We Think Alkermes (NASDAQ:ALKS) Can Stay On Top Of Its Debt
We Think Alkermes (NASDAQ:ALKS) Can Stay On Top Of Its Debt
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.' 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 can see that Alkermes plc (NASDAQ:ALKS) does use debt in its business. But should shareholders be worried about its use of debt?
傳奇基金經理李錄(得到了查理·芒格的支持)曾經說過,'最大的投資風險不是價格波動,而是資本永久性損失的可能性。' 因此,當您考慮任何特定股票的風險性時,您需要考慮債務,因爲過多的債務可能會導致公司破產。我們可以看到阿爾凱默斯公司(納斯達克:ALKS)在其業務中使用債務。但股東應該擔心它的債務使用嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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 step when considering a company's debt levels is to consider its cash and debt together.
一般而言,只有當公司無法輕鬆償還債務時,債務才會成爲真正的問題,無論是通過籌集資本還是通過自己的現金流。如果公司無法履行償還債務的法律義務,股東可能會一無所有。然而,一種更常見的(但仍然昂貴的)情況是,公司必須以便宜的股價稀釋股東權益,以控制債務。然而,通過取代稀釋,債務可以成爲需要以高回報率投資增長的企業的極好工具。考慮一家公司的債務水平時,首先要考慮其現金和債務的總體情況。
What Is Alkermes's Debt?
阿爾凱默斯的債務是什麼?
The chart below, which you can click on for greater detail, shows that Alkermes had US$288.8m in debt in September 2024; about the same as the year before. However, its balance sheet shows it holds US$908.9m in cash, so it actually has US$620.0m net cash.
下面的圖表顯示,阿爾凱默斯在2024年9月有28880萬美元的債務;與前一年持平。然而,其資產負債表顯示,其持有90890萬美元的現金,因此實際上擁有62000萬美元的淨現金。
How Healthy Is Alkermes' Balance Sheet?
阿爾凱默斯的資產負債表有多健康?
We can see from the most recent balance sheet that Alkermes had liabilities of US$453.7m falling due within a year, and liabilities of US$409.5m due beyond that. On the other hand, it had cash of US$908.9m and US$370.2m worth of receivables due within a year. So it actually has US$415.9m more liquid assets than total liabilities.
我們可以從最近的資產負債表看出,阿爾凱默斯有45370萬美元的短期到期負債,以及40950萬美元的長期到期負債。 另一方面,它有90890萬美元的現金和37020萬美元的應收款項,其中一年內到期。 所以,其流動資產比總負債多41590萬美元。
This surplus suggests that Alkermes has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Alkermes boasts net cash, so it's fair to say it does not have a heavy debt load!
這種盈餘表明阿爾凱默斯擁有一個保守的資產負債表,可能很容易清償債務。 簡而言之,阿爾凱默斯擁有淨現金,所以可以說它沒有沉重的債務負擔!
In fact Alkermes's saving grace is its low debt levels, because its EBIT has tanked 33% in the last twelve months. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. 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 Alkermes'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.
事實上,阿爾凱默斯的救命稻草是其低債務水平,因爲其EBIT在過去的十二個月中下跌了33%。 收益下降(如果趨勢持續下去)最終可能使即使是適度的債務也變得非常風險。 當您分析債務時,資產負債表顯然是要關注的領域。 但更重要的是,未來收入將決定阿爾凱默斯維持健康資產負債表的能力。 所以如果您想知道專業人士的看法,您可能會發現分析師利潤預測的免費報告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Alkermes 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. During the last two years, Alkermes produced sturdy free cash flow equating to 72% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
最後,雖然稅務局可能喜歡會計利潤,但貸款人只接受冰冷的現金。 儘管阿爾凱默斯在資產負債表上有淨現金,但看看它將EBIT(利息和稅前收益)轉化爲自由現金流的能力仍然是值得的,以幫助我們了解它正在多快積累(或蝕損)現金餘額。 在過去的兩年中,阿爾凱默斯產生了強勁的自由現金流,相當於其EBIT的72%,符合我們的預期。 這種冰冷的現金意味着它可以在需要時減少債務。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Alkermes has US$620.0m in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of US$315m, being 72% of its EBIT. So we are not troubled with Alkermes's debt use. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Alkermes you should know about.
雖然調查公司的債務總是明智的,但在這種情況下,阿爾凱默斯擁有62000萬美元的淨現金和一張看起來不錯的資產負債表。它的自由現金流爲31500萬美元,佔EBIt的72%。因此,我們對阿爾凱默斯的債務使用並不擔憂。在分析債務水平時,資產負債表是明顯的起點。然而,並非所有的投資風險都存在於資產負債表中 - 遠非如此。這些風險可能很難發現。每家公司都存在這些風險,我們已經發現了阿爾凱默斯的1個警示信號,您應該了解。
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,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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