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NIKE (NYSE:NKE) Seems To Use Debt Quite Sensibly

NIKE (NYSE:NKE) Seems To Use Debt Quite Sensibly

耐克(纽约证券交易所代码:NKE)似乎非常明智地使用债务
Simply Wall St ·  05/21 10:25

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.' 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. As with many other companies NIKE, Inc. (NYSE:NKE) makes use of debt. But is this debt a concern to shareholders?

由伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”当我们思考一家公司的风险有多大时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。与许多其他公司一样,耐克公司(纽约证券交易所代码:NKE)也使用债务。但是这笔债务是股东关心的问题吗?

Why Does Debt Bring Risk?

为什么债务会带来风险?

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 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

当企业无法轻易履行这些义务时,无论是通过自由现金流还是以诱人的价格筹集资金,债务和其他负债就会面临风险。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。当然,债务可能是企业的重要工具,尤其是资本密集型企业。在考虑企业使用多少债务时,要做的第一件事是将其现金和债务放在一起考虑。

What Is NIKE's Net Debt?

耐克的净负债是多少?

The image below, which you can click on for greater detail, shows that NIKE had debt of US$8.94b at the end of February 2024, a reduction from US$9.44b over a year. However, its balance sheet shows it holds US$10.6b in cash, so it actually has US$1.63b net cash.

下图显示耐克截至2024年2月底的债务为89.4亿美元,较去年同期的94.4亿美元有所减少,您可以点击下图查看更多详情。但是,其资产负债表显示其持有106亿美元的现金,因此实际上拥有16.3亿美元的净现金。

debt-equity-history-analysis
NYSE:NKE Debt to Equity History May 21st 2024
纽约证券交易所:NKE 债务与股本的比率历史记录 2024 年 5 月 21 日

How Healthy Is NIKE's Balance Sheet?

耐克的资产负债表有多健康?

We can see from the most recent balance sheet that NIKE had liabilities of US$9.03b falling due within a year, and liabilities of US$14.1b due beyond that. Offsetting these obligations, it had cash of US$10.6b as well as receivables valued at US$4.53b due within 12 months. So its liabilities total US$8.03b more than the combination of its cash and short-term receivables.

我们可以从最新的资产负债表中看出,耐克的负债为90.3亿美元,一年后到期的负债为141亿美元。除这些债务外,它有106亿美元的现金以及价值45.3亿美元的应收账款在12个月内到期。因此,其负债总额比其现金和短期应收账款的总和高出80.3亿美元。

Since publicly traded NIKE shares are worth a very impressive total of US$139.1b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, NIKE boasts net cash, so it's fair to say it does not have a heavy debt load!

由于公开交易的耐克股票总价值为1391亿美元,非常可观,因此这种负债水平似乎不太可能构成重大威胁。话虽如此,很明显,我们应该继续监控其资产负债表,以免情况恶化。尽管负债值得关注,但耐克拥有净现金,因此可以公平地说,它没有沉重的债务负担!

But the other side of the story is that NIKE saw its EBIT decline by 2.9% over the last year. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if NIKE can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

但故事的另一面是,耐克的息税前利润比去年下降了2.9%。如果收益继续以这种速度下降,公司管理债务负担的难度可能会越来越大。在分析债务水平时,资产负债表是显而易见的起点。但最终,该业务的未来盈利能力将决定耐克能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. NIKE may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the most recent three years, NIKE recorded free cash flow worth 79% 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.

最后,企业需要自由现金流来偿还债务;会计利润根本无法减少债务。耐克资产负债表上可能有净现金,但研究该企业将其利息税前收益(EBIT)转换为自由现金流的效果仍然很有趣,因为这将影响其对债务的需求和管理能力。在最近三年中,耐克记录的自由现金流占其息税前利润的79%,鉴于自由现金流不包括利息和税收,这几乎是正常的。这种自由现金流使公司处于有利地位,可以在适当的时候偿还债务。

Summing Up

总结

While it is always sensible to look at a company's total liabilities, it is very reassuring that NIKE has US$1.63b in net cash. The cherry on top was that in converted 79% of that EBIT to free cash flow, bringing in US$6.2b. So we don't think NIKE's use of debt is risky. Over time, share prices tend to follow earnings per share, so if you're interested in NIKE, you may well want to click here to check an interactive graph of its earnings per share history.

尽管查看公司的总负债总是明智的,但令人欣慰的是,耐克拥有16.3亿美元的净现金。最重要的是,它将息税前利润的79%转换为自由现金流,带来了62亿美元的收入。因此,我们认为耐克使用债务没有风险。随着时间的推移,股价往往会跟随每股收益,因此,如果你对耐克感兴趣,你很可能想点击这里查看其每股收益历史的互动图表。

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.

归根结底,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。

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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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