<p>传奇基金经理李璐（查理·芒格支持的那位）曾说过：‘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的资本损失。’ 在审视一家公司的风险时，考虑其资产负债表是很自然的，因为企业倒闭时通常涉及债务。我们注意到 <strong>北越株式会社</strong>（TSE:3865）确实在其资产负债表上有债务。但股东是否应该担心其债务使用？</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前入场。</p>
<h2>债务带来了什么风险？</h2>
<p>债务在企业能够偿还时是有帮助的，无论是通过新资本还是自由现金流。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，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，尤其是在它替代了能够以高回报率再投资的公司的稀释。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>北越的净债务是多少？</h2>
<p>正如您在下面看到的，北越在 2024 年 12 月的债务为 996 亿日元，较前一年减少了 1125 亿日元。然而，它也有 220 亿日元的现金，因此其净债务为 776 亿日元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/876645-debt-equity-history-analysis-1-dark/1744688150327?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/876645-debt-equity-history-analysis-1-dark/1744688150327"/></p>
<p>TSE:3865 债务与股本历史 2025 年 4 月 15 日</p>
<h2>看一下北越的负债情况</h2>
<p>最新的资产负债表数据显示，北越在一年内有 707 亿日元的负债，以及 721 亿日元的负债将在之后到期。抵消这些义务的是 220 亿日元的现金以及价值 917 亿日元的应收账款，这些应收账款将在 12 个月内到期。因此，其负债超过了现金和（短期）应收账款的总和 492 亿日元。</p>
<p>这个赤字并不算太糟糕，因为北越的市值为 1856 亿日元，因此如果需要的话，可能能够筹集足够的资本来巩固其资产负债表。然而，仔细审视其偿还债务的能力仍然是值得的。</p>
<p>查看我们对北越的最新分析</p>
<p>我们使用两个主要比率来告知我们关于债务水平相对于收益的信息。第一个是净债务除以息税折旧摊销前利润（EBITDA），第二个是其息税前利润（EBIT）覆盖其利息支出的倍数（或简称利息覆盖）。通过这种方式，我们考虑了债务的绝对量以及支付的利率。</p>
<p>北越的净债务与 EBITDA 的比率约为 2.3，表明其债务使用仅为适度。而其息税前利润（EBIT）是其利息支出的 1000 倍，意味着债务负担轻如鸿毛。北越在过去一年中将其 EBIT 增长了 4.8%。虽然这并没有让我们感到震惊，但在债务方面是一个积极的信号。在分析债务水平时，资产负债表显然是一个明显的起点。但未来的收益，尤其是将决定北越未来维持健康资产负债表的能力。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
<p>最后，企业需要自由现金流来偿还债务；会计利润并不足够。因此，我们显然需要查看 EBIT 是否导致相应的自由现金流。在过去三年中，北越的自由现金流占其 EBIT 的 29%，低于我们的预期。这样的现金转换能力较弱，使得处理债务更加困难。</p>
<h2>我们的看法</h2>
<p>在资产负债表方面，北越的一个突出积极因素是它似乎能够自信地用其 EBIT 覆盖利息支出。然而，我们的其他观察并不那么令人振奋。例如，其 EBIT 转化为自由现金流的能力让我们对其债务感到有些担忧。当我们考虑上述所有因素时，我们确实对北越的债务使用感到有些谨慎。虽然我们欣赏债务可以提高股本回报，但我们建议股东密切关注其债务水平，以免其增加。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。例如，我们发现了 <strong>北越的一个警告信号</strong>，在您投资之前应该注意。</p>
<p>归根结底，专注于没有净债务的公司往往更好。您可以访问我们特别列出的此类公司（所有公司都有盈利增长的记录）。这是免费的。</p>
<p>如果您想交易北越，请在专业人士信任的最低成本平台上开设账户，Interactive Brokers。</p>
<p>IBKR 在 200 多个国家和地区拥有客户，并可访问 160 个市场，让您可以通过一个集成账户交易股票、期权、期货、外汇、债券和基金。</p>
<p>享受没有隐藏费用、没有账户最低要求，以及低至 0.03% 的外汇转换率，远远优于大多数经纪商提供的服务。</p>
<p>赞助内容</p>

3865

<p>北越集团（TSE:3865）的净债务为 776 亿日元，负债超过现金和应收款项 492 亿日元。尽管如此，其市场价值为 1856 亿日元，表明在需要时有潜力筹集资金。该公司的净债务与 EBITDA 的比率为 2.3，表明债务使用适中，而 EBIT 显著覆盖利息支出。然而，北越的 EBIT 自由现金流转化率仅为 29%，引发了对其有效管理债务能力的担忧。投资者应密切关注北越的债务水平</p>

<p>Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that <strong>Hokuetsu Corporation</strong> (TSE:3865) does have debt on its balance sheet. But should shareholders be worried about its use of debt?</p>
