<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。与许多其他公司一样，<strong>Teleperformance SE</strong> (EPA:TEP) 也利用债务。但股东是否应该担心其债务的使用呢？</p>
<h2>何时债务危险？</h2>
<p>债务在企业能够用新资本或自由现金流偿还时是有帮助的。最终，如果公司无法履行其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。话虽如此，最常见的情况是公司合理管理其债务，并从中获益。考虑公司债务水平的第一步是将其现金和债务一起考虑。</p>
<h2>Teleperformance 的净债务是多少？</h2>
<p>如您所见，Teleperformance 在 2024 年 12 月的债务为 41.6 亿欧元，较前一年下降了 46.1 亿欧元。然而，它有 10.6 亿欧元的现金抵消这部分债务，导致净债务约为 31 亿欧元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/754881-debt-equity-history-analysis-1-dark/1743144032233?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/754881-debt-equity-history-analysis-1-dark/1743144032233"/></p>
<p>ENXTPA:TEP 债务与股本历史 2025 年 3 月 28 日</p>
<h2>看看 Teleperformance 的负债情况</h2>
<p>根据最后报告的资产负债表，Teleperformance 的负债为 33.6 亿欧元，12 个月内到期的负债为 41.6 亿欧元，12 个月后到期的负债为 41.6 亿欧元。抵消这些义务，它有 10.6 亿欧元的现金以及价值 25 亿欧元的应收账款，均在 12 个月内到期。因此，它的负债总额比其现金和短期应收账款的总和多出 39.6 亿欧元。</p>
<p>这相对于其 58.2 亿欧元的市值来说是一个巨大的杠杆。如果其贷款方要求其加强资产负债表，股东可能会面临严重的稀释。</p>
<p>查看我们对 Teleperformance 的最新分析</p>
<p>我们通过查看公司的净债务与其息税折旧摊销前利润（EBITDA）的比率，以及计算其息税前利润（EBIT）覆盖利息支出的能力（利息覆盖）来衡量公司的债务负担相对于其盈利能力。因此，我们考虑债务相对于盈利的情况，包括折旧和摊销费用。</p>
<p>Teleperformance 的净债务是 EBITDA 的 2.0 倍，这并不算太多，但其利息覆盖率看起来有点低，EBIT 仅为利息支出的 4.8 倍。虽然这些数字并没有让我们感到惊慌，但值得注意的是，公司债务的成本确实产生了实际影响。如果 Teleperformance 能够以去年的 10% 的速度持续增长 EBIT，那么它将发现管理债务负担变得更加容易。在分析债务时，资产负债表显然是重点。但最终，企业的未来盈利能力将决定 Teleperformance 是否能够随着时间的推移增强其资产负债表。因此，如果你想看看专业人士的看法，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。</p>
<p>最后，虽然税务机关可能喜欢会计利润，但贷款方只接受冷硬的现金。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。在过去三年中，Teleperformance 实际上产生的自由现金流超过了 EBIT。这种强劲的现金转换让我们像在 Daft Punk 音乐会中节拍落下时一样兴奋。</p>
<h2>我们的观点</h2>
<p>根据我们的分析，Teleperformance 将 EBIT 转换为自由现金流的能力应该表明它在债务方面不会遇到太多麻烦。然而，我们的其他观察并不那么令人振奋。例如，它似乎在处理其总负债方面有些挣扎。当我们考虑上述所有因素时，我们认为 Teleperformance 在管理其债务方面做得相当不错。但需要提醒的是：我们认为债务水平足够高，值得持续关注。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。然而，并非所有的投资风险都存在于资产负债表中——远非如此。请注意，Teleperformance 在我们的投资分析中显示出 <strong>1 个警告信号</strong>，你应该知道...</p>
<p>归根结底，专注于没有净债务的公司往往更好。你可以访问我们特别列出的这些公司（所有公司都有盈利增长的记录）。这是免费的。</p>

