<p>沃伦·巴菲特曾 famously 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。我们注意到 <strong>adidas AG</strong> (ETR:ADS) 的资产负债表上确实有债务。但这对股东来说是个问题吗？</p>
<p>我们检查所有公司以寻找重要风险。查看我们在免费报告中为 adidas 发现的内容。</p>
<h2>何时债务变得危险？</h2>
<p>当企业无法轻松履行这些义务时，债务和其他负债就会变得风险很大，无论是通过自由现金流还是以有吸引力的价格筹集资本。如果情况变得非常糟糕，贷方可能会控制企业。虽然这种情况并不常见，但我们经常看到负债累累的公司因为贷方迫使他们以低价筹集资本而永久稀释股东权益。当然，债务的好处在于它通常代表着廉价资本，特别是当它替代了能够以高回报率再投资的公司的稀释时。当我们考虑公司的债务使用时，我们首先会将现金和债务结合起来看。</p>
<h2>adidas 的净债务是多少？</h2>
<p>下图（您可以点击以获取更详细信息）显示，adidas 在 2025 年 3 月底的债务为 25.9 亿欧元，较一年前的 31 亿欧元有所减少。然而，它有 14.3 亿欧元的现金来抵消这部分债务，导致净债务约为 11.6 亿欧元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/92816-debt-equity-history-analysis-1-dark/1747471320533?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/92816-debt-equity-history-analysis-1-dark/1747471320533"/></p>
<p>XTRA:ADS 债务与股本历史 2025 年 5 月 17 日</p>
<h2>adidas 的资产负债表健康吗？</h2>
<p>根据最后报告的资产负债表，adidas 有 89.4 亿欧元的负债在 12 个月内到期，12 个月后到期的负债为 50.6 亿欧元。另一方面，它有 14.3 亿欧元的现金和 32.4 亿欧元的应收账款在一年内到期。因此，它的负债超过了现金和（短期）应收账款总和的 93.3 亿欧元。</p>
<p>adidas 的市值非常大，达到 391 亿欧元，因此如果需要，它很可能能够筹集资金以改善其资产负债表。但我们绝对希望关注其债务带来过多风险的迹象。</p>
<p>查看我们对 adidas 的最新分析</p>
<p>我们使用两个主要比率来告知我们债务水平相对于收益的情况。第一个是净债务除以息税折旧摊销前利润（EBITDA），第二个是息税前利润（EBIT）覆盖利息支出的倍数（简称利息覆盖）。这种方法的优点在于我们同时考虑了债务的绝对数量（通过净债务与 EBITDA 的比率）和与该债务相关的实际利息支出（通过其利息覆盖比率）。</p>
<p>adidas 的净债务与 EBITDA 比率仅为 0.54，且其 EBIT 轻松覆盖其利息支出，达到 16.3 倍。因此，你可以说它的债务对它的威胁就像大象对老鼠的威胁一样。更令人印象深刻的是，adidas 在 12 个月内将其 EBIT 增长了 187%。如果这种增长得以维持，未来几年债务将变得更加可控。在分析债务时，资产负债表显然是重点。但未来的收益，尤其是将决定 adidas 未来保持健康资产负债表的能力。因此，如果你关注未来，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；会计利润根本不够。因此，我们总是检查 EBIT 中有多少转化为自由现金流。在过去三年中，adidas 实际上产生的自由现金流超过了 EBIT。在保持良好信誉方面，没有什么比现金流入更重要。</p>
<h2>我们的观点</h2>
<p>adidas 的利息覆盖率表明，它可以像克里斯蒂亚诺·罗纳尔多对阵 14 岁以下守门员那样轻松应对其债务。而且好消息并没有止步于此，因为其 EBIT 转化为自由现金流的能力也支持了这一印象！考虑到这一系列因素，我们认为 adidas 在债务方面相当谨慎，风险似乎得到了良好管理。因此，我们并不担心资产负债表上使用少量杠杆。我们认为，跟踪每股收益的增长速度比其他大多数指标更为重要。如果你也意识到了这一点，那你很幸运，因为今天你可以免费查看 adidas 每股收益历史的互动图表。</p>
<p>如果在这一切之后，你更感兴趣的是一家快速增长且资产负债表稳固的公司，那么请立即查看我们的净现金增长股票列表。</p>
<p>如果你想交易 adidas，请在专业人士信赖的最低成本平台 Interactive Brokers 开设账户。</p>
<p>IBKR 在 200 多个国家和地区拥有客户，并可访问 160 个市场，让你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>享受无隐藏费用、无账户最低要求，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>
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阿迪达斯

<p>阿迪达斯（Adidas AG，ETR:ADS）的净债务约为 11.6 亿欧元，总负债为 140 亿欧元，现金为 14.3 亿欧元，应收账款为 32.4 亿欧元。尽管负债较高，阿迪达斯的净债务与息税折旧摊销前利润（EBITDA）比率仅为 0.54，息税前利润（EBIT）能够覆盖利息支出 16.3 倍。公司表现出显著的增长，过去一年 EBIT 增长了 187%，表明其债务状况可控。总体而言，阿迪达斯在债务管理上显得谨慎，风险控制良好</p>

