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Is Arcturus Therapeutics Holdings (NASDAQ:ARCT) Using Too Much Debt?
Is Arcturus Therapeutics Holdings (NASDAQ:ARCT) Using Too Much Debt?
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.' 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. We can see that Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) does use debt in its business. But the real question is whether this debt is making the company risky.
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. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Arcturus Therapeutics Holdings
How Much Debt Does Arcturus Therapeutics Holdings Carry?
As you can see below, Arcturus Therapeutics Holdings had US$62.8m of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. But it also has US$283.5m in cash to offset that, meaning it has US$220.7m net cash.
NasdaqGM:ARCT Debt to Equity History September 23rd 2022A Look At Arcturus Therapeutics Holdings' Liabilities
Zooming in on the latest balance sheet data, we can see that Arcturus Therapeutics Holdings had liabilities of US$92.7m due within 12 months and liabilities of US$73.6m due beyond that. On the other hand, it had cash of US$283.5m and US$2.25m worth of receivables due within a year. So it can boast US$119.4m more liquid assets than total liabilities.
This surplus liquidity suggests that Arcturus Therapeutics Holdings' balance sheet could take a hit just as well as Homer Simpson's head can take a punch. With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Succinctly put, Arcturus Therapeutics Holdings boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Arcturus Therapeutics Holdings can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Over 12 months, Arcturus Therapeutics Holdings reported revenue of US$41m, which is a gain of 366%, although it did not report any earnings before interest and tax. When it comes to revenue growth, that's like nailing the game winning 3-pointer!
So How Risky Is Arcturus Therapeutics Holdings?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And the fact is that over the last twelve months Arcturus Therapeutics Holdings lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of US$150m and booked a US$165m accounting loss. While this does make the company a bit risky, it's important to remember it has net cash of US$220.7m. That kitty means the company can keep spending for growth for at least two years, at current rates. The good news for shareholders is that Arcturus Therapeutics Holdings has dazzling revenue growth, so there's a very good chance it can boost its free cash flow in the years to come. While unprofitable companies can be risky, they can also grow hard and fast in those pre-profit years. 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. Be aware that Arcturus Therapeutics Holdings is showing 1 warning sign in our investment analysis , you should know about...
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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。我们可以看到Arcturus治疗控股公司。纳斯达克(Sequoia Capital:ARCT)确实在业务中使用债务。但真正的问题是,这笔债务是否让该公司面临风险。
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。如果情况真的变得很糟糕,贷款人可以控制业务。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。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对Arcturus Treateutics Holdings的最新分析
Arcturus治疗控股公司背负着多少债务?
如下所示,截至2022年6月,Arcturus Treateutics Holdings的债务为6280万美元,与前一年大致相同。您可以单击图表查看更多详细信息。但它也有2.835亿美元的现金来抵消这一点,这意味着它有2.207亿美元的净现金。
NasdaqGM:ARCT债转股历史2022年9月23日Arcturus Treateutics Holdings的负债情况
放大最新的资产负债表数据,我们可以看到Arcturus Treateutics Holdings有9270万美元的负债在12个月内到期,超过12个月的负债有7360万美元到期。另一方面,它有2.835亿美元的现金和价值225万美元的应收账款在一年内到期。因此,它可以吹嘘自己的流动资产比总计负债。
这种过剩的流动性表明,Arcturus治疗控股公司的资产负债表可能会受到打击,就像荷马·辛普森的头可能会受到打击一样。考虑到这一点,人们可以断定,其资产负债表意味着该公司有能力应对一些逆境。简而言之,Arcturus治疗控股公司拥有净现金,所以可以公平地说,它没有沉重的债务负担!在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定Arcturus治疗控股公司能否随着时间的推移加强其资产负债表。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。
在12个月的时间里,Arcturus Treateutics Holdings报告收入为4100万美元,增长366%,尽管它没有报告任何息税前收益。当谈到收入增长时,这就像是在比赛中赢得了3分!
那么,Arcturus Treateutics Holdings的风险有多大?
就其本质而言,亏损的公司比那些长期盈利的公司风险更大。事实是,在过去的12个月里,Arcturus治疗控股公司在息税前收益(EBIT)线上亏损。在同一时期,它出现了1.5亿美元的负自由现金流出,并计入了1.65亿美元的会计损失。虽然这确实让该公司面临一些风险,但重要的是要记住,它拥有2.207亿美元的净现金。这意味着,按照目前的速度,该公司可以在至少两年的时间里保持支出以实现增长。对股东来说,好消息是Arcturus治疗控股公司的收入增长令人眼花缭乱,因此它很有可能在未来几年增加自由现金流。虽然不盈利的公司可能有风险,但在盈利前的几年里,它们也可能又硬又快地增长。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。请注意,Arcturus治疗控股公司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……
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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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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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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