These 4 Measures Indicate That Amkor Technology (NASDAQ:AMKR) Is Using Debt Reasonably Well
These 4 Measures Indicate That Amkor Technology (NASDAQ:AMKR) Is Using Debt Reasonably Well
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies Amkor Technology, Inc. (NASDAQ:AMKR) makes use of debt. But should shareholders be worried about its use of debt?
禾倫·巴菲特曾經說過:「波動性與風險遠非同義詞。」 當你考慮一家公司的風險時,自然而然會考慮其資產負債表,因爲許多情況下,企業破產與債務有關。與許多其他公司一樣,Amkor Technology, Inc.(納斯達克:AMKR)使用了債務。但股東應該擔心它使用債務嗎?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業發展的工具,但如果企業無法償還債權人,那麼它存在於債權人的控制之下。最壞的情況下,如果企業無法支付債權人,它可能會破產。然而,一種更頻繁(但仍然代價高昂)的情況是企業必須以谷底價位發行股票,永久性地稀釋股東的權益,以恢復其資產負債表。當然,很多公司使用債務來資助增長,而沒有任何負面後果。當我們考慮一家公司的債務使用情況時,首先要看現金和債務的總體情況。
What Is Amkor Technology's Net Debt?
Amkor Technology的淨債務是多少?
As you can see below, Amkor Technology had US$1.10b of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, its balance sheet shows it holds US$1.55b in cash, so it actually has US$441.7m net cash.
正如下面所示,Amkor Technology在2024年6月有11億美元的債務,與前年相當。您可以點擊圖表以獲得更詳細的信息。然而,它的資產負債表顯示它持有15.5億美元的現金,因此實際上具有4417萬美元的淨現金。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240904/0-d25211ddfffae5f3af4c0f046ecd93a9-0-fb38c9957c672516efb8275a36f8d317.png/big)
How Strong Is Amkor Technology's Balance Sheet?
艾馬克技術的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Amkor Technology had liabilities of US$1.51b due within 12 months and liabilities of US$1.28b due beyond that. On the other hand, it had cash of US$1.55b and US$1.15b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$88.8m.
深入研究最新的資產負債表數據,我們可以看到,艾馬克技術有150億美元的負債到期,12個月內到期,128億美元的負債到期,超過12個月。另一方面,它有155億美元的現金和115億美元的應收款項,一年內到期。因此,其負債超過了現金和(短期)應收款項的總和達到8800萬美元。
Having regard to Amkor Technology's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the US$8.11b company is short on cash, but still worth keeping an eye on the balance sheet. Despite its noteworthy liabilities, Amkor Technology boasts net cash, so it's fair to say it does not have a heavy debt load!
考慮到艾馬克技術的規模,似乎其流動資產與總負債相當平衡。因此,810億美元的公司很不可能現金短缺,但仍然值得關注資產負債表。儘管其值得注意的負債,艾馬克技術擁有淨現金,因此可以說它沒有沉重的債務負擔!
It is just as well that Amkor Technology's load is not too heavy, because its EBIT was down 30% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Amkor Technology can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
艾馬克技術的負債並不太重,因爲其息稅折舊攤銷前利潤(EBIt)在過去一年下降了30%。在償還債務方面,營收下降與飲用汽水對健康毫無用處一樣。毫無疑問,我們大多數關於債務的信息都來自資產負債表。但最終,業務的未來盈利能力將決定艾馬克技術是否能夠隨着時間加強其資產負債表。因此,如果你專注於未來,可以查看一份免費報告,其中包括分析師的利潤預測。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Amkor Technology has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. In the last three years, Amkor Technology's free cash flow amounted to 50% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最後,一家企業只能用冷硬現金償還債務,而不是會計利潤。雖然艾馬克技術的資產負債表上有淨現金,但仍然值得關注其將息稅折舊攤銷前利潤(EBIT)轉化爲自由現金流的能力,以幫助我們了解其構建(或侵蝕)現金餘額的速度。在過去三年中,艾馬克技術的自由現金流佔其EBIT的比例達到50%,低於我們的預期。這種較弱的現金轉化使其更難處理債務。
Summing Up
總之
We could understand if investors are concerned about Amkor Technology's liabilities, but we can be reassured by the fact it has has net cash of US$441.7m. So we are not troubled with Amkor Technology's debt use. Of course, we wouldn't say no to the extra confidence that we'd gain if we knew that Amkor Technology insiders have been buying shares: if you're on the same wavelength, you can find out if insiders are buying by clicking this link.
我們可以理解投資者對於艾馬克技術的負債感到擔憂,但我們可以通過其淨現金44170萬美元來獲得安心感。所以我們對於艾馬克技術的債務使用並不困擾。當然,如果我們知道艾馬克技術內部人士一直在購買股票,我們會更加有信心:如果你和我們有相同的看法,你可以通過點擊這個鏈接了解內部人員是否在購買股票。
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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