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These 4 Measures Indicate That NetEase (NASDAQ:NTES) Is Using Debt Safely
These 4 Measures Indicate That NetEase (NASDAQ:NTES) Is Using Debt Safely
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.' 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 NetEase, Inc. (NASDAQ:NTES) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for NetEase
How Much Debt Does NetEase Carry?
You can click the graphic below for the historical numbers, but it shows that as of March 2022 NetEase had CN¥25.9b of debt, an increase on CN¥21.8b, over one year. However, its balance sheet shows it holds CN¥102.5b in cash, so it actually has CN¥76.6b net cash.
NasdaqGS:NTES Debt to Equity History August 2nd 2022A Look At NetEase's Liabilities
According to the last reported balance sheet, NetEase had liabilities of CN¥51.8b due within 12 months, and liabilities of CN¥5.71b due beyond 12 months. Offsetting these obligations, it had cash of CN¥102.5b as well as receivables valued at CN¥5.28b due within 12 months. So it can boast CN¥50.3b more liquid assets than total liabilities.
This surplus suggests that NetEase has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that NetEase has more cash than debt is arguably a good indication that it can manage its debt safely.
Another good sign is that NetEase has been able to increase its EBIT by 23% in twelve months, making it easier to pay down debt. 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 NetEase can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. NetEase may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, NetEase actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that NetEase has net cash of CN¥76.6b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥21b, being 127% of its EBIT. So is NetEase's debt a risk? It doesn't seem so to us. Over time, share prices tend to follow earnings per share, so if you're interested in NetEase, you may well want to click here to check an interactive graph of its earnings per share history.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。我们注意到网易-S股份有限公司纳斯达克(Sequoia Capital:NTES)的资产负债表上确实有债务。但更重要的问题是:这笔债务造成了多大的风险?
什么时候债务是个问题?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对网易-S的最新分析
网易-S背负着多少债务?
你可以点击下图查看历史数据,但它显示,截至2022年3月,网易-S的债务为259亿元人民币,比一年前增加了218亿元人民币。然而,其资产负债表显示,它持有人民币1025亿元的现金,因此它实际上拥有人民币766亿元的净现金。
纳斯达克:NTES债转股历史2022年8月2日看网易-S的负债
根据最新上报的资产负债表,网易-S有518亿加元的负债在12个月内到期,57.1亿加元的负债在12个月后到期。作为对这些债务的抵销,该公司有1025亿加元的现金以及价值52.8亿加元的应收账款在12个月内到期。因此,它可以吹嘘比总计负债。
这一盈余表明,网易-S的资产负债表比较保守,很可能会毫不费力地消除债务。简而言之,网易-S的现金多于债务,这可以说是一个很好的迹象,表明它可以安全地管理债务。
另一个好迹象是,网易-S能够在12个月内将息税前利润提高23%,从而更容易偿还债务。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,该业务未来的盈利能力将决定网易-S能否随着时间的推移加强其资产负债表。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
最后,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。网易-S的资产负债表上可能有净现金,但看看该公司将息税前利润(EBIT)转换为自由现金流的情况仍然很有趣,因为这将影响其对债务的需求和管理债务的能力。在过去的三年里,网易-S产生的自由现金流实际上超过了息税前利润。这种强劲的现金转换让我们像傻朋克演唱会上节奏下降时的观众一样兴奋。
总结
虽然我们同情那些对债务感到担忧的投资者,但你应该记住,网易-S的净现金为766亿元人民币,流动资产多于负债。它给我们留下了深刻的印象,自由现金流为210亿元人民币,占其息税前利润的127%。那么,网易-S的债务是一种风险吗?但在我们看来并非如此。随着时间的推移,股价往往会跟随每股收益,所以如果你对网易-S感兴趣,你很可能想点击这里查看其每股收益历史的互动图表。
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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