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These 4 Measures Indicate That Arcosa (NYSE:ACA) Is Using Debt Reasonably Well
These 4 Measures Indicate That Arcosa (NYSE:ACA) Is Using Debt Reasonably Well
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. As with many other companies Arcosa, Inc. (NYSE:ACA) makes use of debt. But should shareholders be worried about its use of debt?
When Is Debt A Problem?
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. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Arcosa
What Is Arcosa's Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Arcosa had US$691.7m of debt, an increase on US$647.0m, over one year. On the flip side, it has US$77.0m in cash leading to net debt of about US$614.7m.
NYSE:ACA Debt to Equity History September 19th 2022A Look At Arcosa's Liabilities
Zooming in on the latest balance sheet data, we can see that Arcosa had liabilities of US$416.4m due within 12 months and liabilities of US$924.9m due beyond that. Offsetting these obligations, it had cash of US$77.0m as well as receivables valued at US$350.1m due within 12 months. So it has liabilities totalling US$914.2m more than its cash and near-term receivables, combined.
This deficit isn't so bad because Arcosa is worth US$2.72b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
Arcosa's net debt is sitting at a very reasonable 2.0 times its EBITDA, while its EBIT covered its interest expense just 5.2 times last year. It seems that the business incurs large depreciation and amortisation charges, so maybe its debt load is heavier than it would first appear, since EBITDA is arguably a generous measure of earnings. If Arcosa can keep growing EBIT at last year's rate of 17% over the last year, then it will find its debt load easier to manage. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Arcosa can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Arcosa actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Our View
Arcosa's conversion of EBIT to free cash flow suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its EBIT growth rate also supports that impression! When we consider the range of factors above, it looks like Arcosa is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. 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. Be aware that Arcosa is showing 1 warning sign in our investment analysis , you should know about...
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。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。与许多其他公司一样ArCosa,Inc.(纽约证券交易所代码:ACA)利用债务。但股东是否应该担心它的债务使用情况?
什么时候债务是个问题?
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。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。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。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ArcoSa的最新分析
阿科萨的债务是什么?
你可以点击下图查看历史数据,但它显示,截至2022年6月,Arcosa的债务为6.917亿美元,比一年前增加了6.47亿美元。另一方面,它拥有7700万美元的现金,导致净债务约为6.147亿美元。
纽约证券交易所:ACA债转股历史2022年9月19日阿科萨的负债情况
放大最新的资产负债表数据,我们可以看到,ArCosa有4.164亿美元的负债在12个月内到期,超过12个月的负债有9.249亿美元到期。为了抵消这些债务,它有7700万美元的现金以及价值3.501亿美元的应收账款在12个月内到期。因此,它的负债总额比现金和近期应收账款的总和高出9.142亿美元。
这一赤字并不是那么糟糕,因为Arcosa的价值为27.2亿美元,因此如果需要的话,可能会筹集到足够的资本来支撑其资产负债表。但很明显,我们绝对应该仔细检查它是否能够在不稀释的情况下管理债务。
我们使用两个主要比率来告知我们债务相对于收益的水平。第一个是净债务除以利息、税项、折旧和摊销前收益(EBITDA),第二个是其息税前收益(EBIT)覆盖其利息支出(或简称利息覆盖)的多少倍。这种方法的优点是,我们既考虑了债务的绝对数量(净债务与EBITDA之比),也考虑了与债务相关的实际利息支出(及其利息覆盖率)。
ArCosa的净债务相当于其EBITDA的2.0倍,相当合理,而去年的EBIT仅为利息支出的5.2倍。这项业务似乎产生了巨额折旧和摊销费用,因此它的债务负担可能比最初看起来更重,因为EBITDA可以说是一项慷慨的收益衡量指标。如果ArCosa能够保持去年17%的息税前利润增长率,那么它将发现自己的债务负担更容易管理。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,该业务未来的盈利能力将决定ArCosa能否随着时间的推移加强其资产负债表。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。
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。因此,有必要检查这笔息税前利润中有多少是由自由现金流支持的。在过去的三年里,ArCosa实际上产生了比EBIT更多的自由现金流。这种强大的摇钱树就像一只穿着大黄蜂西装的小狗一样温暖着我们的心。
我们的观点
阿科萨将息税前利润转换为自由现金流,这表明它可以轻松处理债务,就像克里斯蒂亚诺·罗纳尔多在对阵14岁以下门将的比赛中进球一样。好消息不止于此,因为它的息税前利润增长率也支持了这一印象!当我们考虑上述一系列因素时,看起来ArCosa在使用债务方面相当明智。虽然这会带来一些风险,但也可以提高股东的回报。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。请注意,阿科萨正在展示在我们的投资分析中出现1个警告信号,你应该知道关于……
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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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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