<p>由伯克希尔哈撒韦的查理·芒格支持的外部基金经理李璐直言不讳地表示：“最大的投资风险不是价格的波动，而是你是否会遭受永久性资本损失。” 当我们考虑一家公司的风险时，我们总是喜欢查看其债务使用情况，因为债务过重可能导致破产。与许多其他公司一样，<strong>Pixela Corporation</strong>（东京证券交易所代码：6731）也使用债务。但股东应该担心其债务使用吗？</p>
<h2>何时债务变得危险？</h2>
<p>债务是帮助企业成长的工具，但如果企业无法偿还其债权人，那么它就处于债权人的掌控之中。如果情况变得非常糟糕，债权人可以控制企业。虽然这种情况并不常见，但我们经常看到负债公司因债权人迫使其以低价筹集资金而永久稀释股东权益。不过，通过替代稀释，债务可以成为需要资本以高回报率投资于增长的企业的极好工具。当我们审视债务水平时，我们首先考虑现金和债务水平的结合。</p>
<p>查看我们对 Pixela 的最新分析</p>
<h2>Pixela 的债务有多少？</h2>
<p>下图（您可以点击以查看更详细信息）显示，截至 2024 年 12 月，Pixela 的债务为 5.5 亿日元，较一年前的 2 亿日元有所增加。然而，它也有 5.17 亿日元的现金，因此其净债务为 3300 万日元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8121660-debt-equity-history-analysis-1-dark/1740460919691?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8121660-debt-equity-history-analysis-1-dark/1740460919691"/></p>
<p>东京证券交易所：6731 债务与股本历史 2025 年 2 月 25 日</p>
<h2>Pixela 的资产负债表健康吗？</h2>
<p>从最新的资产负债表中我们可以看到，Pixela 有 8.46 亿日元的负债将在一年内到期，还有 7400 万日元的负债将在之后到期。抵消这些负债，它有 5.17 亿日元的现金和 1.16 亿日元的应收账款将在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和 2870 万日元。</p>
<p>由于公开交易的 Pixela 股票总值为 17 亿日元，因此这一负债水平似乎不会构成重大威胁。然而，我们确实认为值得关注其资产负债表的强度，因为它可能会随着时间的推移而变化。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。但你不能完全孤立地看待债务；因为 Pixela 需要收益来偿还这些债务。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</p>
<p>在过去的 12 个月中，Pixela 在息税前利润（EBIT）层面上亏损，收入降至 11 亿日元，下降了 14%。这并不是我们希望看到的情况。</p>
<h2>买者自负风险</h2>
<p>虽然 Pixela 的收入下降就像一条湿毛毯一样令人沮丧，但可以说其息税前利润（EBIT）亏损甚至更不令人满意。实际上，它在 EBIT 层面上亏损了非常可观的 8.12 亿日元。考虑到上述负债，这并没有给我们信心，认为公司应该使用如此多的债务。坦率地说，我们认为资产负债表远未达到适合的状态，尽管随着时间的推移可能会有所改善。然而，过去一年它消耗了 7.01 亿日元的现金，这并没有帮助。因此，可以说我们认为这只股票非常风险。在分析债务水平时，资产负债表显然是一个起点。但最终，每家公司都可能存在资产负债表之外的风险。为此，您应该了解我们发现的 <strong>4 个警告信号</strong>（包括 3 个不应忽视的信号）。</p>
<p>如果在这一切之后，您更感兴趣的是一家快速增长且资产负债表稳健的公司，请立即查看我们的净现金增长股票列表。</p>

6731

<p>Pixela Corporation（东京证券交易所代码：6731）在过去一年中将债务从 2 亿日元增加至 5.5 亿日元，扣除 5.17 亿日元现金后，净债务为 3300 万日元。尽管公司的总负债为 9.2 亿日元，但其市场价值为 17 亿日元，表明风险可控。然而，Pixela 报告了 8.12 亿日元的显著 EBIT 亏损，收入下降 14% 至 11 亿日元，这引发了对其偿债能力的担忧。分析师认为该股票风险较高，强调对其财务健康状况需保持谨慎</p>

