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These 4 Measures Indicate That IDEX (NYSE:IEX) Is Using Debt Safely
These 4 Measures Indicate That IDEX (NYSE:IEX) Is Using Debt Safely
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.' 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. We note that IDEX Corporation (NYSE:IEX) does have debt on its balance sheet. 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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for IDEX
How Much Debt Does IDEX Carry?
As you can see below, IDEX had US$1.19b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. However, it also had US$599.6m in cash, and so its net debt is US$591.3m.
NYSE:IEX Debt to Equity History September 23rd 2022How Strong Is IDEX's Balance Sheet?
We can see from the most recent balance sheet that IDEX had liabilities of US$513.8m falling due within a year, and liabilities of US$1.61b due beyond that. Offsetting these obligations, it had cash of US$599.6m as well as receivables valued at US$425.7m due within 12 months. So its liabilities total US$1.10b more than the combination of its cash and short-term receivables.
Given IDEX has a humongous market capitalization of US$15.2b, 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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
IDEX has a low net debt to EBITDA ratio of only 0.70. And its EBIT easily covers its interest expense, being 19.2 times the size. So we're pretty relaxed about its super-conservative use of debt. Also positive, IDEX grew its EBIT by 23% in the last year, and that should make it easier to pay down debt, going forward. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine IDEX'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, IDEX 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
The good news is that IDEX's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! Overall, we don't think IDEX is taking any bad risks, as its debt load seems modest. So the balance sheet looks pretty healthy, to us. We'd be very excited to see if IDEX insiders have been snapping up shares. If you are too, then click on this link right now to take a (free) peek at our list of reported insider transactions.
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.
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。我们注意到IDEX公司(纽约证券交易所股票代码:IEX)的资产负债表上确实有债务。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。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,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IDEX的最新分析
IDEX背负着多少债务?
如下所示,截至2022年6月,IDEX的债务为11.9亿美元,与前一年大致相同。您可以单击图表查看更多详细信息。然而,它也有5.996亿美元的现金,因此其净债务为5.913亿美元。
纽约证券交易所:IEX债转股历史2022年9月23日IDEX的资产负债表有多强劲?
我们可以从最近的资产负债表中看到,IDEX有5.138亿美元的负债在一年内到期,而16.1亿美元的负债在这之后到期。为了抵消这些债务,它有5.996亿美元的现金以及价值4.257亿美元的应收账款在12个月内到期。因此,它的负债总额比现金和短期应收账款的总和多出11.亿美元。
鉴于IDEX拥有152亿美元的庞大市值,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)。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
IDEX的净债务与EBITDA之比较低,仅为0.70。而且它的息税前利润很容易弥补利息支出,是其规模的19.2倍。因此,我们对它对债务的超级保守使用相当放松。同样积极的是,IDEX去年的息税前利润增长了23%,这应该会使其更容易偿还债务。毫无疑问,我们从资产负债表中了解到的债务最多。但最重要的是,未来的收益将决定IDEX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。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。因此,合乎逻辑的一步是看看息税前利润与实际自由现金流相匹配的比例。在最近三年中,IDEX记录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。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
好消息是,IDEX被证明有能力通过息税前利润来支付利息支出,这让我们感到高兴,就像一只毛茸茸的小狗对待蹒跚学步的孩子一样。好消息不止于此,因为它将息税前利润转换为自由现金流也支持了这种印象!总体而言,我们认为IDEX没有承担任何不良风险,因为它的债务负担似乎不大。因此,在我们看来,资产负债表看起来相当健康。我们非常期待看到IDEX内部人士是否一直在抢购股票。如果你也是,那么现在就点击这个链接,(免费)看看我们报告的内幕交易清单。
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。
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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