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Is Viasat (NASDAQ:VSAT) Using Debt Sensibly?
Is Viasat (NASDAQ:VSAT) Using Debt Sensibly?
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.' 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 Viasat, Inc. (NASDAQ:VSAT) makes use of debt. But is this debt a concern to shareholders?
Why Does Debt Bring Risk?
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, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
Check out our latest analysis for Viasat
What Is Viasat's Net Debt?
As you can see below, at the end of June 2022, Viasat had US$2.58b of debt, up from US$2.09b a year ago. Click the image for more detail. However, it does have US$221.5m in cash offsetting this, leading to net debt of about US$2.36b.
NasdaqGS:VSAT Debt to Equity History September 12th 2022How Healthy Is Viasat's Balance Sheet?
According to the last reported balance sheet, Viasat had liabilities of US$726.1m due within 12 months, and liabilities of US$3.06b due beyond 12 months. Offsetting these obligations, it had cash of US$221.5m as well as receivables valued at US$372.1m due within 12 months. So it has liabilities totalling US$3.19b more than its cash and near-term receivables, combined.
Given this deficit is actually higher than the company's market capitalization of US$2.82b, we think shareholders really should watch Viasat'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. 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 Viasat'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.
Over 12 months, Viasat reported revenue of US$2.8b, which is a gain of 17%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
Caveat Emptor
Over the last twelve months Viasat produced an earnings before interest and tax (EBIT) loss. To be specific the EBIT loss came in at US$7.8m. When we look at that alongside the significant liabilities, we're not particularly confident about the company. We'd want to see some strong near-term improvements before getting too interested in the stock. Not least because it burned through US$520m in negative free cash flow over the last year. That means it's on the risky side of things. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. We've identified 3 warning signs with Viasat (at least 2 which can't be ignored) , and understanding them should be part of your investment process.
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.
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。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ViaSat公司(纳斯达克:VSAT)利用债务。但这笔债务对股东来说是一个担忧吗?
为什么债务会带来风险?
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。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。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Viasat的最新分析
Viasat的净债务是多少?
如下所示,截至2022年6月底,Viasat的债务为25.8亿美元,高于一年前的20.9亿美元。单击图像了解更多详细信息。然而,它确实有2.215亿美元的现金来抵消这一点,导致净债务约为23.6亿美元。
NasdaqGS:VSAT债转股历史2022年9月12日维亚萨特的资产负债表有多健康?
根据最新报告的资产负债表,Viasat有7.261亿美元的负债在12个月内到期,30.6亿美元的负债在12个月后到期。为了抵消这些债务,它有2.215亿美元的现金以及价值3.721亿美元的应收账款在12个月内到期。因此,它的负债总额比现金和近期应收账款加起来还要多31.9亿美元。
鉴于这一赤字实际上高于该公司28.2亿美元的市值,我们认为股东们真的应该关注Viasat的债务水平,就像父母第一次看孩子骑车一样。假设,如果该公司被迫通过以当前股价筹集资金来偿还债务,将需要极大的稀释。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Viasat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。
在过去12个月中,Viasat报告的收入为28亿美元,增长了17%,尽管它没有报告任何息税前收益。这种增长速度对我们的品味来说有点慢,但它需要所有类型的人来创造一个世界。
告诫买入者
在过去的12个月中,Viasat产生了息税前收益(EBIT)亏损。具体地说,息税前利润损失为780万美元。当我们把这一点与重大债务放在一起看时,我们对这家公司并不是特别有信心。在对这只股票产生太大兴趣之前,我们希望看到一些强劲的短期改善。尤其是因为它在去年消耗了5.2亿美元的负自由现金流。这意味着它在事情中处于危险的一边。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。我们已经确定了三个警告信号与Viasat合作(至少有两个是不容忽视的),了解它们应该是你投资过程的一部分。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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