TLPFY

<p>Teleperformance SE (EPA:TEP) 的净债务为 31 亿欧元，总负债为 75.2 亿欧元，现金和应收款项为 35.6 亿欧元。其债务与 EBITDA 比率为 2.0，表明债务水平可控，但利息覆盖率较低，仅为 4.8 倍。尽管公司展现出强劲的自由现金流转化能力，但由于其市值为 58.2 亿欧元，相对较高的杠杆水平，建议持续监控其债务。投资者应保持谨慎，因为如果贷款方要求改善资产负债表，公司可能面临潜在的稀释风险</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. As with many other companies <strong>Teleperformance SE</strong> (EPA:TEP) makes use of debt. But should shareholders be worried about its use of debt?</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。与许多其他公司一样，<strong>Teleperformance SE</strong> (EPA:TEP) 也利用债务。但股东是否应该担心其债务的使用呢？</p>
</div><h2>When Is Debt Dangerous?</h2>
<div class="lb-trans"><h2>何时债务危险？</h2>
</div><p>Debt assists a business until the business has trouble paying it off, either with new capital or with free 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.</p>
<div class="lb-trans"><p>债务在企业能够用新资本或自由现金流偿还时是有帮助的。最终，如果公司无法履行其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。话虽如此，最常见的情况是公司合理管理其债务，并从中获益。考虑公司债务水平的第一步是将其现金和债务一起考虑。</p>
</div><h2>What Is Teleperformance's Net Debt?</h2>
<div class="lb-trans"><h2>Teleperformance 的净债务是多少？</h2>
</div><p>As you can see below, Teleperformance had €4.16b of debt at December 2024, down from €4.61b a year prior. However, it does have €1.06b in cash offsetting this, leading to net debt of about €3.10b.</p>
<div class="lb-trans"><p>如您所见，Teleperformance 在 2024 年 12 月的债务为 41.6 亿欧元，较前一年下降了 46.1 亿欧元。然而，它有 10.6 亿欧元的现金抵消这部分债务，导致净债务约为 31 亿欧元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/754881-debt-equity-history-analysis-1-dark/1743144032233" alt="" original-src="https://images.simplywall.st/asset/chart/754881-debt-equity-history-analysis-1-dark/1743144032233"/></p>
<p>ENXTPA:TEP Debt to Equity History March 28th 2025</p>
<div class="lb-trans"><p>ENXTPA:TEP 债务与股本历史 2025 年 3 月 28 日</p>
</div><h2>A Look At Teleperformance's Liabilities</h2>
<div class="lb-trans"><h2>看看 Teleperformance 的负债情况</h2>
</div><p>According to the last reported balance sheet, Teleperformance had liabilities of €3.36b due within 12 months, and liabilities of €4.16b due beyond 12 months. Offsetting these obligations, it had cash of €1.06b as well as receivables valued at €2.50b due within 12 months. So it has liabilities totalling €3.96b more than its cash and near-term receivables, combined.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，Teleperformance 的负债为 33.6 亿欧元，12 个月内到期的负债为 41.6 亿欧元，12 个月后到期的负债为 41.6 亿欧元。抵消这些义务，它有 10.6 亿欧元的现金以及价值 25 亿欧元的应收账款，均在 12 个月内到期。因此，它的负债总额比其现金和短期应收账款的总和多出 39.6 亿欧元。</p>
</div><p>This is a mountain of leverage relative to its market capitalization of €5.82b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.</p>
<div class="lb-trans"><p>这相对于其 58.2 亿欧元的市值来说是一个巨大的杠杆。如果其贷款方要求其加强资产负债表，股东可能会面临严重的稀释。</p>
</div><p>View our latest analysis for Teleperformance</p>
<div class="lb-trans"><p>查看我们对 Teleperformance 的最新分析</p>
</div><p>We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.</p>
<div class="lb-trans"><p>我们通过查看公司的净债务与其息税折旧摊销前利润（EBITDA）的比率，以及计算其息税前利润（EBIT）覆盖利息支出的能力（利息覆盖）来衡量公司的债务负担相对于其盈利能力。因此，我们考虑债务相对于盈利的情况，包括折旧和摊销费用。</p>
</div><p>Teleperformance has net debt worth 2.0 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 4.8 times the interest expense. While these numbers do not alarm us, it's worth noting that the cost of the company's debt is having a real impact. If Teleperformance can keep growing EBIT at last year's rate of 10% over the last year, then it will find its debt load easier to manage. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Teleperformance 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.</p>
<div class="lb-trans"><p>Teleperformance 的净债务是 EBITDA 的 2.0 倍，这并不算太多，但其利息覆盖率看起来有点低，EBIT 仅为利息支出的 4.8 倍。虽然这些数字并没有让我们感到惊慌，但值得注意的是，公司债务的成本确实产生了实际影响。如果 Teleperformance 能够以去年的 10% 的速度持续增长 EBIT，那么它将发现管理债务负担变得更加容易。在分析债务时，资产负债表显然是重点。但最终，企业的未来盈利能力将决定 Teleperformance 是否能够随着时间的推移增强其资产负债表。因此，如果你想看看专业人士的看法，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。</p>
</div><p>Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Teleperformance actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.</p>
<div class="lb-trans"><p>最后，虽然税务机关可能喜欢会计利润，但贷款方只接受冷硬的现金。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。在过去三年中，Teleperformance 实际上产生的自由现金流超过了 EBIT。这种强劲的现金转换让我们像在 Daft Punk 音乐会中节拍落下时一样兴奋。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>On our analysis Teleperformance's conversion of EBIT to free cash flow should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. For instance it seems like it has to struggle a bit to handle its total liabilities. When we consider all the elements mentioned above, it seems to us that Teleperformance is managing its debt quite well. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. Be aware that Teleperformance is showing <strong>1 warning sign in our investment analysis</strong> , you should know about...</p>
<div class="lb-trans"><p>根据我们的分析，Teleperformance 将 EBIT 转换为自由现金流的能力应该表明它在债务方面不会遇到太多麻烦。然而，我们的其他观察并不那么令人振奋。例如，它似乎在处理其总负债方面有些挣扎。当我们考虑上述所有因素时，我们认为 Teleperformance 在管理其债务方面做得相当不错。但需要提醒的是：我们认为债务水平足够高，值得持续关注。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。然而，并非所有的投资风险都存在于资产负债表中——远非如此。请注意，Teleperformance 在我们的投资分析中显示出 <strong>1 个警告信号</strong>，你应该知道...</p>
</div><p>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.</p>
<div class="lb-trans"><p>归根结底，专注于没有净债务的公司往往更好。你可以访问我们特别列出的这些公司（所有公司都有盈利增长的记录）。这是免费的。</p>
</div>

Teleperformance (EPA:TEP) 的资产负债表是否健康？