Stride (NYSE:LRN) Has A Rock Solid Balance Sheet
Stride (NYSE:LRN) Has A Rock Solid Balance Sheet
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. Importantly, Stride, Inc. (NYSE:LRN) does carry debt. But is this debt a concern to shareholders?
禾倫•巴菲特有句名言:“波動性遠非風險的同義詞。”當你考慮一隻股票是否有風險的時候,需要考慮它的債務,因爲過多的債務會導致公司破產。值得注意的是,Stride, Inc. (紐交所: LRN)的確有負債。但這些債務是否會讓股東們擔憂呢?
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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.
債務幫助企業直到企業有困難償還它,或者有新的資本或自由現金流可以償還它。在最糟糕的情況下,如果企業無法償還債權人,公司可能破產。然而,更常見的(但仍然痛苦的)情況是,它不得不以低價籌集新的權益資本,從而永久性地稀釋股東的股權。當然,債務的好處是,它通常代表廉價資本,特別是當它取代具有高回報率再投資能力的公司稀釋時。當我們考慮公司使用債務時,首先要看現金和債務的總體情況。
How Much Debt Does Stride Carry?
Stride負債有多少?
The chart below, which you can click on for greater detail, shows that Stride had US$414.3m in debt in March 2024; about the same as the year before. But on the other hand it also has US$551.5m in cash, leading to a US$137.2m net cash position.
下面這張圖顯示了Stride公司在2024年3月份擁有4.1430億美元的債務,與去年幾乎相同。但另一方面,它也擁有了5.5150億美元的現金,因此淨現金爲1.3720億美元。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240724/0-e7df28680e780d42d82c3af5e31b9454-0-96d217cca1885c29c9d023a7f6af1b7f.png/big)
How Strong Is Stride's Balance Sheet?
Stride的資產負債表面有多強?
Zooming in on the latest balance sheet data, we can see that Stride had liabilities of US$282.0m due within 12 months and liabilities of US$507.0m due beyond that. Offsetting this, it had US$551.5m in cash and US$577.8m in receivables that were due within 12 months. So it can boast US$340.3m more liquid assets than total liabilities.
從最新資產負債表數據看,Stride公司有2820萬美元的負債在12個月內到期,另有5.0700億美元的負債超過該期限。抵消這一情況的是,公司有5.5150億美元的現金和在12個月內到期的5.7778億美元的應收款。因此,其流動資產比總負債多了3.4030億美元。
This surplus suggests that Stride has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Stride boasts net cash, so it's fair to say it does not have a heavy debt load!
這一盈餘表明,Stride的資產負債表非常穩健,其可以輕鬆消除債務。簡言之,Stride擁有淨現金,因此可以說它沒有負擔過重的債務!
In addition to that, we're happy to report that Stride has boosted its EBIT by 55%, thus reducing the spectre of future debt repayments. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Stride's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
差不多每個分析債務水平的人都會從資產負債表入手。然而,最終能否維持健康的資產負債表,取決於未來的利潤,而不是什麼別的因素。因此,如果您想看看業內人士的看法,可以看看這篇關於分析師利潤預測的免費報告。值得欣慰的是,Stride將其EBIt提高了55%,從而減輕了未來債務償還的壓力。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Stride may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Stride generated free cash flow amounting to a very robust 86% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
最後,公司需要有自由現金流來償還債務;會計利潤是不足的。Stride可能在資產負債表上有淨現金,但是觀察其將稅前利潤轉化爲自由現金流的能力以及管理債務的能力也很有意思,因爲這都將影響到它對債務的需求和管理能力。在過去三年中,Stride的自由現金流金額達到其EBIt的86%,比我們預期的要高得多。這使其處於非常強勁的償還債務地位。
Summing Up
總之
While we empathize with investors who find debt concerning, you should keep in mind that Stride has net cash of US$137.2m, as well as more liquid assets than liabilities. And it impressed us with free cash flow of US$141m, being 86% of its EBIT. So is Stride's debt a risk? It doesn't seem so to us. We'd be very excited to see if Stride insiders have been snapping up shares. If you are too, then click on this link right now to take a (free) peek at our list of reported insider transactions.
儘管我們能夠理解深感擔憂的股東,但我們需要記住的是,Stride有1.3720億美元的淨現金,流動資產超過總負債。此外它的自由現金流達到了1.41億美元,相當於其EBIt的86%。那麼,Stride的債務是否也存在風險?我們不這樣認爲。如果您有興趣,可以點擊此鏈接免費查看公司高管的交易情況。
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,如果您是那種喜歡購買沒有負債負擔的股票的投資者,則今天就可以發現我們的獨家淨現金增長股清單。
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。