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Does Ternium (NYSE:TX) Have A Healthy Balance Sheet?
Does Ternium (NYSE:TX) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, Ternium S.A. (NYSE:TX) does carry debt. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, 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.
View our latest analysis for Ternium
How Much Debt Does Ternium Carry?
You can click the graphic below for the historical numbers, but it shows that Ternium had US$1.09b of debt in June 2022, down from US$1.57b, one year before. However, its balance sheet shows it holds US$2.06b in cash, so it actually has US$970.0m net cash.
NYSE:TX Debt to Equity History September 12th 2022A Look At Ternium's Liabilities
According to the last reported balance sheet, Ternium had liabilities of US$2.58b due within 12 months, and liabilities of US$1.50b due beyond 12 months. On the other hand, it had cash of US$2.06b and US$2.44b worth of receivables due within a year. So it actually has US$413.0m more liquid assets than total liabilities.
This short term liquidity is a sign that Ternium could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Ternium boasts net cash, so it's fair to say it does not have a heavy debt load!
On top of that, Ternium grew its EBIT by 71% over the last twelve months, and that growth will make it easier to handle its debt. 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 Ternium'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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Ternium 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. Looking at the most recent three years, Ternium recorded free cash flow of 46% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Ternium has net cash of US$970.0m, as well as more liquid assets than liabilities. And we liked the look of last year's 71% year-on-year EBIT growth. So we don't think Ternium's use of debt is risky. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for Ternium (1 can't be ignored) you should be aware of.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。重要的是Ternium S.A.(纽约证券交易所代码:TX)确实背负着债务。但真正的问题是,这笔债务是否让该公司面临风险。
什么时候债务是个问题?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。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。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。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Te的最新分析
Ternium背负着多少债务?
你可以点击下图查看历史数据,但它显示Ternium在2022年6月的债务为10.9亿美元,低于一年前的15.7亿美元。然而,其资产负债表显示,它持有20.6亿美元现金,因此它实际上拥有9.70亿美元的净现金。
纽约证券交易所:TX债转股历史2022年9月12日看Ternium的负债
根据最近一次报告的资产负债表,Ternium有25.8亿美元的负债在12个月内到期,15亿美元的负债在12个月后到期。另一方面,它有20.6亿美元的现金和24.4亿美元的应收账款在一年内到期。所以它实际上有4.13亿美元更多流动资产超过总负债。
这种短期流动性是一个迹象,表明Ternium可能会轻松偿还债务,因为其资产负债表远未捉襟见肘。简而言之,Ternium拥有净现金,所以公平地说,它没有沉重的债务负担!
最重要的是,Ternium在过去12个月中息税前利润增长了71%,这一增长将使其更容易处理债务。毫无疑问,我们从资产负债表中了解到的债务最多。但最重要的是,未来的收益将决定Ternium未来保持健康资产负债表的能力。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
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。Ternium的资产负债表上可能有净现金,但看看该公司将息税前收益(EBIT)转换为自由现金流的情况仍很有趣,因为这将影响其对债务的需求和管理债务的能力。看看最近三年,Ternium的自由现金流占其息税前利润的46%,这比我们预期的要弱。当涉及到偿还债务时,这并不是很好。
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,Ternium拥有9.70亿美元的净现金,以及比负债更多的流动资产。我们喜欢去年息税前利润同比增长71%的表现。因此,我们不认为Ternium使用债务是有风险的。毫无疑问,我们从资产负债表中了解到的债务最多。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。例如,我们已经确定2个Te的警告标志(1不能被忽视)你应该知道。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
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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