These 4 Measures Indicate That Labcorp Holdings (NYSE:LH) Is Using Debt Reasonably Well
These 4 Measures Indicate That Labcorp Holdings (NYSE:LH) Is Using Debt Reasonably Well
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies Labcorp Holdings Inc. (NYSE:LH) makes use of debt. But should shareholders be worried about its use of debt?
霍華德·馬克斯表達得很好,他說,與其擔心股價波動,'我擔心的是永久性損失的可能性...我認識的每一個實踐投資者都在擔心這個。因此,顯然您在考慮任何特定股票的風險時,需要考慮債務,因爲過多的債務可能會拖垮一家公司。與許多其他公司一樣,Labcorp Holdings Inc.(NYSE:LH)利用了債務。但股東們是否應該擔心公司使用債務呢?
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. If things get really bad, the lenders can take control of the business. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
債務對於業務有所幫助,直到業務難以償還,無論是通過新的資本還是通過自由現金流。如果情況變得非常糟糕,債權人可以接管企業。然而,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東,以便控制債務。當然,債務可以是企業中的重要工具,特別是對於資本密集型行業。在審查債務水平時,我們首先考慮現金和債務水平。
What Is Labcorp Holdings's Net Debt?
什麼是Labcorp Holdings的淨債務?
The image below, which you can click on for greater detail, shows that at September 2024 Labcorp Holdings had debt of US$6.81b, up from US$5.51b in one year. However, because it has a cash reserve of US$1.52b, its net debt is less, at about US$5.29b.
下面的圖片提供了更詳細的信息,截至2024年9月,Labcorp Holdings的債務爲68.1億美元,比一年前的55.1億美元增加。然而,由於其現金儲備爲15.2億美元,淨債務較少,約爲52.9億美元。
A Look At Labcorp Holdings' Liabilities
Labcorp Holdings的負債情況一覽
Zooming in on the latest balance sheet data, we can see that Labcorp Holdings had liabilities of US$3.41b due within 12 months and liabilities of US$7.02b due beyond that. On the other hand, it had cash of US$1.52b and US$2.22b worth of receivables due within a year. So it has liabilities totalling US$6.69b more than its cash and near-term receivables, combined.
詳細審視最新的資產負債表數據,我們可以看到Labcorp Holdings在12個月內到期的負債爲34.1億美元,而12個月後到期的負債爲70.2億美元。另一方面,它擁有15.2億美元的現金和22.2億美元的應收賬款在一年內到期。因此,它的負債總額比現金和近期應收賬款總額多出66.9億美元。
Labcorp Holdings has a very large market capitalization of US$19.1b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
Labcorp Holdings的市值非常大,達到191億美元,因此在必要時很可能會籌集資金來改善其資產負債表。然而,仍然值得仔細看一看其償還債務的能力。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
爲了比較一個公司的債務與其收益的關係,我們計算其淨債務除以利息、稅、折舊和攤銷前的收益和利息前的收益(其利息覆蓋率)。因此,我們考慮了債務的絕對數量以及支付的利率。
Labcorp Holdings has a debt to EBITDA ratio of 3.2 and its EBIT covered its interest expense 6.2 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Unfortunately, Labcorp Holdings saw its EBIT slide 5.6% in the last twelve months. If that earnings trend continues then its debt load will grow heavy like the heart of a polar bear watching its sole cub. 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 Labcorp Holdings'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.
Labcorp Holdings的債務與EBITDA比率爲3.2,其EBIT覆蓋其利息支出達6.2倍。這意味着雖然債務水平相當顯著,但我們停留在不稱其爲問題的程度。不幸的是,Labcorp Holdings在過去十二個月中看到其EBIT下降了5.6%。如果這種盈利趨勢持續下去,那麼其債務負擔將變得沉重,如同一隻北極熊觀看其獨生子之心。在分析債務時,資產負債表顯然是需要聚焦的領域。但未來的盈利,比任何事情都將決定Labcorp Holdings維持健康資產負債表的能力。因此,如果您關注未來,可以查看這份展示分析師盈利預測的免費報告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Labcorp Holdings produced sturdy free cash flow equating to 72% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,企業需要有自由現金流來償還債務;會計利潤並不足以解決問題。因此,邏輯上的步驟是查看EBIT中與實際自由現金流匹配的比例。在過去三年中,Labcorp Holdings產生了穩固的自由現金流,相當於其EBIT的72%,正如我們所期待。這種自由現金流使公司有能力在適當時支付債務。
Our View
我們的觀點
When it comes to the balance sheet, the standout positive for Labcorp Holdings was the fact that it seems able to convert EBIT to free cash flow confidently. However, our other observations weren't so heartening. For instance it seems like it has to struggle a bit handle its debt, based on its EBITDA,. It's also worth noting that Labcorp Holdings is in the Healthcare industry, which is often considered to be quite defensive. Considering this range of data points, we think Labcorp Holdings is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Labcorp Holdings has 3 warning signs we think you should be aware of.
Labcorp Holdings的資產負債表中最突出的正面因素是,它似乎能夠自信地將EBIT轉變爲自由現金流。然而,我們的其他觀察並不那麼令人振奮。例如,根據其EBITDA,似乎Labcorp Holdings必須努力處理一些債務。 值得注意的是,Labcorp Holdings屬於醫療保健行業,這通常被認爲是相當穩健的。考慮到這一系列數據點,我們認爲Labcorp Holdings有能力管理其債務水平。話雖如此,負擔相當沉重,我們建議任何股東都密切關注它。毫無疑問,我們從資產負債表中了解到大部分關於債務的信息。但最終,每家公司都可能存在超出資產負債表之外的風險。例如 - 我們認爲你應該注意的是Labcorp Holdings存在3個警示信號。
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。
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。
譯文內容由第三人軟體翻譯。