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Health Check: How Prudently Does Tenable Holdings (NASDAQ:TENB) Use Debt?
Health Check: How Prudently Does Tenable Holdings (NASDAQ:TENB) Use Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. Importantly, Tenable Holdings, Inc. (NASDAQ:TENB) does carry debt. But should shareholders be worried about its use of debt?
When Is Debt Dangerous?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. The first step when considering a company's debt levels is to consider its cash and debt together.
Check out our latest analysis for Tenable Holdings
What Is Tenable Holdings's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Tenable Holdings had debt of US$366.0m, up from none in one year. However, it does have US$510.9m in cash offsetting this, leading to net cash of US$144.9m.
NasdaqGS:TENB Debt to Equity History September 26th 2022How Healthy Is Tenable Holdings' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Tenable Holdings had liabilities of US$483.1m due within 12 months and liabilities of US$554.5m due beyond that. On the other hand, it had cash of US$510.9m and US$109.4m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$417.3m.
Given Tenable Holdings has a market capitalization of US$3.87b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. While it does have liabilities worth noting, Tenable Holdings also has more cash than debt, so we're pretty confident it can manage its debt safely. 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 Tenable Holdings's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Over 12 months, Tenable Holdings reported revenue of US$611m, which is a gain of 26%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.
So How Risky Is Tenable Holdings?
While Tenable Holdings lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow US$91m. So although it is loss-making, it doesn't seem to have too much near-term balance sheet risk, keeping in mind the net cash. One positive is that Tenable Holdings is growing revenue apace, which makes it easier to sell a growth story and raise capital if need be. But that doesn't change our opinion that the stock is risky. 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. For example - Tenable Holdings has 3 warning signs we think you should be aware of.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。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。重要的是Tenable Holdings,Inc.納斯達克(Temasek Holdings:TENB.N:行情)確實揹負着債務。但股東是否應該擔心它的債務使用情況?
債務在什麼時候是危險的?
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。最終,如果公司不能履行其償還債務的法定義務,股東可能會一無所有地離開。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。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對Table Holdings的最新分析
Table Holdings的債務是什麼?
下圖顯示,截至2022年6月,Table Holdings的債務為3.6億美元,而一年內為零。您可以點擊查看更多詳細信息。然而,它確實有5.109億美元的現金來抵消這一點,導致淨現金為1.449億美元。
NasdaqGS:TENB債轉股歷史2022年9月26日Table Holdings的資產負債表有多健康?
放大最新的資產負債表數據,我們可以看到,Table Holdings有4.831億美元的負債在12個月內到期,超過12個月的負債有5.545億美元。另一方面,它有5.109億美元的現金和價值1.094億美元的應收賬款在一年內到期。因此,它的負債比現金和(近期)應收賬款之和高出4.173億美元。
鑑於Table Holdings的市值為38.7億美元,很難相信這些債務會構成太大威脅。話雖如此,很明顯,我們應該繼續監控它的資產負債表,以免它變得更糟。儘管Table Holdings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Table Holdings未來保持健康資產負債表的能力。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
在12個月的時間裏,Table Holdings報告了6.11億美元的收入,增長了26%,儘管它沒有報告任何息税前收益。如果運氣好的話,該公司將能夠以增長的方式實現盈利。
那麼,Table Holdings的風險有多大呢?
雖然Table Holdings在息税前收益(EBIT)水平上虧損,但它實際上產生了9100萬美元的正自由現金流。因此,儘管它在虧損,但考慮到淨現金,它似乎沒有太大的近期資產負債表風險。一個積極的因素是,Table Holdings的收入正在快速增長,這使得銷售增長故事和在必要時籌集資金變得更容易。但這並沒有改變我們的觀點,即這隻股票是有風險的。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。例如-TEnable Holdings擁有3個警示標誌我們認為你應該意識到。
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
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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