TransMedics Group (NASDAQ:TMDX) Seems To Use Debt Quite Sensibly
TransMedics Group (NASDAQ:TMDX) Seems To Use Debt Quite Sensibly
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, TransMedics Group, Inc. (NASDAQ:TMDX) does carry debt. But is this debt a concern to shareholders?
霍華德·馬克斯說得很好,與其擔心股價波動,'我擔心的是永久損失的可能性... 我認識的每個實際投資者都在擔心這個問題。' 當我們考慮一家公司有多大風險時,我們總是喜歡看看它的債務使用情況,因爲債務過重可能導致破產。 重要的是,TransMedics集團(納斯達克代碼:TMDX)確實有負債。 但這些負債是否會讓股東擔憂呢?
When Is Debt Dangerous?
債務何時有危險?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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. When we examine debt levels, we first consider both cash and debt levels, together.
當企業無法輕鬆兌現債務或者在有吸引力的價格上募集資本時,債務和其他負債就成爲了企業的風險。在資本主義的過程中,銀行家會無情地清算破產企業,這是 '創造性破壞' 的重要組成部分。雖然這種情況不是太常見,但我們經常看到負債企業因爲貸款人強迫其以降低價格募集資本而永久性地稀釋股東權益。不過,債務可以替代稀釋股東權益,成爲企業需要高回報投資的資本的極佳工具。當我們審查債務水平時,首先要考慮現金和債務水平,兩者一起考慮。
How Much Debt Does TransMedics Group Carry?
TransMedics集團負債有多少?
As you can see below, TransMedics Group had US$508.5m of debt, at September 2024, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of US$330.1m, its net debt is less, at about US$178.4m.
正如下面所示,TransMedics集團於2024年9月有50850萬美元的債務,與前一年大致相同。 你可以點擊圖表查看更詳細的信息。 但由於其擁有33010萬美元的現金儲備,其淨債務較少,約爲17840萬美元。
How Healthy Is TransMedics Group's Balance Sheet?
transmedics集團的資產負債表有多健康?
The latest balance sheet data shows that TransMedics Group had liabilities of US$60.0m due within a year, and liabilities of US$515.6m falling due after that. Offsetting these obligations, it had cash of US$330.1m as well as receivables valued at US$90.1m due within 12 months. So it has liabilities totalling US$155.4m more than its cash and near-term receivables, combined.
最新資產負債表數據顯示,transmedics集團一年內到期的負債爲6,000萬美元,之後到期的負債爲51,560萬美元。 抵消這些義務的是,其現金達到33,010萬美元,並且價值爲9,010萬美元的應收賬款在12個月內到期。 因此,其負債總額比其現金和短期應收賬款合計多出15,540萬美元。
Given TransMedics Group has a market capitalization of US$2.99b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
考慮到transmedics集團的市值爲29.9億美元,很難相信這些負債會構成很大威脅。 但是,我們認爲值得密切關注其資產負債表實力,因爲它可能會隨着時間的推移而發生變化。
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。
TransMedics Group has a debt to EBITDA ratio of 3.5, which signals significant debt, but is still pretty reasonable for most types of business. However, its interest coverage of 1k is very high, suggesting that the interest expense on the debt is currently quite low. We also note that TransMedics Group improved its EBIT from a last year's loss to a positive US$33m. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine TransMedics Group'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.
transmedics集團的債務與息稅折舊攤銷前利潤(EBITDA)比率爲3.5,表明債務規模相當可觀,但對於大多數類型的業務來說仍然相當合理。 但是,其利息償付倍數僅爲0.1萬,非常高,表明目前的債務利息費用相當低。 我們還注意到,transmedics集團將EBIt從去年的虧損改善爲正面的3,300萬美元。 毫無疑問,我們從資產負債表中了解到最多關於債務的信息。 但最終決定transmedics集團能否保持健康資產負債表的能力的是未來收入,這比任何其他因素都更重要。 因此,如果您專注於未來,可以查看此份免費報告,其中顯示了分析師的盈利預測。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it is important to check how much of its earnings before interest and tax (EBIT) converts to actual free cash flow. Over the last year, TransMedics Group saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
最後,儘管稅務人員可能很喜歡會計利潤,但貸款人只接受冰冷的現金。 因此,重要的是檢查其利息和稅前利潤(EBIT)有多少能轉爲實際的自由現金流。 在過去的一年中,transmedics集團看到了大量的負自由現金流,總體來看。 雖然這可能是用於增長的支出所致,但確實使債務更加風險。
Our View
我們的觀點
Based on what we've seen TransMedics Group is not finding it easy, given its conversion of EBIT to free cash flow, but the other factors we considered give us cause to be optimistic. In particular, we are dazzled with its interest cover. We would also note that Medical Equipment industry companies like TransMedics Group commonly do use debt without problems. Looking at all this data makes us feel a little cautious about TransMedics Group's debt levels. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. We've identified 4 warning signs with TransMedics Group (at least 2 which can't be ignored) , and understanding them should be part of your investment process.
根據我們所見,transmedics集團在將EBIt轉化爲自由現金流方面並不容易,但我們考慮的其他因素讓我們有理由樂觀。 特別是,我們被其利息覆蓋率所吸引。 我們還注意到,像transmedics集團這樣的醫療設備行業企業通常會在沒有問題的情況下使用債務。 瀏覽所有這些數據讓我們對transmedics集團的債務水平有些謹慎。 儘管我們認爲債務可以增加股本回報,但我們建議股東密切關注其債務水平,以免增加。 毫無疑問,我們從資產負債表中了解到很多關於債務的信息。 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。 我們已經確定了transmedics集團的4個警告信號(至少有2個是不能忽視的),了解它們應該成爲您投資過程的一部分。
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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