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We Think CACI International (NYSE:CACI) Can Stay On Top Of Its Debt
We Think CACI International (NYSE:CACI) Can Stay On Top Of Its Debt
Warren Buffett famously said, '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 can see that CACI International Inc (NYSE:CACI) does use debt in its business. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for CACI International
What Is CACI International's Debt?
The chart below, which you can click on for greater detail, shows that CACI International had US$1.73b in debt in June 2022; about the same as the year before. However, it does have US$115.1m in cash offsetting this, leading to net debt of about US$1.62b.
NYSE:CACI Debt to Equity History September 26th 2022A Look At CACI International's Liabilities
Zooming in on the latest balance sheet data, we can see that CACI International had liabilities of US$1.03b due within 12 months and liabilities of US$2.55b due beyond that. On the other hand, it had cash of US$115.1m and US$926.1m worth of receivables due within a year. So it has liabilities totalling US$2.53b more than its cash and near-term receivables, combined.
While this might seem like a lot, it is not so bad since CACI International has a market capitalization of US$6.36b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
CACI International has a debt to EBITDA ratio of 2.6, which signals significant debt, but is still pretty reasonable for most types of business. But its EBIT was about 11.9 times its interest expense, implying the company isn't really paying a high cost to maintain that level of debt. Even were the low cost to prove unsustainable, that is a good sign. Unfortunately, CACI International saw its EBIT slide 8.0% in the last twelve months. If earnings continue on that decline then managing that debt will be difficult like delivering hot soup on a unicycle. 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 CACI International'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, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, CACI International actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
Our View
Both CACI International's ability to to convert EBIT to free cash flow and its interest cover gave us comfort that it can handle its debt. Having said that, its EBIT growth rate somewhat sensitizes us to potential future risks to the balance sheet. When we consider all the elements mentioned above, it seems to us that CACI International is managing its debt quite well. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 2 warning signs with CACI International , and understanding them should be part of your investment process.
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。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。我們可以看到CACI國際公司(紐約證券交易所代碼:CACI)確實在其業務中使用債務。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?
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。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,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。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。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
查看我們對CACI International的最新分析
CACI國際的債務是什麼?
下面的圖表顯示,CACI International在2022年6月的債務為17.3億美元,與前一年大致相同。您可以點擊查看更多詳細信息。然而,它確實有1.151億美元的現金來抵消這一點,導致淨債務約為16.2億美元。
紐約證券交易所:CACI債轉股歷史2022年9月26日CACI國際公司負債情況一瞥
放大最新的資產負債表數據,我們可以看到,CACI International有10.3億美元的負債在12個月內到期,超過12個月的負債有25.5億美元到期。另一方面,它有1.151億美元的現金和價值9.261億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加起來還要多25.3億美元。
雖然這看起來可能很多,但並不是那麼糟糕,因為CACI International的市值為63.6億美元,因此如果需要的話,它可能會通過籌集資本來加強其資產負債表。然而,仍值得密切關注其償債能力。
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。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。
CACI International的債務與EBITDA之比為2.6,這意味着大量債務,但對於大多數類型的業務來説,這仍然是相當合理的。但它的息税前利潤大約是利息支出的11.9倍,這意味着該公司並沒有真的付出高昂的成本來維持這樣的債務水平。即使低成本被證明是不可持續的,這也是一個好跡象。不幸的是,CACI International的息税前利潤在過去12個月裏下滑了8.0%。如果收益繼續下降,那麼管理債務將很困難,就像騎獨輪車送熱湯一樣。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CACI國際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,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,我們總是檢查EBIT中有多少轉化為自由現金流。在過去的三年裏,CACI國際實際上產生了比息税前利潤更多的自由現金流。這種強勁的現金轉換讓我們像傻朋克演唱會上節奏下降時的觀眾一樣興奮。
我們的觀點
CACI International將息税前利潤轉換為自由現金流的能力和利息覆蓋率都讓我們感到欣慰,因為它可以處理債務。話雖如此,它的息税前利潤增長率在某種程度上讓我們對資產負債表未來的潛在風險變得敏感。當我們考慮到上述所有因素時,在我們看來,CACI國際公司的債務管理得相當好。但提醒一句:我們認為債務水平高到足以證明繼續進行監控是合理的。在分析債務水平時,資產負債表顯然是一個起點。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。我們已經確定了兩個警告信號與CACI International合作,瞭解他們應該是您投資過程的一部分。
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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