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Does Acadia Healthcare Company (NASDAQ:ACHC) Have A Healthy Balance Sheet?
Does Acadia Healthcare Company (NASDAQ:ACHC) Have A Healthy Balance Sheet?
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. Importantly, Acadia Healthcare Company, Inc. (NASDAQ:ACHC) does carry 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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Acadia Healthcare Company
How Much Debt Does Acadia Healthcare Company Carry?
As you can see below, Acadia Healthcare Company had US$1.41b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. However, it does have US$128.4m in cash offsetting this, leading to net debt of about US$1.28b.
NasdaqGS:ACHC Debt to Equity History September 27th 2022How Strong Is Acadia Healthcare Company's Balance Sheet?
We can see from the most recent balance sheet that Acadia Healthcare Company had liabilities of US$441.7m falling due within a year, and liabilities of US$1.70b due beyond that. Offsetting this, it had US$128.4m in cash and US$334.7m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.68b.
Acadia Healthcare Company has a market capitalization of US$7.00b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
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). 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).
Acadia Healthcare Company's net debt is sitting at a very reasonable 2.4 times its EBITDA, while its EBIT covered its interest expense just 6.6 times last year. While these numbers do not alarm us, it's worth noting that the cost of the company's debt is having a real impact. Acadia Healthcare Company grew its EBIT by 7.7% in the last year. Whilst that hardly knocks our socks off it is a positive when it comes to debt. 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 Acadia Healthcare Company'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 company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent three years, Acadia Healthcare Company recorded free cash flow worth 73% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Our View
Acadia Healthcare Company's conversion of EBIT to free cash flow suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And its EBIT growth rate is good too. We would also note that Healthcare industry companies like Acadia Healthcare Company commonly do use debt without problems. When we consider the range of factors above, it looks like Acadia Healthcare Company is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 2 warning signs we've spotted with Acadia Healthcare Company .
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.
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。重要的是阿卡迪亚医疗保健公司纳斯达克(Standard Chartered Bank:ACHC)确实背负着债务。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。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,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。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。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。
查看我们对阿卡迪亚医疗保健公司的最新分析
阿卡迪亚医疗保健公司背负着多少债务?
如下所示,截至2022年6月,阿卡迪亚医疗保健公司的债务为14.1亿美元,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,它确实有1.284亿美元的现金来抵消这一点,导致净债务约为12.8亿美元。
纳斯达克:ACHC债转股历史2022年9月27日阿卡迪亚医疗保健公司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,阿卡迪亚医疗保健公司有4.417亿美元的债务在一年内到期,超过一年的债务有17.亿美元到期。作为抵消,它有1.284亿美元的现金和3.347亿美元的应收账款在12个月内到期。因此,其负债比现金和(近期)应收账款之和高出16.8亿美元。
Acadia Healthcare Company的市值为7亿美元,因此如果有需要,它很可能会筹集现金来改善其资产负债表。但我们肯定希望密切关注其债务带来太大风险的迹象。
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)。
Acadia Healthcare Company的净债务相当于其EBITDA的2.4倍,非常合理,而去年其EBIT仅支付利息支出的6.6倍。虽然这些数字并没有让我们感到恐慌,但值得注意的是,该公司的债务成本正在产生真正的影响。阿卡迪亚医疗保健公司去年的息税前利润增长了7.7%。虽然这很难让我们大吃一惊,但当涉及到债务时,这是一个积极的方面。当你分析债务时,资产负债表显然是你关注的领域。但决定阿卡迪亚医疗保健公司未来保持健康资产负债表能力的是未来的收益,而不是任何东西。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,一家公司只能用冷硬现金偿还债务,而不是会计利润。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。在最近三年中,Acadia Healthcare Company记录的自由现金流相当于其息税前利润的73%,考虑到自由现金流不包括利息和税收,这一数字接近正常。这种自由现金流使公司在适当的时候处于偿还债务的有利地位。
我们的观点
阿卡迪亚医疗公司将息税前利润转换为自由现金流,这表明它可以轻松地处理债务,就像克里斯蒂亚诺·罗纳尔多在对阵14岁以下门将的比赛中进球一样。而且它的息税前利润增长率也很好。我们还会注意到,像阿卡迪亚医疗保健公司这样的医疗行业公司通常会使用债务,而不会出现问题。当我们考虑上述一系列因素时,阿卡迪亚医疗保健公司似乎在使用债务方面相当明智。虽然这会带来一些风险,但也可以提高股东的回报。毫无疑问,我们从资产负债表中了解到的债务最多。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,您应该意识到2个警告标志我们发现了阿卡迪亚医疗保健公司。
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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