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We Think CACI International (NYSE:CACI) Can Stay On Top Of Its Debt
We Think CACI International (NYSE:CACI) Can Stay On Top Of Its Debt
Warren Buffett famously said, '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 can see that CACI International Inc (NYSE:CACI) does use debt in its business. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for CACI International
What Is CACI International's Debt?
The chart below, which you can click on for greater detail, shows that CACI International had US$1.73b in debt in June 2022; about the same as the year before. However, it does have US$115.1m in cash offsetting this, leading to net debt of about US$1.62b.
NYSE:CACI Debt to Equity History September 26th 2022A Look At CACI International's Liabilities
Zooming in on the latest balance sheet data, we can see that CACI International had liabilities of US$1.03b due within 12 months and liabilities of US$2.55b due beyond that. On the other hand, it had cash of US$115.1m and US$926.1m worth of receivables due within a year. So it has liabilities totalling US$2.53b more than its cash and near-term receivables, combined.
While this might seem like a lot, it is not so bad since CACI International has a market capitalization of US$6.36b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
CACI International has a debt to EBITDA ratio of 2.6, which signals significant debt, but is still pretty reasonable for most types of business. But its EBIT was about 11.9 times its interest expense, implying the company isn't really paying a high cost to maintain that level of debt. Even were the low cost to prove unsustainable, that is a good sign. Unfortunately, CACI International saw its EBIT slide 8.0% in the last twelve months. If earnings continue on that decline then managing that debt will be difficult like delivering hot soup on a unicycle. 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 CACI International'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, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, CACI International actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
Our View
Both CACI International's ability to to convert EBIT to free cash flow and its interest cover gave us comfort that it can handle its debt. Having said that, its EBIT growth rate somewhat sensitizes us to potential future risks to the balance sheet. When we consider all the elements mentioned above, it seems to us that CACI International is managing its debt quite well. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 2 warning signs with CACI International , and understanding them should be part of your investment process.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。我们可以看到CACI国际公司(纽约证券交易所代码:CACI)确实在其业务中使用债务。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?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。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(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。当然,许多公司利用债务为增长提供资金,没有任何负面后果。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CACI International的最新分析
CACI国际的债务是什么?
下面的图表显示,CACI International在2022年6月的债务为17.3亿美元,与前一年大致相同。您可以点击查看更多详细信息。然而,它确实有1.151亿美元的现金来抵消这一点,导致净债务约为16.2亿美元。
纽约证券交易所:CACI债转股历史2022年9月26日CACI国际公司负债情况一瞥
放大最新的资产负债表数据,我们可以看到,CACI International有10.3亿美元的负债在12个月内到期,超过12个月的负债有25.5亿美元到期。另一方面,它有1.151亿美元的现金和价值9.261亿美元的应收账款在一年内到期。因此,它的负债总额比现金和近期应收账款加起来还要多25.3亿美元。
虽然这看起来可能很多,但并不是那么糟糕,因为CACI International的市值为63.6亿美元,因此如果需要的话,它可能会通过筹集资本来加强其资产负债表。然而,仍值得密切关注其偿债能力。
我们通过查看公司的净债务除以利息、税项、折旧和摊销前收益(EBITDA),并计算其息税前收益(EBIT)覆盖利息支出(利息覆盖)的容易程度,来衡量公司的债务负担与其盈利能力的关系。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。
CACI International的债务与EBITDA之比为2.6,这意味着大量债务,但对于大多数类型的业务来说,这仍然是相当合理的。但它的息税前利润大约是利息支出的11.9倍,这意味着该公司并没有真的付出高昂的成本来维持这样的债务水平。即使低成本被证明是不可持续的,这也是一个好迹象。不幸的是,CACI International的息税前利润在过去12个月里下滑了8.0%。如果收益继续下降,那么管理债务将很困难,就像骑独轮车送热汤一样。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CACI国际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,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,我们总是检查EBIT中有多少转化为自由现金流。在过去的三年里,CACI国际实际上产生了比息税前利润更多的自由现金流。这种强劲的现金转换让我们像傻朋克演唱会上节奏下降时的观众一样兴奋。
我们的观点
CACI International将息税前利润转换为自由现金流的能力和利息覆盖率都让我们感到欣慰,因为它可以处理债务。话虽如此,它的息税前利润增长率在某种程度上让我们对资产负债表未来的潜在风险变得敏感。当我们考虑到上述所有因素时,在我们看来,CACI国际公司的债务管理得相当好。但提醒一句:我们认为债务水平高到足以证明继续进行监控是合理的。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,每家公司都可能包含存在于资产负债表之外的风险。我们已经确定了两个警告信号与CACI International合作,了解他们应该是您投资过程的一部分。
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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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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