<div class="lb-trans"><p>传奇基金经理李璐（查理·芒格支持的那位）曾说过：‘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的资本损失。’ 在审视一家公司的风险时，考虑其资产负债表是很自然的，因为企业倒闭时通常涉及债务。我们注意到 <strong>北越株式会社</strong>（TSE:3865）确实在其资产负债表上有债务。但股东是否应该担心其债务使用？</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前入场。</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>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. 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. The first step when considering a company's debt levels is to consider its cash and debt together.</p>
<div class="lb-trans"><p>债务在企业能够偿还时是有帮助的，无论是通过新资本还是自由现金流。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，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，尤其是在它替代了能够以高回报率再投资的公司的稀释。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 Hokuetsu's Net Debt?</h2>
<div class="lb-trans"><h2>北越的净债务是多少？</h2>
</div><p>As you can see below, Hokuetsu had JP¥99.6b of debt at December 2024, down from JP¥112.5b a year prior. However, it also had JP¥22.0b in cash, and so its net debt is JP¥77.6b.</p>
<div class="lb-trans"><p>正如您在下面看到的，北越在 2024 年 12 月的债务为 996 亿日元，较前一年减少了 1125 亿日元。然而，它也有 220 亿日元的现金，因此其净债务为 776 亿日元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/876645-debt-equity-history-analysis-1-dark/1744688150327" alt="" original-src="https://images.simplywall.st/asset/chart/876645-debt-equity-history-analysis-1-dark/1744688150327"/></p>
<p>TSE:3865 Debt to Equity History April 15th 2025</p>
<div class="lb-trans"><p>TSE:3865 债务与股本历史 2025 年 4 月 15 日</p>
</div><h2>A Look At Hokuetsu's Liabilities</h2>
<div class="lb-trans"><h2>看一下北越的负债情况</h2>
</div><p>The latest balance sheet data shows that Hokuetsu had liabilities of JP¥90.7b due within a year, and liabilities of JP¥72.1b falling due after that. Offsetting these obligations, it had cash of JP¥22.0b as well as receivables valued at JP¥91.7b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by JP¥49.2b.</p>
<div class="lb-trans"><p>最新的资产负债表数据显示，北越在一年内有 707 亿日元的负债，以及 721 亿日元的负债将在之后到期。抵消这些义务的是 220 亿日元的现金以及价值 917 亿日元的应收账款，这些应收账款将在 12 个月内到期。因此，其负债超过了现金和（短期）应收账款的总和 492 亿日元。</p>
</div><p>This deficit isn't so bad because Hokuetsu is worth JP¥185.6b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.</p>
<div class="lb-trans"><p>这个赤字并不算太糟糕，因为北越的市值为 1856 亿日元，因此如果需要的话，可能能够筹集足够的资本来巩固其资产负债表。然而，仔细审视其偿还债务的能力仍然是值得的。</p>
</div><p>See our latest analysis for Hokuetsu</p>
<div class="lb-trans"><p>查看我们对北越的最新分析</p>
</div><p>We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.</p>
<div class="lb-trans"><p>我们使用两个主要比率来告知我们关于债务水平相对于收益的信息。第一个是净债务除以息税折旧摊销前利润（EBITDA），第二个是其息税前利润（EBIT）覆盖其利息支出的倍数（或简称利息覆盖）。通过这种方式，我们考虑了债务的绝对量以及支付的利率。</p>