<p>Warren Buffett famously said, '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 note that <strong>adidas AG</strong> (ETR:ADS) does have debt on its balance sheet. But is this debt a concern to shareholders?</p>
<div class="lb-trans"><p>沃伦·巴菲特曾 famously 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。我们注意到 <strong>adidas AG</strong> (ETR:ADS) 的资产负债表上确实有债务。但这对股东来说是个问题吗？</p>
</div><p>We check all companies for important risks. See what we found for adidas in our free report.</p>
<div class="lb-trans"><p>我们检查所有公司以寻找重要风险。查看我们在免费报告中为 adidas 发现的内容。</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 and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. 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 think about a company's use of debt, we first look at cash and debt together.</p>
<div class="lb-trans"><p>当企业无法轻松履行这些义务时，债务和其他负债就会变得风险很大，无论是通过自由现金流还是以有吸引力的价格筹集资本。如果情况变得非常糟糕，贷方可能会控制企业。虽然这种情况并不常见，但我们经常看到负债累累的公司因为贷方迫使他们以低价筹集资本而永久稀释股东权益。当然，债务的好处在于它通常代表着廉价资本，特别是当它替代了能够以高回报率再投资的公司的稀释时。当我们考虑公司的债务使用时，我们首先会将现金和债务结合起来看。</p>
</div><h2>What Is adidas's Net Debt?</h2>
<div class="lb-trans"><h2>adidas 的净债务是多少？</h2>
</div><p>The image below, which you can click on for greater detail, shows that adidas had debt of €2.59b at the end of March 2025, a reduction from €3.10b over a year. However, it does have €1.43b in cash offsetting this, leading to net debt of about €1.16b.</p>
<div class="lb-trans"><p>下图（您可以点击以获取更详细信息）显示，adidas 在 2025 年 3 月底的债务为 25.9 亿欧元，较一年前的 31 亿欧元有所减少。然而，它有 14.3 亿欧元的现金来抵消这部分债务，导致净债务约为 11.6 亿欧元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/92816-debt-equity-history-analysis-1-dark/1747471320533" alt="" original-src="https://images.simplywall.st/asset/chart/92816-debt-equity-history-analysis-1-dark/1747471320533"/></p>
<p>XTRA:ADS Debt to Equity History May 17th 2025</p>
<div class="lb-trans"><p>XTRA:ADS 债务与股本历史 2025 年 5 月 17 日</p>
</div><h2>How Healthy Is adidas' Balance Sheet?</h2>
<div class="lb-trans"><h2>adidas 的资产负债表健康吗？</h2>
</div><p>According to the last reported balance sheet, adidas had liabilities of €8.94b due within 12 months, and liabilities of €5.06b due beyond 12 months. On the other hand, it had cash of €1.43b and €3.24b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by €9.33b.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，adidas 有 89.4 亿欧元的负债在 12 个月内到期，12 个月后到期的负债为 50.6 亿欧元。另一方面，它有 14.3 亿欧元的现金和 32.4 亿欧元的应收账款在一年内到期。因此，它的负债超过了现金和（短期）应收账款总和的 93.3 亿欧元。</p>
</div><p>adidas has a very large market capitalization of €39.1b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.</p>
<div class="lb-trans"><p>adidas 的市值非常大，达到 391 亿欧元，因此如果需要，它很可能能够筹集资金以改善其资产负债表。但我们绝对希望关注其债务带来过多风险的迹象。</p>
