Schneider National (NYSE:SNDR) Has A Somewhat Strained Balance Sheet
Schneider National (NYSE:SNDR) Has A Somewhat Strained Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. Importantly, Schneider National, Inc. (NYSE:SNDR) does carry debt. But is this debt a concern to shareholders?
禾倫·巴菲特曾經說過:“波動性與風險完全不是一個概念。”在考慮一家公司的風險性時,自然而然地需要關注其資產負債表,因爲企業破產通常涉及債務。值得注意的是,紐交所上市公司Schneider National, Inc. (NYSE:SNDR)確實存在負債。但是這些負債會讓股東感到擔憂嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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 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, 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.
負債是幫助企業成長的工具,但是如果一家企業無力償還債權人,那麼它就處在了債權人的擺佈之下。資本主義的本質是“創造性破壞”,即倒閉的企業被銀行無情地清算的過程。然而,更常見的(但同樣代價高昂)情況是,一家公司必須通過低價股票稀釋股東權益,以便使債務得到控制。當然,負債的好處是,它通常代表着廉價資本,尤其是當它取代了公司在高回報率下再投資的稀釋時。在審查負債水平時,我們首先考慮現金和負債水平的總體情況。
What Is Schneider National's Net Debt?
Schneider National的淨負債是多少?
As you can see below, at the end of March 2024, Schneider National had US$295.0m of debt, up from US$205.0m a year ago. Click the image for more detail. However, it also had US$124.2m in cash, and so its net debt is US$170.8m.
從下面可以看出,在2024年3月底,Schneider National的債務總額爲2.95億美元,高於一年前的2.05億美元。單擊圖片以獲取更多詳細信息。不過,該公司同時有1.242億美元的現金,因此其淨負債爲1.708億美元。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240726/0-3c00b137ddb3ba1d0c4e91a1150ff291-0-ff65cfcc6a6bd9b38512b6b0955367d3.png/big)
How Strong Is Schneider National's Balance Sheet?
Schneider National的資產負債表有多強?最新的資產負債表數據顯示,Schneider National的短期負債爲7.437億美元,長期負債爲8.931億美元。與此同時,它擁有1.242億美元的現金和1.238億美元的應收賬款。因此,其負債比其現金和(短期)應收賬款的總和多了7.742億美元。
The latest balance sheet data shows that Schneider National had liabilities of US$743.7m due within a year, and liabilities of US$893.1m falling due after that. Offsetting these obligations, it had cash of US$124.2m as well as receivables valued at US$738.4m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$774.2m.
考慮到Schneider National的市值爲4.37億美元,很難相信這些負債會構成多大威脅。但是,負債足夠多,我們確定會建議股東繼續關注其資產負債表。
Given Schneider National has a market capitalization of US$4.37b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
Schneider National的純負債/息稅前利潤倍數僅爲0.30,並且其利息費用輕易被其EBIt覆蓋,規模爲26.1倍。因此,我們對其超級保守的負債使用感到相當放鬆。實際上,Schneider National的拯救之恩是其較低的負債水平,因爲其EBIt在過去12個月中暴跌了63%。當談論償還債務時,收益下降的情況與人們攝入含糖汽水對健康的影響一樣沒有用。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
爲了對公司的債務相對於其收益進行規模適應,我們計算其淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比及其稅前收益(EBIT)與利息支出之比(利息保障倍數)。因此,我們既考慮到不包括折舊和攤銷費用在內的收益,又包括折舊和攤銷費用的收益相對於債務。
Schneider National has a low net debt to EBITDA ratio of only 0.30. And its EBIT easily covers its interest expense, being 26.1 times the size. So we're pretty relaxed about its super-conservative use of debt. In fact Schneider National's saving grace is its low debt levels, because its EBIT has tanked 63% in the last twelve months. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Schneider National 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.
在分析負債水平時,資產負債表是一個明顯的起點。但最終,企業的未來盈利能力將決定Schneider National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,可以查看該免費報告,其中顯示了分析師的利潤預測。最後,儘管稅務官員可能會崇拜會計利潤,但貸款人只接受冰冷的現金。因此,值得檢查EBIt受到多少自由現金流的支持。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Considering the last three years, Schneider National actually recorded a cash outflow, overall. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
考慮到最近三年,Schneider National實際上出現了整體現金流出的情況。對於自由現金流不可靠的公司而言,負債風險要高得多,因此股東應該希望過去的支出將在未來產生自由現金流。
Our View
我們的觀點
While Schneider National's EBIT growth rate has us nervous. To wit both its interest cover and net debt to EBITDA were encouraging signs. When we consider all the factors discussed, it seems to us that Schneider National is taking some risks with its use of debt. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. 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. Be aware that Schneider National is showing 1 warning sign in our investment analysis , you should know about...
儘管Schneider National的EBIt增長率使人緊張,但其利息覆蓋率和淨負債/息稅前利潤倍數都是令人鼓舞的因素。考慮到所有討論過的因素,我們認爲Schneider National在運用負債時存在一定的風險。因此,儘管這種槓桿增強了股本回報率,我們並不希望看到它進一步增加。資產負債表顯然是分析負債時需要關注的領域。但是,投資風險並非全部都存在於資產負債表上。要知道,Schneider National在我們的投資分析中顯示出1個警示信號,您需要了解……
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果您是那種喜歡購買沒有負債負擔的股票的投資者,則今天就可以發現我們的獨家淨現金增長股清單。
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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。