<p>有些人认为波动性，而不是债务，是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过：“波动性远非风险的同义词。” 因此，当你考虑任何特定股票的风险时，显然需要考虑债务，因为过多的债务可能会使公司陷入困境。我们可以看到 <strong>Rogers Communications Inc.</strong> (TSE:RCI.B) 确实在其业务中使用了债务。但这对股东来说是个问题吗？</p>
<p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
<h2>债务带来了什么风险？</h2>
<p>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资金还是依靠自身的现金流。最终，如果公司无法履行偿还债务的法律义务，股东可能会一无所获。然而，更常见（但仍然昂贵）的情况是，公司必须以低廉的股价稀释股东权益，仅仅是为了控制债务。当然，债务的好处在于它通常代表着廉价资本，特别是当它替代了在能够以高回报率再投资的公司中的稀释时。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>
<h2>Rogers Communications 的债务是多少？</h2>
<p>下图（您可以点击以获取更详细的信息）显示，截至 2024 年 12 月，Rogers Communications 的债务为 457 亿加元，较一年前的 436 亿加元有所增加。然而，由于它拥有 12.3 亿加元的现金储备，其净债务较低，约为 445 亿加元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/378755-debt-equity-history-analysis-1-dark/1742989345210?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/378755-debt-equity-history-analysis-1-dark/1742989345210"/></p>
<p>TSX:RCI.B 债务与股本历史 2025 年 3 月 26 日</p>
<h2>Rogers Communications 的资产负债表健康状况如何？</h2>
<p>我们可以从最新的资产负债表中看到，Rogers Communications 有 126 亿加元的负债将在一年内到期，且有 484 亿加元的负债将在一年后到期。另一方面，它有 12.3 亿加元的现金和 56.5 亿加元的应收账款将在一年内到期。因此，其负债总额比现金和短期应收账款的总和多出 541 亿加元。</p>
<p>这一赤字在这家 213 亿加元的公司上投下了阴影，犹如巨人俯视凡人。因此，我们绝对认为股东需要密切关注这一点。最终，如果债权人要求偿还，Rogers Communications 可能需要进行重大再融资。</p>
<p>查看我们对 Rogers Communications 的最新分析</p>
<p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与利息费用（利息覆盖）的比率。因此，我们考虑债务相对于收益的情况，包括和不包括折旧和摊销费用。</p>
<p>虽然我们不会担心 Rogers Communications 的净债务与 EBITDA 比率为 4.8，但我们认为其超低的利息覆盖比率为 2.4 倍是高杠杆的迹象。因此，股东可能应该意识到，利息费用似乎最近对业务产生了真正的影响。稍微积极一点的是，Rogers Communications 去年 EBIT 增长了 12%，进一步增强了其管理债务的能力。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。但最终，未来的收益，尤其是将决定 Rogers Communications 能否保持健康的资产负债表。因此，如果您想看看专业人士的看法，您可能会发现这份关于分析师利润预测的免费报告很有趣。</p>
<p>最后，一家公司只能用冷硬的现金偿还债务，而不是会计利润。因此，合理的步骤是查看 EBIT 中与实际自由现金流相匹配的比例。在过去三年中，Rogers Communications 的自由现金流占其 EBIT 的 30%，低于我们的预期。这种较弱的现金转换使得处理债务变得更加困难。</p>
<h2>我们的看法</h2>
<p>我们甚至可以说，Rogers Communications 的总负债水平令人失望。但好的一面是，其 EBIT 增长率是一个好兆头，使我们更加乐观。我们非常明确地认为，由于其资产负债表的健康状况，Rogers Communications 实际上相当风险。因此，我们对这只股票的警惕程度几乎与一只饥饿的小猫对掉入主人鱼塘的警惕程度相当：一朝被蛇咬，十年怕井绳，正如他们所说。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。但最终，每家公司都可能存在资产负债表之外的风险。这些风险可能很难发现。每家公司都有这些风险，而我们发现了 <strong>Rogers Communications 的一个警告信号</strong>，您应该了解。</p>
<p>如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，那么请查看这份 <strong>免费</strong> 的现金净额增长企业列表。</p>

罗杰斯通信

<p>罗杰斯通信（TSE:RCI.B）负债累累，总计达 457 亿加元，扣除现金储备后净负债为 445 亿加元。公司的负债超过其现金和短期应收款项 541 亿加元，这引发了对其财务健康状况的担忧。尽管其息税前利润（EBIT）去年增长了 12%，但仅为 2.4 倍的低利息覆盖率表明其杠杆率较高。公司的债务管理能力进一步受到挑战，因为其现金转换能力较弱，只有 30% 的 EBIT 与自由现金流相匹配。总体而言，由于资产负债表的健康状况，罗杰斯通信被认为具有风险</p>

