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Does Sunnova Energy International (NYSE:NOVA) Have A Healthy Balance Sheet?
Does Sunnova Energy International (NYSE:NOVA) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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 Sunnova Energy International Inc. (NYSE:NOVA) makes use of debt. But is this debt a concern to shareholders?
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. If things get really bad, the lenders can take control of the business. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Sunnova Energy International
What Is Sunnova Energy International's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Sunnova Energy International had debt of US$4.15b, up from US$2.73b in one year. However, it does have US$215.4m in cash offsetting this, leading to net debt of about US$3.94b.
NYSE:NOVA Debt to Equity History September 26th 2022How Healthy Is Sunnova Energy International's Balance Sheet?
According to the last reported balance sheet, Sunnova Energy International had liabilities of US$387.7m due within 12 months, and liabilities of US$4.52b due beyond 12 months. Offsetting this, it had US$215.4m in cash and US$227.7m in receivables that were due within 12 months. So its liabilities total US$4.47b more than the combination of its cash and short-term receivables.
This deficit casts a shadow over the US$2.84b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Sunnova Energy International would probably need a major re-capitalization if its creditors were to demand repayment. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Sunnova Energy 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.
In the last year Sunnova Energy International wasn't profitable at an EBIT level, but managed to grow its revenue by 77%, to US$347m. Shareholders probably have their fingers crossed that it can grow its way to profits.
Caveat Emptor
Even though Sunnova Energy International managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. Indeed, it lost US$49m at the EBIT level. Considering that alongside the liabilities mentioned above make us nervous about the company. It would need to improve its operations quickly for us to be interested in it. Not least because it burned through US$960m in negative free cash flow over the last year. That means it's on the risky side of things. 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 Sunnova Energy International is showing 5 warning signs in our investment analysis , and 1 of those is a bit concerning...
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.
伯克希爾哈撒韋的外部基金經理理想汽車·盧直言不諱地説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。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Sunnova Energy International Inc.(紐約證券交易所股票代碼:NOVA)利用債務。但這筆債務對股東來説是一個擔憂嗎?
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。如果情況真的變得很糟糕,貸款人可以控制業務。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。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Sunnova Energy International的最新分析
Sunnova Energy International的淨債務是多少?
下圖(您可以點擊查看更多詳細信息)顯示,截至2022年6月,Sunnova Energy International的債務為41.5億美元,高於一年內的27.3億美元。然而,它確實有2.154億美元的現金來抵消這一點,導致淨債務約為39.4億美元。
紐約證券交易所:新債轉股歷史2022年9月26日Sunnova Energy International的資產負債表有多健康?
根據最新報告的資產負債表,Sunnova Energy International有3.877億美元的負債在12個月內到期,45.2億美元的負債在12個月後到期。作為抵消,它有2.154億美元的現金和2.277億美元的應收賬款在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高出44.7億美元。
這一赤字給這家市值28.4億美元的公司蒙上了一層陰影,就像一個龐然大物聳立在凡人之上。因此,毫無疑問,我們會密切關注它的資產負債表。歸根結底,如果債權人要求償還債務,Sunnova Energy International可能需要進行大規模的資本重組。當你分析債務時,資產負債表顯然是你關注的領域。但最重要的是,未來的收益將決定Sunnova Energy International未來保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。
去年,Sunnova Energy International在息税前利潤水平上沒有盈利,但其收入增長了77%,達到3.47億美元。股東們可能會祈禱它能以自己的方式增長並實現盈利。
告誡買入者
儘管Sunnova Energy International成功地相當巧妙地實現了營收增長,但冷酷的現實是,該公司的息税前利潤(EBIT)正在虧損。事實上,它在息税前利潤水平上虧損了4900萬美元。考慮到上面提到的債務,讓我們對公司感到緊張。它需要迅速改善運營,才能讓我們對它感興趣。尤其是因為它在去年消耗了9.6億美元的負自由現金流。這意味着它在事情中處於危險的一邊。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,Sunnova Energy International正在展示我們的投資分析中的5個警告信號,其中一條是關於...
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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