Funko (NASDAQ:FNKO) Is Carrying A Fair Bit Of Debt
Funko (NASDAQ:FNKO) Is Carrying A Fair Bit Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We note that Funko, Inc. (NASDAQ:FNKO) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
禾倫·巴菲特曾經著名說過：“波動遠非風險同義詞”，因此，當你考慮某隻股票的風險性時，需要考慮到債務問題，因爲債務過多會使一家公司垮掉。我們注意到Funko，Inc.（納斯達克：FNKO）確實在資產負債表上有債務。但真正的問題是，該債務是否使公司具有風險？
When Is Debt A Problem?
什麼時候負債才是一個問題？
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. If things get really bad, the lenders can take control of the business. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業增長的一種工具，但如果企業無法償還債權人，則存在於債權人的垂青之下。如果情況變得非常糟糕，債權人可以接管企業。雖然這種情況不常見，我們通常會看到欠款公司因債權人強迫他們以低於市場價的價格募集資本而永久稀釋股東。當然，債務的好處在於它通常代表着廉價的資本，特別是當它替代了公司有能力以高回報率進行再投資的稀釋時。當我們考慮一家公司對債務的使用時，我們首先看現金和債務總額。
What Is Funko's Debt?
Funko的債務情況是怎樣的？
The image below, which you can click on for greater detail, shows that Funko had debt of US$246.4m at the end of March 2024, a reduction from US$310.4m over a year. However, it also had US$26.1m in cash, and so its net debt is US$220.3m.
下面的圖片可以點擊以獲取更詳細的信息，顯示Funko在2024年3月底的債務爲2.464億美元，較去年的3.104億美元有所減少。然而，它也有2610萬美元的現金，因此其淨債務爲2.203億美元。
How Healthy Is Funko's Balance Sheet?
Funko的資產負債表狀況如何？
According to the last reported balance sheet, Funko had liabilities of US$318.4m due within 12 months, and liabilities of US$189.5m due beyond 12 months. On the other hand, it had cash of US$26.1m and US$101.2m worth of receivables due within a year. So it has liabilities totalling US$380.6m more than its cash and near-term receivables, combined.
根據最近披露的資產負債表，Funko有3.184億美元的負債到期，期限在12個月內，還有1.895億美元的負債到期期限在12個月以上。另一方面，它有2.61億美元的現金和1.012億美元的應收賬款，到期時間在一年內。因此，它的負債總額比現金和短期應收賬款加起來還多380.6億美元。
This is a mountain of leverage relative to its market capitalization of US$518.8m. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. 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 Funko'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.
相對於其市值到518.8億美元，這是一座巨大的負債山。如果它的貸款人要求其加強資產負債表，股東們可能面臨嚴重的股權稀釋。毫無疑問，我們從資產負債表中了解到大部分有關債務的信息。但未來的盈利，更重要的是，將決定Funko維持健康資產負債表的能力。因此，如果您關注未來，您可以查看這份免費報告，其中顯示了分析師獲利預測。
In the last year Funko had a loss before interest and tax, and actually shrunk its revenue by 16%, to US$1.1b. We would much prefer see growth.
在過去的一年中，Funko在利息和稅前虧損，實際上還將營收縮減了16％，至11億美元。我們更希望得到增長。
Caveat Emptor
買方自負。
Not only did Funko's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Its EBIT loss was a whopping US$69m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of US$121m. So in short it's a really risky stock. 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. Case in point: We've spotted 3 warning signs for Funko you should be aware of.
不僅Funko的營收在過去的十二個月中下滑，而且在利息和稅前利潤（EBIT）方面也表現出虧損。其EBIT虧損高達6,900萬美元。考慮到上述負債，我們對公司過度使用債務的表現並不信心十足。因此，我們認爲其資產負債表有點緊張，雖然還沒有到無法修復的程度。例如，我們不希望看到去年的1.21億美元虧損重演。所以總之它是一個非常高風險的股票。在分析債務時，顯然資產負債表是需要關注的領域。但不是所有的投資風險都存在於資產負債表中 - 遠非如此。以此爲例：我們已經發現3個Funko的警告信號，您應該知道。
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.
說到底，有時更容易關注那些甚至不需要債務的公司。讀者可以免費查看零淨債務增長股票列表，立即獲得。
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。