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Does Estée Lauder Companies (NYSE:EL) Have A Healthy Balance Sheet?
Does Estée Lauder Companies (NYSE:EL) 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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies The Estée Lauder Companies Inc. (NYSE:EL) makes use of debt. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
Check out our latest analysis for Estée Lauder Companies
What Is Estée Lauder Companies's Net Debt?
As you can see below, Estée Lauder Companies had US$5.51b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has US$3.98b in cash leading to net debt of about US$1.53b.
NYSE:EL Debt to Equity History September 23rd 2022How Strong Is Estée Lauder Companies' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Estée Lauder Companies had liabilities of US$5.82b due within 12 months and liabilities of US$8.66b due beyond that. Offsetting these obligations, it had cash of US$3.98b as well as receivables valued at US$1.63b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$8.87b.
Given Estée Lauder Companies has a humongous market capitalization of US$83.8b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). 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).
Estée Lauder Companies's net debt is only 0.36 times its EBITDA. And its EBIT easily covers its interest expense, being 25.9 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Also good is that Estée Lauder Companies grew its EBIT at 18% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Estée Lauder Companies'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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent three years, Estée Lauder Companies recorded free cash flow worth 77% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
Our View
Estée Lauder Companies's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And that's just the beginning of the good news since its conversion of EBIT to free cash flow is also very heartening. Considering this range of factors, it seems to us that Estée Lauder Companies is quite prudent with its debt, and the risks seem well managed. So the balance sheet looks pretty healthy, to us. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 1 warning sign we've spotted with Estée Lauder Companies .
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。与许多其他公司一样The estée Lauder Companies Inc.(纽约证券交易所代码:EL)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
为什么债务会带来风险?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。当然,在企业中,债务可以是一个重要的工具,特别是资本密集型企业。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对ESTÉe Lauder公司的最新分析
Estée Lauder Companies的净债务是多少?
如下所示,截至2022年6月,Estée Lauder公司的债务为55.1亿美元,与前一年大致相同。您可以单击图表查看更多详细信息。另一方面,它拥有39.8亿美元的现金,导致净债务约为15.3亿美元。
纽约证券交易所:EL债转股历史2022年9月23日Estée Lauder公司的资产负债表有多强劲?
放大最新的资产负债表数据,我们可以看到,Estée Lauder公司有58.2亿美元的负债在12个月内到期,超过12个月的负债有86.6亿美元到期。与这些债务相抵销的是,它有39.8亿美元的现金以及价值16.3亿美元的应收账款在12个月内到期。因此,其负债比现金和(近期)应收账款之和高出88.7亿美元。
鉴于Estée Lauder Companies拥有838亿美元的巨额市值,很难相信这些债务会构成太大威胁。然而,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而变化。
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。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)。
Estée Lauder Companies的净债务仅为其息税前利润的0.36倍。而且它的息税前利润轻松覆盖了利息支出,是其规模的25.9倍。因此,你可以辩称,它不会受到债务的威胁,就像大象受到老鼠的威胁一样。同样好的是,estée Lauder Companies去年息税前利润增长了18%,进一步增强了其管理债务的能力。在分析债务水平时,资产负债表显然是一个起点。但最重要的是,未来的收益将决定estée Lauder公司未来维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,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。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。最近三年,estée Lauder Companies录得的自由现金流相当于其息税前利润的77%,考虑到自由现金流不包括利息和税收,这一数字接近正常水平。这种冷酷的现金意味着,它可以在想要的时候减少债务。
我们的观点
Estée Lauder Companies的利息担保表明,它可以像克里斯蒂亚诺·罗纳尔多在对阵14岁以下门将的比赛中进球一样轻松地处理债务。这只是好消息的开始,因为它将息税前利润转换为自由现金流也非常令人鼓舞。考虑到这一系列因素,在我们看来,Estée Lauder Companies对其债务相当谨慎,风险似乎管理得很好。因此,在我们看来,资产负债表看起来相当健康。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。为此,您应该意识到1个警告标志我们已经发现了Estée Lauder公司。
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
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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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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