<p>霍华德·马克斯（Howard Marks）曾说得很好，与其担心股价波动，不如关注 “永久性损失的可能性，这是我所担心的风险……也是我认识的每一个实际投资者所担心的。” 因此，聪明的钱知道，债务——通常与破产有关——在评估一家公司的风险时是一个非常重要的因素。我们可以看到 <strong>Bloomin' Brands, Inc.</strong>（纳斯达克：BLMN）确实在其业务中使用了债务。但这笔债务对股东来说是个问题吗？</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>当企业无法轻松履行债务或其他负债时，这些负债就会变得风险重重，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它们以低价筹集资本而永久性稀释股东权益。当然，许多公司使用债务来资助增长，而没有任何负面后果。当我们审视债务水平时，首先考虑的是现金和债务水平的结合。</p>
<h2>Bloomin' Brands 的债务是多少？</h2>
<p>正如您在下面看到的，截止到 2025 年 3 月，Bloomin' Brands 的债务为 9.176 亿美元，与前一年大致相同。您可以点击图表以获取更详细的信息。另一方面，它有 5770 万美元的现金，导致净债务约为 8.599 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/128530849-debt-equity-history-analysis-1-dark-2/1754145790727?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/128530849-debt-equity-history-analysis-1-dark-2/1754145790727"/></p>
<p>纳斯达克 GS:BLMN 债务与股本历史 2025 年 8 月 2 日</p>
<h2>Bloomin' Brands 的资产负债表健康状况如何？</h2>
<p>根据最后报告的资产负债表，Bloomin' Brands 有 778.5 百万美元的负债在 12 个月内到期，以及 21.4 亿美元的负债在 12 个月后到期。抵消这一点的是它有 5770 万美元的现金和 1.543 亿美元的应收账款，这些应收账款在 12 个月内到期。因此，它的负债总额比现金和短期应收账款的总和多出 27.1 亿美元。</p>
<p>这一赤字在 7.749 亿美元的公司上投下了阴影，就像一座巨人高耸于凡人之上。因此，我们绝对认为股东需要密切关注这一点。归根结底，如果债权人要求偿还，Bloomin' Brands 可能需要进行重大再融资。</p>
<p>查看我们对 Bloomin' Brands 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（或简称利息覆盖）。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>Bloomin' Brands 的净债务是 EBITDA 的 2.4 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 3.0 倍。虽然这些数字并没有让我们感到惊慌，但值得注意的是，公司债务的成本正在产生实际影响。股东应当意识到，Bloomin' Brands 的 EBIT 去年下降了 33%。如果这种下降持续下去，偿还债务将比在素食大会上出售鹅肝还要困难。毫无疑问，我们从资产负债表中学到了大部分关于债务的知识。但未来的收益，尤其是将决定 Bloomin' Brands 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；会计利润根本不够。因此，值得检查 EBIT 中有多少是由自由现金流支持的。在过去三年中，Bloomin' Brands 的自由现金流占其 EBIT 的 43%，低于我们的预期。在偿还债务方面，这并不理想。</p>
<h2>我们的观点</h2>
<p>从表面上看，Bloomin' Brands 的 EBIT 增长率让我们对该股票持谨慎态度，其总负债水平也没有比一年中最繁忙的夜晚那家空餐厅更具吸引力。尽管如此，它将 EBIT 转化为自由现金流的能力并不是一个大问题。在考虑了上述数据点后，我们认为 Bloomin' Brands 的债务过多。这种风险对于某些人来说是可以接受的，但显然不符合我们的投资偏好。在分析债务时，资产负债表显然是重点。然而，并非所有投资风险都存在于资产负债表中——远非如此。请注意，Bloomin' Brands 在我们的投资分析中显示出 <strong>4 个警告信号</strong>，其中 1 个是令人担忧的……</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>

BLMN

<p>Bloomin' Brands（纳斯达克代码：BLMN）负债累累，总债务达到 9.176 亿美元，扣除现金后的净债务为 8.599 亿美元。公司的负债超过其现金和应收账款 27.1 亿美元，这引发了股东的担忧。由于息税前利润（EBIT）仅能覆盖利息支出 3.0 倍，且去年 EBIT 下降了 33%，债务偿还的风险加大。分析师建议，如果债权人要求偿还，Bloomin' Brands 可能需要进行重大资本重组，这对投资者来说前景谨慎</p>

