Does TriMas (NASDAQ:TRS) Have A Healthy Balance Sheet?
Does TriMas (NASDAQ:TRS) Have A Healthy 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 TriMas Corporation (NASDAQ:TRS) does use debt in its business. But the more important question is: how much risk is that debt creating?
David Iben在說'波動性並不是我們關心的風險。我們關心的是避免資本的永久損失。'提得很好。因此,顯而易見的是,在考慮任何特定股票的風險時,你需要考慮債務,因爲過多的債務可能會拖垮一家公司。我們可以看到TriMas Corporation(納斯達克: TRS)確實在業務中使用債務。但更重要的問題是:這些債務製造了多少風險呢?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業增長的工具,但如果一個企業無力償還其借款人,那麼它將處於借款人的掌控之下。如果情況變得非常糟糕,放貸人可以接管企業。儘管這種情況並不常見,但我們經常看到負債累累的公司因爲放貸人迫使它們以破產價位籌集資金而永久稀釋股東權益。話雖如此,最常見的情況是,一家公司合理地管理其債務,並以自身利益爲先。當我們考慮一家公司使用債務的情況時,我們首先查看現金和債務的總和。
What Is TriMas's Debt?
TriMas的債務是什麼?
As you can see below, TriMas had US$432.7m of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, it also had US$35.0m in cash, and so its net debt is US$397.7m.
正如您可以在下面看到的,截至2024年6月,TriMas的債務爲43270萬美元,與前一年大致相同。您可以點擊圖表查看更詳細的信息。然而,它也有3500萬美元的現金,因此淨債務爲39770萬美元。
A Look At TriMas' Liabilities
審視TriMas的負債情況
The latest balance sheet data shows that TriMas had liabilities of US$155.7m due within a year, and liabilities of US$534.2m falling due after that. Offsetting these obligations, it had cash of US$35.0m as well as receivables valued at US$169.7m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$485.2m.
最新的資產負債表數據顯示,TriMas在一年內有15570萬美元的到期負債,之後還有53420萬美元的到期負債。 抵消這些義務,它手頭有3500萬美元的現金和價值16970萬美元的應收款項,其中12個月內到期。 因此,它的負債超過了現金和(短期)應收款項的總和48520萬美元。
This deficit isn't so bad because TriMas is worth US$1.03b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
這種赤字並不算太糟糕,因爲TriMas價值103億美元,因此如果有需要,可能會籌集足夠的資金來鞏固其資產負債表。 但我們絕對要保持警惕,以防其債務帶來過多風險。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
爲了比較一個公司的債務與其收益的關係,我們計算其淨債務除以利息、稅、折舊和攤銷前的收益和利息前的收益(其利息覆蓋率)。因此,我們考慮了債務的絕對數量以及支付的利率。
TriMas has a debt to EBITDA ratio of 3.0 and its EBIT covered its interest expense 4.2 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. On the other hand, TriMas grew its EBIT by 25% in the last year. If sustained, this growth should make that debt evaporate like a scarce drinking water during an unnaturally hot summer. 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 TriMas 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.
TriMas的債務對EBITDA比率爲3.0,其EBIT覆蓋了利息支出的4.2倍。 這表明儘管債務水平相當顯著,但我們不會稱其爲有問題。 另一方面,TriMas在過去一年將EBIT增長了25%。 如果能持續下去,這種增長應該會像非常炎熱夏天裏稀缺的飲用水一樣讓債務消失。 當分析債務時,資產負債表顯然是要重點關注的領域。 但最終企業未來的盈利能力將決定TriMas是否能夠隨着時間加強其資產負債表。 所以如果你關注未來,可以查看這份顯示分析師利潤預測的免費報告。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Looking at the most recent three years, TriMas recorded free cash flow of 47% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
但我們最後的考慮同樣重要,因爲一家公司無法用紙面利潤來償還債務;它需要冰冷的現金。 因此,我們始終要查看EBIT中有多少被轉化爲自由現金流。 查看最近三年,TriMas記錄的自由現金流佔其EBIT的47%,這比我們預期的要弱。 在償還債務方面這並不太好。
Our View
我們的觀點
On our analysis TriMas's EBIT growth rate should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. For instance it seems like it has to struggle a bit handle its debt, based on its EBITDA,. When we consider all the factors mentioned above, we do feel a bit cautious about TriMas's use of debt. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. 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. Case in point: We've spotted 2 warning signs for TriMas you should be aware of, and 1 of them is concerning.
根據我們的分析,TriMas的EBIT增長率應該表明它在處理債務方面不會遇到太多問題。然而,我們的其他觀察並不那麼令人振奮。例如,根據其EBITDA,似乎它必須努力一點來處理債務。當我們考慮以上提到的所有因素時,我們對於TriMas的債務使用感到有些謹慎。雖然債務在潛在收益上有其好處,但我們認爲股東們絕對應該考慮債務水平可能使股票更具風險。在分析債務水平時,資產負債表是顯而易見的起點。但最終,每家公司可能存在資產負債表之外的風險。案例證明:我們已經發現了TriMas的2個警示信號,您應該注意其中1個是令人擔憂的。
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。