Emergent BioSolutions (NYSE:EBS) Has Debt But No Earnings; Should You Worry?
Emergent BioSolutions (NYSE:EBS) Has Debt But No Earnings; Should You Worry?
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. Importantly, Emergent BioSolutions Inc. (NYSE:EBS) does carry debt. But should shareholders be worried about its use of debt?
禾倫·巴菲特曾經說過,'波動性與風險遠未能劃等號。' 當你考慮一個公司有多大風險時,自然就會考慮它的資產負債表,因爲一家企業崩潰時往往會涉及債務。重要的是,emergent biosolutions公司(NYSE:EBS)確實有債務。但股東們是否應該擔心公司使用債務呢?
What Risk Does Debt Bring?
What Risk Does Debt Bring?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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.
債務是幫助企業增長的工具,但如果一家企業無力償還債務,它就完全處於債權人的支配之下。最終,如果公司無法履行償還債務的法定義務,股東可能一無所獲。儘管這種情況不太常見,我們經常看到負債公司因爲債權人強迫他們以低於市價的價格發行股本而導致股東永久稀釋。當然,債務的好處在於,它通常代表着廉價資本,特別是當它取代公司中具備以高回報率再投資能力的稀釋時。當我們考慮一家公司使用債務時,我們首先看的是現金和債務兩者合一。
What Is Emergent BioSolutions's Debt?
emergent biosolutions的債務是多少?
You can click the graphic below for the historical numbers, but it shows that Emergent BioSolutions had US$662.6m of debt in September 2024, down from US$861.8m, one year before. However, it also had US$149.9m in cash, and so its net debt is US$512.7m.
您可以點擊下面的圖表查看歷史數據,但它顯示Emergent BioSolutions在2024年9月的債務爲66260萬美元,低於前一年的86180萬美元。然而,它也有14990萬美元的現金,因此淨債務爲51270萬美元。
How Healthy Is Emergent BioSolutions' Balance Sheet?
Emergent BioSolutions的資產負債表有多健康?
According to the last reported balance sheet, Emergent BioSolutions had liabilities of US$229.9m due within 12 months, and liabilities of US$739.5m due beyond 12 months. Offsetting this, it had US$149.9m in cash and US$121.3m in receivables that were due within 12 months. So its liabilities total US$698.2m more than the combination of its cash and short-term receivables.
根據最近報告的資產負債表,Emergent BioSolutions在12個月內到期的負債爲2,2990萬美元,超過12個月到期的負債爲7,3950萬美元。 抵消這一點,它有1,4990萬美元的現金和1,2130萬美元的應收賬款,這些應收賬款在12個月內到期。 因此,其負債總額比其現金和短期應收賬款的組合多出6,9820萬美元。
Given this deficit is actually higher than the company's market capitalization of US$637.7m, we think shareholders really should watch Emergent BioSolutions's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price. 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 Emergent BioSolutions 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.
考慮到這個赤字實際上高於公司63770萬美元的市值,我們認爲股東們確實應該像父母看着孩子第一次騎自行車那樣,關注Emergent BioSolutions的債務水平。 假設公司被迫以當前股價籌資償還其負債,極爲沉重的股權稀釋將是必要的。 毫無疑問,我們從資產負債表上了解到最多關於債務。 但最終業務的未來盈利能力將決定Emergent BioSolutions是否能隨着時間加強其資產負債表。 因此,如果您想了解專業人士的看法,您可能會發現對分析師盈利預測的免費報告感興趣。
Over 12 months, Emergent BioSolutions reported revenue of US$1.1b, which is a gain of 2.0%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在12個月內,Emergent BioSolutions報告的營收爲11億美元,增長了2.0%,儘管沒有報告任何利息和稅前利潤。 我們通常希望看到虧損公司有更快的增長,但各有所好。
Caveat Emptor
買方自負。
Importantly, Emergent BioSolutions had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost a very considerable US$114m at the EBIT level. When we look at that alongside the significant liabilities, we're not particularly confident about the company. It would need to improve its operations quickly for us to be interested in it. For example, we would not want to see a repeat of last year's loss of US$209m. In the meantime, we consider the stock to be risky. 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. For example Emergent BioSolutions has 2 warning signs (and 1 which shouldn't be ignored) we think you should know about.
重要的是,Emergent BioSolutions去年EBIT(利息和稅前利潤)出現虧損。 實際上,在EBIT層面上,它損失了11400萬美元。 當我們將這一點與巨額負債相結合時,我們對公司並不十分有信心。 要對我們感興趣,它需要迅速改善其業務。 例如,我們不希望看到去年20900萬美元的虧損重演。 與此同時,我們認爲這支股票風險較高。 要分析債務,明顯關注資產負債表。 但並非所有的投資風險都存在於資產負債表內—遠非如此。 例如,Emergent BioSolutions有2個警告信號(和一個不容忽視的信號),我們認爲您應該知道。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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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。
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