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Is Lumentum Holdings (NASDAQ:LITE) Using Too Much Debt?

Is Lumentum Holdings (NASDAQ:LITE) Using Too Much Debt?

Lumentum Holdings(納斯達克股票代碼:LITE)是否使用過多的債務?
Simply Wall St ·  01/25 11:10

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Lumentum Holdings Inc. (NASDAQ:LITE) does use debt in its business. But is this debt a concern to shareholders?

禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當我們考慮一家公司的風險時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。我們可以看到,Lumentum Holdings Inc.(納斯達克股票代碼:LITE)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?

When Is Debt Dangerous?

債務何時危險?

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 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

當企業無法通過自由現金流或以有吸引力的價格籌集資金來輕鬆履行債務和其他負債時,債務和其他負債就會面臨風險。在最壞的情況下,如果一家公司無法向債權人付款,它可能會破產。但是,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東才能控制債務。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。在考慮企業使用多少債務時,要做的第一件事是將現金和債務放在一起看。

View our latest analysis for Lumentum Holdings

查看我們對 Lumentum Holdings 的最新分析

What Is Lumentum Holdings's Net Debt?

Lumentum Holdings的淨負債是多少?

As you can see below, at the end of September 2023, Lumentum Holdings had US$2.82b of debt, up from US$2.32b a year ago. Click the image for more detail. However, because it has a cash reserve of US$1.94b, its net debt is less, at about US$872.3m.

如下所示,截至2023年9月底,Lumentum Holdings的債務爲28.2億美元,高於去年同期的23.2億美元。點擊圖片查看更多細節。但是,由於其現金儲備爲19.4億美元,其淨負債較少,約爲8.723億美元。

debt-equity-history-analysis
NasdaqGS:LITE Debt to Equity History January 25th 2024
NASDAQGS: Lite 債務與股本比率歷史記錄 2024 年 1 月 25 日

A Look At Lumentum Holdings' Liabilities

看看Lumentum Holdings的負債

We can see from the most recent balance sheet that Lumentum Holdings had liabilities of US$593.7m falling due within a year, and liabilities of US$2.64b due beyond that. On the other hand, it had cash of US$1.94b and US$228.0m worth of receivables due within a year. So it has liabilities totalling US$1.06b more than its cash and near-term receivables, combined.

我們可以從最新的資產負債表中看出,Lumentum Holdings的負債爲5.937億美元,一年後到期的負債爲26.4億美元。另一方面,它有一年內到期的19.4億美元現金和價值2.28億美元的應收賬款。因此,它的負債總額比其現金和短期應收賬款的總和多出10.6億美元。

This deficit isn't so bad because Lumentum Holdings is worth US$3.64b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. 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 Lumentum Holdings'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.

這種赤字還不錯,因爲Lumentum Holdings的市值爲36.4億美元,因此,如果需要,可能會籌集足夠的資金來支撐其資產負債表。但是,我們絕對希望留意其債務帶來過大風險的跡象。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,未來的收益將決定Lumentum Holdings未來維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。

Over 12 months, Lumentum Holdings made a loss at the EBIT level, and saw its revenue drop to US$1.6b, which is a fall of 11%. We would much prefer see growth.

在過去的12個月中,Lumentum Holdings在息稅前利潤水平上出現虧損,收入降至16億美元,下降了11%。我們更希望看到增長。

Caveat Emptor

Caveat Emptor

Not only did Lumentum Holdings's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost US$96m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through US$9.7m of cash over the last year. So to be blunt we think it is risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Lumentum Holdings you should know about.

在過去的十二個月中,Lumentum Holdings不僅收入下滑,而且還產生了負的利息和稅前收益(EBIT)。事實上,它在息稅前利潤水平上損失了9600萬美元。考慮到除了上述負債外,我們對公司應該使用如此多的債務沒有太大的信心。因此,我們認爲其資產負債表有些緊張,儘管並非無法修復。但是,去年它燒掉了970萬美元的現金,這無濟於事。因此,坦率地說,我們認爲這是有風險的。在分析債務水平時,資產負債表是顯而易見的起點。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。這些風險可能很難發現。每家公司都有它們,我們發現了一個你應該知道的Lumentum Holdings警告信號。

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.

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,那麼請立即查看我們的獨家淨現金增長股票清單。

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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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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