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Does Transcat (NASDAQ:TRNS) Have A Healthy Balance Sheet?

Does Transcat (NASDAQ:TRNS) Have A Healthy Balance Sheet?

Transcat(納斯達克:TRNS)有健康的資產負債表嗎?
Simply Wall St ·  12/17 21:55

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.' 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. Importantly, Transcat, Inc. (NASDAQ:TRNS) does carry debt. But the more important question is: how much risk is that debt creating?

有些人認爲波動性,而不是債務,是作爲投資者考慮風險的最好方式,但禾倫·巴菲特曾名言:『波動性與風險遠非同義詞。』當我們考慮一家公司有多大的風險時,我們總是喜歡觀察它的債務使用情況,因爲債務負擔過重可能導致破產。重要的是,Transcat, Inc. (納斯達克:TRNS)確實有債務。但更重要的問題是:這些債務帶來了多大的風險?

When Is Debt A Problem?

何時債務成爲問題?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.

當企業無法輕鬆地通過自由現金流或以有吸引力的價格籌集資本來履行這些義務時,債務和其他負債就會變得危險。如果情況變得非常糟糕,貸方可能會控制企業。然而,更常見(但仍然昂貴)的情況是,一家公司必須以廉價的股票價格稀釋股東,以便控制債務。話雖如此,最常見的情況是,一家公司合理管理其債務,並從中獲益。當考慮一家公司債務水平時,第一步是將其現金和債務結合起來考慮。

How Much Debt Does Transcat Carry?

Transcat的債務有多少?

The image below, which you can click on for greater detail, shows that Transcat had debt of US$3.00m at the end of September 2024, a reduction from US$53.3m over a year. But on the other hand it also has US$23.8m in cash, leading to a US$20.8m net cash position.

下方的圖片(您可以單擊以查看更大細節)顯示,Transcat在2024年9月底的債務爲300萬美元,比一年前的5330萬美元減少。但另一方面,它同時還有2380萬美元的現金,導致淨現金位置爲2080萬美元。

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NasdaqGM:TRNS Debt to Equity History December 17th 2024
納斯達克GM:TRNS的債務與股本歷史 2024年12月17日

A Look At Transcat's Liabilities

看一下Transcat的負債情況

We can see from the most recent balance sheet that Transcat had liabilities of US$26.5m falling due within a year, and liabilities of US$28.3m due beyond that. Offsetting these obligations, it had cash of US$23.8m as well as receivables valued at US$49.6m due within 12 months. So it can boast US$18.6m more liquid assets than total liabilities.

從最新的資產負債表中我們可以看到,Transcat有2650萬美元的負債將在一年內到期,2830萬美元的負債將在之後到期。抵消這些義務,Transcat有2380萬美元的現金以及在12個月內到期的價值4960萬美元的應收賬款。因此,它可以自豪地說其流動資產比總負債多出1860萬美元。

Having regard to Transcat's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the US$1.00b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Transcat boasts net cash, so it's fair to say it does not have a heavy debt load!

考慮到Transcat的規模,似乎其流動資產與總負債之間平衡良好。因此,雖然很難想象這家價值10億美元的公司在資金上遇到困擾,但我們仍然認爲監控其資產負債表是值得的。簡而言之,Transcat擁有淨現金,因此可以公平地說它沒有沉重的債務負擔!

Also good is that Transcat grew its EBIT at 16% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Transcat 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.

另外好的一點是,Transcat在過去一年中其息稅前利潤(EBIT)增長了16%,進一步增強了管理債務的能力。在分析債務水平時,資產負債表無疑是最明顯的起點。但歸根結底,未來業務的盈利能力將決定Transcat是否能隨着時間的推移增強其資產負債表。因此,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。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Transcat may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Transcat produced sturdy free cash flow equating to 72% 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,企業需要自由現金流來償還債務;會計利潤是不夠的。Transcat在資產負債表上可能有淨現金,但看看該企業如何將息稅前利潤(EBIT)轉化爲自由現金流仍然很有趣,因爲這將影響其債務需求和管理能力。在過去三年中,Transcat產生了堅實的自由現金流,佔其EBIT的72%左右,正是我們所期待的。這一自由現金流使公司在適當的時候能夠很好地償還債務。

Summing Up

總結

While we empathize with investors who find debt concerning, you should keep in mind that Transcat has net cash of US$20.8m, as well as more liquid assets than liabilities. The cherry on top was that in converted 72% of that EBIT to free cash flow, bringing in US$17m. So we don't think Transcat's use of debt is risky. 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. We've identified 1 warning sign with Transcat , and understanding them should be part of your investment process.

儘管我們同情那些對債務感到擔憂的投資者,但你應該記住,Transcat 擁有 2080萬美元的淨現金,以及流動資產超過負債。 更好的消息是,它將 72% 的 EBIT 轉換爲自由現金流,帶來了 1700萬美元的收入。 因此,我們認爲 Transcat 的債務使用並不具有風險。 毫無疑問,我們從資產負債表中對債務的了解是最深刻的。但歸根結底,每家公司可能都存在超出資產負債表之外的風險。 我們已經識別出 Transcat 的一個警告信號,理解這些信號應該是你投資過程的一部分。

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果您有興趣投資那些能夠在沒有債務負擔的情況下增長利潤的業務,請查看這個自由名單,其中列出了在資產負債表上有淨現金的成長型企業。

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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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這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。

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