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Is Sea (NYSE:SE) Using Debt Sensibly?
Is Sea (NYSE:SE) Using Debt Sensibly?
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 Sea Limited (NYSE:SE) does use debt in its business. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
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 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, 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.
See our latest analysis for Sea
What Is Sea's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Sea had debt of US$4.18b, up from US$1.28b in one year. But it also has US$7.78b in cash to offset that, meaning it has US$3.60b net cash.
NYSE:SE Debt to Equity History September 26th 2022How Healthy Is Sea's Balance Sheet?
We can see from the most recent balance sheet that Sea had liabilities of US$6.74b falling due within a year, and liabilities of US$5.29b due beyond that. Offsetting these obligations, it had cash of US$7.78b as well as receivables valued at US$2.30b due within 12 months. So it has liabilities totalling US$1.96b more than its cash and near-term receivables, combined.
Since publicly traded Sea shares are worth a very impressive total of US$30.2b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. While it does have liabilities worth noting, Sea also has more cash than debt, so we're pretty confident it can manage its debt safely. 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 Sea'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.
Over 12 months, Sea reported revenue of US$12b, which is a gain of 72%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.
So How Risky Is Sea?
Statistically speaking companies that lose money are riskier than those that make money. And the fact is that over the last twelve months Sea lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of US$2.3b and booked a US$2.7b accounting loss. While this does make the company a bit risky, it's important to remember it has net cash of US$3.60b. That means it could keep spending at its current rate for more than two years. Sea's revenue growth shone bright over the last year, so it may well be in a position to turn a profit in due course. Pre-profit companies are often risky, but they can also offer great rewards. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Sea has 1 warning sign we think you should be aware of.
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.
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SEA有限公司(紐約證券交易所股票代碼:SE)確實在其業務中使用債務。但股東是否應該擔心它的債務使用情況?
債務會帶來什麼風險?
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,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,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SEA的最新分析
SEA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,Sea的債務為41.8億美元,高於一年內的12.8億美元。但它也有77.8億美元的現金來抵消這一點,這意味着它有36.億美元的淨現金。
紐約證券交易所:SE債轉股歷史2022年9月26日SEA的資產負債表有多健康?
我們可以從最近的資產負債表中看到,SEA有67.4億美元的負債在一年內到期,而52.9億美元的負債在這之後到期。為了抵消這些債務,它有77.8億美元的現金以及價值23.億美元的應收賬款在12個月內到期。因此,它的負債總額比現金和近期應收賬款加起來還要多19.6億美元。
由於公開交易的Sea股票總價值高達302億美元,這一債務水平似乎不太可能構成重大威脅。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。雖然Sea確實有值得注意的負債,但它的現金也多於債務,所以我們非常有信心它能夠安全地管理其債務。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Sea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。
在過去的12個月裏,Sea報告的收入為120億美元,增長了72%,儘管它沒有報告任何息税前收益。股東們可能會祈禱它能以自己的方式增長並實現盈利。
那麼,Sea的風險有多大呢?
從統計上講,虧損的公司比賺錢的公司風險更大。事實是,在過去的12個月裏,Sea在息税前收益(EBIT)線上虧損。在同一時期,它的自由現金流出為負23億美元,並計入了27億美元的會計損失。雖然這確實讓該公司面臨一些風險,但重要的是要記住,它擁有36億美元的淨現金。這意味着它可能會在兩年多的時間裏保持目前的支出速度。過去一年,SEA的收入增長亮眼,因此它很可能在適當的時候扭虧為盈。盈利前的公司往往存在風險,但它們也可以提供豐厚的回報。當你分析債務時,資產負債表顯然是你關注的領域。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。例如-海有1個警告標誌我們認為你應該意識到。
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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