</div><p>Hokuetsu's net debt to EBITDA ratio of about 2.3 suggests only moderate use of debt. And its commanding EBIT of 1k times its interest expense, implies the debt load is as light as a peacock feather. Hokuetsu grew its EBIT by 4.8% in the last year. Whilst that hardly knocks our socks off it is a positive when it comes to debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Hokuetsu's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this <strong>free</strong> report showing analyst profit forecasts.</p>
<div class="lb-trans"><p>北越的净债务与 EBITDA 的比率约为 2.3，表明其债务使用仅为适度。而其息税前利润（EBIT）是其利息支出的 1000 倍，意味着债务负担轻如鸿毛。北越在过去一年中将其 EBIT 增长了 4.8%。虽然这并没有让我们感到震惊，但在债务方面是一个积极的信号。在分析债务水平时，资产负债表显然是一个明显的起点。但未来的收益，尤其是将决定北越未来维持健康资产负债表的能力。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
</div><p>Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. In the last three years, Hokuetsu's free cash flow amounted to 29% 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，企业需要自由现金流来偿还债务；会计利润并不足够。因此，我们显然需要查看 EBIT 是否导致相应的自由现金流。在过去三年中，北越的自由现金流占其 EBIT 的 29%，低于我们的预期。这样的现金转换能力较弱，使得处理债务更加困难。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>When it comes to the balance sheet, the standout positive for Hokuetsu was the fact that it seems able to cover its interest expense with its EBIT confidently. However, our other observations weren't so heartening. For example, its conversion of EBIT to free cash flow makes us a little nervous about its debt. When we consider all the factors mentioned above, we do feel a bit cautious about Hokuetsu's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. 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. For example, we've discovered <strong>1 warning sign for Hokuetsu</strong> that you should be aware of before investing here.</p>
<div class="lb-trans"><p>在资产负债表方面，北越的一个突出积极因素是它似乎能够自信地用其 EBIT 覆盖利息支出。然而，我们的其他观察并不那么令人振奋。例如，其 EBIT 转化为自由现金流的能力让我们对其债务感到有些担忧。当我们考虑上述所有因素时，我们确实对北越的债务使用感到有些谨慎。虽然我们欣赏债务可以提高股本回报，但我们建议股东密切关注其债务水平，以免其增加。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。例如，我们发现了 <strong>北越的一个警告信号</strong>，在您投资之前应该注意。</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。您可以访问我们特别列出的此类公司（所有公司都有盈利增长的记录）。这是免费的。</p>
</div><p>If you're looking to trade Hokuetsu, open an account with the lowest-cost platform trusted by professionals, Interactive Brokers.</p>
<div class="lb-trans"><p>如果您想交易北越，请在专业人士信任的最低成本平台上开设账户，Interactive Brokers。</p>
</div><p>With clients in over 200 countries and territories, and access to 160 markets, IBKR lets you trade stocks, options, futures, forex, bonds and funds from a single integrated account.</p>
<div class="lb-trans"><p>IBKR 在 200 多个国家和地区拥有客户，并可访问 160 个市场，让您可以通过一个集成账户交易股票、期权、期货、外汇、债券和基金。</p>
</div><p>Enjoy no hidden fees, no account minimums, and FX conversion rates as low as 0.03%, far better than what most brokers offer.</p>
<div class="lb-trans"><p>享受没有隐藏费用、没有账户最低要求，以及低至 0.03% 的外汇转换率，远远优于大多数经纪商提供的服务。</p>
</div><p>Sponsored Content</p>
<div class="lb-trans"><p>赞助内容</p>
</div>

以下是北越（TSE:3865）能够负责任地管理债务的原因