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Does XPO (NYSE:XPO) Have A Healthy Balance Sheet?

Does XPO (NYSE:XPO) Have A Healthy Balance Sheet?

XPO(紐約證券交易所代碼:XPO)的資產負債表是否良好?
Simply Wall St ·  05/21 20:18

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that XPO, Inc. (NYSE:XPO) does use debt in its business. But should shareholders be worried about its use of debt?

傳奇基金經理李璐(得到Charlie Munger支持)曾經說過:“最大的投資風險不是價格波動,而是你是否會遭受資本的永久損失。”當你考慮一個公司的風險程度時,考慮到其債務是業務倒閉的常見原因,自然要考慮其資產負債表。我們可以看到XPO,Inc.(紐交所:XPO)在業務運作中確實使用了債務。但是股東是否應該擔心它的債務使用?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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.

當企業不能通過自由現金流或以有吸引力的價格籌集資本來輕鬆履行債務義務時,債務和其他負債對企業產生風險。在最糟糕的情況下,如果企業無法償還其債權人的債務,它可以破產。然而,一種更常見(但仍然昂貴)的情況是,企業必須以低廉的股價稀釋股東的股權才能控制債務。但是通過取代稀釋,債務對於需要大量資本以高回報率投資於增長的企業來說是一種非常好的工具。考慮企業使用多少債務的第一件事是查看其現金和債務的總和。

How Much Debt Does XPO Carry?

XPO承載了多少負債?

You can click the graphic below for the historical numbers, but it shows that as of March 2024 XPO had US$3.17b of debt, an increase on US$2.31b, over one year. On the flip side, it has US$230.0m in cash leading to net debt of about US$2.94b.

您可以點擊下方的圖表查看歷史數據,但它顯示截至2024年3月,XPO有31.7億美元的債務,較去年增長23.1億美元。另一方面,它有2.3億美元的現金,導致淨債務約爲29.4億美元。

debt-equity-history-analysis
NYSE:XPO Debt to Equity History May 21st 2024
紐交所:XPO債務股權歷史 2024年5月21日

How Strong Is XPO's Balance Sheet?

XPO的資產負債表有多強大?

Zooming in on the latest balance sheet data, we can see that XPO had liabilities of US$1.62b due within 12 months and liabilities of US$4.65b due beyond that. On the other hand, it had cash of US$230.0m and US$1.08b worth of receivables due within a year. So its liabilities total US$4.96b more than the combination of its cash and short-term receivables.

深入觀察最新的資產負債表數據,我們可以看到XPO在未來12個月內有16.2億美元的負債,超過了4.65億美元的遠期負債。另一方面,它有2.3億美元的現金和10.8億美元的應收款,應收款在一年內到期。因此,其負債總額超過了其現金和短期應收賬款的總和496億美元。

While this might seem like a lot, it is not so bad since XPO has a huge market capitalization of US$12.8b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.

雖然這看起來像是很多負債,但由於XPO具有128億美元的巨大市值,因此如果需要,它可能可以通過籌集資本來加強其資產負債表。然而,仍然值得密切關注其償付債務的能力。

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). 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).

我們使用兩個主要比率來分析債務與收益之間的關係。第一個比率是淨債務與利息、稅、折舊和攤銷前利潤(EBITDA)的比率,第二個比率是其利潤前利潤和稅(EBIT)覆蓋利息支出的次數(或其利息覆蓋比率)。這種方法的優點在於我們考慮到了債務的絕對數量(通過淨債務與EBITDA的比率),以及與這些債務相關的實際利息支出(通過其利息覆蓋比率)。

XPO's debt is 2.8 times its EBITDA, and its EBIT cover its interest expense 3.4 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. The good news is that XPO improved its EBIT by 7.7% over the last twelve months, thus gradually reducing its debt levels relative to its earnings. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if XPO 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.

XPO的債務是其EBITDA的2.8倍,其息稅前利潤覆蓋其利息開支的3.4倍。這表明雖然債務水平相當高,但我們不會將其稱爲問題性質。好消息是XPO在過去12個月中增加了7.7%的EBIT,從而逐漸降低其相對於其收益的債務水平。在分析債務時,資產負債表顯然是需要關注的領域。但是最終企業未來的盈利能力將決定XPO是否能夠逐漸加強其資產負債表。因此,如果您想了解專業人士的看法,您可能會發現這份免費的分析師利潤預測報告很有趣。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, XPO saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.

但我們的最後考慮也很重要,因爲一家公司無法用紙上利潤償還債務,而需要現金。因此,我們始終查看有多少EBIT被轉化爲自由現金流。在過去三年中,XPO的自由現金流總數大幅爲負。雖然這可能是爲了增長而支出,但這確實使得債務更加風險。

Our View

我們的觀點

Mulling over XPO's attempt at converting EBIT to free cash flow, we're certainly not enthusiastic. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. Once we consider all the factors above, together, it seems to us that XPO's debt is making it a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 2 warning signs we've spotted with XPO (including 1 which makes us a bit uncomfortable) .

考慮到XPO試圖將EBIT轉化爲自由現金流的努力,我們無熱情贊同。但是大家可以看到,其EBIT增長率是一個好的跡象,並讓我們更加樂觀。綜上所述,考慮到所有因素,我們認爲XPO的債務使其有點冒險。這未必是壞事,但一般來說,我們會更喜歡槓桿水平較低的公司。當您分析債務時,資產負債表顯然是需要關注的領域。但最終,每個企業都可能存在超出資產負債表之外的風險。因此,您應該了解我們在XPO看到的2個警告跡象(包括1個讓我們有些不舒服的跡象)。

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.

如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁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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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

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