Name: How Unprofitable Companies Stay In Business
Uploaded: 2023-10-31T21:23:03.000Z
Duration: 10 min 1 s
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In the United States, at least 10% of publicly listed

companies are taking on debts that they probably

Economists call these unviable companies zombie

They crowd out capital that would otherwise be available

Zombie firms are a growing problem around the world.

The share of zombie firms has been increasing over

time. This has detrimental effects to the healthy firms

Banks and governments keep zombie firms alive when they

I actually don't want the government to prop up zombie

If a company has to die because the world has

The Fed's swift interest rate hikes are making

The stance of policy is restrictive, meaning that

tight policy is putting downward pressure on

As these rates rise, it's becoming more expensive to

do a lot of things, including operating a

There are some firms that actually really should no

longer exist, but there are other times that you have

firms where the underlying business model still has a

The fed doesn't see zombie firms as a problem in the

So we might have come into this year thinking zombie

firms are a small problem and one that will quickly go

But if this is the new normal, the problem of

zombie firms, zombie banks and even slower growth for

the whole economy will only become a bigger challenge.

Is the U.S. financial system propping up zombie firms and

Zombie firms are failing businesses that manage to

There is no single accepted definition of zombie firms,

but there are common characteristics that we look

And on top of that, it's consistently displaying

Roughly 10% of publicly listed companies in the

United States are zombies, according to the Fed's most

recent estimate, which was collected before the

Which is almost twice as large relative to the share

unprofitable firms weighing on the economy.

One of the more aggressive accounts come from Credit

Risk Monitor, which says that as many as 40% of

publicly listed U.S. companies are actually

unviable. Zombie firms can appear in any sector where

These are sectors that traditionally are less

exposed to competition and also tend to be more

financially vulnerable and more prone to swings in

A big chunk of the universe of unprofitable companies in

They're also oftentimes companies that are

under-leveraged. They don't have a lot of debt on

balance sheets and that's a really key difference with

It's really important to sort of separate them.

When compared to their peers, zombie firms are

smaller in size, have lower returns on assets, hold less

cash and have lower investment opportunities

than their non-zombie counterparts. Those weak

financials set zombies up for failure if they can't

516 corporations have filed for bankruptcy through

September. That's a huge surge from recent levels.

Companies that used to borrow at zero to invest or

grow their business are now paying, in some cases,

So if your cost of doing business goes way up and

your sales are growing way less than they used to,

that's a huge problem that's making a lot of

Businesses like the trucking giant Yellow.

Some 30,000 workers were laid off in the process.

This company had really been in trouble for over a

decade, and what they did in order to make a go of it

was continue to borrow money, use private equity at

times to find new ways of funding themselves, and hope

Yellow stayed afloat in its final years with a $700

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