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We Think EPAM Systems (NYSE:EPAM) Can Manage Its Debt With Ease

We Think EPAM Systems (NYSE:EPAM) Can Manage Its Debt With Ease

我們認爲 EPAM Systems(紐約證券交易所代碼:EPAM)可以輕鬆管理債務
Simply Wall St ·  2023/09/19 07:07

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.' 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 EPAM Systems, Inc. (NYSE:EPAM) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?

一些人說,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾說過一句名言:波動性遠非風險的同義詞。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。我們注意到EPAM系統公司(紐約證券交易所代碼:EPAM)的資產負債表上確實有債務。但更重要的問題是:這筆債務造成了多大的風險?

When Is Debt A Problem?

什麼時候債務是個問題?

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. 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, 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.

一般來說,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。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,許多公司利用債務為增長提供資金,沒有任何負面後果。當我們檢查債務水準時,我們首先同時考慮現金和債務水準。

See our latest analysis for EPAM Systems

查看我們對EPAM系統的最新分析

How Much Debt Does EPAM Systems Carry?

EPAM系統背負著多少債務?

The image below, which you can click on for greater detail, shows that EPAM Systems had debt of US$25.9m at the end of June 2023, a reduction from US$36.9m over a year. However, its balance sheet shows it holds US$1.85b in cash, so it actually has US$1.82b net cash.

下圖(您可以單擊查看更多詳細資訊)顯示,截至2023年6月底,EPAM Systems的債務為2590萬美元,低於一年內的3690萬美元。然而,其資產負債表顯示,它持有18.5億美元現金,因此它實際上擁有18.2億美元的淨現金。

debt-equity-history-analysis
NYSE:EPAM Debt to Equity History September 19th 2023
紐約證券交易所:EPAM債轉股歷史2023年9月19日

A Look At EPAM Systems' Liabilities

EPAM系統的負債問題

Zooming in on the latest balance sheet data, we can see that EPAM Systems had liabilities of US$584.1m due within 12 months and liabilities of US$246.3m due beyond that. Offsetting these obligations, it had cash of US$1.85b as well as receivables valued at US$917.5m due within 12 months. So it can boast US$1.94b more liquid assets than total liabilities.

放大最新的資產負債表數據,我們可以看到,EPAM Systems有5.841億美元的負債在12個月內到期,超過12個月的負債有2.463億美元到期。為了抵消這些債務,它有18.5億美元的現金以及價值9.175億美元的應收賬款在12個月內到期。因此,它可以號稱擁有19.4億美元的流動資產總計負債。

This short term liquidity is a sign that EPAM Systems could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, EPAM Systems boasts net cash, so it's fair to say it does not have a heavy debt load!

這種短期流動性是一個跡象,表明EPAM Systems可能可以輕鬆償還債務,因為其資產負債表遠未捉襟見肘。簡而言之,EPAM Systems擁有淨現金,所以可以公平地說,它沒有沉重的債務負擔!

The good news is that EPAM Systems has increased its EBIT by 3.3% over twelve months, which should ease any concerns about debt repayment. 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 EPAM Systems 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.

好消息是,EPAM系統公司在12個月內息稅前利潤增長了3.3%,這應該會緩解人們對債務償還的擔憂。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EPAM系統公司能否隨著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。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While EPAM Systems has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the most recent three years, EPAM Systems recorded free cash flow worth 76% 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.

最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。雖然EPAM系統公司的資產負債表上有淨現金,但仍然值得看看它將息稅前收益(EBIT)轉換為自由現金流的能力,以幫助我們瞭解它建立(或侵蝕)現金餘額的速度有多快。在最近三年中,EPAM Systems記錄的自由現金流相當於其息稅前利潤的76%,考慮到自由現金流不包括利息和稅收,這一數位接近正常水準。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。

Summing Up

總結

While it is always sensible to investigate a company's debt, in this case EPAM Systems has US$1.82b in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of US$560m, being 76% of its EBIT. So is EPAM Systems's debt a risk? It doesn't seem so to us. Over time, share prices tend to follow earnings per share, so if you're interested in EPAM Systems, you may well want to click here to check an interactive graph of its earnings per share history.

雖然調查一家公司的債務總是明智的,但在這種情況下,EPAM Systems擁有18.2億美元的淨現金和體面的資產負債表。它給我們留下了深刻的印象,自由現金流為5.6億美元,佔其息稅前利潤的76%。那麼,EPAM Systems的債務是一種風險嗎?但在我們看來並非如此。隨著時間的推移,股價往往會跟隨每股收益,所以如果你對EPAM系統公司感興趣,你很可能想要點擊這裡查看其每股收益歷史的互動式圖表。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。

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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.

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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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