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Is Nordson (NASDAQ:NDSN) Using Too Much Debt?

Is Nordson (NASDAQ:NDSN) Using Too Much Debt?

Nordson (納斯達克:NDSN)是否使用了過多的債務?
Simply Wall St ·  18:21

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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. As with many other companies Nordson Corporation (NASDAQ:NDSN) makes use of debt. But should shareholders be worried about its use of debt?

有人說,作爲投資者,最好的風險思考方式是波動性,而不是債務,但禾倫•巴菲特曾經說過,'波動性與風險遠非同義詞。' 當您評估一個公司的風險時,自然會考慮到其資產負債表,因爲債務在企業倒閉時往往是涉及的。與許多其他公司一樣,Nordson公司(納斯達克:NDSN)使用債務。但股東們是否應該擔心其使用債務呢?

What Risk Does Debt Bring?

債務帶來了什麼風險?

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. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.

一般來說,只有當一家公司無法輕鬆償還債務時,債務才會成爲真正的問題,無論是通過籌集資本還是通過自身現金流。如果情況變得非常糟糕,債權人就可以接管企業。儘管這種情況並不常見,但我們經常看到負債的公司因債權人迫使其以低價籌集資本而導致股東永久稀釋。當然,許多公司使用債務來資助增長,沒有任何負面後果。在考慮一家公司的債務使用時,我們首先看現金和債務兩者。

How Much Debt Does Nordson Carry?

納斯達克公司 Nordson 承載了多少債務?

As you can see below, at the end of July 2024, Nordson had US$1.49b of debt, up from US$838.1m a year ago. Click the image for more detail. However, because it has a cash reserve of US$165.3m, its net debt is less, at about US$1.33b.

正如下文所示,在2024年7月底,Nordson的債務達到了14.9億美元,比一年前的83810萬美元有所增加。點擊圖像以獲取更多詳細信息。然而,由於其擁有16530萬美元的現金儲備,其淨債務較少,約爲13.3億美元。

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NasdaqGS:NDSN Debt to Equity History November 5th 2024
納斯達克公司 Nordson 債務股本比歷史數據2024年11月5日

A Look At Nordson's Liabilities

觀察nordson的負債情況

The latest balance sheet data shows that Nordson had liabilities of US$518.3m due within a year, and liabilities of US$1.83b falling due after that. Offsetting this, it had US$165.3m in cash and US$538.5m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.65b.

最新的資產負債表數據顯示,nordson有51830萬美元的一年內到期的負債,以及18.3億美元的到期後的負債。 抵消這一點,它有16530萬美元的現金和53850萬美元的應收賬款,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16.5億美元。

Of course, Nordson has a titanic market capitalization of US$14.2b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.

當然,nordson具有142億美元的巨大市值,因此這些負債可能是可以管理的。 話雖如此,顯然我們應繼續監控其資產負債表,以防情況變得更糟。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

我們通過將公司的淨債務與其息稅折舊攤銷前利潤(EBITDA)相除,並計算其息稅前利潤(EBIT)如何覆蓋其利息費用(利息覆蓋率)來衡量公司的債務負擔相對於其盈利能力。因此,我們同時考慮債務的絕對數量以及所支付的利率。

With a debt to EBITDA ratio of 1.6, Nordson uses debt artfully but responsibly. And the fact that its trailing twelve months of EBIT was 8.3 times its interest expenses harmonizes with that theme. On the other hand, Nordson saw its EBIT drop by 3.7% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Nordson can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

擁有1.6的債務與EBITDA比率,nordson以巧妙但負責任的方式使用債務。 其過去12個月的EBIt是其利息支出的8.3倍,這與該主題一致。 另一方面,nordson在過去12個月中,其EBIt下降了3.7%。 如果收入繼續以這個速度下降,公司可能會越來越難以管理其債務負擔。 毫無疑問,我們通過資產負債表最能了解債務情況。 但最終,業務未來的盈利能力將決定nordson是否能隨時間加強其資產負債表。 因此,如果您想了解專業人士的看法,您可能會發現對分析師盈利預測的免費報告很有趣。

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. Over the last three years, Nordson recorded free cash flow worth a fulsome 82% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.

但我們最終的考慮也很重要,因爲一家公司無法用紙面利潤支付債務; 它需要現金。 因此,我們總是檢查多少EBIt轉化爲自由現金流。 在過去三年中,nordson錄得的自由現金流價值達到了其EBIt的足有82%,這比我們通常預期的要強。 這使其有能力償還債務,如果需要的話。

Our View

我們的觀點

Happily, Nordson's impressive conversion of EBIT to free cash flow implies it has the upper hand on its debt. But, on a more sombre note, we are a little concerned by its EBIT growth rate. Taking all this data into account, it seems to us that Nordson takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. 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 - Nordson has 1 warning sign we think you should be aware of.

高興的是,nordson將EBIt轉化爲自由現金流的出色表現意味着它在債務方面佔據上風。但是,更加嚴肅的是,我們對其EBIt增長率有些擔憂。綜合考慮所有這些數據,我們認爲nordson在處理債務方面採取了相當明智的方式。雖然這帶來一些風險,但也能增加股東的回報。在分析債務水平時,資產負債表顯然是一個開始的好地方。但最終,每家公司都可能存在在資產負債表之外的風險。例如 - nordson有1個警示標誌,我們認爲您應該注意。

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。

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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.

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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。

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