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Insperity (NYSE:NSP) Has A Rock Solid Balance Sheet
Insperity (NYSE:NSP) Has A Rock Solid Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies Insperity, Inc. (NYSE:NSP) makes use of debt. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
Check out our latest analysis for Insperity
What Is Insperity's Net Debt?
The chart below, which you can click on for greater detail, shows that Insperity had US$369.4m in debt in June 2022; about the same as the year before. But it also has US$541.7m in cash to offset that, meaning it has US$172.3m net cash.
NYSE:NSP Debt to Equity History September 8th 2022How Strong Is Insperity's Balance Sheet?
According to the last reported balance sheet, Insperity had liabilities of US$1.25b due within 12 months, and liabilities of US$611.2m due beyond 12 months. Offsetting these obligations, it had cash of US$541.7m as well as receivables valued at US$691.5m due within 12 months. So its liabilities total US$624.6m more than the combination of its cash and short-term receivables.
Given Insperity has a market capitalization of US$4.20b, 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. Despite its noteworthy liabilities, Insperity boasts net cash, so it's fair to say it does not have a heavy debt load!
Another good sign is that Insperity has been able to increase its EBIT by 29% in twelve months, making it easier to pay down debt. 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 Insperity'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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Insperity may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, Insperity actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
Summing Up
Although Insperity's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of US$172.3m. The cherry on top was that in converted 101% of that EBIT to free cash flow, bringing in US$255m. So is Insperity's debt a risk? It doesn't seem so to us. 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. Case in point: We've spotted 1 warning sign for Insperity you should be aware of.
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.
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,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。與許多其他公司一樣景順股份有限公司(紐約證券交易所代碼:NSP)利用債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
什麼時候債務是個問題?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。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。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對Inperity的最新分析
Inperity的淨債務是多少?
下面的圖表顯示,截至2022年6月,Inperity的債務為3.694億美元;與前一年大致相同。您可以點擊查看更多詳細信息。但它也有5.417億美元的現金來抵消這一點,這意味着它有1.723億美元的淨現金。
紐約證券交易所:NSP債轉股歷史2022年9月8日Inperity的資產負債表有多強勁?
根據最新報告的資產負債表,Inperity有12.5億美元的負債在12個月內到期,6.112億美元的負債在12個月後到期。為了抵消這些債務,它有5.417億美元的現金以及價值6.915億美元的應收賬款在12個月內到期。因此,它的負債總額比現金和短期應收賬款的總和高出6.246億美元。
鑑於景順的市值為42億美元,很難相信這些債務會構成太大威脅。話雖如此,很明顯,我們應該繼續監控它的資產負債表,以免它變得更糟。儘管有值得注意的負債,但Inperity擁有淨現金,所以可以公平地説,它沒有沉重的債務負擔!
另一個好跡象是,Inperity能夠在12個月內將息税前利潤增加29%,使償還債務變得更容易。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,未來的收益將決定繁榮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,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。Inperity的資產負債表上可能有淨現金,但看看該業務將息税前收益(EBIT)轉換為自由現金流的情況仍很有趣,因為這將影響其對債務的需求和管理債務的能力。在過去的三年裏,繁榮實際上產生了比息税前利潤更多的自由現金流。説到贏得貸款人的好感,沒有什麼比收到的現金更好的了。
總結
儘管Inperity的資產負債表不是特別強勁,但由於總負債,它擁有1.723億美元的淨現金,這顯然是積極的。最上面的櫻桃是In將其中101%的EBIT轉換為自由現金流,帶來了2.55億美元。那麼,Inperity的債務是一種風險嗎?但在我們看來並非如此。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。一個恰當的例子:我們發現了1個繁榮的警告信號你應該意識到。
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
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。
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., 是關聯公司。
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