Does ONEOK (NYSE:OKE) Have A Healthy Balance Sheet?
Does ONEOK (NYSE:OKE) 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. Importantly, ONEOK, Inc. (NYSE:OKE) does carry debt. But should shareholders be worried about its use of debt?
戴維·伊本說得很好:『波動性不是我們關心的風險。我們關心的是避免資本的永久損失。』 所以,當你考慮任何一隻股票的風險時,考慮債務可能是顯而易見的,因爲過多的債務可能會拖垮一家公司。重要的是,ONEOk, Inc. (紐交所:OKE) 確實有債務。但是,股東應該擔心它的債務使用嗎?
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. 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. 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業增長的工具,但如果一家企業無法償還貸款人,那麼它就處於貸款人的掌控之下。在最壞的情況下,如果一家公司無法償還債權人,可能會破產。然而,更常見(但仍然痛苦)的情況是,它不得不以低價籌集新的股本,從而永久性地稀釋股東的權益。通過替代稀釋,債務對於需要資本以高回報率投資於增長的企業來說,可以是非常好的工具。考慮企業使用多少債務時,首先要查看其現金和債務的綜合情況。
What Is ONEOK's Debt?
ONEOK的債務是什麼?
As you can see below, at the end of September 2024, ONEOK had US$28.1b of debt, up from US$22.0b a year ago. Click the image for more detail. On the flip side, it has US$579.0m in cash leading to net debt of about US$27.6b.
正如你在下面看到的,到2024年9月底,ONEOk的債務爲281億美元,比一年前的220億美元有所增加。點擊圖片查看更多細節。另一方面,它有57900萬美元的現金,導致淨債務約爲276億美元。
How Healthy Is ONEOK's Balance Sheet?
ONEOK的資產負債表健康嗎?
According to the last reported balance sheet, ONEOK had liabilities of US$3.56b due within 12 months, and liabilities of US$30.6b due beyond 12 months. Offsetting these obligations, it had cash of US$579.0m as well as receivables valued at US$1.25b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$32.3b.
根據最近報告的資產負債表,ONEOK在12個月內的負債爲35.6億美元,超過12個月的負債爲306億美元。抵消這些義務,它有57900萬美元的現金以及價值12.5億美元的應收賬款,且這些應收賬款在12個月內到期。因此,它的負債超過了現金及(短期)應收賬款總和的323億美元。
This deficit isn't so bad because ONEOK is worth a massive US$58.5b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
這個赤字並不是很糟糕,因爲ONEOK的市值達到了585億美元,因此,如果需要的話,可能能籌集足夠的資本來支撐其資產負債表。然而,仔細審視其償債能力仍然是值得的。
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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
爲了評估一家公司的債務相對於其收益的情況,我們計算其淨債務與息稅折舊攤銷前利潤(EBITDA)的比率,以及息稅利潤(EBIT)與利息費用(即利息覆蓋)的比率。這種方法的優點在於我們同時考慮到債務的絕對數額(使用淨債務與EBITDA的比率)和與該債務相關的實際利息支出(使用利息覆蓋率)。
ONEOK's debt is 4.9 times its EBITDA, and its EBIT cover its interest expense 3.7 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. The good news is that ONEOK grew its EBIT a smooth 48% over the last twelve months. Like a mother's loving embrace of a newborn that sort of growth builds resilience, putting the company in a stronger position to manage its debt. 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 ONEOK'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.
ONEOK的債務是其EBITDA的4.9倍,其EBIT能覆蓋利息支出3.7倍。綜合來看,這意味着雖然我們不希望看到債務水平上升,但我們認爲其能夠應付當前的槓桿。好消息是,ONEOK在過去12個月內其EBIT增長了48%。這種增長就像母親對新生兒的溫暖擁抱,建立了韌性,使公司在管理債務方面處於更強的位置。毫無疑問,我們從資產負債表中了解債務的最多。但未來的收益,勝於其他,將決定ONEOK未來維持健康資產負債表的能力。因此,如果你想看看專業人士的看法,您可能會發現這份關於分析師利潤預測的免費報告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the most recent three years, ONEOK recorded free cash flow worth 70% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
最後,一個企業需要自由現金流來償還債務;會計利潤是無法滿足的。因此,我們顯然需要看看EBIT是否帶來了對應的自由現金流。在最近三年中,ONEOK的自由現金流佔其EBIT的70%,這在正常範圍內,因爲自由現金流不包括利息和稅。這種切實的現金意味着它可以在需要時減少債務。
Our View
我們的觀點
When it comes to the balance sheet, the standout positive for ONEOK was the fact that it seems able to grow its EBIT confidently. But the other factors we noted above weren't so encouraging. In particular, net debt to EBITDA gives us cold feet. When we consider all the elements mentioned above, it seems to us that ONEOK is managing its debt quite well. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. 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. To that end, you should be aware of the 1 warning sign we've spotted with ONEOK .
關於資產負債表,ONEOk的一個顯著積極因素是它似乎能夠自信地增長其EBIT。但我們上面提到的其他因素並不那麼令人鼓舞。特別是,淨債務與EBITDA的比例讓我們感到不安。當我們考慮上述所有要素時,我們認爲ONEOk在管理其債務方面做得相當不錯。但需要提醒的是:我們認爲債務水平足夠高,值得繼續監測。毫無疑問,我們從資產負債表中學到了很多有關債務的知識。但最終,每家公司都可能存在資產負債表之外的風險。爲此,您應該注意我們發現的ONEOk的1個警告信號。
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,如果你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,今天就來發現我們獨家的淨現金成長股票列表。
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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。
譯文內容由第三人軟體翻譯。