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These 4 Measures Indicate That HCA Healthcare (NYSE:HCA) Is Using Debt Reasonably Well

These 4 Measures Indicate That HCA Healthcare (NYSE:HCA) Is Using Debt Reasonably Well

這四項指標表明HCA醫療(紐交所:HCA)在合理使用債務。
Simply Wall St ·  01/15 16:45

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.' 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, HCA Healthcare, Inc. (NYSE:HCA) does carry debt. But the more important question is: how much risk is that debt creating?

霍華德·馬克斯說得很好,他提到,與其擔心股票價格波動,不如關注『永久損失的可能性,這才是我擔心的風險……以及我所認識的每位實用投資者所關注的風險。』當我們考慮一家公司的風險時,我們總是喜歡查看其債務使用情況,因爲債務過多可能導致毀滅性後果。重要的是,HCA醫療公司(紐交所:HCA)確實有債務。但更重要的問題是:這些債務帶來了多少風險?

What Risk Does Debt Bring?

債務帶來了什麼風險?

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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

當一家企業無法輕鬆履行債務和其他負債時,例如無法用自由現金流或以有吸引力的價格籌集資金,它們就會變得危險。資本主義的一部分是『創造性毀滅』的過程,失敗的企業會被他們的銀行家毫不留情地清算。雖然這種情況並不常見,但我們常常看到負債累累的公司因迫於貸款方的壓力而永久稀釋股東權益,因爲他們被迫以低價籌集資金。當然,許多公司利用債務來資助增長,沒有任何負面影響。在考慮一家企業使用多少債務時,首先要查看其現金和債務的狀況。

What Is HCA Healthcare's Debt?

HCA醫療公司的債務是多少?

As you can see below, at the end of September 2024, HCA Healthcare had US$43.0b of debt, up from US$39.3b a year ago. Click the image for more detail. However, it does have US$2.98b in cash offsetting this, leading to net debt of about US$40.0b.

正如您在下面看到的,截至2024年9月底,HCA醫療公司的債務爲430億美元,較一年前的393億美元有所增加。點擊圖片獲取更多詳細信息。然而,它有29.8億美元的現金可以抵消這些債務,導致淨債務約爲400億美元。

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NYSE:HCA Debt to Equity History January 15th 2025
紐交所:HCA 債務與股本歷史 2025年1月15日

A Look At HCA Healthcare's Liabilities

HCA醫療的負債情況分析

According to the last reported balance sheet, HCA Healthcare had liabilities of US$14.9b due within 12 months, and liabilities of US$43.8b due beyond 12 months. On the other hand, it had cash of US$2.98b and US$9.92b worth of receivables due within a year. So its liabilities total US$45.8b more than the combination of its cash and short-term receivables.

根據最後報告的資產負債表,HCA醫療在12個月內的負債爲149億美元,12個月後的負債爲438億美元。另一方面,HCA醫療有現金29.8億美元和價值99.2億美元的應收賬款在一年內到期。所以它的負債總額爲458億美元,這比它的現金和短期應收賬款的總和多。

This deficit isn't so bad because HCA Healthcare is worth a massive US$77.5b, 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.

這個赤字並沒有那麼糟,因爲HCA醫療的價值巨大,達到了775億美元,因此如果需要,它可能能夠籌集足夠的資金來鞏固其資產負債表。然而,仔細查看其償還債務的能力仍然是值得的。

We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

我們使用兩個主要的比率來告訴我們相對於收益的債務水平。第一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA),而第二個是其利潤前利息和稅(EBIT)覆蓋其利息費用的次數(或其利息覆蓋率,簡稱)。因此,我們考慮與折舊和攤銷費用相關的盈利以及沒有相關費用的盈利相對於債務水平。

HCA Healthcare has a debt to EBITDA ratio of 2.9 and its EBIT covered its interest expense 5.2 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. One way HCA Healthcare could vanquish its debt would be if it stops borrowing more but continues to grow EBIT at around 14%, as it did over the last year. 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 HCA Healthcare 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.

HCA醫療的債務與EBITDA的比率爲2.9,EBIT覆蓋其利息支出的倍數爲5.2。這表明雖然債務水平較高,但我們不至於稱其爲問題。HCA醫療消除債務的一種方式是停止進一步借款,但繼續將EBIT增長約14%,就像去年一樣。毫無疑問,我們從資產負債表中了解到大多數債務情況。但最終,業務的未來盈利能力將決定HCA醫療能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的看法,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。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, HCA Healthcare produced sturdy free cash flow equating to 50% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

最後,雖然稅務機關可能喜愛會計利潤,但貸方只接受真金白銀。因此,檢查一下EBIT中有多少是由自由現金流支持的值得。在過去的三年中,HCA醫療產生了堅實的自由現金流,相當於其EBIT的50%,這是我們所期待的。這筆真金白銀意味着它可以在需要時減少債務。

Our View

我們的觀點

On our analysis HCA Healthcare's EBIT growth rate should signal that it won't have too much trouble with its debt. But the other factors we noted above weren't so encouraging. For instance it seems like it has to struggle a bit handle its debt, based on its EBITDA,. It's also worth noting that HCA Healthcare is in the Healthcare industry, which is often considered to be quite defensive. Looking at all this data makes us feel a little cautious about HCA Healthcare's debt levels. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. The balance sheet is clearly the area to focus on when you are analysing debt. 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 HCA Healthcare you should know about.

根據我們的分析,HCA醫療的EBIT增長率應該表明它在債務方面不會遇到太多麻煩。但我們上面提到的其他因素並不是那麼令人鼓舞。例如,基於其 EBITDA,它似乎在處理債務方面有些掙扎。值得注意的是,HCA醫療處於醫療行業,通常被認爲是相當防禦性的。看着這些數據讓我們對HCA醫療的債務水平感到有些謹慎。雖然債務在更高的潛在回報中確實有其優勢,但我們認爲股東們應該一定要考慮債務水平如何使股票風險更大。資產負債表顯然是分析債務時需要關注的領域。然而,並非所有投資風險都存在於資產負債表中,遠非如此。這些風險可能很難發現。每家公司都有這些風險,而我們爲HCA醫療發現了一個警告信號,您應該了解。

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.

無論最終結果如何,有時候更容易關注那些根本不需要債務的公司。讀者可以立即免費獲取一份淨債務爲零的成長股列表。

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。


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