share_log

Is Tutor Perini (NYSE:TPC) Using Too Much Debt?

Is Tutor Perini (NYSE:TPC) Using Too Much Debt?

Tutor Perini (紐交所:TPC) 是否使用了過多的債務?
Simply Wall St ·  12/24 18:00

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies Tutor Perini Corporation (NYSE:TPC) makes use of debt. But should shareholders be worried about its use of debt?

霍華德·馬克斯很好地說過,與其擔心股票價格波動,"我擔心的風險是永久性損失的可能性……每一個我認識的實際投資者也都擔心這個。" 因此,聰明的投資者知道,債務——通常與破產相關——在評估一家公司的風險時是一個非常重要的因素。 和其他許多公司一樣,Tutor Perini公司(紐交所:TPC)也利用債務。但股東們應該擔心其債務的使用嗎?

What Risk Does Debt Bring?

債務帶來了什麼風險?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.

債務能夠幫助企業,直到企業無法用新資本或自由現金流償還它。最糟糕的情況是,如果一家公司無法支付債權人,就可能面臨破產。然而,更常見(但仍然痛苦)的情況是,它不得不以低價增發新股,導致股東的持股比例被永久稀釋。當然,許多公司使用債務來資助增長,而沒有任何負面後果。考慮一家公司債務水平的第一步是將其現金和債務綜合考慮。

What Is Tutor Perini's Net Debt?

Tutor Perini的淨債務是多少?

The image below, which you can click on for greater detail, shows that Tutor Perini had debt of US$681.4m at the end of September 2024, a reduction from US$904.8m over a year. On the flip side, it has US$287.4m in cash leading to net debt of about US$394.0m.

下圖可點擊以查看更詳細的信息,顯示Tutor Perini在2024年9月底的債務爲68140萬美元,較一年前的90480萬美元有所減少。另一方面,它擁有28740萬美元的現金,導致淨債務約爲39400萬美元。

big
NYSE:TPC Debt to Equity History December 24th 2024
紐交所:TPC債務與股本的歷史 2024年12月24日

A Look At Tutor Perini's Liabilities

分析教師佩里尼的負債情況

The latest balance sheet data shows that Tutor Perini had liabilities of US$2.23b due within a year, and liabilities of US$922.7m falling due after that. Offsetting these obligations, it had cash of US$287.4m as well as receivables valued at US$2.83b due within 12 months. So these liquid assets roughly match the total liabilities.

最新的資產負債表數據顯示,Tutor Perini 的短期負債爲22.3億美元,長期負債爲92270萬美元。爲了抵消這些義務,公司有28740萬美元的現金以及價值28.3億人民幣、在12個月內到期的應收賬款。因此,這些流動資產大致匹配總負債。

Given Tutor Perini has a market capitalization of US$1.34b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Tutor Perini'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.

考慮到Tutor Perini的市值爲13.4億美元,很難相信這些負債會對其構成太大威脅。話雖如此,顯然我們應該繼續監測其資產負債表,以免情況惡化。在分析債務水平時,資產負債表顯然是最佳起點。但更重要的是,未來的盈利能力將判斷Tutor Perini在未來保持健康資產負債表的能力。因此,如果你想了解專業人士的看法,你可能會發現這份關於分析師盈利預測的免費報告很有趣。

Over 12 months, Tutor Perini reported revenue of US$4.3b, which is a gain of 14%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.

在過去12個月中,Tutor Perini報告的營業收入爲43億美元,增長率爲14%,儘管它並沒有報告息稅前盈利。這個增長率對於我們的口味來說有點慢,但各種類型的公司都有。

Caveat Emptor

買者自負盈虧

Over the last twelve months Tutor Perini produced an earnings before interest and tax (EBIT) loss. To be specific the EBIT loss came in at US$38m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. We would feel better if it turned its trailing twelve month loss of US$132m into a profit. In the meantime, we consider the stock very risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Tutor Perini you should know about.

在過去的十二個月中,Tutor Perini 產生了息稅前收益(EBIT)虧損。具體來說,EBIT虧損爲3800萬美元。當我們看到這一點並回想起其資產負債表上的負債時,相較於現金,我們認爲公司有任何債務都是不明智的。坦率地說,我們認爲資產負債表遠未達到匹配標準,儘管隨着時間的推移可能會得到改善。如果它能將過去12個月的13200萬美元虧損轉變爲利潤,我們會感覺好很多。與此同時,我們認爲這隻股票非常高風險。在分析債務水平時,資產負債表顯然是最佳起點。然而,並非所有投資風險都源於資產負債表,遠非如此。這些風險可能很難被發現。每家公司都有這些風險,我們也發現了Tutor Perini的一個警告信號,你應該了解。

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.

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.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
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。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
    搶先評論