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Here's Why Minerals Technologies (NYSE:MTX) Can Manage Its Debt Responsibly
Here's Why Minerals Technologies (NYSE:MTX) Can Manage Its Debt Responsibly
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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. Importantly, Minerals Technologies Inc. (NYSE:MTX) does carry debt. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for Minerals Technologies
How Much Debt Does Minerals Technologies Carry?
As you can see below, at the end of July 2022, Minerals Technologies had US$1.05b of debt, up from US$941.8m a year ago. Click the image for more detail. However, because it has a cash reserve of US$236.7m, its net debt is less, at about US$813.5m.
NYSE:MTX Debt to Equity History September 28th 2022How Healthy Is Minerals Technologies' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Minerals Technologies had liabilities of US$465.9m due within 12 months and liabilities of US$1.36b due beyond that. Offsetting these obligations, it had cash of US$236.7m as well as receivables valued at US$429.9m due within 12 months. So it has liabilities totalling US$1.16b more than its cash and near-term receivables, combined.
This deficit is considerable relative to its market capitalization of US$1.63b, so it does suggest shareholders should keep an eye on Minerals Technologies' use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Minerals Technologies has net debt worth 2.3 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 6.8 times the interest expense. While these numbers do not alarm us, it's worth noting that the cost of the company's debt is having a real impact. If Minerals Technologies can keep growing EBIT at last year's rate of 12% over the last year, then it will find its debt load easier to manage. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Minerals Technologies can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Minerals Technologies produced sturdy free cash flow equating to 60% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
Our View
Minerals Technologies's conversion of EBIT to free cash flow was a real positive on this analysis, as was its EBIT growth rate. Having said that, its level of total liabilities somewhat sensitizes us to potential future risks to the balance sheet. Looking at all this data makes us feel a little cautious about Minerals Technologies's debt levels. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more 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. We've identified 1 warning sign with Minerals Technologies , and understanding them should be part of your investment process.
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.
一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。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。重要的是礦物技術公司。(紐約證券交易所代碼:MTX)確實揹負着債務。但更重要的問題是:這筆債務造成了多大的風險?
債務在什麼時候是危險的?
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。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。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。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。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Minerals Technologies的最新分析
Minerals Technologies揹負着多少債務?
如下所示,截至2022年7月底,Minerals Technologies的債務為10.5億美元,高於一年前的9.418億美元。單擊圖像瞭解更多詳細信息。然而,由於它擁有2.367億美元的現金儲備,其淨債務較少,約為8.135億美元。
紐約證券交易所:MTX債轉股歷史2022年9月28日Minerals Technologies的資產負債表健康程度如何?
放大最新的資產負債表數據,我們可以看到,Minerals Technologies有4.659億美元的負債在12個月內到期,超過12個月的負債有13.6億美元到期。為了抵消這些債務,它有2.367億美元的現金以及價值4.299億美元的應收賬款在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11.6億美元。
與其16.3億美元的市值相比,這一赤字是相當可觀的,因此它確實表明股東應該密切關注Minerals Technologies的債務使用情況。如果它的貸款人要求它支撐資產負債表,股東可能會面臨嚴重的稀釋。
為了評估一家公司的債務相對於它的收益,我們計算它的淨債務除以它的利息、税項、折舊和攤銷前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆蓋)。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。
Minors Technologies的淨債務是EBITDA的2.3倍,這並不是太多,但其利息覆蓋率看起來有點低,EBIT僅為利息支出的6.8倍。雖然這些數字並沒有讓我們感到恐慌,但值得注意的是,該公司的債務成本正在產生真正的影響。如果Minerals Technologies能夠保持去年12%的息税前利潤增長速度,那麼它將發現自己的債務負擔更容易管理。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最終,該業務未來的盈利能力將決定Minerals Technologies能否隨着時間的推移加強其資產負債表。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。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。因此,合乎邏輯的一步是看看息税前利潤與實際自由現金流相匹配的比例。在過去的三年中,Minerals Technologies產生了相當於其息税前利潤60%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
Minors Technologies將息税前利潤轉換為自由現金流是這一分析的一個真正積極的因素,其息税前利潤增長率也是如此。話雖如此,它的總負債水平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。看着所有這些數據,我們對Minerals Technologies的債務水平感到有點謹慎。雖然債務確實有更高的潛在回報,但我們認為股東絕對應該考慮債務水平可能會如何使股票的風險更高。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。我們已經確定了1個警告信號與Minerals Technologies合作,瞭解它們應該是您投資過程的一部分。
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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