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Is Reliance Steel & Aluminum (NYSE:RS) A Risky Investment?
Is Reliance Steel & Aluminum (NYSE:RS) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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 Reliance Steel & Aluminum Co. (NYSE:RS) makes use of debt. But the real question is whether this debt is making the company risky.
What Risk Does Debt Bring?
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. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for Reliance Steel & Aluminum
What Is Reliance Steel & Aluminum's Debt?
The chart below, which you can click on for greater detail, shows that Reliance Steel & Aluminum had US$1.65b in debt in June 2022; about the same as the year before. On the flip side, it has US$504.5m in cash leading to net debt of about US$1.14b.
NYSE:RS Debt to Equity History September 26th 2022How Strong Is Reliance Steel & Aluminum's Balance Sheet?
The latest balance sheet data shows that Reliance Steel & Aluminum had liabilities of US$1.67b due within a year, and liabilities of US$1.87b falling due after that. Offsetting these obligations, it had cash of US$504.5m as well as receivables valued at US$2.06b due within 12 months. So it has liabilities totalling US$974.0m more than its cash and near-term receivables, combined.
Given Reliance Steel & Aluminum has a humongous market capitalization of US$10.3b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). 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).
Reliance Steel & Aluminum has a low net debt to EBITDA ratio of only 0.40. And its EBIT easily covers its interest expense, being 42.2 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Even more impressive was the fact that Reliance Steel & Aluminum grew its EBIT by 125% over twelve months. That boost will make it even easier to pay down debt going forward. 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 Reliance Steel & Aluminum'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. During the last three years, Reliance Steel & Aluminum produced sturdy free cash flow equating to 60% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
Our View
The good news is that Reliance Steel & Aluminum'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 EBIT growth rate also supports that impression! Overall, we don't think Reliance Steel & Aluminum is taking any bad risks, as its debt load seems modest. So the balance sheet looks pretty healthy, to us. 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. To that end, you should learn about the 2 warning signs we've spotted with Reliance Steel & Aluminum (including 1 which is concerning) .
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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.
传奇基金经理理想汽车·卢曾说,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信实钢铁铝业有限公司(纽约证券交易所代码:RS)利用债务。但真正的问题是,这笔债务是否让该公司面临风险。
债务会带来什么风险?
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。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。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。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对信实钢铁和铝的最新分析
信实钢铁铝业的债务是什么?
下面的图表显示,2022年6月,信实钢铁铝业的债务为16.5亿美元,与前一年大致相同。点击查看更多详细信息。另一方面,它拥有5.045亿美元的现金,导致净债务约为11.4亿美元。
纽约证券交易所:RS债转股历史2022年9月26日信实钢铁的资产负债表有多强?
最新的资产负债表数据显示,信实钢铁铝业有16.7亿美元的负债在一年内到期,18.7亿美元的负债在一年内到期。为了抵消这些债务,它有5.045亿美元的现金以及价值20.6亿美元的应收账款在12个月内到期。因此,它的负债总额比现金和近期应收账款的总和高出9.74亿美元。
鉴于信实钢铁铝业拥有103亿美元的庞大市值,很难相信这些债务会构成太大威胁。但有足够的负债,我们肯定会建议股东继续监控未来的资产负债表。
我们使用两个主要比率来告知我们债务相对于收益的水平。第一个是净债务除以利息、税项、折旧和摊销前收益(EBITDA),第二个是其息税前收益(EBIT)覆盖其利息支出(或简称利息覆盖)的多少倍。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)。
信实钢铁铝业的净债务与EBITDA之比较低,仅为0.40。而且它的息税前利润轻松覆盖了利息支出,是其规模的42.2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。更令人印象深刻的是,信实钢铁铝业在12个月内息税前利润增长了125%。这一提振将使未来偿还债务变得更加容易。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,未来的收益将决定信实钢铁铝业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。
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。在过去的三年里,信实钢铁铝业产生了相当于息税前利润60%的强劲自由现金流,这与我们预期的差不多。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,信实钢铁铝业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,因为它的息税前利润增长率也支持了这一印象!总体而言,我们认为信实钢铁并未承担任何不良风险,因为该公司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。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。为此,您应该了解2个警告标志我们已经发现了信实钢铁铝业(包括1家与之相关的公司)。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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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。
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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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