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These 4 Measures Indicate That IDEX (NYSE:IEX) Is Using Debt Safely
These 4 Measures Indicate That IDEX (NYSE:IEX) Is Using Debt Safely
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. We note that IDEX Corporation (NYSE:IEX) does have debt on its balance sheet. 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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for IDEX
How Much Debt Does IDEX Carry?
As you can see below, IDEX had US$1.19b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. However, it also had US$599.6m in cash, and so its net debt is US$591.3m.
NYSE:IEX Debt to Equity History September 23rd 2022How Strong Is IDEX's Balance Sheet?
We can see from the most recent balance sheet that IDEX had liabilities of US$513.8m falling due within a year, and liabilities of US$1.61b due beyond that. Offsetting these obligations, it had cash of US$599.6m as well as receivables valued at US$425.7m due within 12 months. So its liabilities total US$1.10b more than the combination of its cash and short-term receivables.
Given IDEX has a humongous market capitalization of US$15.2b, 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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
IDEX has a low net debt to EBITDA ratio of only 0.70. And its EBIT easily covers its interest expense, being 19.2 times the size. So we're pretty relaxed about its super-conservative use of debt. Also positive, IDEX grew its EBIT by 23% in the last year, and that should make it easier to pay down debt, going forward. 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 IDEX'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, IDEX 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
The good news is that IDEX's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! Overall, we don't think IDEX is taking any bad risks, as its debt load seems modest. So the balance sheet looks pretty healthy, to us. We'd be very excited to see if IDEX insiders have been snapping up shares. If you are too, then click on this link right now to take a (free) peek at our list of reported insider transactions.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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.
一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。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。我們注意到IDEX公司(紐約證券交易所股票代碼:IEX)的資產負債表上確實有債務。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。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。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IDEX的最新分析
IDEX揹負着多少債務?
如下所示,截至2022年6月,IDEX的債務為11.9億美元,與前一年大致相同。您可以單擊圖表查看更多詳細信息。然而,它也有5.996億美元的現金,因此其淨債務為5.913億美元。
紐約證券交易所:IEX債轉股歷史2022年9月23日IDEX的資產負債表有多強勁?
我們可以從最近的資產負債表中看到,IDEX有5.138億美元的負債在一年內到期,而16.1億美元的負債在這之後到期。為了抵消這些債務,它有5.996億美元的現金以及價值4.257億美元的應收賬款在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多出11.億美元。
鑑於IDEX擁有152億美元的龐大市值,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)。這樣,我們既考慮了債務的絕對量,也考慮了為其支付的利率。
IDEX的淨債務與EBITDA之比較低,僅為0.70。而且它的息税前利潤很容易彌補利息支出,是其規模的19.2倍。因此,我們對它對債務的超級保守使用相當放鬆。同樣積極的是,IDEX去年的息税前利潤增長了23%,這應該會使其更容易償還債務。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IDEX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。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。因此,合乎邏輯的一步是看看息税前利潤與實際自由現金流相匹配的比例。在最近三年中,IDEX記錄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。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
好消息是,IDEX被證明有能力通過息税前利潤來支付利息支出,這讓我們感到高興,就像一隻毛茸茸的小狗對待蹣跚學步的孩子一樣。好消息不止於此,因為它將息税前利潤轉換為自由現金流也支持了這種印象!總體而言,我們認為IDEX沒有承擔任何不良風險,因為它的債務負擔似乎不大。因此,在我們看來,資產負債表看起來相當健康。我們非常期待看到IDEX內部人士是否一直在搶購股票。如果你也是,那麼現在就點擊這個鏈接,(免費)看看我們報告的內幕交易清單。
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
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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