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We Think Chewy (NYSE:CHWY) Can Easily Afford To Drive Business Growth
We Think Chewy (NYSE:CHWY) Can Easily Afford To Drive Business 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. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.
So, the natural question for Chewy (NYSE:CHWY) shareholders is whether they should be concerned by its rate of cash burn. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.
See our latest analysis for Chewy
Does Chewy Have A Long Cash Runway?
A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. In July 2022, Chewy had US$607m in cash, and was debt-free. Looking at the last year, the company burnt through US$114m. Therefore, from July 2022 it had 5.3 years of cash runway. Even though this is but one measure of the company's cash burn, the thought of such a long cash runway warms our bellies in a comforting way. The image below shows how its cash balance has been changing over the last few years.
NYSE:CHWY Debt to Equity History September 16th 2022Is Chewy's Revenue Growing?
Given that Chewy actually had positive free cash flow last year, before burning cash this year, we'll focus on its operating revenue to get a measure of the business trajectory. While it's not that amazing, we still think that the 17% increase in revenue from operations was a positive. While the past is always worth studying, it is the future that matters most of all. So you might want to take a peek at how much the company is expected to grow in the next few years.
How Hard Would It Be For Chewy To Raise More Cash For Growth?
While Chewy is showing solid revenue growth, it's still worth considering how easily it could raise more cash, even just to fuel faster growth. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Many companies end up issuing new shares to fund future 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.
Since it has a market capitalisation of US$15b, Chewy's US$114m in cash burn equates to about 0.7% of its market value. So it could almost certainly just borrow a little to fund another year's growth, or else easily raise the cash by issuing a few shares.
Is Chewy's Cash Burn A Worry?
As you can probably tell by now, we're not too worried about Chewy's cash burn. For example, we think its cash runway suggests that the company is on a good path. Its revenue growth wasn't quite as good, but was still rather encouraging! Taking all the factors in this report into account, we're not at all worried about its cash burn, as the business appears well capitalized to spend as needs be. Notably, our data indicates that Chewy insiders have been trading the shares. You can discover if they are buyers or sellers by clicking on this link.
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)
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。尽管如此,只有傻瓜才会忽视这样一个风险,即一家亏损的公司太快地烧掉了现金。
所以,自然的问题是耐嚼(纽约证券交易所股票代码:CHWY)的股东是否应该担心它的现金消耗速度。就本文而言,现金消耗是指一家不盈利的公司为其增长提供资金而花费现金的年度比率;其负的自由现金流。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Chewy的最新分析
Chewy有很长的现金跑道吗?
现金跑道的定义是,如果一家公司继续以目前的现金消耗速度支出,它需要多长时间才能耗尽资金。2022年7月,Chewy拥有6.07亿美元现金,而且没有债务。回顾去年,该公司烧掉了1.14亿美元。因此,从2022年7月开始,它有了5.3年的现金跑道。尽管这只是衡量该公司现金消耗的一个指标,但一想到这么长的现金跑道,我们就会感到欣慰。下图显示了其现金余额在过去几年中的变化情况。
纽约证券交易所:CHWY债转股历史2022年9月16日Chewy的收入在增长吗?
鉴于Chewy去年实际上有正的自由现金流,在今年烧钱之前,我们将重点关注其运营收入,以衡量业务轨迹。虽然这并不令人惊讶,但我们仍然认为运营收入增长了17%是一个积极的因素。虽然过去总是值得研究的,但最重要的是未来。因此,你可能想看看该公司在未来几年的预期增长速度。
对于Chewy来说,筹集更多现金来实现增长有多难?
虽然Chewy表现出稳健的收入增长,但它筹集更多现金的难度仍然值得考虑,即使只是为了推动更快的增长。发行新股或承担债务是上市公司为其业务筹集更多资金的最常见方式。许多公司最终发行新股,为未来的增长提供资金。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。
由于Chewy的市值为150亿美元,其1.14亿美元的现金消耗相当于其市值的0.7%左右。因此,几乎可以肯定的是,它可以借一点钱为下一年的增长提供资金,或者通过发行几股股票轻松筹集现金。
Chewy的现金灼伤是个问题吗?
正如你现在可能已经知道的,我们并不太担心Chewy的烧钱行为。例如,我们认为它的现金跑道表明该公司正走在一条良好的道路上。它的收入增长不是很好,但仍然相当令人鼓舞!考虑到这份报告中的所有因素,我们一点也不担心它的现金消耗,因为该业务似乎有充足的资本来按需支出。值得注意的是,我们的数据显示,Chewy内部人士一直在交易这些股票。您可以通过单击此链接来了解他们是买家还是卖家。
当然了,如果你把目光投向别处,你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费感兴趣的公司名单,以及这份名单中的成长股(根据分析师预测)
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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