Over the past three months, shares of Visa (NYSE:V) moved higher by 2.48%. Before having a look at the importance of debt, let us look at how much debt Visa has.
Visa's Debt
Based on Visa’s financial statement as of July 31, 2020, long-term debt is at $17.88 billion and current debt is at $3.00 billion, amounting to $20.88 billion in total debt. Adjusted for $13.90 billion in cash-equivalents, the company's net debt is at $6.98 billion.
Shareholders look at the debt-ratio to understand how much financial leverage a company has. Visa has $77.88 billion in total assets, therefore making the debt-ratio 0.27. As a rule of thumb, a debt-ratio more than one indicates that a considerable portion of debt is funded by assets. A higher debt-ratio can also imply that the company might be putting itself at risk for default, if interest rates were to increase. However, debt-ratios vary widely across different industries. A debt ratio of 40% might be higher for one industry and average for another.
Importance Of Debt
Besides equity, debt is an important factor in the capital structure of a company, and contributes to its growth. Due to its lower financing cost compared to equity, it becomes an attractive option for executives trying to raise capital.
Interest-payment obligations can impact the cash-flow of the company. Equity owners can keep excess profit, generated from the debt capital, when companies use the debt capital for its business operations.
在過去的三個月裏,Visa(紐約證券交易所代碼:V)的股價上漲了2.48%。在看債務的重要性之前,讓我們先看看Visa有多少債務。
Visa的債務
根據Visa截至2020年7月31日的財務報表,長期債務為178.8億美元,當前債務為30億美元,總債務為208.8億美元。經139億美元現金等價物調整後,該公司的淨債務為69.8億美元。
股東們通過債務比率來了解一家公司有多大的財務槓桿。Visa的總資產為778.8億美元,因此負債率為0.27。根據經驗,債務比率超過1表明相當大一部分債務是由資產提供資金的。較高的負債率也可能意味着,如果利率上升,該公司可能會將自己置於違約風險中。然而,不同行業的負債率差別很大。對於一個行業來説,40%的負債率可能更高,而對於另一個行業來説,平均水平可能更高。
債務的重要性
除了股權,債務是公司資本結構中的一個重要因素,並對公司的增長做出了貢獻。由於與股權相比,它的融資成本較低,因此對於試圖籌集資金的高管來説,它成為一個有吸引力的選擇。
付息義務會影響公司的現金流。當公司將債務資本用於其業務運營時,股權所有者可以保留債務資本產生的超額利潤。