</div><p>Check out our latest analysis for adidas</p>
<div class="lb-trans"><p>查看我们对 adidas 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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).</p>
<div class="lb-trans"><p>我们使用两个主要比率来告知我们债务水平相对于收益的情况。第一个是净债务除以息税折旧摊销前利润（EBITDA），第二个是息税前利润（EBIT）覆盖利息支出的倍数（简称利息覆盖）。这种方法的优点在于我们同时考虑了债务的绝对数量（通过净债务与 EBITDA 的比率）和与该债务相关的实际利息支出（通过其利息覆盖比率）。</p>
</div><p>adidas has a low net debt to EBITDA ratio of only 0.54. And its EBIT easily covers its interest expense, being 16.3 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Even more impressive was the fact that adidas grew its EBIT by 187% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine adidas'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>adidas 的净债务与 EBITDA 比率仅为 0.54，且其 EBIT 轻松覆盖其利息支出，达到 16.3 倍。因此，你可以说它的债务对它的威胁就像大象对老鼠的威胁一样。更令人印象深刻的是，adidas 在 12 个月内将其 EBIT 增长了 187%。如果这种增长得以维持，未来几年债务将变得更加可控。在分析债务时，资产负债表显然是重点。但未来的收益，尤其是将决定 adidas 未来保持健康资产负债表的能力。因此，如果你关注未来，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 always check how much of that EBIT is translated into free cash flow. Over the last three years, adidas actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.</p>
<div class="lb-trans"><p>最后，企业需要自由现金流来偿还债务；会计利润根本不够。因此，我们总是检查 EBIT 中有多少转化为自由现金流。在过去三年中，adidas 实际上产生的自由现金流超过了 EBIT。在保持良好信誉方面，没有什么比现金流入更重要。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>adidas's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! Considering this range of factors, it seems to us that adidas is quite prudent with its debt, and the risks seem well managed. So we're not worried about the use of a little leverage on the balance sheet. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of adidas's earnings per share history for free.</p>
<div class="lb-trans"><p>adidas 的利息覆盖率表明，它可以像克里斯蒂亚诺·罗纳尔多对阵 14 岁以下守门员那样轻松应对其债务。而且好消息并没有止步于此，因为其 EBIT 转化为自由现金流的能力也支持了这一印象！考虑到这一系列因素，我们认为 adidas 在债务方面相当谨慎，风险似乎得到了良好管理。因此，我们并不担心资产负债表上使用少量杠杆。我们认为，跟踪每股收益的增长速度比其他大多数指标更为重要。如果你也意识到了这一点，那你很幸运，因为今天你可以免费查看 adidas 每股收益历史的互动图表。</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，你更感兴趣的是一家快速增长且资产负债表稳固的公司，那么请立即查看我们的净现金增长股票列表。</p>
</div><p>If you're looking to trade adidas, open an account with the lowest-cost platform trusted by professionals, Interactive Brokers.</p>
<div class="lb-trans"><p>如果你想交易 adidas，请在专业人士信赖的最低成本平台 Interactive Brokers 开设账户。</p>
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<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，让你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>
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阿迪达斯（ETR:ADS）的资产负债表是否稳健？