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Does Resideo Technologies (NYSE:REZI) Have A Healthy Balance Sheet?
Does Resideo Technologies (NYSE:REZI) Have A Healthy Balance Sheet?
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. As with many other companies Resideo Technologies, Inc. (NYSE:REZI) makes use of debt. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
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. 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, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Resideo Technologies
What Is Resideo Technologies's Debt?
You can click the graphic below for the historical numbers, but it shows that as of July 2022 Resideo Technologies had US$1.42b of debt, an increase on US$1.19b, over one year. However, it also had US$251.0m in cash, and so its net debt is US$1.17b.
NYSE:REZI Debt to Equity History September 3rd 2022A Look At Resideo Technologies' Liabilities
According to the last reported balance sheet, Resideo Technologies had liabilities of US$1.58b due within 12 months, and liabilities of US$2.34b due beyond 12 months. On the other hand, it had cash of US$251.0m and US$1.07b worth of receivables due within a year. So it has liabilities totalling US$2.60b more than its cash and near-term receivables, combined.
This deficit is considerable relative to its market capitalization of US$3.05b, so it does suggest shareholders should keep an eye on Resideo Technologies' use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
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.
Resideo Technologies's net debt to EBITDA ratio of about 1.5 suggests only moderate use of debt. And its commanding EBIT of 14.1 times its interest expense, implies the debt load is as light as a peacock feather. Also good is that Resideo Technologies grew its EBIT at 18% over the last year, further increasing its ability to manage debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Resideo Technologies'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Looking at the most recent three years, Resideo Technologies recorded free cash flow of 21% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
Our View
On our analysis Resideo Technologies's interest cover should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. For instance it seems like it has to struggle a bit to handle its total liabilities. Looking at all this data makes us feel a little cautious about Resideo Technologies'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. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Resideo Technologies you should know about.
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.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。与许多其他公司一样Resideo技术公司(纽约证券交易所股票代码:REZI)利用债务。但股东是否应该担心它的债务使用情况?
债务会带来什么风险?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。当然,许多公司利用债务为增长提供资金,没有任何负面后果。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对Resideo Technologies的最新分析
Resideo Technologies的债务是什么?
您可以单击下图查看历史数字,但它显示,截至2022年7月,Resideo Technologies的债务为14.2亿美元,比一年前增加了11.9亿美元。然而,它也有2.51亿美元的现金,因此它的净债务为11.7亿美元。
纽约证券交易所:REZI债转股历史2022年9月3日Resideo Technologies的负债情况
根据最新报告的资产负债表,Resideo Technologies有15.8亿美元的负债在12个月内到期,23.4亿美元的负债在12个月后到期。另一方面,它有2.51亿美元的现金和10.7亿美元的应收账款在一年内到期。因此,它的负债总额比现金和近期应收账款加起来还要多26亿美元。
相对于其30.5亿美元的市值,这一赤字是相当可观的,因此它确实表明股东应该密切关注Resideo Technologies的债务使用情况。如果它的贷款人要求它支撑资产负债表,股东可能会面临严重的稀释。
我们通过查看公司的净债务除以利息、税项、折旧和摊销前收益(EBITDA),并计算其息税前收益(EBIT)覆盖利息支出(利息覆盖)的容易程度,来衡量公司的债务负担与其盈利能力的关系。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
Resideo Technologies的净债务与EBITDA的比率约为1.5,表明只适度使用债务。其高达利息支出14.1倍的息税前利润,意味着债务负担轻如孔雀羽毛。同样好的是,Resideo Technologies去年的息税前利润增长了18%,进一步增强了其管理债务的能力。当你分析债务时,资产负债表显然是你关注的领域。但最重要的是,未来的收益将决定Resideo Technologies未来保持健康资产负债表的能力。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。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。因此,合乎逻辑的一步是看看息税前利润与实际自由现金流相匹配的比例。看看最近三年,Resideo Technologies的自由现金流占其息税前利润的21%,这比我们预期的要弱。当涉及到偿还债务时,这并不是很好。
我们的观点
根据我们的分析,Resideo Technologies的利息覆盖应该表明,它的债务不会有太大麻烦。然而,我们的其他观察结果并不那么令人振奋。例如,它似乎不得不努力处理其总负债。看着所有这些数据,我们对Resideo Technologies的债务水平感到有点谨慎。虽然我们认识到债务可以提高股本回报率,但我们建议股东密切关注其债务水平,以免增加。在分析债务水平时,资产负债表显然是一个起点。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。这些风险可能很难发现。每家公司都有它们,我们已经发现Resideo Technologies的1个警告标志你应该知道。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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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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。
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