Amgen (NASDAQ:AMGN) Has A Somewhat Strained Balance Sheet
Amgen (NASDAQ:AMGN) Has A Somewhat Strained Balance Sheet
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.' 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. We can see that Amgen Inc. (NASDAQ:AMGN) does use debt in its business. But should shareholders be worried about its use of debt?
大衛·伊本說得好,他說:「波動性不是我們關心的風險。我們關心的是避免資本的永久損失。」因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。我們可以看到,安進公司(納斯達克股票代碼:AMGN)確實在其業務中使用了債務。但是,股東是否應該擔心其債務的使用?
When Is Debt A Problem?
債務何時會成爲問題?
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. If things get really bad, the lenders can take control of the business. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。考慮公司的債務水平的第一步是同時考慮其現金和債務。
What Is Amgen's Net Debt?
安進的淨負債是多少?
The chart below, which you can click on for greater detail, shows that Amgen had US$62.6b in debt in June 2024; about the same as the year before. However, because it has a cash reserve of US$9.30b, its net debt is less, at about US$53.3b.
您可以點擊下圖以獲取更多詳細信息,該圖表顯示,安進在2024年6月的債務爲626億美元;與前一年大致相同。但是,由於其現金儲備爲93.0億美元,其淨負債較少,約爲533億美元。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240910/0-b36d3399087677cd2363b717a77f6e79-0-a8789883e0390b84c84be5836e5a2b1f.png/big)
How Strong Is Amgen's Balance Sheet?
安進的資產負債表有多強?
According to the last reported balance sheet, Amgen had liabilities of US$21.5b due within 12 months, and liabilities of US$63.5b due beyond 12 months. On the other hand, it had cash of US$9.30b and US$6.93b worth of receivables due within a year. So its liabilities total US$68.7b more than the combination of its cash and short-term receivables.
根據上次報告的資產負債表,安進的負債爲215億美元,12個月後到期的負債爲635億美元。另一方面,它有93.0億美元的現金和價值69.3億美元的應收賬款將在一年內到期。因此,其負債總額比其現金和短期應收賬款的總和高出687億美元。
This deficit isn't so bad because Amgen is worth a massive US$175.1b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
這種赤字還不錯,因爲安進的市值高達1751億美元,因此,如果需要,可能會籌集足夠的資金來支撐其資產負債表。但很明顯,我們一定要仔細研究它能否在不稀釋的情況下管理債務。
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告知我們相對於收益的債務水平。第一個是淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),第二個是其利息和稅前收益(EBIT)覆蓋其利息支出(或簡稱利息保障)的多少倍。這種方法的優勢在於,我們既考慮了債務的絕對數量(包括淨負債與息稅折舊攤銷前利潤),也考慮了與該債務相關的實際利息支出(及其利息覆蓋率)。
While Amgen's debt to EBITDA ratio (4.6) suggests that it uses some debt, its interest cover is very weak, at 2.0, suggesting high leverage. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. Even worse, Amgen saw its EBIT tank 35% over the last 12 months. If earnings continue to follow that trajectory, paying off that debt load will be harder than convincing us to run a marathon in the rain. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Amgen'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.
儘管安進的債務與息稅折舊攤銷前利潤的比率(4.6)表明它使用了部分債務,但其利息保障非常薄弱,爲2.0,這表明槓桿率很高。看來很明顯,借錢成本最近對股東的回報產生了負面影響。更糟糕的是,在過去的12個月中,安進的息稅前利潤下降了35%。如果收益繼續保持這一軌跡,那麼償還債務負擔將比說服我們在雨中跑一場馬拉松更難。資產負債表顯然是分析債務時需要關注的領域。但是,未來的收益比什麼都更能決定安進未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Amgen generated free cash flow amounting to a very robust 91% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。因此,我們總是檢查該息稅前利潤中有多少轉化爲自由現金流。在過去三年中,安進產生的自由現金流相當於其息稅前利潤的91%,超出了我們的預期。如果需要的話,這有利於償還債務。
Our View
我們的觀點
Neither Amgen's ability to grow its EBIT nor its interest cover gave us confidence in its ability to take on more debt. But its conversion of EBIT to free cash flow tells a very different story, and suggests some resilience. Taking the abovementioned factors together we do think Amgen's debt poses some risks to the business. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example Amgen has 4 warning signs (and 1 which makes us a bit uncomfortable) we think you should know about.
無論是安進增加息稅前利潤的能力還是利息保障的能力都沒有使我們對安進承擔更多債務的能力充滿信心。但是它將息稅前利潤轉換爲自由現金流卻講述了一個截然不同的故事,也表明了一定的彈性。綜合上述因素,我們確實認爲安進的債務對業務構成了一些風險。因此,儘管這種槓桿率確實提高了股本回報率,但我們真的不希望看到它從現在開始增加。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,安進有4個警告標誌(還有一個讓我們有點不舒服),我們認爲你應該知道。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。