<p>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 <strong>Pixela Corporation</strong> (TSE:6731) makes use of debt. But should shareholders be worried about its use of debt?</p>
<div class="lb-trans"><p>由伯克希尔哈撒韦的查理·芒格支持的外部基金经理李璐直言不讳地表示：“最大的投资风险不是价格的波动，而是你是否会遭受永久性资本损失。” 当我们考虑一家公司的风险时，我们总是喜欢查看其债务使用情况，因为债务过重可能导致破产。与许多其他公司一样，<strong>Pixela Corporation</strong>（东京证券交易所代码：6731）也使用债务。但股东应该担心其债务使用吗？</p>
</div><h2>When Is Debt Dangerous?</h2>
<div class="lb-trans"><h2>何时债务变得危险？</h2>
</div><p>Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.</p>
<div class="lb-trans"><p>债务是帮助企业成长的工具，但如果企业无法偿还其债权人，那么它就处于债权人的掌控之中。如果情况变得非常糟糕，债权人可以控制企业。虽然这种情况并不常见，但我们经常看到负债公司因债权人迫使其以低价筹集资金而永久稀释股东权益。不过，通过替代稀释，债务可以成为需要资本以高回报率投资于增长的企业的极好工具。当我们审视债务水平时，我们首先考虑现金和债务水平的结合。</p>
</div><p>View our latest analysis for Pixela</p>
<div class="lb-trans"><p>查看我们对 Pixela 的最新分析</p>
</div><h2>How Much Debt Does Pixela Carry?</h2>
<div class="lb-trans"><h2>Pixela 的债务有多少？</h2>
</div><p>The image below, which you can click on for greater detail, shows that at December 2024 Pixela had debt of JP¥550.0m, up from JP¥200.0m in one year. However, it also had JP¥517.0m in cash, and so its net debt is JP¥33.0m.</p>
<div class="lb-trans"><p>下图（您可以点击以查看更详细信息）显示，截至 2024 年 12 月，Pixela 的债务为 5.5 亿日元，较一年前的 2 亿日元有所增加。然而，它也有 5.17 亿日元的现金，因此其净债务为 3300 万日元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8121660-debt-equity-history-analysis-1-dark/1740460919691" alt="" original-src="https://images.simplywall.st/asset/chart/8121660-debt-equity-history-analysis-1-dark/1740460919691"/></p>
<p>TSE:6731 Debt to Equity History February 25th 2025</p>
<div class="lb-trans"><p>东京证券交易所：6731 债务与股本历史 2025 年 2 月 25 日</p>
</div><h2>How Healthy Is Pixela's Balance Sheet?</h2>
<div class="lb-trans"><h2>Pixela 的资产负债表健康吗？</h2>
</div><p>We can see from the most recent balance sheet that Pixela had liabilities of JP¥846.0m falling due within a year, and liabilities of JP¥74.0m due beyond that. Offsetting this, it had JP¥517.0m in cash and JP¥116.0m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by JP¥287.0m.</p>
<div class="lb-trans"><p>从最新的资产负债表中我们可以看到，Pixela 有 8.46 亿日元的负债将在一年内到期，还有 7400 万日元的负债将在之后到期。抵消这些负债，它有 5.17 亿日元的现金和 1.16 亿日元的应收账款将在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和 2870 万日元。</p>
</div><p>Since publicly traded Pixela shares are worth a total of JP¥1.70b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Pixela will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.</p>
<div class="lb-trans"><p>由于公开交易的 Pixela 股票总值为 17 亿日元，因此这一负债水平似乎不会构成重大威胁。然而，我们确实认为值得关注其资产负债表的强度，因为它可能会随着时间的推移而变化。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。但你不能完全孤立地看待债务；因为 Pixela 需要收益来偿还这些债务。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</p>
</div><p>Over 12 months, Pixela made a loss at the EBIT level, and saw its revenue drop to JP¥1.1b, which is a fall of 14%. That's not what we would hope to see.</p>
<div class="lb-trans"><p>在过去的 12 个月中，Pixela 在息税前利润（EBIT）层面上亏损，收入降至 11 亿日元，下降了 14%。这并不是我们希望看到的情况。</p>
</div><h2>Caveat Emptor</h2>
<div class="lb-trans"><h2>买者自负风险</h2>
</div><p>While Pixela's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Indeed, it lost a very considerable JP¥812m 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. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through JP¥701m of cash over the last year. So suffice it to say we consider the stock very 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. To that end, you should learn about the <strong>4 warning signs</strong> we've spotted with Pixela (including 3 which shouldn't be ignored) .</p>
<div class="lb-trans"><p>虽然 Pixela 的收入下降就像一条湿毛毯一样令人沮丧，但可以说其息税前利润（EBIT）亏损甚至更不令人满意。实际上，它在 EBIT 层面上亏损了非常可观的 8.12 亿日元。考虑到上述负债，这并没有给我们信心，认为公司应该使用如此多的债务。坦率地说，我们认为资产负债表远未达到适合的状态，尽管随着时间的推移可能会有所改善。然而，过去一年它消耗了 7.01 亿日元的现金，这并没有帮助。因此，可以说我们认为这只股票非常风险。在分析债务水平时，资产负债表显然是一个起点。但最终，每家公司都可能存在资产负债表之外的风险。为此，您应该了解我们发现的 <strong>4 个警告信号</strong>（包括 3 个不应忽视的信号）。</p>
</div><p>If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.</p>
<div class="lb-trans"><p>如果在这一切之后，您更感兴趣的是一家快速增长且资产负债表稳健的公司，请立即查看我们的净现金增长股票列表。</p>
</div>

Pixela（东京证券交易所代码：6731）负债相当沉重