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EMCOR Group (NYSE:EME) Seems To Use Debt Rather Sparingly
EMCOR Group (NYSE:EME) Seems To Use Debt Rather Sparingly
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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, EMCOR Group, Inc. (NYSE:EME) does carry debt. But the more important question is: how much risk is that debt creating?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for EMCOR Group
What Is EMCOR Group's Net Debt?
You can click the graphic below for the historical numbers, but it shows that EMCOR Group had US$254.1m of debt in June 2022, down from US$267.0m, one year before. But on the other hand it also has US$262.4m in cash, leading to a US$8.24m net cash position.
NYSE:EME Debt to Equity History August 9th 2022A Look At EMCOR Group's Liabilities
Zooming in on the latest balance sheet data, we can see that EMCOR Group had liabilities of US$2.40b due within 12 months and liabilities of US$790.7m due beyond that. On the other hand, it had cash of US$262.4m and US$2.72b worth of receivables due within a year. So its liabilities total US$211.1m more than the combination of its cash and short-term receivables.
Since publicly traded EMCOR Group shares are worth a total of US$5.67b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, EMCOR Group also has more cash than debt, so we're pretty confident it can manage its debt safely.
While EMCOR Group doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. 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 EMCOR Group'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 business needs free cash flow to pay off debt; accounting profits just don't cut it. While EMCOR Group has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, EMCOR Group generated free cash flow amounting to a very robust 90% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
Summing Up
We could understand if investors are concerned about EMCOR Group's liabilities, but we can be reassured by the fact it has has net cash of US$8.24m. And it impressed us with free cash flow of US$260m, being 90% of its EBIT. So we don't think EMCOR Group's use of debt is risky. 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. We've identified 1 warning sign with EMCOR Group , and understanding them should be part of your investment process.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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)曾説過一句名言:波動性遠非風險的代名詞。因此,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。重要的是EMCOR集團公司(紐約證券交易所代碼:EME)確實揹負着債務。但更重要的問題是:這筆債務造成了多大的風險?
債務會帶來什麼風險?
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
查看我們對EMCOR集團的最新分析
EMCOR集團的淨債務是多少?
你可以點擊下圖查看歷史數據,但它顯示,EMCOR集團在2022年6月的債務為2.541億美元,低於一年前的2.67億美元。但另一方面,它也擁有2.624億美元的現金,導致淨現金頭寸為824萬美元。
紐約證券交易所:新興市場債轉股歷史2022年8月9日EMCOR集團負債情況一瞥
放大最新的資產負債表數據,我們可以看到,EMCOR集團有24億美元的負債在12個月內到期,超過12個月的負債有7.907億美元到期。另一方面,它有2.624億美元的現金和價值27.2億美元的應收賬款在一年內到期。因此,其負債總額為2.111億美元,比現金和短期應收賬款的總和還要多。
由於上市的EMCOR集團股票總價值56.7億美元,這種負債水平似乎不太可能構成重大威脅。然而,我們確實認為值得關注其資產負債表的實力,因為它可能會隨着時間的推移而變化。雖然EMCOR集團確實有值得注意的負債,但它的現金也多於債務,因此我們非常有信心它能夠安全地管理其債務。
雖然EMCOR Group在息税前利潤上似乎沒有太大收益,但至少目前收益保持穩定。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最重要的是未來的收益將決定EMCOR集團未來保持健康資產負債表的能力。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。雖然EMCOR集團的資產負債表上有淨現金,但仍值得看看它將息税前收益(EBIT)轉換為自由現金流的能力,以幫助我們瞭解它建立(或侵蝕)現金餘額的速度有多快。在過去的三年中,EMCOR集團產生了非常強勁的自由現金流,佔其息税前利潤的90%,超出了我們的預期。這使其在償還債務方面處於非常有利的地位。
總結
如果投資者對EMCOR集團的債務感到擔憂,我們可以理解,但我們可以放心的是,該集團擁有824萬美元的淨現金。它給我們留下了深刻的印象,自由現金流為2.6億美元,佔其息税前利潤的90%。因此,我們不認為EMCOR集團使用債務是有風險的。在分析債務水平時,資產負債表顯然是一個起點。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。我們已經確定了1個警告信號與EMCOR Group合作,瞭解它們應該是您投資過程的一部分。
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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