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Health Check: How Prudently Does Tenable Holdings (NASDAQ:TENB) Use Debt?
Health Check: How Prudently Does Tenable Holdings (NASDAQ:TENB) Use Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Tenable Holdings, Inc. (NASDAQ:TENB) does carry debt. But should shareholders be worried about its use of debt?
When Is Debt Dangerous?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
Check out our latest analysis for Tenable Holdings
What Is Tenable Holdings's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Tenable Holdings had debt of US$366.0m, up from none in one year. However, it does have US$510.9m in cash offsetting this, leading to net cash of US$144.9m.
NasdaqGS:TENB Debt to Equity History September 26th 2022How Healthy Is Tenable Holdings' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Tenable Holdings had liabilities of US$483.1m due within 12 months and liabilities of US$554.5m due beyond that. On the other hand, it had cash of US$510.9m and US$109.4m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$417.3m.
Given Tenable Holdings has a market capitalization of US$3.87b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. While it does have liabilities worth noting, Tenable Holdings also has more cash than debt, so we're pretty confident it can manage its debt safely. 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 Tenable Holdings's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Over 12 months, Tenable Holdings reported revenue of US$611m, which is a gain of 26%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.
So How Risky Is Tenable Holdings?
While Tenable Holdings lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow US$91m. So although it is loss-making, it doesn't seem to have too much near-term balance sheet risk, keeping in mind the net cash. One positive is that Tenable Holdings is growing revenue apace, which makes it easier to sell a growth story and raise capital if need be. But that doesn't change our opinion that the stock is risky. 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. For example - Tenable Holdings has 3 warning signs we think you should be aware of.
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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。重要的是Tenable Holdings,Inc.纳斯达克(Temasek Holdings:TENB.N:行情)确实背负着债务。但股东是否应该担心它的债务使用情况?
债务在什么时候是危险的?
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。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。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,许多公司利用债务为增长提供资金,没有任何负面后果。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Table Holdings的最新分析
Table Holdings的债务是什么?
下图显示,截至2022年6月,Table Holdings的债务为3.6亿美元,而一年内为零。您可以点击查看更多详细信息。然而,它确实有5.109亿美元的现金来抵消这一点,导致净现金为1.449亿美元。
NasdaqGS:TENB债转股历史2022年9月26日Table Holdings的资产负债表有多健康?
放大最新的资产负债表数据,我们可以看到,Table Holdings有4.831亿美元的负债在12个月内到期,超过12个月的负债有5.545亿美元。另一方面,它有5.109亿美元的现金和价值1.094亿美元的应收账款在一年内到期。因此,它的负债比现金和(近期)应收账款之和高出4.173亿美元。
鉴于Table Holdings的市值为38.7亿美元,很难相信这些债务会构成太大威胁。话虽如此,很明显,我们应该继续监控它的资产负债表,以免它变得更糟。尽管Table Holdings确实有值得注意的负债,但它的现金也多于债务,所以我们非常有信心它能够安全地管理债务。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Table Holdings未来保持健康资产负债表的能力。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
在12个月的时间里,Table Holdings报告了6.11亿美元的收入,增长了26%,尽管它没有报告任何息税前收益。如果运气好的话,该公司将能够以增长的方式实现盈利。
那么,Table Holdings的风险有多大呢?
虽然Table Holdings在息税前收益(EBIT)水平上亏损,但它实际上产生了9100万美元的正自由现金流。因此,尽管它在亏损,但考虑到净现金,它似乎没有太大的近期资产负债表风险。一个积极的因素是,Table Holdings的收入正在快速增长,这使得销售增长故事和在必要时筹集资金变得更容易。但这并没有改变我们的观点,即这只股票是有风险的。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。例如-TEnable Holdings拥有3个警示标志我们认为你应该意识到。
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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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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