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Companies Like Nuvalent (NASDAQ:NUVL) Are In A Position To Invest In Growth
Companies Like Nuvalent (NASDAQ:NUVL) Are In A Position To Invest In Growth
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.
Given this risk, we thought we'd take a look at whether Nuvalent (NASDAQ:NUVL) shareholders should be worried about its cash burn. In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.
See our latest analysis for Nuvalent
When Might Nuvalent Run Out Of Money?
A company's cash runway is calculated by dividing its cash hoard by its cash burn. In June 2022, Nuvalent had US$257m in cash, and was debt-free. In the last year, its cash burn was US$53m. So it had a cash runway of about 4.8 years from June 2022. You can see how its cash balance has changed over time in the image below.
NasdaqGS:NUVL Debt to Equity History September 13th 2022How Is Nuvalent's Cash Burn Changing Over Time?
Nuvalent didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. In fact, it ramped its spending strongly over the last year, increasing cash burn by 116%. That sort of ramp in expenditure is no doubt intended to generate worthwhile long term returns. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.
How Hard Would It Be For Nuvalent To Raise More Cash For Growth?
Given its cash burn trajectory, Nuvalent shareholders may wish to consider how easily it could raise more cash, despite its solid cash runway. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.
Nuvalent has a market capitalisation of US$912m and burnt through US$53m last year, which is 5.9% of the company's market value. That's a low proportion, so we figure the company would be able to raise more cash to fund growth, with a little dilution, or even to simply borrow some money.
Is Nuvalent's Cash Burn A Worry?
It may already be apparent to you that we're relatively comfortable with the way Nuvalent is burning through its cash. In particular, we think its cash runway stands out as evidence that the company is well on top of its spending. While we must concede that its increasing cash burn is a bit worrying, the other factors mentioned in this article provide great comfort when it comes to the cash burn. Looking at all the measures in this article, together, we're not worried about its rate of cash burn; the company seems well on top of its medium-term spending needs. On another note, Nuvalent has 4 warning signs (and 2 which are significant) we think you should know about.
If you would prefer to check out another company with better fundamentals, then do not miss this free list of interesting companies, that have HIGH return on equity and low debt or this list of stocks which are all forecast to grow.
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.
即使一家企业在亏损,如果股东以合适的价格收购一家好企业,他们也有可能赚钱。例如,虽然软件即服务业务Salesforce.com在经常性收入增长的同时多年来一直亏损,但如果你从2005年开始持有股票,你确实会做得非常好。但是,尽管成功是众所周知的,但投资者不应忽视许多没有盈利的公司,这些公司只是烧掉了所有的现金,然后倒闭。
考虑到这种风险,我们认为我们应该看看核糖核酸(纳斯达克:NUVL)股东应该担心它的现金消耗。在本文中,我们将现金消耗定义为年度(负)自由现金流,即公司每年为实现增长而花费的资金数量。我们将首先将其现金消耗与其现金储备进行比较,以计算其现金跑道。
查看我们对Nuvalal的最新分析
努瓦莱尔的钱什么时候会用完?
一家公司的现金跑道是通过将其现金储备除以现金消耗来计算的。2022年6月,Nuvalal拥有2.57亿美元现金,而且没有债务。去年,它的现金消耗为5300万美元。因此,从2022年6月开始,它的现金跑道大约有4.8年的时间。你可以在下图中看到它的现金余额是如何随着时间的推移而变化的。
NasdaqGS:NUVL债转股历史2022年9月13日随着时间的推移,Nuvalal的烧钱情况是如何变化的?
Nuvalal去年没有任何收入记录,这表明它是一家处于早期阶段的公司,仍在发展业务。因此,虽然我们不能通过销售来理解增长,但我们可以看看现金消耗是如何变化的,以了解支出随着时间的推移是如何趋势的。事实上,它在过去一年里大力增加了支出,使现金消耗增加了116%。这种支出增长无疑是为了产生有价值的长期回报。然而,显然,关键因素是该公司是否会在未来实现业务增长。因此,看看我们的分析师对该公司的预测是很有意义的。
对于Nuvalal来说,筹集更多现金以实现增长有多难?
考虑到它的现金消耗轨迹,Nuvalal的股东可能希望考虑一下,尽管它有坚实的现金跑道,但它筹集更多现金的难度有多大。一般来说,上市企业可以通过发行股票或承担债务来筹集新的现金。公开上市公司的主要优势之一是,它们可以向投资者出售股票,以筹集现金和为增长提供资金。我们可以将一家公司的现金消耗与其市值进行比较,以了解一家公司需要发行多少新股才能为一年的运营提供资金。
Nuvality的市值为9.12亿美元,去年烧掉了5300万美元,占该公司市值的5.9%。这是一个很低的比例,所以我们认为该公司将能够筹集更多的现金来支持增长,只需一点点稀释,甚至只是借一些钱。
Nuvalal的烧钱令人担忧吗?
你可能已经很明显了,我们对Nuvalal消耗现金的方式相对满意。特别是,我们认为它的现金跑道脱颖而出,证明该公司很好地控制了支出。虽然我们必须承认,它不断增加的现金消耗有点令人担忧,但本文提到的其他因素在涉及到现金消耗时提供了很大的安慰。看看本文中的所有衡量标准,我们并不担心它的现金消耗率;该公司似乎很好地满足了中期支出需求。另一方面,努瓦莱尔已经4个警示标志(和两个重要的),我们认为你应该知道。
如果你更愿意看看另一家基本面更好的公司,那么不要错过这一预期免费有趣的公司名单,拥有高股本回报率和低债务的公司,或者这些预计都将增长的股票名单。
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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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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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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