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Coterra Energy (NYSE:CTRA) Has A Pretty Healthy Balance Sheet
Coterra Energy (NYSE:CTRA) Has A Pretty 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. We note that Coterra Energy Inc. (NYSE:CTRA) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
What Risk Does Debt Bring?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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 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 Coterra Energy
How Much Debt Does Coterra Energy Carry?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Coterra Energy had US$3.11b of debt, an increase on US$1.05b, over one year. However, because it has a cash reserve of US$1.06b, its net debt is less, at about US$2.05b.
NYSE:CTRA Debt to Equity History October 6th 2022How Strong Is Coterra Energy's Balance Sheet?
The latest balance sheet data shows that Coterra Energy had liabilities of US$1.57b due within a year, and liabilities of US$6.88b falling due after that. Offsetting these obligations, it had cash of US$1.06b as well as receivables valued at US$1.70b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$5.69b.
While this might seem like a lot, it is not so bad since Coterra Energy has a huge market capitalization of US$22.9b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Coterra Energy's net debt is only 0.40 times its EBITDA. And its EBIT easily covers its interest expense, being 49.3 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Better yet, Coterra Energy grew its EBIT by 896% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. 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 Coterra Energy'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, Coterra Energy recorded free cash flow worth 59% 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
Coterra Energy's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its EBIT growth rate also supports that impression! Looking at the bigger picture, we think Coterra Energy's use of debt seems quite reasonable and we're not concerned about it. While debt does bring risk, when used wisely it can also bring a higher return on equity. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 2 warning signs for Coterra Energy you should be aware of, and 1 of them doesn't sit too well with us.
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。我们注意到Coterra Energy Inc.(纽约证券交易所代码:CTRA)的资产负债表上确实有债务。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?
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。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。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。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Coterra Energy的最新分析
Coterra Energy背负着多少债务?
您可以点击下图查看历史数据,但它显示,截至2022年6月,Coterra Energy的债务为31.1亿美元,比一年前增加了10.5亿美元。然而,由于其现金储备为10.6亿美元,其净债务较少,约为20.5亿美元。
纽约证券交易所:CTRA债转股历史2022年10月6日Coterra Energy的资产负债表有多强劲?
最新的资产负债表数据显示,Coterra Energy有15.7亿美元的负债在一年内到期,68.8亿美元的负债在一年后到期。与这些债务相抵销的是,它有10.6亿美元的现金以及价值17.亿美元的应收账款在12个月内到期。因此,它的负债比现金和(近期)应收账款之和高出56.9亿美元。
虽然这看起来可能很多,但并不是那么糟糕,因为Coterra Energy拥有229亿美元的巨额市值,因此如果需要的话,它可能会通过筹集资本来加强其资产负债表。然而,仍值得密切关注其偿债能力。
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。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
Coterra Energy的净债务仅为其EBITDA的0.40倍。而且它的息税前利润轻松覆盖了利息支出,是其规模的49.3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。更好的是,Coterra Energy去年的息税前利润增长了896%,这是一个令人印象深刻的进步。如果保持这样的增长,未来几年的债务将变得更加可控。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Coterra Energy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。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。因此,我们总是检查EBIT中有多少转化为自由现金流。在最近三年中,Coterra Energy录得的自由现金流相当于其息税前利润的59%,考虑到自由现金流不包括利息和税收,这大致是正常的。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
Coterra Energy的利息掩护表明,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。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!从更大的角度来看,我们认为Coterra Energy的债务使用似乎相当合理,我们并不担心。尽管债务确实会带来风险,但如果使用得当,它也可以带来更高的股本回报率。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。一个恰当的例子:我们发现了Coterra Energy的2个警告信号你应该知道,他们中的一个和我们坐在一起不太好。
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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