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Acushnet Holdings (NYSE:GOLF) Has A Pretty Healthy Balance Sheet
Acushnet Holdings (NYSE:GOLF) Has A Pretty Healthy 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. We note that Acushnet Holdings Corp. (NYSE:GOLF) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
Why Does Debt Bring Risk?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for Acushnet Holdings
What Is Acushnet Holdings's Net Debt?
As you can see below, at the end of June 2022, Acushnet Holdings had US$395.5m of debt, up from US$344.3m a year ago. Click the image for more detail. However, because it has a cash reserve of US$107.4m, its net debt is less, at about US$288.1m.
NYSE:GOLF Debt to Equity History September 24th 2022A Look At Acushnet Holdings' Liabilities
The latest balance sheet data shows that Acushnet Holdings had liabilities of US$548.2m due within a year, and liabilities of US$437.8m falling due after that. On the other hand, it had cash of US$107.4m and US$386.3m worth of receivables due within a year. So it has liabilities totalling US$492.4m more than its cash and near-term receivables, combined.
Of course, Acushnet Holdings has a market capitalization of US$3.17b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Acushnet Holdings's net debt is only 1.1 times its EBITDA. And its EBIT covers its interest expense a whopping 39.1 times over. So we're pretty relaxed about its super-conservative use of debt. It is just as well that Acushnet Holdings's load is not too heavy, because its EBIT was down 36% over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Acushnet Holdings can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Acushnet Holdings produced sturdy free cash flow equating to 70% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
Our View
Acushnet Holdings's EBIT growth rate was a real negative on this analysis, although the other factors we considered were considerably better. In particular, we are dazzled with its interest cover. Considering this range of data points, we think Acushnet Holdings is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. 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. Be aware that Acushnet Holdings is showing 1 warning sign in our investment analysis , you should know about...
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。我們注意到Acushnet Holdings Corp.(紐約證券交易所股票代碼:GOLF)的資產負債表上確實有債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
為什麼債務會帶來風險?
一般來説,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。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。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。當然,許多公司利用債務為增長提供資金,沒有任何負面後果。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Acushnet Holdings的最新分析
Acushnet Holdings的淨債務是多少?
如下所示,截至2022年6月底,Acushnet Holdings的債務為3.955億美元,高於一年前的3.443億美元。單擊圖像瞭解更多詳細信息。然而,由於它擁有1.074億美元的現金儲備,其淨債務較少,約為2.881億美元。
紐約證券交易所:高爾夫債轉股歷史2022年9月24日Acushnet Holdings的負債一瞥
最新的資產負債表數據顯示,Acushnet Holdings有5.482億美元的債務在一年內到期,4.378億美元的債務在一年後到期。另一方面,它有1.074億美元的現金和價值3.863億美元的應收賬款在一年內到期。因此,它的負債總額比現金和近期應收賬款的總和高出4.924億美元。
當然,Acushnet Holdings的市值為31.7億美元,因此這些負債可能是可控的。但有足夠的負債,我們肯定會建議股東繼續監控未來的資產負債表。
我們通過查看公司的淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),並計算其息税前收益(EBIT)覆蓋利息支出(利息覆蓋)的容易程度,來衡量公司的債務負擔與其盈利能力的關係。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
Acushnet Holdings的淨債務僅為其EBITDA的1.1倍。它的息税前利潤是利息支出的39.1倍。因此,我們對它對債務的超級保守使用相當放鬆。還好Acushnet Holdings的負擔不是太重,因為它的息税前利潤比去年下降了36%。收益下降(如果這種趨勢持續下去)最終可能會使規模不大的債務面臨相當大的風險。當你分析債務時,資產負債表顯然是你關注的領域。但最終,該業務未來的盈利能力將決定Acushnet Holdings能否隨着時間的推移加強其資產負債表。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,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。因此,我們顯然需要看看息税前利潤是否會帶來相應的自由現金流。在過去的三年裏,Acushnet Holdings產生了相當於其息税前利潤的70%的強勁自由現金流,這與我們預期的差不多。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
Acushnet Holdings的息税前利潤增長率在這一分析中是一個真正的負面因素,儘管我們考慮的其他因素要好得多。特別是,它的利息封面讓我們眼花繚亂。考慮到這一範圍的數據點,我們認為Acushnet Holdings處於管理其債務水平的有利地位。話雖如此,這筆負擔足夠沉重,我們建議任何股東都要密切關注。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。請注意,Acushnet Holdings正在展示在我們的投資分析中出現1個警告信號,你應該知道關於……
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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