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We Think Chewy (NYSE:CHWY) Can Easily Afford To Drive Business Growth
We Think Chewy (NYSE:CHWY) Can Easily Afford To Drive Business 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. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.
So, the natural question for Chewy (NYSE:CHWY) shareholders is whether they should be concerned by its rate of cash burn. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.
See our latest analysis for Chewy
Does Chewy Have A Long Cash Runway?
A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. In July 2022, Chewy had US$607m in cash, and was debt-free. Looking at the last year, the company burnt through US$114m. Therefore, from July 2022 it had 5.3 years of cash runway. Even though this is but one measure of the company's cash burn, the thought of such a long cash runway warms our bellies in a comforting way. The image below shows how its cash balance has been changing over the last few years.
NYSE:CHWY Debt to Equity History September 16th 2022Is Chewy's Revenue Growing?
Given that Chewy actually had positive free cash flow last year, before burning cash this year, we'll focus on its operating revenue to get a measure of the business trajectory. While it's not that amazing, we still think that the 17% increase in revenue from operations was a positive. While the past is always worth studying, it is the future that matters most of all. So you might want to take a peek at how much the company is expected to grow in the next few years.
How Hard Would It Be For Chewy To Raise More Cash For Growth?
While Chewy is showing solid revenue growth, it's still worth considering how easily it could raise more cash, even just to fuel faster growth. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Many companies end up issuing new shares to fund future 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.
Since it has a market capitalisation of US$15b, Chewy's US$114m in cash burn equates to about 0.7% of its market value. So it could almost certainly just borrow a little to fund another year's growth, or else easily raise the cash by issuing a few shares.
Is Chewy's Cash Burn A Worry?
As you can probably tell by now, we're not too worried about Chewy's cash burn. For example, we think its cash runway suggests that the company is on a good path. Its revenue growth wasn't quite as good, but was still rather encouraging! Taking all the factors in this report into account, we're not at all worried about its cash burn, as the business appears well capitalized to spend as needs be. Notably, our data indicates that Chewy insiders have been trading the shares. You can discover if they are buyers or sellers by clicking on this link.
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)
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。儘管如此,只有傻瓜才會忽視這樣一個風險,即一家虧損的公司太快地燒掉了現金。
所以,自然的問題是耐嚼(紐約證券交易所股票代碼:CHWY)的股東是否應該擔心它的現金消耗速度。就本文而言,現金消耗是指一家不盈利的公司為其增長提供資金而花費現金的年度比率;其負的自由現金流。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Chewy的最新分析
Chewy有很長的現金跑道嗎?
現金跑道的定義是,如果一家公司繼續以目前的現金消耗速度支出,它需要多長時間才能耗盡資金。2022年7月,Chewy擁有6.07億美元現金,而且沒有債務。回顧去年,該公司燒掉了1.14億美元。因此,從2022年7月開始,它有了5.3年的現金跑道。儘管這只是衡量該公司現金消耗的一個指標,但一想到這麼長的現金跑道,我們就會感到欣慰。下圖顯示了其現金餘額在過去幾年中的變化情況。
紐約證券交易所:CHWY債轉股歷史2022年9月16日Chewy的收入在增長嗎?
鑑於Chewy去年實際上有正的自由現金流,在今年燒錢之前,我們將重點關注其運營收入,以衡量業務軌跡。雖然這並不令人驚訝,但我們仍然認為運營收入增長了17%是一個積極的因素。雖然過去總是值得研究的,但最重要的是未來。因此,你可能想看看該公司在未來幾年的預期增長速度。
對於Chewy來説,籌集更多現金來實現增長有多難?
雖然Chewy表現出穩健的收入增長,但它籌集更多現金的難度仍然值得考慮,即使只是為了推動更快的增長。發行新股或承擔債務是上市公司為其業務籌集更多資金的最常見方式。許多公司最終發行新股,為未來的增長提供資金。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。
由於Chewy的市值為150億美元,其1.14億美元的現金消耗相當於其市值的0.7%左右。因此,幾乎可以肯定的是,它可以借一點錢為下一年的增長提供資金,或者通過發行幾股股票輕鬆籌集現金。
Chewy的現金灼傷是個問題嗎?
正如你現在可能已經知道的,我們並不太擔心Chewy的燒錢行為。例如,我們認為它的現金跑道表明該公司正走在一條良好的道路上。它的收入增長不是很好,但仍然相當令人鼓舞!考慮到這份報告中的所有因素,我們一點也不擔心它的現金消耗,因為該業務似乎有充足的資本來按需支出。值得注意的是,我們的數據顯示,Chewy內部人士一直在交易這些股票。您可以通過單擊此鏈接來了解他們是買家還是賣家。
當然了,如果你把目光投向別處,你可能會發現這是一筆很棒的投資。所以讓我們來看看這個免費感興趣的公司名單,以及這份名單中的成長股(根據分析師預測)
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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