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Companies Like Nuvalent (NASDAQ:NUVL) Are In A Position To Invest In Growth
Companies Like Nuvalent (NASDAQ:NUVL) Are In A Position To Invest In Growth
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.
Given this risk, we thought we'd take a look at whether Nuvalent (NASDAQ:NUVL) shareholders should be worried about its cash burn. In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.
See our latest analysis for Nuvalent
When Might Nuvalent Run Out Of Money?
A company's cash runway is calculated by dividing its cash hoard by its cash burn. In June 2022, Nuvalent had US$257m in cash, and was debt-free. In the last year, its cash burn was US$53m. So it had a cash runway of about 4.8 years from June 2022. You can see how its cash balance has changed over time in the image below.
NasdaqGS:NUVL Debt to Equity History September 13th 2022How Is Nuvalent's Cash Burn Changing Over Time?
Nuvalent didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. In fact, it ramped its spending strongly over the last year, increasing cash burn by 116%. That sort of ramp in expenditure is no doubt intended to generate worthwhile long term returns. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.
How Hard Would It Be For Nuvalent To Raise More Cash For Growth?
Given its cash burn trajectory, Nuvalent shareholders may wish to consider how easily it could raise more cash, despite its solid cash runway. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.
Nuvalent has a market capitalisation of US$912m and burnt through US$53m last year, which is 5.9% of the company's market value. That's a low proportion, so we figure the company would be able to raise more cash to fund growth, with a little dilution, or even to simply borrow some money.
Is Nuvalent's Cash Burn A Worry?
It may already be apparent to you that we're relatively comfortable with the way Nuvalent is burning through its cash. In particular, we think its cash runway stands out as evidence that the company is well on top of its spending. While we must concede that its increasing cash burn is a bit worrying, the other factors mentioned in this article provide great comfort when it comes to the cash burn. Looking at all the measures in this article, together, we're not worried about its rate of cash burn; the company seems well on top of its medium-term spending needs. On another note, Nuvalent has 4 warning signs (and 2 which are significant) we think you should know about.
If you would prefer to check out another company with better fundamentals, then do not miss this free list of interesting companies, that have HIGH return on equity and low debt or this list of stocks which are all forecast to grow.
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.
即使一家企業在虧損,如果股東以合適的價格收購一家好企業,他們也有可能賺錢。例如,雖然軟件即服務業務Salesforce.com在經常性收入增長的同時多年來一直虧損,但如果你從2005年開始持有股票,你確實會做得非常好。但是,儘管成功是眾所周知的,但投資者不應忽視許多沒有盈利的公司,這些公司只是燒掉了所有的現金,然後倒閉。
考慮到這種風險,我們認為我們應該看看核糖核酸(納斯達克:NUVL)股東應該擔心它的現金消耗。在本文中,我們將現金消耗定義為年度(負)自由現金流,即公司每年為實現增長而花費的資金數量。我們將首先將其現金消耗與其現金儲備進行比較,以計算其現金跑道。
查看我們對Nuvalal的最新分析
努瓦萊爾的錢什麼時候會用完?
一家公司的現金跑道是通過將其現金儲備除以現金消耗來計算的。2022年6月,Nuvalal擁有2.57億美元現金,而且沒有債務。去年,它的現金消耗為5300萬美元。因此,從2022年6月開始,它的現金跑道大約有4.8年的時間。你可以在下圖中看到它的現金餘額是如何隨着時間的推移而變化的。
NasdaqGS:NUVL債轉股歷史2022年9月13日隨着時間的推移,Nuvalal的燒錢情況是如何變化的?
Nuvalal去年沒有任何收入記錄,這表明它是一家處於早期階段的公司,仍在發展業務。因此,雖然我們不能通過銷售來理解增長,但我們可以看看現金消耗是如何變化的,以瞭解支出隨着時間的推移是如何趨勢的。事實上,它在過去一年裏大力增加了支出,使現金消耗增加了116%。這種支出增長無疑是為了產生有價值的長期回報。然而,顯然,關鍵因素是該公司是否會在未來實現業務增長。因此,看看我們的分析師對該公司的預測是很有意義的。
對於Nuvalal來説,籌集更多現金以實現增長有多難?
考慮到它的現金消耗軌跡,Nuvalal的股東可能希望考慮一下,儘管它有堅實的現金跑道,但它籌集更多現金的難度有多大。一般來説,上市企業可以通過發行股票或承擔債務來籌集新的現金。公開上市公司的主要優勢之一是,它們可以向投資者出售股票,以籌集現金和為增長提供資金。我們可以將一家公司的現金消耗與其市值進行比較,以瞭解一家公司需要發行多少新股才能為一年的運營提供資金。
Nuvality的市值為9.12億美元,去年燒掉了5300萬美元,佔該公司市值的5.9%。這是一個很低的比例,所以我們認為該公司將能夠籌集更多的現金來支持增長,只需一點點稀釋,甚至只是借一些錢。
Nuvalal的燒錢令人擔憂嗎?
你可能已經很明顯了,我們對Nuvalal消耗現金的方式相對滿意。特別是,我們認為它的現金跑道脱穎而出,證明該公司很好地控制了支出。雖然我們必須承認,它不斷增加的現金消耗有點令人擔憂,但本文提到的其他因素在涉及到現金消耗時提供了很大的安慰。看看本文中的所有衡量標準,我們並不擔心它的現金消耗率;該公司似乎很好地滿足了中期支出需求。另一方面,努瓦萊爾已經4個警示標誌(和兩個重要的),我們認為你應該知道。
如果你更願意看看另一家基本面更好的公司,那麼不要錯過這一預期免費有趣的公司名單,擁有高股本回報率和低債務的公司,或者這些預計都將增長的股票名單。
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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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。
風險及免責聲明
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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