share_log

Is Pliant Therapeutics (NASDAQ:PLRX) Using Debt In A Risky Way?

Is Pliant Therapeutics (NASDAQ:PLRX) Using Debt In A Risky Way?

Pliant Therapeutics(納斯達克:PLRX)是否以冒險的方式使用債務?
Simply Wall St ·  01/10 10:01

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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, Pliant Therapeutics, Inc. (NASDAQ:PLRX) does carry debt. But the real question is whether this debt is making the company risky.

受到巴郡哈撒韋的查理·芒格支持的外部基金經理李璐毫不掩飾地說,'最大投資風險不是價格的波動,而是你是否會遭受永久性資本損失。' 在考察一個公司的風險時,自然會考慮其資產負債表,因爲當業務崩潰時,往往涉及債務。重要的是,Pliant Therapeutics, Inc.(納斯達克:PLRX)確實存在債務。但真正的問題是,這些債務是否讓公司變得風險重重。

When Is Debt A Problem?

何時債務成爲問題?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.

債務幫助企業,直到企業在償還債務上遇到麻煩,無論是通過新的資金還是通過自由現金流。在最壞的情況下,如果一家公司不能償還債權人,就可能破產。雖然這並不常見,但我們確實會看到債務纏身的公司因爲貸方迫使他們以困境價格籌集資金而永久稀釋股東的權益。當然,債務可以是企業,特別是資本密集型企業中的重要工具。當我們考慮一家公司使用債務時,首先會將現金和債務結合在一起考慮。

What Is Pliant Therapeutics's Debt?

什麼是Pliant Therapeutics的債務情況?

You can click the graphic below for the historical numbers, but it shows that as of September 2024 Pliant Therapeutics had US$30.1m of debt, an increase on US$10.0m, over one year. However, it does have US$404.5m in cash offsetting this, leading to net cash of US$374.4m.

您可以單擊下面的圖形查看歷史數據,但數據顯示截至2024年9月,Pliant Therapeutics的債務爲3010萬美元,較1000萬美元增加了一年。然而,它有40450萬美元的現金抵消了這一點,導致淨現金爲37440萬美元。

big
NasdaqGS:PLRX Debt to Equity History January 10th 2025
納斯達克GS:PLRX 債務與股本歷史 2025年1月10日

A Look At Pliant Therapeutics' Liabilities

Pliant Therapeutics的負債概覽

According to the last reported balance sheet, Pliant Therapeutics had liabilities of US$40.0m due within 12 months, and liabilities of US$59.9m due beyond 12 months. Offsetting this, it had US$404.5m in cash and US$2.22m in receivables that were due within 12 months. So it actually has US$306.9m more liquid assets than total liabilities.

根據最後一次報告的資產負債表,Pliant Therapeutics在12個月內到期的負債爲4000萬美元,12個月後到期的負債爲5990萬美元。作爲對沖,它有40450萬美元的現金和222萬美元的應收賬款在12個月內到期。因此,它實際上擁有比總負債多30690萬美元的流動資產。

This excess liquidity is a great indication that Pliant Therapeutics' balance sheet is almost as strong as Fort Knox. With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Simply put, the fact that Pliant Therapeutics has more cash than debt is arguably a good indication that it can manage its debt safely. 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 Pliant Therapeutics'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.

這種過剩的流動性很好地表明,Pliant Therapeutics的資產負債表幾乎和金斤堡一樣強大。考慮到這一點,可以認爲其資產負債表意味着公司能夠應對一些逆境。簡單來說,Pliant Therapeutics擁有的現金超過債務,這無疑是一個好的跡象,表明它能夠安全管理其債務。毫無疑問,我們從資產負債表中學到了大部分關於債務的信息。但未來的收益,尤其是其將判斷Pliant Therapeutics是否能夠保持健康的資產負債表。因此,如果您想看看專業人士的看法,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。

Given it has no significant operating revenue at the moment, shareholders will be hoping Pliant Therapeutics can make progress and gain better traction for the business, before it runs low on cash.

鑑於目前沒有顯著的營業收入,股東們希望Pliant Therapeutics能夠取得進展,並在現金不足之前爲業務贏得更好的發展。

So How Risky Is Pliant Therapeutics?

那麼Pliant Therapeutics有多大的風險?

Statistically speaking companies that lose money are riskier than those that make money. And the fact is that over the last twelve months Pliant Therapeutics lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of US$137m and booked a US$202m accounting loss. While this does make the company a bit risky, it's important to remember it has net cash of US$374.4m. That means it could keep spending at its current rate for more than two years. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 2 warning signs for Pliant Therapeutics (1 can't be ignored!) that you should be aware of before investing here.

從統計學上講,虧損的公司比盈利的公司風險更大。事實上,在過去的12個月中,Pliant Therapeutics在息稅前利潤(EBIT)方面虧損。同時,在同一期間,它的自由現金流出爲13700萬美元,並記錄了20200萬美元的會計虧損。雖然這確實使得公司有點風險,但重要的是要記住它有37440萬美元的淨現金。這意味着它可以以當前的速度繼續支出超過兩年。即使其資產負債表似乎流動性充足,但如果一家公司沒有定期產生自由現金流,債務總會讓我們感到些許緊張。在分析債務水平時,資產負債表顯然是一個好的起點。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。例如,我們發現了2個Pliant Therapeutics的警告信號(1個不能被忽視!),在您在此投資之前,您應該注意這些。

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.

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.

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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
評論 評論 · 瀏覽 286

熱點推薦

搶先評論

聲明

本頁的譯文內容由軟件翻譯。富途將竭力但卻不能保證翻譯內容之準確和可靠,亦不會承擔因任何不準確或遺漏而引起的任何損失或損害。