Is Aspen Aerogels (NYSE:ASPN) Using Too Much Debt?
Is Aspen Aerogels (NYSE:ASPN) Using Too Much 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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Aspen Aerogels, Inc. (NYSE:ASPN) does carry debt. But the real question is whether this debt is making the company risky.
霍华德·马克斯说得很好，他说，“永久亏损的可能性是我担心的风险... 我认识的每位务实投资者都很担心。”因此，很明显，当你考虑任何给定股票的风险时，你需要考虑债务，因为过多的债务会使公司陷入困境。重要的是，Aspen Aerogels, Inc.（纽约证券交易所代码：ASPN）确实有债务。但真正的问题是这笔债务是否使公司面临风险。
Why Does Debt Bring Risk?
为什么债务会带来风险？
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般而言，只有当公司无法通过筹集资金或利用自己的现金流轻松偿还债务时，债务才会成为真正的问题。归根结底，如果公司无法履行偿还债务的法律义务，股东可能一无所有地离开。但是，更常见（但仍然令人痛苦）的情况是，它必须以低廉的价格筹集新的股权资本，从而永久稀释股东。当然，债务可以成为企业，尤其是资本密集型企业的重要工具。在考虑企业使用多少债务时，要做的第一件事是将现金和债务放在一起看。
View our latest analysis for Aspen Aerogels
查看我们对 Aspen Aerogels 的最新分析
How Much Debt Does Aspen Aerogels Carry?
Aspen Aerogels 背负了多少债务？
The image below, which you can click on for greater detail, shows that at September 2023 Aspen Aerogels had debt of US$112.1m, up from US$105.2m in one year. On the flip side, it has US$94.6m in cash leading to net debt of about US$17.4m.
您可以点击下图了解更多详细信息，该图片显示，截至2023年9月，Aspen Aerogels的债务为1.121亿美元，高于一年的1.052亿美元。另一方面，它拥有9,460万美元的现金，净负债约为1740万美元。
How Strong Is Aspen Aerogels' Balance Sheet?
Aspen Aerogels 的资产负债表有多强？
The latest balance sheet data shows that Aspen Aerogels had liabilities of US$61.3m due within a year, and liabilities of US$134.1m falling due after that. Offsetting this, it had US$94.6m in cash and US$54.4m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$46.3m.
最新的资产负债表数据显示，Aspen Aerogels在一年内到期的负债为6,130万美元，此后到期的负债为1.341亿美元。抵消这一点的是，它有9,460万美元的现金和5,440万美元的应收账款，这些应收账款将在12个月内到期。因此，其负债超过现金和（近期）应收账款总额4,630万美元。
Given Aspen Aerogels has a market capitalization of US$841.0m, 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. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Aspen Aerogels 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.
鉴于Aspen Aerogels的市值为8.410亿美元，很难相信这些负债会构成太大威胁。话虽如此，很明显，我们应该继续监控其资产负债表，以免情况变得更糟。在分析债务水平时，资产负债表显然是起点。但最终，该业务的未来盈利能力将决定Aspen Aerogels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。
In the last year Aspen Aerogels wasn't profitable at an EBIT level, but managed to grow its revenue by 41%, to US$214m. With any luck the company will be able to grow its way to profitability.
去年，Aspen Aerogels在息税前利润水平上没有实现盈利，但设法将其收入增长了41％，达到2.14亿美元。运气好的话，该公司将能够发展自己的盈利方式。
Caveat Emptor
Caveat Emptor
Despite the top line growth, Aspen Aerogels still had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost US$60m 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$270m of cash over the last year. So suffice it to say we consider the stock very risky. 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. For example Aspen Aerogels has 3 warning signs (and 1 which is concerning) we think you should know about.
尽管收入有所增长，但Aspen Aerogels去年仍有息税前收益（EBIT）亏损。事实上，它在息税前利润水平上损失了6000万美元。考虑到除了上述负债外，我们对公司应该使用如此多的债务没有太大信心。因此，我们认为其资产负债表有些紧张，尽管并非无法修复。但是，它在去年消耗了2.7亿美元的现金，这无济于事。因此，只要说我们认为这只股票风险很高就足够了。资产负债表显然是分析债务时需要关注的领域。但是，并非所有的投资风险都存在于资产负债表中——远非如此。例如，Aspen Aerogels 有 3 个警告标志（其中 1 个令人担忧），我们认为你应该知道。
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.
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，那么请立即查看我们的独家净现金增长股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。