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Infinera (NASDAQ:INFN) Has Debt But No Earnings; Should You Worry?
Infinera (NASDAQ:INFN) Has Debt But No Earnings; Should You Worry?
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, Infinera Corporation (NASDAQ:INFN) does carry debt. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
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. 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. 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.
View our latest analysis for Infinera
How Much Debt Does Infinera Carry?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Infinera had US$640.6m of debt, an increase on US$461.5m, over one year. However, because it has a cash reserve of US$130.9m, its net debt is less, at about US$509.8m.
NasdaqGS:INFN Debt to Equity History October 1st 2022How Strong Is Infinera's Balance Sheet?
The latest balance sheet data shows that Infinera had liabilities of US$555.2m due within a year, and liabilities of US$797.1m falling due after that. Offsetting this, it had US$130.9m in cash and US$302.9m in receivables that were due within 12 months. So it has liabilities totalling US$918.5m more than its cash and near-term receivables, combined.
This deficit is considerable relative to its market capitalization of US$1.05b, so it does suggest shareholders should keep an eye on Infinera's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Infinera can strengthen its balance sheet over time. 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 Infinera wasn't profitable at an EBIT level, but managed to grow its revenue by 6.6%, to US$1.5b. We usually like to see faster growth from unprofitable companies, but each to their own.
Caveat Emptor
Importantly, Infinera had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost US$94m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through US$111m of cash over the last year. So in short it's a really risky stock. 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. Be aware that Infinera is showing 2 warning signs in our investment analysis , you should know about...
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.
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。重要的是英飞朗公司纳斯达克(Alipay:INFN)确实有债务。但更重要的问题是:这笔债务造成了多大的风险?
债务在什么时候是危险的?
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。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。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。
查看我们对英飞朗的最新分析
英飞朗背负着多少债务?
你可以点击下图查看历史数据,但它显示,截至2022年6月,英飞朗的债务为6.406亿美元,比一年前增加了4.615亿美元。然而,由于它拥有1.309亿美元的现金储备,其净债务较少,约为5.098亿美元。
NasdaqGS:INFN债转股历史2022年10月1日英飞朗的资产负债表有多强劲?
最新的资产负债表数据显示,英飞朗有5.552亿美元的债务在一年内到期,7.971亿美元的债务在一年后到期。作为抵消,它有1.309亿美元的现金和3.029亿美元的应收账款在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9.185亿美元。
与英飞朗10.5亿美元的市值相比,这一赤字是相当可观的,因此它确实表明股东应该密切关注英飞朗的债务使用情况。如果它的贷款人要求它支撑资产负债表,股东可能会面临严重的稀释。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定英飞朗能否随着时间的推移加强其资产负债表。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,英飞朗在息税前利润水平上没有盈利,但其收入增长了6.6%,达到15亿美元。我们通常喜欢看到不盈利的公司实现更快的增长,但每个公司都有自己的特点。
告诫买入者
重要的是,英飞朗去年出现了息税前收益(EBIT)亏损。事实上,它在息税前利润水平上亏损了9400万美元。考虑到除了上面提到的债务,我们对公司应该使用如此多的债务没有太大的信心。因此,我们认为它的资产负债表有点紧张,但并不是无法修复。然而,它在过去一年烧掉了1.11亿美元的现金,这也于事无补。因此,简而言之,这是一只非常有风险的股票。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。请注意,英飞朗正在上映我们的投资分析中的2个警告信号,你应该知道关于……
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。
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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