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Dorman Products (NASDAQ:DORM) Has A Pretty Healthy Balance Sheet

Dorman Products (NASDAQ:DORM) Has A Pretty Healthy Balance Sheet

dorman products(納斯達克:DORM)擁有相當健康的資產負債表
Simply Wall St ·  11/05 22:59

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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. Importantly, Dorman Products, Inc. (NASDAQ:DORM) does carry debt. But the real question is whether this debt is making the company risky.

當大衛·艾本說:「波動性不是我們關心的風險。我們關心的是避免持久性資本損失。」時,他表達得很好。在評估風險時,考慮一家公司的資產負債表是很自然的,因爲企業倒閉時往往涉及到債務。重要的是,dorman products公司(納斯達克:DORM)的確揹負着債務。但真正的問題是這些債務是否讓公司變得風險較高。

When Is Debt Dangerous?

債務何時有危險?

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. 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. 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.

債務是幫助企業增長的工具,但如果企業無法償還債務,則存在受到債權人支配的風險。如果情況嚴重,債權人可以接管企業。然而,更常見的(但仍然痛苦)情況是它以低價籌集新的股本資本,從而永久性地稀釋股東。通過替換稀釋,債務可以成爲需要資本投資高回報增長的企業極好的工具。在考慮公司的債務水平時,第一步是考慮其現金和債務。

What Is Dorman Products's Debt?

Dorman Products的債務是什麼?

The image below, which you can click on for greater detail, shows that Dorman Products had debt of US$535.5m at the end of September 2024, a reduction from US$605.5m over a year. However, it also had US$45.1m in cash, and so its net debt is US$490.4m.

下面這幅圖顯示,截至2024年9月底,dorman products的債務爲53550萬美元,比一年前的60550萬美元有所減少。然而,它也有4510萬美元的現金,因此淨債務爲49040萬美元。

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NasdaqGS:DORM Debt to Equity History November 5th 2024
NasdaqGS:DORm資產負債率歷史數據2024年11月5日

A Look At Dorman Products' Liabilities

審視dorman products的負債情況

We can see from the most recent balance sheet that Dorman Products had liabilities of US$561.3m falling due within a year, and liabilities of US$568.2m due beyond that. On the other hand, it had cash of US$45.1m and US$571.1m worth of receivables due within a year. So its liabilities total US$513.3m more than the combination of its cash and short-term receivables.

我們可以從最新的資產負債表看出,dorman products的到期負債爲56130萬美元,到期超過一年爲56820萬美元。另一方面,其現金爲4510萬美元,應收賬款爲57110萬美元,超過一年到期。因此,其負債總額比其現金和短期應收賬款的總和高51330萬美元。

Of course, Dorman Products has a market capitalization of US$3.90b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.

當然,dorman products的市值爲39億美元,所以這些負債可能是可以管理的。但有足夠的負債,我們肯定建議股東繼續監控資產負債表。

We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

通過查看公司的淨債務與利息、稅、折舊、攤銷前利潤(EBITDA)之比以及它的利息費用(利息覆蓋率)可以衡量一個公司的債務負擔與收益能力。因此,我們考慮將債務與有無計算折舊和攤銷費用的收益相對比。

Dorman Products has net debt of just 1.2 times EBITDA, indicating that it is certainly not a reckless borrower. And it boasts interest cover of 8.2 times, which is more than adequate. On top of that, Dorman Products grew its EBIT by 48% over the last twelve months, and that growth will make it easier to handle its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Dorman Products can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

dorman products的淨債務只是EBITDA的1.2倍,表明其絕對不是輕率的借款者。而且其利息保障倍數爲8.2倍,足夠健全。此外,dorman products在過去12個月中EBIT增長了48%,這種增長將使其更容易應對債務。資產負債表顯然是分析債務時要關注的領域。但最終業務的未來盈利能力將決定dorman products是否能夠長期加強其資產負債表。如果想了解專業人士的看法,您可能會發現這份關於分析師利潤預測的免費報告很有趣。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, Dorman Products's free cash flow amounted to 41% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.

但我們的最後考慮也很重要,因爲公司無法用紙面利潤來償還債務;它需要現金。所以邏輯的下一步是看看EBIT中有多少與實際自由現金流匹配。在過去三年中,dorman products的自由現金流佔其EBIT的41%,低於預期。在償還債務方面,這並不理想。

Our View

我們的觀點

Happily, Dorman Products's impressive EBIT growth rate implies it has the upper hand on its debt. And its interest cover is good too. When we consider the range of factors above, it looks like Dorman Products is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. 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 1 warning sign for Dorman Products you should be aware of.

值得高興的是,dorman products令人印象深刻的EBIt增長率意味着它在債務方面佔據上風。而且其利息保障也不錯。考慮以上因素的範圍時,dorman products在債務使用上看起來非常明智。雖然這帶來一些風險,但也能增加股東的回報。資產負債表顯然是在分析債務時需要關注的領域。然而,並非所有的投資風險都存在於資產負債表中 - 事實與此相距甚遠。例如:我們發現了dorman products的1個警示信號,您應該注意。

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債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。

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.

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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

譯文內容由第三人軟體翻譯。


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