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Does Sunnova Energy International (NYSE:NOVA) Have A Healthy Balance Sheet?
Does Sunnova Energy International (NYSE:NOVA) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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 Sunnova Energy International Inc. (NYSE:NOVA) makes use of debt. But is this debt a concern to shareholders?
Why Does Debt Bring Risk?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own 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. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Sunnova Energy International
What Is Sunnova Energy International's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Sunnova Energy International had debt of US$4.15b, up from US$2.73b in one year. However, it does have US$215.4m in cash offsetting this, leading to net debt of about US$3.94b.
NYSE:NOVA Debt to Equity History September 26th 2022How Healthy Is Sunnova Energy International's Balance Sheet?
According to the last reported balance sheet, Sunnova Energy International had liabilities of US$387.7m due within 12 months, and liabilities of US$4.52b due beyond 12 months. Offsetting this, it had US$215.4m in cash and US$227.7m in receivables that were due within 12 months. So its liabilities total US$4.47b more than the combination of its cash and short-term receivables.
This deficit casts a shadow over the US$2.84b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Sunnova Energy International would probably need a major re-capitalization if its creditors were to demand repayment. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Sunnova Energy 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.
In the last year Sunnova Energy International wasn't profitable at an EBIT level, but managed to grow its revenue by 77%, to US$347m. Shareholders probably have their fingers crossed that it can grow its way to profits.
Caveat Emptor
Even though Sunnova Energy International managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. Indeed, it lost US$49m at the EBIT level. Considering that alongside the liabilities mentioned above make us nervous about the company. It would need to improve its operations quickly for us to be interested in it. Not least because it burned through US$960m in negative free cash flow over the last year. That means it's on the risky side of things. 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 Sunnova Energy International is showing 5 warning signs in our investment analysis , and 1 of those is a bit concerning...
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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。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Sunnova Energy International Inc.(纽约证券交易所股票代码:NOVA)利用债务。但这笔债务对股东来说是一个担忧吗?
为什么债务会带来风险?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。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。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Sunnova Energy International的最新分析
Sunnova Energy International的净债务是多少?
下图(您可以点击查看更多详细信息)显示,截至2022年6月,Sunnova Energy International的债务为41.5亿美元,高于一年内的27.3亿美元。然而,它确实有2.154亿美元的现金来抵消这一点,导致净债务约为39.4亿美元。
纽约证券交易所:新债转股历史2022年9月26日Sunnova Energy International的资产负债表有多健康?
根据最新报告的资产负债表,Sunnova Energy International有3.877亿美元的负债在12个月内到期,45.2亿美元的负债在12个月后到期。作为抵消,它有2.154亿美元的现金和2.277亿美元的应收账款在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高出44.7亿美元。
这一赤字给这家市值28.4亿美元的公司蒙上了一层阴影,就像一个庞然大物耸立在凡人之上。因此,毫无疑问,我们会密切关注它的资产负债表。归根结底,如果债权人要求偿还债务,Sunnova Energy International可能需要进行大规模的资本重组。当你分析债务时,资产负债表显然是你关注的领域。但最重要的是,未来的收益将决定Sunnova Energy International未来保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。
去年,Sunnova Energy International在息税前利润水平上没有盈利,但其收入增长了77%,达到3.47亿美元。股东们可能会祈祷它能以自己的方式增长并实现盈利。
告诫买入者
尽管Sunnova Energy International成功地相当巧妙地实现了营收增长,但冷酷的现实是,该公司的息税前利润(EBIT)正在亏损。事实上,它在息税前利润水平上亏损了4900万美元。考虑到上面提到的债务,让我们对公司感到紧张。它需要迅速改善运营,才能让我们对它感兴趣。尤其是因为它在去年消耗了9.6亿美元的负自由现金流。这意味着它在事情中处于危险的一边。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,Sunnova Energy International正在展示我们的投资分析中的5个警告信号,其中一条是关于...
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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