Cintas (NASDAQ:CTAS) Has A Rock Solid Balance Sheet
Cintas (NASDAQ:CTAS) Has A Rock Solid Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We note that Cintas Corporation (NASDAQ:CTAS) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
禾倫·巴菲特曾經說過:「波動性與風險遠非同義詞。」 當我們思考一家公司的風險程度時,我們總是喜歡看它的負債情況,因爲負債過多可能會導致毀滅。 我們注意到信達思公司(納斯達克:CTAS)的資產負債表上確實有債務。 但更重要的問題是:這些債務製造了多少風險?
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. If things get really bad, the lenders can take control of the business. 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, 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.
債務是幫助企業增長的工具,但如果企業無法償還其債權人,那麼它就處於他們的掌控之中。如果情況變得非常糟糕,債權人可以接管企業。然而,更頻繁(但仍然昂貴)的情況是公司必須以跳樓價發行股票,永久性稀釋股東,以穩固其資產負債表。當然,債務可以是企業尤其是資本重的企業的重要工具。考慮一家公司的債務水平的第一步是將其現金和債務視爲一體。
What Is Cintas's Net Debt?
信達思的淨債務是多少?
You can click the graphic below for the historical numbers, but it shows that as of August 2024 Cintas had US$2.64b of debt, an increase on US$2.48b, over one year. However, it does have US$101.4m in cash offsetting this, leading to net debt of about US$2.54b.
您可以點擊下面的圖表查看歷史數據,但截至2024年8月,信達思擁有26.4億美元的債務,比一年前增加了24.8億美元。 然而,它有1.014億美元的現金抵消這一部分,導致淨債務約爲25.4億美元。
How Healthy Is Cintas' Balance Sheet?
信達思的資產負債表有多健康?
The latest balance sheet data shows that Cintas had liabilities of US$1.98b due within a year, and liabilities of US$3.06b falling due after that. Offsetting this, it had US$101.4m in cash and US$1.29b in receivables that were due within 12 months. So its liabilities total US$3.65b more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,信達思有198億美元的短期負債,306億美元的長期到期負債。 抵消這些,公司有10.14億美元的現金和12.9億美元的應收賬款,這些款項在12個月內到期。 因此,公司的負債總額比其現金和短期應收賬款的總和高出365億美元。
Since publicly traded Cintas shares are worth a very impressive total of US$83.5b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
由於公開交易的信達思股票總值達835億美元,這個水平的負債似乎不太可能構成重大威脅。 但是,我們認爲值得關注其資產負債表的強壯程度,因爲隨着時間的推移,情況可能會發生變化。
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。
Cintas has a low net debt to EBITDA ratio of only 1.0. And its EBIT covers its interest expense a whopping 22.4 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. And we also note warmly that Cintas grew its EBIT by 14% last year, making its debt load easier to handle. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Cintas's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
信達思的淨債務與息稅折舊攤銷前利潤(EBITDA)比率僅爲1.0。 其利息費用的覆蓋倍數達22.4倍之巨。 因此,可以說它對負債的威脅不比大象對老鼠的威脅更大。 我們還熱切注意到,信達思去年的EBIt增長了14%,這使得其債務負擔更易處理。 在分析債務水平時,資產負債表是顯而易見的起點。 但最終決定信達思能否保持健康資產負債表的更多是未來收入,而不是其他任何因素。 因此,如果您想知道專家們的看法,您可能會發現對分析師盈利預測的免費報告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Cintas produced sturdy free cash flow equating to 78% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,雖然稅務機關可能對會計利潤感到滿意,但貸款人只接受現金。 因此,我們明顯需要關注這些利潤是否帶來相應的自由現金流。 在過去三年中,信達思產生了穩健的自由現金流,相當於其EBIt的78%,這正是我們預期的。 這份自由現金流使公司有能力在適當時償還債務。
Our View
我們的觀點
The good news is that Cintas's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And that's just the beginning of the good news since its conversion of EBIT to free cash flow is also very heartening. Looking at the bigger picture, we think Cintas's use of debt seems quite reasonable and we're not concerned about it. While debt does bring risk, when used wisely it can also bring a higher return 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. Be aware that Cintas is showing 2 warning signs in our investment analysis , you should know about...
好消息是,信達思表現出用其EBIt覆蓋利息費用的能力讓我們感到像一隻毛絨絨的小狗讓嬰兒感到高興。而這只是好消息的開始,因爲它將EBIt轉化爲自由現金流也非常令人振奮。從宏觀角度來看,我們認爲信達思使用債務的方式相當合理,我們對此並不擔憂。儘管債務確實帶來風險,但如果明智使用,也可能帶來更高的股本回報率。當您分析債務時,清晰地看到資產負債表是需要重點關注的領域。然而,並非所有的投資風險都存在於資產負債表中 - 遠非如此。請注意,在我們的投資分析中,信達思顯示出了2個警示信號,您應該了解...。
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債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。
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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。
譯文內容由第三人軟體翻譯。