<p>大卫·伊本说得很好，‘波动性不是我们关心的风险。我们关心的是避免资本的永久损失。’ 因此，当你考虑任何特定股票的风险时，考虑债务可能是显而易见的，因为过多的债务可能会使公司陷入困境。我们注意到 <strong>Travelite Holdings Ltd.</strong> (SGX:BCZ) 的资产负债表上确实有债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
<p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</p>
<h2>债务带来什么风险？</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法律义务偿还债务，股东可能会一无所获。然而，更常见（但仍然代价高昂）的情况是，公司必须以低价发行股票，永久稀释股东的股份，仅仅是为了改善其资产负债表。当然，许多公司利用债务来资助增长，而没有任何负面后果。当我们考虑公司的债务使用时，我们首先将现金和债务结合起来看。</p>
<h2>Travelite Holdings 的债务是多少？</h2>
<p>正如您在下面看到的，Travelite Holdings 在 2025 年 3 月的债务为 1840 万新元，较前一年的 2210 万新元有所下降。然而，它有 991 万新元的现金来抵消这部分债务，导致净债务约为 852 万新元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/34241376-debt-equity-history-analysis-1-dark-2/1753741233069?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/34241376-debt-equity-history-analysis-1-dark-2/1753741233069"/></p>
<p>SGX:BCZ 债务与股本历史 2025 年 7 月 28 日</p>
<h2>Travelite Holdings 的资产负债表健康吗？</h2>
<p>放大最新的资产负债表数据，我们可以看到，Travelite Holdings 有 1850 万新元的负债在 12 个月内到期，以及 1760 万新元的负债在此之后到期。另一方面，它有 991 万新元的现金和 677 万新元的应收账款在一年内到期。因此，它的负债总额比现金和短期应收账款的总和多出 1950 万新元。</p>
<p>鉴于这一赤字实际上高于公司 1420 万新元的市值，我们认为股东确实应该像父母看着孩子第一次骑自行车一样关注 Travelite Holdings 的债务水平。在公司必须迅速清理资产负债表的情况下，股东似乎会遭受严重的稀释。</p>
<p>查看我们对 Travelite Holdings 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）覆盖利息支出的次数（简称利息覆盖）。通过这种方式，我们考虑了债务的绝对数量以及支付的利率。</p>
<p>Travelite Holdings 的股东面临着净债务与 EBITDA 比率高（5.1）和相对较弱的利息覆盖，因为 EBIT 仅为利息支出的 0.30 倍。这里的债务负担相当沉重。更糟糕的是，Travelite Holdings 的 EBIT 在过去 12 个月中暴跌了 93%。如果收益长期保持这种趋势，偿还债务的机会微乎其微。在分析债务时，资产负债表显然是重点。但影响资产负债表未来表现的将是 Travelite Holdings 的收益。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>最后，虽然税务机关可能喜欢会计利润，但贷款人只接受冷硬的现金。因此，合理的步骤是查看 EBIT 中有多少比例与实际自由现金流相匹配。幸运的是，对于任何股东来说，Travelite Holdings 在过去三年中实际产生的自由现金流超过了 EBIT。在与贷款人保持良好关系方面，没有什么比现金流入更重要的了。</p>
<h2>我们的看法</h2>
<p>乍一看，Travelite Holdings 的利息覆盖率让我们对该股票持谨慎态度，而其 EBIT 增长率也没有比一年中最繁忙的夜晚里唯一的一家空餐厅更具吸引力。但至少它在将 EBIT 转换为自由现金流方面表现相当不错；这令人鼓舞。总体而言，我们认为 Travelite Holdings 的资产负债表确实对业务构成了相当大的风险。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，正如人们所说。分析债务时，资产负债表显然是重点。但最终，每家公司都可能存在资产负债表之外的风险。例如，我们已经识别出 <strong>Travelite Holdings 的 3 个警告信号</strong>（其中一个不应被忽视），您应该注意。</p>
<p>归根结底，关注没有净债务的公司往往更好。您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>

毅马

<p>Travelite Holdings (SGX:BCZ) 的债务为 1840 万新元，较 2210 万新元有所下降，但现金仅为 991 万新元，导致净债务为 852 万新元。该公司面临的重大负债总额为 1950 万新元，超过其 1420 万新元的市值。净债务与息税折旧摊销前利润（EBITDA）比率高达 5.1，且利息覆盖率较弱，股东应保持谨慎。尽管产生的自由现金流超过息税前利润（EBIT），但整体资产负债表对业务构成风险，使得该股票对投资者而言令人担忧</p>