<p>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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that <strong>Rogers Communications Inc.</strong> (TSE:RCI.B) does use debt in its business. But is this debt a concern to shareholders?</p>
<div class="lb-trans"><p>有些人认为波动性，而不是债务，是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过：“波动性远非风险的同义词。” 因此，当你考虑任何特定股票的风险时，显然需要考虑债务，因为过多的债务可能会使公司陷入困境。我们可以看到 <strong>Rogers Communications Inc.</strong> (TSE:RCI.B) 确实在其业务中使用了债务。但这对股东来说是个问题吗？</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
</div><h2>What Risk Does Debt Bring?</h2>
<div class="lb-trans"><h2>债务带来了什么风险？</h2>
</div><p>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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest 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>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资金还是依靠自身的现金流。最终，如果公司无法履行偿还债务的法律义务，股东可能会一无所获。然而，更常见（但仍然昂贵）的情况是，公司必须以低廉的股价稀释股东权益，仅仅是为了控制债务。当然，债务的好处在于它通常代表着廉价资本，特别是当它替代了在能够以高回报率再投资的公司中的稀释时。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><h2>What Is Rogers Communications's Debt?</h2>
<div class="lb-trans"><h2>Rogers Communications 的债务是多少？</h2>
</div><p>The image below, which you can click on for greater detail, shows that at December 2024 Rogers Communications had debt of CA$45.7b, up from CA$43.6b in one year. However, because it has a cash reserve of CA$1.23b, its net debt is less, at about CA$44.5b.</p>
<div class="lb-trans"><p>下图（您可以点击以获取更详细的信息）显示，截至 2024 年 12 月，Rogers Communications 的债务为 457 亿加元，较一年前的 436 亿加元有所增加。然而，由于它拥有 12.3 亿加元的现金储备，其净债务较低，约为 445 亿加元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/378755-debt-equity-history-analysis-1-dark/1742989345210" alt="" original-src="https://images.simplywall.st/asset/chart/378755-debt-equity-history-analysis-1-dark/1742989345210"/></p>
<p>TSX:RCI.B Debt to Equity History March 26th 2025</p>
<div class="lb-trans"><p>TSX:RCI.B 债务与股本历史 2025 年 3 月 26 日</p>
</div><h2>How Healthy Is Rogers Communications' Balance Sheet?</h2>
<div class="lb-trans"><h2>Rogers Communications 的资产负债表健康状况如何？</h2>
</div><p>We can see from the most recent balance sheet that Rogers Communications had liabilities of CA$12.6b falling due within a year, and liabilities of CA$48.4b due beyond that. On the other hand, it had cash of CA$1.23b and CA$5.65b worth of receivables due within a year. So its liabilities total CA$54.1b more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>我们可以从最新的资产负债表中看到，Rogers Communications 有 126 亿加元的负债将在一年内到期，且有 484 亿加元的负债将在一年后到期。另一方面，它有 12.3 亿加元的现金和 56.5 亿加元的应收账款将在一年内到期。因此，其负债总额比现金和短期应收账款的总和多出 541 亿加元。</p>
</div><p>This deficit casts a shadow over the CA$21.3b company, like a colossus towering over mere mortals. So we definitely think shareholders need to watch this one closely. At the end of the day, Rogers Communications would probably need a major re-capitalization if its creditors were to demand repayment.</p>
<div class="lb-trans"><p>这一赤字在这家 213 亿加元的公司上投下了阴影，犹如巨人俯视凡人。因此，我们绝对认为股东需要密切关注这一点。最终，如果债权人要求偿还，Rogers Communications 可能需要进行重大再融资。</p>
</div><p>See our latest analysis for Rogers Communications</p>
<div class="lb-trans"><p>查看我们对 Rogers Communications 的最新分析</p>
</div><p>In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.</p>
<div class="lb-trans"><p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与利息费用（利息覆盖）的比率。因此，我们考虑债务相对于收益的情况，包括和不包括折旧和摊销费用。</p>
</div><p>While we wouldn't worry about Rogers Communications's net debt to EBITDA ratio of 4.8, we think its super-low interest cover of 2.4 times is a sign of high leverage. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. On a slightly more positive note, Rogers Communications grew its EBIT at 12% over the last year, further increasing its ability to manage debt. 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 Rogers Communications'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.</p>
<div class="lb-trans"><p>虽然我们不会担心 Rogers Communications 的净债务与 EBITDA 比率为 4.8，但我们认为其超低的利息覆盖比率为 2.4 倍是高杠杆的迹象。因此，股东可能应该意识到，利息费用似乎最近对业务产生了真正的影响。稍微积极一点的是，Rogers Communications 去年 EBIT 增长了 12%，进一步增强了其管理债务的能力。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。但最终，未来的收益，尤其是将决定 Rogers Communications 能否保持健康的资产负债表。因此，如果您想看看专业人士的看法，您可能会发现这份关于分析师利润预测的免费报告很有趣。</p>
</div><p>Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, Rogers Communications's free cash flow amounted to 30% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.</p>
<div class="lb-trans"><p>最后，一家公司只能用冷硬的现金偿还债务，而不是会计利润。因此，合理的步骤是查看 EBIT 中与实际自由现金流相匹配的比例。在过去三年中，Rogers Communications 的自由现金流占其 EBIT 的 30%，低于我们的预期。这种较弱的现金转换使得处理债务变得更加困难。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>We'd go so far as to say Rogers Communications's level of total liabilities was disappointing. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. We're quite clear that we consider Rogers Communications to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. There's no doubt that we learn most about debt from the balance sheet. 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 <strong>1 warning sign for Rogers Communications</strong> you should know about.</p>
<div class="lb-trans"><p>我们甚至可以说，Rogers Communications 的总负债水平令人失望。但好的一面是，其 EBIT 增长率是一个好兆头，使我们更加乐观。我们非常明确地认为，由于其资产负债表的健康状况，Rogers Communications 实际上相当风险。因此，我们对这只股票的警惕程度几乎与一只饥饿的小猫对掉入主人鱼塘的警惕程度相当：一朝被蛇咬，十年怕井绳，正如他们所说。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。但最终，每家公司都可能存在资产负债表之外的风险。这些风险可能很难发现。每家公司都有这些风险，而我们发现了 <strong>Rogers Communications 的一个警告信号</strong>，您应该了解。</p>
</div><p>If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this <strong>free</strong> list of growing businesses that have net cash on the balance sheet.</p>
<div class="lb-trans"><p>如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，那么请查看这份 <strong>免费</strong> 的现金净额增长企业列表。</p>
</div>

罗杰斯通信 (TSE:RCI.B) 似乎在大量举债