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Coterra Energy (NYSE:CTRA) Has A Pretty Healthy Balance Sheet
Coterra Energy (NYSE:CTRA) Has A Pretty 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. We note that Coterra Energy Inc. (NYSE:CTRA) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. 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 Coterra Energy
How Much Debt Does Coterra Energy Carry?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Coterra Energy had US$3.11b of debt, an increase on US$1.05b, over one year. However, because it has a cash reserve of US$1.06b, its net debt is less, at about US$2.05b.
NYSE:CTRA Debt to Equity History October 6th 2022How Strong Is Coterra Energy's Balance Sheet?
The latest balance sheet data shows that Coterra Energy had liabilities of US$1.57b due within a year, and liabilities of US$6.88b falling due after that. Offsetting these obligations, it had cash of US$1.06b as well as receivables valued at US$1.70b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$5.69b.
While this might seem like a lot, it is not so bad since Coterra Energy has a huge market capitalization of US$22.9b, 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 use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Coterra Energy's net debt is only 0.40 times its EBITDA. And its EBIT easily covers its interest expense, being 49.3 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Better yet, Coterra Energy grew its EBIT by 896% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. 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 Coterra Energy'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, Coterra Energy recorded free cash flow worth 59% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Our View
Coterra Energy's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its EBIT growth rate also supports that impression! Looking at the bigger picture, we think Coterra Energy's use of debt seems quite reasonable and we're not concerned about it. While debt does bring risk, when used wisely it can also bring a higher return on equity. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 2 warning signs for Coterra Energy you should be aware of, and 1 of them doesn't sit too well with us.
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。我們注意到Coterra Energy Inc.(紐約證券交易所代碼:CTRA)的資產負債表上確實有債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
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。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。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。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。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Coterra Energy的最新分析
Coterra Energy揹負着多少債務?
您可以點擊下圖查看歷史數據,但它顯示,截至2022年6月,Coterra Energy的債務為31.1億美元,比一年前增加了10.5億美元。然而,由於其現金儲備為10.6億美元,其淨債務較少,約為20.5億美元。
紐約證券交易所:CTRA債轉股歷史2022年10月6日Coterra Energy的資產負債表有多強勁?
最新的資產負債表數據顯示,Coterra Energy有15.7億美元的負債在一年內到期,68.8億美元的負債在一年後到期。與這些債務相抵銷的是,它有10.6億美元的現金以及價值17.億美元的應收賬款在12個月內到期。因此,它的負債比現金和(近期)應收賬款之和高出56.9億美元。
雖然這看起來可能很多,但並不是那麼糟糕,因為Coterra Energy擁有229億美元的鉅額市值,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。
我們使用兩個主要比率來告知我們債務相對於收益的水平。第一個是淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),第二個是其息税前收益(EBIT)覆蓋其利息支出(或簡稱利息覆蓋)的多少倍。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
Coterra Energy的淨債務僅為其EBITDA的0.40倍。而且它的息税前利潤輕鬆覆蓋了利息支出,是其規模的49.3倍。因此,你可以辯稱,它不會受到債務的威脅,就像大象受到老鼠的威脅一樣。更好的是,Coterra Energy去年的息税前利潤增長了896%,這是一個令人印象深刻的進步。如果保持這樣的增長,未來幾年的債務將變得更加可控。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Coterra Energy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。
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,我們總是檢查EBIT中有多少轉化為自由現金流。在最近三年中,Coterra Energy錄得的自由現金流相當於其息税前利潤的59%,考慮到自由現金流不包括利息和税收,這大致是正常的。這種自由現金流使公司在適當的時候處於償還債務的有利地位。
我們的觀點
Coterra Energy的利息掩護表明,它可以輕鬆地處理債務,就像克里斯蒂亞諾·羅納爾多在對陣14歲以下門將的比賽中進球一樣。好消息不止於此,因為它的息税前利潤增長率也支持了這一印象!從更大的角度來看,我們認為Coterra Energy的債務使用似乎相當合理,我們並不擔心。儘管債務確實會帶來風險,但如果使用得當,它也可以帶來更高的股本回報率。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。一個恰當的例子:我們發現了Coterra Energy的2個警告信號你應該知道,他們中的一個和我們坐在一起不太好。
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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