIt。當您分析債務時,資產負債表顯然是要關注的領域。但最終,業務未來的盈利能力將決定Pagaya Technologies是否能夠隨着時間的推移加強其資產負債表。因此,如果您關注未來,可以查看此免費報告,其中顯示了分析師的利潤預測。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通過查看公司的淨債務與利息、稅、折舊、攤銷前利潤(EBITDA)之比以及它的利息費用(利息覆蓋率)可以衡量一個公司的債務負擔與收益能力。因此,我們考慮將債務與有無計算折舊和攤銷費用的收益相對比。
As it happens Pagaya Technologies has a fairly concerning net debt to EBITDA ratio of 9.6 but very strong interest coverage of 1k. This means that unless the company has access to very cheap debt, that interest expense will likely grow in the future. Notably, Pagaya Technologies made a loss at the EBIT level, last year, but improved that to positive EBIT of US$8.4m in the last twelve months. 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 Pagaya Technologies 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.
但我們最後的考慮也很重要,因爲公司無法用紙質利潤支付債務,它需要冰冷的現金。因此,值得檢查多少利潤(利息和稅前利潤)由自由現金流支持。對於任何股東來說,最好的方式無疑是保持現金流的穩定,這樣您的貸款人也會感到滿意。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of the earnings before interest and tax (EBIT) is backed by free cash flow. Happily for any shareholders, Pagaya Technologies actually produced more free cash flow than EBIT over the last year. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
根據我們所看到的Pagaya Technologies的淨債務/ EBITDA,情況並不容易,但我們考慮的其他因素讓我們有理由樂觀。特別是,我們對其利息覆蓋率感到震驚。考慮到這些數據點,我們認爲Pagaya Technologies在管理其債務水平方面處於良好地位。話雖如此,負擔仍然重,我們建議任何股東都要密切關注。
Our View
我們的觀點
Based on what we've seen Pagaya Technologies is not finding it easy, given its net debt to EBITDA, but the other factors we considered give us cause to be optimistic. In particular, we are dazzled with its interest cover. Considering this range of data points, we think Pagaya Technologies is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. 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. For example, we've discovered 2 warning signs for Pagaya Technologies that you should be aware of before investing here.
當分析債務水平時,資產負債表是開始的明顯地方。但最終,每家公司都可能存在超出資產負債表範圍的風險。例如,我們已發現Pagaya Technologies存在2個警示信號,您在此投資之前應該了解這些。
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.
總的來說,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包含這些公司(所有這些公司都有盈利增長的記錄)。這是免費的。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。