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Does Estée Lauder Companies (NYSE:EL) Have A Healthy Balance Sheet?
Does Estée Lauder Companies (NYSE:EL) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies The Estée Lauder Companies Inc. (NYSE:EL) makes use of debt. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.
Check out our latest analysis for Estée Lauder Companies
What Is Estée Lauder Companies's Net Debt?
As you can see below, Estée Lauder Companies had US$5.51b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has US$3.98b in cash leading to net debt of about US$1.53b.
NYSE:EL Debt to Equity History September 23rd 2022How Strong Is Estée Lauder Companies' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Estée Lauder Companies had liabilities of US$5.82b due within 12 months and liabilities of US$8.66b due beyond that. Offsetting these obligations, it had cash of US$3.98b as well as receivables valued at US$1.63b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$8.87b.
Given Estée Lauder Companies has a humongous market capitalization of US$83.8b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
Estée Lauder Companies's net debt is only 0.36 times its EBITDA. And its EBIT easily covers its interest expense, being 25.9 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Also good is that Estée Lauder Companies grew its EBIT at 18% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Estée Lauder Companies's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent three years, Estée Lauder Companies recorded free cash flow worth 77% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
Our View
Estée Lauder Companies's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And that's just the beginning of the good news since its conversion of EBIT to free cash flow is also very heartening. Considering this range of factors, it seems to us that Estée Lauder Companies is quite prudent with its debt, and the risks seem well managed. So the balance sheet looks pretty healthy, to us. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 1 warning sign we've spotted with Estée Lauder Companies .
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.
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.
大衞·伊本説得很好,波動性不是我們關心的風險,我們關心的是避免資本的永久性損失。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。與許多其他公司一樣The estée Lauder Companies Inc.(紐約證券交易所代碼:EL)利用債務。但更重要的問題是:這筆債務造成了多大的風險?
為什麼債務會帶來風險?
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。最終,如果公司不能履行其償還債務的法定義務,股東可能會一無所有地離開。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。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ESTÉe Lauder公司的最新分析
Estée Lauder Companies的淨債務是多少?
如下所示,截至2022年6月,Estée Lauder公司的債務為55.1億美元,與前一年大致相同。您可以單擊圖表查看更多詳細信息。另一方面,它擁有39.8億美元的現金,導致淨債務約為15.3億美元。
紐約證券交易所:EL債轉股歷史2022年9月23日Estée Lauder公司的資產負債表有多強勁?
放大最新的資產負債表數據,我們可以看到,Estée Lauder公司有58.2億美元的負債在12個月內到期,超過12個月的負債有86.6億美元到期。與這些債務相抵銷的是,它有39.8億美元的現金以及價值16.3億美元的應收賬款在12個月內到期。因此,其負債比現金和(近期)應收賬款之和高出88.7億美元。
鑑於Estée Lauder Companies擁有838億美元的鉅額市值,很難相信這些債務會構成太大威脅。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。
為了評估一家公司的債務相對於它的收益,我們計算它的淨債務除以它的利息、税項、折舊和攤銷前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆蓋)。這種方法的優點是,我們既考慮了債務的絕對數量(淨債務與EBITDA之比),也考慮了與債務相關的實際利息支出(及其利息覆蓋率)。
Estée Lauder Companies的淨債務僅為其息税前利潤的0.36倍。而且它的息税前利潤輕鬆覆蓋了利息支出,是其規模的25.9倍。因此,你可以辯稱,它不會受到債務的威脅,就像大象受到老鼠的威脅一樣。同樣好的是,estée Lauder Companies去年息税前利潤增長了18%,進一步增強了其管理債務的能力。在分析債務水平時,資產負債表顯然是一個起點。但最重要的是,未來的收益將決定estée Lauder公司未來維持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
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。因此,有必要檢查這筆息税前利潤中有多少是由自由現金流支持的。最近三年,estée Lauder Companies錄得的自由現金流相當於其息税前利潤的77%,考慮到自由現金流不包括利息和税收,這一數字接近正常水平。這種冷酷的現金意味着,它可以在想要的時候減少債務。
我們的觀點
Estée Lauder Companies的利息擔保表明,它可以像克里斯蒂亞諾·羅納爾多在對陣14歲以下門將的比賽中進球一樣輕鬆地處理債務。這只是好消息的開始,因為它將息税前利潤轉換為自由現金流也非常令人鼓舞。考慮到這一系列因素,在我們看來,Estée Lauder Companies對其債務相當謹慎,風險似乎管理得很好。因此,在我們看來,資產負債表看起來相當健康。在分析債務水平時,資產負債表顯然是一個起點。然而,並非所有投資風險都存在於資產負債表中--遠非如此。為此,您應該意識到1個警告標誌我們已經發現了Estée Lauder公司。
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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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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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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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