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Ecovyst (NYSE:ECVT) Seems To Use Debt Quite Sensibly
Ecovyst (NYSE:ECVT) Seems To Use Debt Quite Sensibly
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.' 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. We can see that Ecovyst Inc. (NYSE:ECVT) does use debt in its business. But should shareholders be worried about its use of debt?
When Is Debt A Problem?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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.
Check out our latest analysis for Ecovyst
How Much Debt Does Ecovyst Carry?
The chart below, which you can click on for greater detail, shows that Ecovyst had US$876.6m in debt in September 2022; about the same as the year before. On the flip side, it has US$138.8m in cash leading to net debt of about US$737.8m.
NYSE:ECVT Debt to Equity History November 16th 2022How Healthy Is Ecovyst's Balance Sheet?
We can see from the most recent balance sheet that Ecovyst had liabilities of US$134.7m falling due within a year, and liabilities of US$1.06b due beyond that. On the other hand, it had cash of US$138.8m and US$107.0m worth of receivables due within a year. So it has liabilities totalling US$946.5m more than its cash and near-term receivables, combined.
This is a mountain of leverage relative to its market capitalization of US$1.13b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
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).
Ecovyst's debt is 3.9 times its EBITDA, and its EBIT cover its interest expense 3.1 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Looking on the bright side, Ecovyst boosted its EBIT by a silky 82% in the last year. Like a mother's loving embrace of a newborn that sort of growth builds resilience, putting the company in a stronger position to manage its debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Ecovyst'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.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, Ecovyst actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Our View
Ecovyst's conversion of EBIT to free cash flow was a real positive on this analysis, as was its EBIT growth rate. On the other hand, its interest cover makes us a little less comfortable about its debt. Considering this range of data points, we think Ecovyst is in a good position to manage its debt levels. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Ecovyst (of which 1 shouldn't be ignored!) you should know about.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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Li·Lu曾说过,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。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。我们可以看到生态工程公司。(纽约证券交易所股票代码:eCVT)确实在其业务中使用债务。但股东是否应该担心它的债务使用情况?
什么时候债务是个问题?
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。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。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Ecovyst的最新分析
Ecovyst背负着多少债务?
下面的图表显示,截至2022年9月,Ecovyst的债务为8.766亿美元;与前一年大致相同。另一方面,它拥有1.388亿美元的现金,导致净债务约为7.378亿美元。
纽约证券交易所:eCVT债转股历史2022年11月16日Ecovyst的资产负债表有多健康?
我们可以从最近的资产负债表中看到,Ecovyst有1.347亿美元的债务在一年内到期,超过一年的债务有10.6亿美元到期。另一方面,它有1.388亿美元的现金和价值1.07亿美元的应收账款在一年内到期。因此,它的负债总额比现金和近期应收账款的总和高出9.465亿美元。
与其11.3亿美元的市值相比,这是一个堆积如山的杠杆。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。
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)。
Ecovyst的债务是其EBITDA的3.9倍,EBIT覆盖了3.1倍以上的利息支出。这表明,尽管债务水平很高,但我们不会说它们有问题。从好的方面来看,Ecovyst去年的息税前利润(EBIT)增长了82%。就像母亲慈爱地拥抱新生儿一样,这种增长增强了公司的韧性,使公司在管理债务方面处于更有利的地位。在分析债务水平时,资产负债表显然是一个起点。但最重要的是,未来的收益将决定Ecovyst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。
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,合乎逻辑的一步是看看息税前利润与实际自由现金流相匹配的比例。在过去的三年里,Ecovyst实际上产生了比EBIT更多的自由现金流。这种强大的摇钱树就像一只穿着大黄蜂西装的小狗一样温暖着我们的心。
我们的观点
Ecovyst将息税前利润转换为自由现金流是这一分析的一个真正积极的因素,其息税前利润增长率也是如此。另一方面,它的利息覆盖让我们对它的债务不那么放心。考虑到这一系列数据点,我们认为Ecovyst在管理其债务水平方面处于有利地位。但提醒一句:我们认为债务水平高到足以证明继续进行监控是合理的。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。这些风险可能很难发现。每家公司都有它们,我们已经发现Ecovyst的2个警告标志(其中1个不应该被忽视!)你应该知道。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
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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