Is Bowman Consulting Group (NASDAQ:BWMN) Using Too Much Debt?
Is Bowman Consulting Group (NASDAQ:BWMN) Using Too Much Debt?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that Bowman Consulting Group Ltd. (NASDAQ:BWMN) does have debt on its balance sheet. But is this debt a concern to shareholders?
傳奇基金經理李錄(查理·芒格支持的)曾經說過,'最大的投資風險不是價格的波動,而是您是否會遭受永久性的資本損失。'因此,聰明的投資者似乎知道,債務(通常涉及破產)是評估公司風險時的一個非常重要因素。我們注意到,Bowman Consulting Group Ltd.(納斯達克:BWMN)的資產負債表上確實有債務。但這筆債務是否會引起股東的擔憂呢?
What Risk Does Debt Bring?
What Risk Does Debt Bring?
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. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
通常情況下,只有當公司無法輕鬆償還債務時,即無法通過籌集資本或自身現金流償還債務時,債務才會成爲一個真正的問題。資本主義的一個組成部分是「創造性破壞」過程,由銀行家無情地清算失敗的企業。然而,更常見的(但仍然昂貴的)情況是,公司只得以低廉的股價來稀釋股東,以使債務控制在可承受範圍之內。然而,通過取代稀釋,債務對於需要資本用於高回報增長的企業而言,可以是一種極其有用的工具。在考慮公司的債務水平時,第一步是考慮其現金和債務的總和。
What Is Bowman Consulting Group's Net Debt?
Bowman Consulting Group的淨債務是多少?
The image below, which you can click on for greater detail, shows that at September 2024 Bowman Consulting Group had debt of US$67.7m, up from US$45.8m in one year. However, because it has a cash reserve of US$11.7m, its net debt is less, at about US$56.1m.
下面的圖片,您可以單擊查看更詳細信息,顯示2024年9月,Bowman Consulting Group的債務爲6700萬美元,比一年前的4580萬美元增加。然而,由於它有1170萬美元的現金儲備,淨債務較少,約爲5610萬美元。
A Look At Bowman Consulting Group's Liabilities
查看Bowman Consulting Group的負債情況
According to the last reported balance sheet, Bowman Consulting Group had liabilities of US$120.8m due within 12 months, and liabilities of US$132.9m due beyond 12 months. Offsetting these obligations, it had cash of US$11.7m as well as receivables valued at US$150.4m due within 12 months. So its liabilities total US$91.7m more than the combination of its cash and short-term receivables.
根據最近公佈的資產負債表,Bowman Consulting Group的負債中,12個月內到期的爲12080萬美元,超過12個月到期的爲13290萬美元。 抵消這些義務的是公司擁有1170萬美元的現金和價值15040萬美元的應收賬款(12個月內到期)。 因此,其負債總額比其現金和短期應收賬款的總和多出9170萬美元。
While this might seem like a lot, it is not so bad since Bowman Consulting Group has a market capitalization of US$417.6m, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Bowman Consulting Group'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.
雖然這看起來很多,但由於Bowman Consulting Group的市值達到41760萬美元,如果需要的話可能通過增資來強化其資產負債表。 但我們絕對希望保持警惕,以便及時發現其債務帶來過多風險的跡象。 毫無疑問,我們從資產負債表中了解最多關於債務的信息。 但更重要的是,未來的盈利將決定Bowman Consulting Group維持健康資產負債表的能力。 因此,如果您專注於未來,可以查看這份免費報告,顯示分析師的利潤預測。
In the last year Bowman Consulting Group wasn't profitable at an EBIT level, but managed to grow its revenue by 24%, to US$406m. With any luck the company will be able to grow its way to profitability.
在過去一年中,Bowman Consulting Group在EBIt(收入前利息和稅前利潤)水平上沒有盈利,但其營業收入增長了24%,達到40600萬美元。 幸運的話,公司將有能力通過增長實現盈利。
Caveat Emptor
買方自負。
Even though Bowman Consulting Group managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. To be specific the EBIT loss came in at US$7.6m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of US$10m. So we do think this stock is quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Bowman Consulting Group is showing 1 warning sign in our investment analysis , you should know about...
儘管Bowman Consulting Group在增長收入方面表現出色,但冷酷的事實是,它在EBIt利潤上是虧損的。 具體來說,EBIt虧損爲760萬美元。 考慮到上述負債,這並未給我們帶來太多對公司應該使用如此多債務的信心。 我們認爲其資產負債表有些拉緊,儘管還未到無法彌補的地步。 例如,我們不希望重複去年的1000萬美元虧損。 所以我們認爲這支股票相當風險。 資產負債表顯然是您分析債務時需要重點關注的地方。 但最終,每家公司都可能存在超出資產負債表範圍的風險。 請注意,Bowman Consulting Group在我們的投資分析中顯示了1個警示信號,您應該知道…
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.
當一切塵埃落定時,有時更容易專注於那些甚至不需要債務的公司。讀者可以立即免費查看零淨債務的成長股列表。
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