<p>Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that <strong>Bloomin' Brands, Inc.</strong> (NASDAQ:BLMN) does use debt in its business. But is this debt a concern to shareholders?</p>
<div class="lb-trans"><p>霍华德·马克斯（Howard Marks）曾说得很好，与其担心股价波动，不如关注 “永久性损失的可能性，这是我所担心的风险……也是我认识的每一个实际投资者所担心的。” 因此，聪明的钱知道，债务——通常与破产有关——在评估一家公司的风险时是一个非常重要的因素。我们可以看到 <strong>Bloomin' Brands, Inc.</strong>（纳斯达克：BLMN）确实在其业务中使用了债务。但这笔债务对股东来说是个问题吗？</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 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, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.</p>
<div class="lb-trans"><p>当企业无法轻松履行债务或其他负债时，这些负债就会变得风险重重，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它们以低价筹集资本而永久性稀释股东权益。当然，许多公司使用债务来资助增长，而没有任何负面后果。当我们审视债务水平时，首先考虑的是现金和债务水平的结合。</p>
</div><h2>What Is Bloomin' Brands's Debt?</h2>
<div class="lb-trans"><h2>Bloomin' Brands 的债务是多少？</h2>
</div><p>As you can see below, Bloomin' Brands had US$917.6m of debt, at March 2025, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has US$57.7m in cash leading to net debt of about US$859.9m.</p>
<div class="lb-trans"><p>正如您在下面看到的，截止到 2025 年 3 月，Bloomin' Brands 的债务为 9.176 亿美元，与前一年大致相同。您可以点击图表以获取更详细的信息。另一方面，它有 5770 万美元的现金，导致净债务约为 8.599 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/128530849-debt-equity-history-analysis-1-dark-2/1754145790727" alt="" original-src="https://images.simplywall.st/asset/chart/128530849-debt-equity-history-analysis-1-dark-2/1754145790727"/></p>
<p>NasdaqGS:BLMN Debt to Equity History August 2nd 2025</p>
<div class="lb-trans"><p>纳斯达克 GS:BLMN 债务与股本历史 2025 年 8 月 2 日</p>
</div><h2>How Healthy Is Bloomin' Brands' Balance Sheet?</h2>
<div class="lb-trans"><h2>Bloomin' Brands 的资产负债表健康状况如何？</h2>
</div><p>According to the last reported balance sheet, Bloomin' Brands had liabilities of US$778.5m due within 12 months, and liabilities of US$2.14b due beyond 12 months. Offsetting this, it had US$57.7m in cash and US$154.3m in receivables that were due within 12 months. So its liabilities total US$2.71b more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，Bloomin' Brands 有 778.5 百万美元的负债在 12 个月内到期，以及 21.4 亿美元的负债在 12 个月后到期。抵消这一点的是它有 5770 万美元的现金和 1.543 亿美元的应收账款，这些应收账款在 12 个月内到期。因此，它的负债总额比现金和短期应收账款的总和多出 27.1 亿美元。</p>
</div><p>This deficit casts a shadow over the US$774.9m 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, Bloomin' Brands 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 7.749 亿美元的公司上投下了阴影，就像一座巨人高耸于凡人之上。因此，我们绝对认为股东需要密切关注这一点。归根结底，如果债权人要求偿还，Bloomin' Brands 可能需要进行重大再融资。</p>
</div><p>View our latest analysis for Bloomin' Brands</p>
<div class="lb-trans"><p>查看我们对 Bloomin' Brands 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数量以及支付的利率。</p>
</div><p>Bloomin' Brands has net debt worth 2.4 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 3.0 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. Shareholders should be aware that Bloomin' Brands's EBIT was down 33% last year. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. 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 Bloomin' Brands'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>Bloomin' Brands 的净债务是 EBITDA 的 2.4 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 3.0 倍。虽然这些数字并没有让我们感到惊慌，但值得注意的是，公司债务的成本正在产生实际影响。股东应当意识到，Bloomin' Brands 的 EBIT 去年下降了 33%。如果这种下降持续下去，偿还债务将比在素食大会上出售鹅肝还要困难。毫无疑问，我们从资产负债表中学到了大部分关于债务的知识。但未来的收益，尤其是将决定 Bloomin' Brands 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 it's worth checking how much of that EBIT is backed by free cash flow. In the last three years, Bloomin' Brands's free cash flow amounted to 43% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.</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，值得检查 EBIT 中有多少是由自由现金流支持的。在过去三年中，Bloomin' Brands 的自由现金流占其 EBIT 的 43%，低于我们的预期。在偿还债务方面，这并不理想。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>On the face of it, Bloomin' Brands's EBIT growth rate left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. Having said that, its ability to convert EBIT to free cash flow isn't such a worry. After considering the datapoints discussed, we think Bloomin' Brands has too much debt. That sort of riskiness is ok for some, but it certainly doesn't float our boat. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that Bloomin' Brands is showing <strong>4 warning signs in our investment analysis</strong> , and 1 of those is concerning...</p>
<div class="lb-trans"><p>从表面上看，Bloomin' Brands 的 EBIT 增长率让我们对该股票持谨慎态度，其总负债水平也没有比一年中最繁忙的夜晚那家空餐厅更具吸引力。尽管如此，它将 EBIT 转化为自由现金流的能力并不是一个大问题。在考虑了上述数据点后，我们认为 Bloomin' Brands 的债务过多。这种风险对于某些人来说是可以接受的，但显然不符合我们的投资偏好。在分析债务时，资产负债表显然是重点。然而，并非所有投资风险都存在于资产负债表中——远非如此。请注意，Bloomin' Brands 在我们的投资分析中显示出 <strong>4 个警告信号</strong>，其中 1 个是令人担忧的……</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>

Bloomin' Brands（纳斯达克代码：BLMN）使用债务的行为可能被视为具有风险