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Does Marvell Technology (NASDAQ:MRVL) Have A Healthy Balance Sheet?

Does Marvell Technology (NASDAQ:MRVL) Have A Healthy Balance Sheet?

Marvell Technology(納斯達克股票代碼:MRVL)的資產負債表是否良好?
Simply Wall St ·  05/22 21:54

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says '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 Marvell Technology, Inc. (NASDAQ:MRVL) does use debt in its business. But the real question is whether this debt is making the company risky.

由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們可以看到,Marvell科技公司(納斯達克股票代碼:MRVL)確實在其業務中使用了債務。但真正的問題是這筆債務是否使公司面臨風險。

When Is Debt A Problem?

債務何時會成爲問題?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.

債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。最終,如果公司無法履行償還債務的法律義務,股東可能會一無所獲。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。考慮公司的債務水平的第一步是同時考慮其現金和債務。

What Is Marvell Technology's Debt?

Marvell Technology 的債務是多少?

As you can see below, Marvell Technology had US$4.17b of debt at February 2024, down from US$4.49b a year prior. However, because it has a cash reserve of US$950.8m, its net debt is less, at about US$3.22b.

如下所示,截至2024年2月,Marvell科技的債務爲41.7億美元,低於去年同期的44.9億美元。但是,由於其現金儲備爲9.508億美元,其淨負債較少,約爲32.2億美元。

debt-equity-history-analysis
NasdaqGS:MRVL Debt to Equity History May 22nd 2024
NASDAQGS: MRVL 債務與股本比率歷史記錄 2024 年 5 月 22 日

How Healthy Is Marvell Technology's Balance Sheet?

Marvell Technology 的資產負債表有多健康?

According to the last reported balance sheet, Marvell Technology had liabilities of US$1.81b due within 12 months, and liabilities of US$4.58b due beyond 12 months. Offsetting this, it had US$950.8m in cash and US$1.12b in receivables that were due within 12 months. So its liabilities total US$4.32b more than the combination of its cash and short-term receivables.

根據上次報告的資產負債表,Marvell科技的負債爲18.1億美元,12個月後到期的負債爲45.8億美元。與此相抵消的是,它有9.508億美元的現金和11.2億美元的應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總和高出43.2億美元。

Given Marvell Technology has a humongous market capitalization of US$64.5b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Marvell Technology's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

鑑於Marvell Technology擁有645億美元的巨額市值,很難相信這些負債會構成很大的威脅。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。資產負債表顯然是分析債務時需要關注的領域。但是,未來的收益將決定Marvell Technology未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。

Over 12 months, Marvell Technology made a loss at the EBIT level, and saw its revenue drop to US$5.5b, which is a fall of 6.8%. We would much prefer see growth.

在過去的12個月中,Marvell科技在息稅前利潤水平上出現虧損,收入降至55億美元,下降6.8%。我們更希望看到增長。

Caveat Emptor

Caveat Emptor

Importantly, Marvell Technology had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost US$437m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much 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$933m into a profit. So to be blunt we do think it is 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. To that end, you should be aware of the 1 warning sign we've spotted with Marvell Technology .

重要的是,Marvell Technology去年出現了息稅前收益(EBIT)虧損。事實上,它在息稅前利潤水平上損失了4.37億美元。考慮到這一點,除了上述負債外,我們對公司應該使用如此多的債務沒有太大的信心。坦率地說,我們認爲資產負債表遠非匹配,儘管可以隨着時間的推移而改善。如果它將過去十二個月的9.33億美元虧損轉化爲利潤,我們會感覺更好。因此,坦率地說,我們確實認爲這是有風險的。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。爲此,你應該注意我們在 Marvell Technology 中發現的 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,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼請立即查看我們的獨家淨現金增長股票清單。

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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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


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