<p>David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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>Travelite Holdings Ltd.</strong> (SGX:BCZ) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.</p>
<div class="lb-trans"><p>大卫·伊本说得很好，‘波动性不是我们关心的风险。我们关心的是避免资本的永久损失。’ 因此，当你考虑任何特定股票的风险时，考虑债务可能是显而易见的，因为过多的债务可能会使公司陷入困境。我们注意到 <strong>Travelite Holdings Ltd.</strong> (SGX:BCZ) 的资产负债表上确实有债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
</div><p>Trump has pledged to &#34;unleash&#34; American oil and gas and these 15 US stocks have developments that are poised to benefit.</p>
<div class="lb-trans"><p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</p>
</div><h2>What Risk Does Debt Bring?</h2>
<div class="lb-trans"><h2>债务带来什么风险？</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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at 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法律义务偿还债务，股东可能会一无所获。然而，更常见（但仍然代价高昂）的情况是，公司必须以低价发行股票，永久稀释股东的股份，仅仅是为了改善其资产负债表。当然，许多公司利用债务来资助增长，而没有任何负面后果。当我们考虑公司的债务使用时，我们首先将现金和债务结合起来看。</p>
</div><h2>What Is Travelite Holdings's Debt?</h2>
<div class="lb-trans"><h2>Travelite Holdings 的债务是多少？</h2>
</div><p>As you can see below, Travelite Holdings had S$18.4m of debt at March 2025, down from S$22.1m a year prior. However, it does have S$9.91m in cash offsetting this, leading to net debt of about S$8.52m.</p>
<div class="lb-trans"><p>正如您在下面看到的，Travelite Holdings 在 2025 年 3 月的债务为 1840 万新元，较前一年的 2210 万新元有所下降。然而，它有 991 万新元的现金来抵消这部分债务，导致净债务约为 852 万新元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/34241376-debt-equity-history-analysis-1-dark-2/1753741233069" alt="" original-src="https://images.simplywall.st/asset/chart/34241376-debt-equity-history-analysis-1-dark-2/1753741233069"/></p>
<p>SGX:BCZ Debt to Equity History July 28th 2025</p>
<div class="lb-trans"><p>SGX:BCZ 债务与股本历史 2025 年 7 月 28 日</p>
</div><h2>How Healthy Is Travelite Holdings' Balance Sheet?</h2>
<div class="lb-trans"><h2>Travelite Holdings 的资产负债表健康吗？</h2>
</div><p>Zooming in on the latest balance sheet data, we can see that Travelite Holdings had liabilities of S$18.5m due within 12 months and liabilities of S$17.6m due beyond that. On the other hand, it had cash of S$9.91m and S$6.77m worth of receivables due within a year. So it has liabilities totalling S$19.5m more than its cash and near-term receivables, combined.</p>
<div class="lb-trans"><p>放大最新的资产负债表数据，我们可以看到，Travelite Holdings 有 1850 万新元的负债在 12 个月内到期，以及 1760 万新元的负债在此之后到期。另一方面，它有 991 万新元的现金和 677 万新元的应收账款在一年内到期。因此，它的负债总额比现金和短期应收账款的总和多出 1950 万新元。</p>
</div><p>Given this deficit is actually higher than the company's market capitalization of S$14.2m, we think shareholders really should watch Travelite Holdings's debt levels, like a parent watching their child ride a bike for the first time. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.</p>
<div class="lb-trans"><p>鉴于这一赤字实际上高于公司 1420 万新元的市值，我们认为股东确实应该像父母看着孩子第一次骑自行车一样关注 Travelite Holdings 的债务水平。在公司必须迅速清理资产负债表的情况下，股东似乎会遭受严重的稀释。</p>
</div><p>Check out our latest analysis for Travelite Holdings</p>
<div class="lb-trans"><p>查看我们对 Travelite Holdings 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）覆盖利息支出的次数（简称利息覆盖）。通过这种方式，我们考虑了债务的绝对数量以及支付的利率。</p>
</div><p>Travelite Holdings shareholders face the double whammy of a high net debt to EBITDA ratio (5.1), and fairly weak interest coverage, since EBIT is just 0.30 times the interest expense. The debt burden here is substantial. Even worse, Travelite Holdings saw its EBIT tank 93% over the last 12 months. If earnings keep going like that over the long term, it has a snowball's chance in hell of paying off that debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Travelite Holdings's earnings that will influence how the balance sheet holds up in the future. 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>Travelite Holdings 的股东面临着净债务与 EBITDA 比率高（5.1）和相对较弱的利息覆盖，因为 EBIT 仅为利息支出的 0.30 倍。这里的债务负担相当沉重。更糟糕的是，Travelite Holdings 的 EBIT 在过去 12 个月中暴跌了 93%。如果收益长期保持这种趋势，偿还债务的机会微乎其微。在分析债务时，资产负债表显然是重点。但影响资产负债表未来表现的将是 Travelite Holdings 的收益。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>Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Happily for any shareholders, Travelite Holdings actually produced more free cash flow than EBIT over the last three years. 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，虽然税务机关可能喜欢会计利润，但贷款人只接受冷硬的现金。因此，合理的步骤是查看 EBIT 中有多少比例与实际自由现金流相匹配。幸运的是，对于任何股东来说，Travelite Holdings 在过去三年中实际产生的自由现金流超过了 EBIT。在与贷款人保持良好关系方面，没有什么比现金流入更重要的了。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>On the face of it, Travelite Holdings's interest cover left us tentative about the stock, and its EBIT growth rate was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at converting EBIT to free cash flow; that's encouraging. Overall, it seems to us that Travelite Holdings's balance sheet is really quite a risk to the business. 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. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified <strong>3 warning signs for Travelite Holdings</strong> (1 shouldn't be ignored) you should be aware of.</p>
<div class="lb-trans"><p>乍一看，Travelite Holdings 的利息覆盖率让我们对该股票持谨慎态度，而其 EBIT 增长率也没有比一年中最繁忙的夜晚里唯一的一家空餐厅更具吸引力。但至少它在将 EBIT 转换为自由现金流方面表现相当不错；这令人鼓舞。总体而言，我们认为 Travelite Holdings 的资产负债表确实对业务构成了相当大的风险。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，正如人们所说。分析债务时，资产负债表显然是重点。但最终，每家公司都可能存在资产负债表之外的风险。例如，我们已经识别出 <strong>Travelite Holdings 的 3 个警告信号</strong>（其中一个不应被忽视），您应该注意。</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，关注没有净债务的公司往往更好。您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>

Travelite Holdings (SGX:BCZ) 使用债务的行为可能被视为具有风险