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ProFrac Holding (NASDAQ:ACDC) Seems To Be Using A Lot Of Debt

ProFrac Holding (NASDAQ:ACDC) Seems To Be Using A Lot Of Debt

ProFrac Holding(納斯達克:ACDC)似乎正在大量使用債務
Simply Wall St ·  12/20 20:26

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We note that ProFrac Holding Corp. (NASDAQ:ACDC) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?

禾倫·巴菲特曾 famously 說過:『波動性遠非與風險同義。』所以,當你考慮任何股票的風險時,考慮債務可能是顯而易見的,因爲過多的債務可能會淹沒一家公司。我們注意到 ProFrac Holding CORP. (納斯達克:ACDC) 的資產負債表上確實有債務。但更重要的問題是:這些債務造成了多少風險?

When Is Debt A Problem?

何時債務成爲問題?

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. 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.

債務是幫助企業成長的一種工具,但如果一家公司無法償還其貸方,那麼它就得任由他們擺佈。資本主義的一部分是'創造性毀滅'的過程,失敗的企業往往被其銀行家無情清算。雖然這種情況並不太常見,但我們經常看到有債務的公司因貸方強迫他們以低價融資而永久稀釋股東的權益。然而,通過替代稀釋,債務可以成爲需要資本投資高回報增長的企業的一種極好工具。當我們審視債務水平時,我們首先考慮現金和債務的水平。

What Is ProFrac Holding's Debt?

ProFrac Holding 的債務是多少?

You can click the graphic below for the historical numbers, but it shows that as of September 2024 ProFrac Holding had US$1.15b of debt, an increase on US$1.06b, over one year. However, it does have US$25.5m in cash offsetting this, leading to net debt of about US$1.13b.

您可以點擊下面的圖表查看歷史數據,但它顯示截至2024年9月,ProFrac Holding 的債務爲11.5億美元,比一年之前的10.6億美元有所增加。然而,它有2550萬美元的現金抵消這部分債務,導致淨債務約爲11.3億美元。

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NasdaqGS:ACDC Debt to Equity History December 20th 2024
納斯達克GS:ACDC 債務與股本歷史 2024年12月20日

A Look At ProFrac Holding's Liabilities

審視ProFrac Holding的負債

We can see from the most recent balance sheet that ProFrac Holding had liabilities of US$714.5m falling due within a year, and liabilities of US$1.19b due beyond that. Offsetting these obligations, it had cash of US$25.5m as well as receivables valued at US$371.0m due within 12 months. So it has liabilities totalling US$1.51b more than its cash and near-term receivables, combined.

從最近的資產負債表中可以看到,ProFrac Holding的負債爲71450萬美元,需在一年內到期,而11.9億美元的負債將在此之後到期。抵消這些義務的是2550萬美元的現金以及37100萬美元的應收賬款,這些都將在12個月內到期。所以,它的負債總額超過了其現金和短期應收賬款的總和,達到15.1億美元。

Given this deficit is actually higher than the company's market capitalization of US$1.11b, we think shareholders really should watch ProFrac Holding'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.

鑑於這一赤字實際上高於公司市值的11.1億美元,我們認爲股東確實應該關注ProFrac Holding的債務水平,就像家長第一次看到孩子騎自行車那樣。假設,如果公司被迫通過以當前股價融資來償還其負債,則需要極大的稀釋。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

我們通過看淨債務與息稅折舊及攤銷前利潤(EBITDA)的比率,以及計算其息稅前利潤(EBIT)如何輕鬆地覆蓋利息費用(利息覆蓋)來衡量一家公司相對於其獲利能力的債務負擔。這樣,我們既考慮了債務的絕對量,也考慮了其支付的利率。

Even though ProFrac Holding's debt is only 2.2, its interest cover is really very low at 0.50. The main reason for this is that it has such high depreciation and amortisation. While companies often boast that these charges are non-cash, most such businesses will therefore require ongoing investment (that is not expensed.) Either way there's no doubt the stock is using meaningful leverage. Shareholders should be aware that ProFrac Holding's EBIT was down 79% last year. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. 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 ProFrac Holding 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.

儘管ProFrac Holding的債務比率僅爲2.2,但其利息覆蓋率實際上非常低,僅爲0.50。這主要是由於其折舊和攤銷費用過高。雖然公司通常會誇耀這些費用是非現金的,但大多數此類企業因此仍需要持續投資(這些投資並不計入費用)。無論如何,毫無疑問該股票正在使用顯著的槓桿。股東應意識到ProFrac Holding的EBIT去年下降了79%。如果這一下降趨勢持續下去,則償還債務將比在素食展會上出售鵝肝更加困難。毫無疑問,我們從資產負債表中學到的大多數關於債務的信息。但最終,企業的未來盈利能力將決定ProFrac Holding能否隨着時間的推移強化其資產負債表。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 it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent three years, ProFrac Holding recorded free cash flow worth 55% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.

但我們最終的考慮也是重要的,因爲公司不能用紙面利潤來償還債務;它需要真實的現金。所以,值得檢查一下這些EBIT有多少是由自由現金流支持的。在最近的三年中,ProFrac Holding記錄的自由現金流佔其EBIT的55%,這在正常範圍內,因爲自由現金流不包括利息和稅。這樣的自由現金流使得公司在適當的時候償還債務的能力增強。

Our View

我們的觀點

To be frank both ProFrac Holding's interest cover and its track record of (not) growing its EBIT make us rather uncomfortable with its debt levels. But at least it's pretty decent at converting EBIT to free cash flow; that's encouraging. We're quite clear that we consider ProFrac Holding to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. Given our concerns about ProFrac Holding's debt levels, it seems only prudent to check if insiders have been ditching the stock.

坦率而言,ProFrac Holding的利息覆蓋率和其EBIT(未)增長的記錄讓我們對其債務水平感到有些不安。但至少它在將EBIT轉化爲自由現金流方面做得相當不錯;這讓人感到鼓舞。我們很清楚,由於其資產負債表的健康狀況,我們認爲ProFrac Holding確實相當有風險。因此,我們對這隻股票的警惕程度幾乎可以和一隻渴望食物的小貓對落入主人魚塘的警惕程度相提並論:一朝被蛇咬,十年怕井繩,正如所說的那樣。考慮到我們對ProFrac Holding債務水平的擔憂,看看公司內部人士是否在拋售股票顯得尤爲謹慎。

At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.

最終,通常更好的是關注沒有淨負債的公司。你可以訪問我們特別列出這些公司的名單(所有公司都有盈利增長的記錄)。這是免費的。

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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。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在提到的任何股票中均沒有持倉。

譯文內容由第三人軟體翻譯。


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