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Is Best Buy (NYSE:BBY) Using Too Much Debt?

Is Best Buy (NYSE:BBY) Using Too Much Debt?

百思买(纽交所:BBY)是否使用了过多的债务?
Simply Wall St ·  12/16 20:43

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. Importantly, Best Buy Co., Inc. (NYSE:BBY) does carry debt. But the more important question is: how much risk is that debt creating?

传奇基金经理李路(查理·芒格支持的)曾说过:‘最大的投资风险不是价格波动,而是你是否会遭受永久性资本损失。’所以,当你考虑任何给定股票的风险时,考虑债务也是显而易见的,因为过多的债务可能会使公司陷入困境。更重要的问题是:这笔债务带来了多少风险?

When Is Debt Dangerous?

债务何时会变得危险?

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. 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, 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. The first step when considering a company's debt levels is to consider its cash and debt together.

当企业无法轻易地通过自由现金流或以有吸引力的价格筹集资本来履行债务和其他负债时,这些债务和负债就会变得风险很大。如果情况变得非常糟糕,贷款方可能会接管企业。然而,更常见(但仍然昂贵)的情况是,公司必须在便宜的股票价格下稀释股东股份,仅仅是为了控制债务。当然,债务的好处在于它通常代表着廉价资本,尤其是当它替代高回报再投资的公司的稀释时。考虑一家公司的债务水平时,第一步是将其现金和债务一起考虑。

What Is Best Buy's Net Debt?

百思买的净债务是多少?

As you can see below, Best Buy had US$1.14b of debt, at November 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$832.0m, its net debt is less, at about US$311.0m.

正如你在下面看到的,截止2024年11月,百思买有11.4亿美金的债务,和去年大致相同。你可以点击图表查看更多细节。然而,由于其现金储备为83200万美金,净债务更低,约为31100万美金。

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NYSE:BBY Debt to Equity History December 16th 2024
纽交所:BBY 股债比历史 2024年12月16日

How Healthy Is Best Buy's Balance Sheet?

百思买的资产负债表健康吗?

The latest balance sheet data shows that Best Buy had liabilities of US$9.95b due within a year, and liabilities of US$3.99b falling due after that. Offsetting this, it had US$832.0m in cash and US$932.0m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$12.2b.

最新的资产负债表数据显示,百思买有99.5亿美元的负债将在一年内到期,39.9亿美元的负债将在之后到期。抵消这部分负债的是它拥有83200万美元的现金和93200万美元的应收款项,这些款项将在12个月内到期。所以它的负债比现金和(短期)应收款的总和多出122亿美元。

This deficit is considerable relative to its very significant market capitalization of US$18.7b, so it does suggest shareholders should keep an eye on Best Buy's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.

相对于其187亿美元的巨额市值,这一赤字相当可观,因此确实暗示股东应关注百思买对债务的使用。如果贷方要求它改善资产负债表,股东可能会面临严重的稀释。

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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).

我们通过查看公司的净债务与息税折旧摊销前利润(EBITDA)的比率,以及计算息税前利润(EBIT)覆盖利息费用的能力(利息保障率),来衡量公司的债务负担相对于其盈利能力的情况。这种方法的优势在于,我们同时考虑了债务的绝对量(通过净债务与EBITDA的比率)和与该债务相关的实际利息费用(通过其利息保障率)。

Best Buy has net debt of just 0.12 times EBITDA, suggesting it could ramp leverage without breaking a sweat. And remarkably, despite having net debt, it actually received more in interest over the last twelve months than it had to pay. So there's no doubt this company can take on debt while staying cool as a cucumber. The good news is that Best Buy has increased its EBIT by 5.7% over twelve months, which should ease any concerns about debt repayment. 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 Best Buy'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.

百思买的净债务仅为EBITDA的0.12倍,这表明它可以在不费力的情况下提高杠杆。而且令人惊讶的是,尽管存在净债务,但在过去的十二个月内它实际上获得的利息收入超过了需要支付的利息。因此毫无疑问,这家公司可以在保持冷静的情况下承担债务。好消息是,百思买在过去12个月中EBIT增长了5.7%,这应该能减轻对债务偿还的担忧。我们无疑可以从资产负债表中学习到关于债务的许多知识。但未来的收益,尤其是比其他因素更重要的,将判断百思买未来维持健康资产负债表的能力。因此,如果你想看看专业人士的看法,你可能会觉得这份关于分析师利润预测的免费报告很有趣。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Best Buy produced sturdy free cash flow equating to 64% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

最后,一项业务需要自由现金流来偿还债务;会计利润根本不够。因此,我们显然需要看看EBIT是否导致相应的自由现金流。在过去三年中,百思买产生了相当于其EBIT的64%的稳健自由现金流,正是我们所期望的。这笔冰冷的现金意味着它可以在需要时减少债务。

Our View

我们的观点

Happily, Best Buy's impressive interest cover implies it has the upper hand on its debt. But, on a more sombre note, we are a little concerned by its level of total liabilities. All these things considered, it appears that Best Buy can comfortably handle its current debt levels. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. Of course, we wouldn't say no to the extra confidence that we'd gain if we knew that Best Buy insiders have been buying shares: if you're on the same wavelength, you can find out if insiders are buying by clicking this link.

好消息是,百思买令人印象深刻的利息覆盖率意味着它在债务方面处于有利地位。 但是,从一个更严肃的角度来看,我们对其总负债水平有些担忧。 考虑到所有这些因素,百思买似乎能够轻松处理其当前的债务水平。 当然,虽然这种杠杆可以提高股本回报,但确实带来了更大的风险,因此值得关注这一点。 当然,如果我们知道百思买的内部人士正在买入股票,我们也不会拒绝这种额外的信心:如果你有同样的想法,可以通过点击这个链接查看内部人士是否在买入。

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.

如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的业务,请查看这个自由名单,其中列出了在资产负债表上有净现金的成长型企业。

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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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