<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。我们注意到 <strong>Hanesbrands Inc.</strong>（纽约证券交易所代码：HBI）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呢？</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>何时债务成为问题？</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。资本主义的一个组成部分是 “创造性破坏” 的过程，失败的企业会被其银行家无情地清算。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。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时。当我们审视债务水平时，我们首先考虑现金和债务水平的结合。</p>
<h2>Hanesbrands 的净债务是多少？</h2>
<p>您可以点击下面的图表查看历史数据，但它显示 Hanesbrands 在 2025 年 3 月的债务为 23.5 亿美元，较一年前的 33 亿美元有所下降。然而，它有 1.759 亿美元的现金抵消这部分债务，导致净债务约为 21.7 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/4212820-debt-equity-history-analysis-1-dark-2/1754223831694?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/4212820-debt-equity-history-analysis-1-dark-2/1754223831694"/></p>
<p>纽约证券交易所：HBI 债务与股本历史 2025 年 8 月 3 日</p>
<h2>Hanesbrands 的负债情况</h2>
<p>我们可以从最新的资产负债表中看到，Hanesbrands 有 11.1 亿美元的负债将在一年内到期，超过这一期限的负债为 26.7 亿美元。抵消这部分负债的是 1.759 亿美元的现金和 3.421 亿美元的应收账款，这些应收账款将在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和的 3.26 亿美元。</p>
<p>这里的缺口对这家 14.4 亿美元的公司造成了沉重的负担，就像一个孩子在背负着装满书籍、运动器材和小号的巨大背包时的挣扎。因此，我们无疑会密切关注其资产负债表。归根结底，如果债权人要求偿还，Hanesbrands 可能需要进行重大再融资。</p>
<p>查看我们对 Hanesbrands 的最新分析</p>
<p>我们通过查看净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算息税前利润（EBIT）覆盖利息支出的能力，来衡量公司的债务负担相对于其盈利能力的情况。这种方法的优势在于，我们同时考虑了债务的绝对量（净债务与 EBITDA 的比率）和与该债务相关的实际利息支出（其利息覆盖比率）。</p>
<p>虽然我们不会担心 Hanesbrands 的净债务与 EBITDA 的比率为 4.4，但我们认为其超低的利息覆盖比率为 2.3 倍是高杠杆的迹象。因此，股东们应该意识到，利息支出似乎最近对业务产生了真正的影响。从积极的一面来看，Hanesbrands 在过去一年中将其 EBIT 提升了 58%。这种增长就像母亲对新生儿的温暖拥抱，增强了公司的韧性，使其在管理债务时处于更强的位置。在分析债务水平时，资产负债表显然是一个明显的起点。但最终，企业未来的盈利能力将决定 Hanesbrands 是否能够随着时间的推移增强其资产负债表。因此，如果您想看看专业人士的看法，您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，企业需要自由现金流来偿还债务；会计利润并不足够。因此，我们总是检查 EBIT 中有多少转化为自由现金流。在过去三年中，Hanesbrands 的自由现金流占其 EBIT 的 26%，低于我们的预期。这种较弱的现金转化使得处理债务变得更加困难。</p>
<h2>我们的观点</h2>
<p>我们甚至可以说 Hanesbrands 的总负债水平令人失望。但从积极的一面来看，其 EBIT 增长率是一个好兆头，让我们更加乐观。从更大的角度来看，我们显然认为 Hanesbrands 的债务使用正在为公司创造风险。如果一切顺利，这应该会提高回报，但另一方面，债务提高了永久性资本损失的风险。在分析债务时，资产负债表显然是需要关注的领域。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，Hanesbrands 有 <strong>1 个警告信号</strong> 我们认为您应该注意。</p>
<p>当然，如果您是那种喜欢购买没有债务负担的股票的投资者，那么请不要犹豫，今天就来发现我们独家的净现金增长股票名单。</p>

哈尼斯品牌服装

<p>Hanesbrands（纽约证券交易所代码：HBI）面临由于其显著的债务风险，总额达到 23.5 亿美元，扣除现金后的净债务为 21.7 亿美元。公司的负债超过其现金和应收账款 32.6 亿美元，表明可能存在财务压力。尽管利息覆盖比率较低，仅为 2.3，Hanesbrands 的息税前利润（EBIT）却增长了 58%，显示出一定的韧性。然而，仅有 26% 的 EBIT 转化为自由现金流，这使得债务管理变得复杂。总体而言，尽管债务状况令人担忧，但 EBIT 的增长为股东提供了一些乐观的希望</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 note that <strong>Hanesbrands Inc.</strong> (NYSE:HBI) does have debt on its balance sheet. But should shareholders be worried about its use of debt?</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。我们注意到 <strong>Hanesbrands Inc.</strong>（纽约证券交易所代码：HBI）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呢？</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>When Is Debt A Problem?</h2>
<div class="lb-trans"><h2>何时债务成为问题？</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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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这些义务时，债务和其他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。资本主义的一个组成部分是 “创造性破坏” 的过程，失败的企业会被其银行家无情地清算。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。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时。当我们审视债务水平时，我们首先考虑现金和债务水平的结合。</p>
</div><h2>What Is Hanesbrands's Net Debt?</h2>
<div class="lb-trans"><h2>Hanesbrands 的净债务是多少？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that Hanesbrands had US$2.35b of debt in March 2025, down from US$3.30b, one year before. However, it does have US$175.9m in cash offsetting this, leading to net debt of about US$2.17b.</p>
<div class="lb-trans"><p>您可以点击下面的图表查看历史数据，但它显示 Hanesbrands 在 2025 年 3 月的债务为 23.5 亿美元，较一年前的 33 亿美元有所下降。然而，它有 1.759 亿美元的现金抵消这部分债务，导致净债务约为 21.7 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/4212820-debt-equity-history-analysis-1-dark-2/1754223831694" alt="" original-src="https://images.simplywall.st/asset/chart/4212820-debt-equity-history-analysis-1-dark-2/1754223831694"/></p>
<p>NYSE:HBI Debt to Equity History August 3rd 2025</p>
<div class="lb-trans"><p>纽约证券交易所：HBI 债务与股本历史 2025 年 8 月 3 日</p>
</div><h2>A Look At Hanesbrands' Liabilities</h2>
<div class="lb-trans"><h2>Hanesbrands 的负债情况</h2>
</div><p>We can see from the most recent balance sheet that Hanesbrands had liabilities of US$1.11b falling due within a year, and liabilities of US$2.67b due beyond that. Offsetting this, it had US$175.9m in cash and US$342.1m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$3.26b.</p>
<div class="lb-trans"><p>我们可以从最新的资产负债表中看到，Hanesbrands 有 11.1 亿美元的负债将在一年内到期，超过这一期限的负债为 26.7 亿美元。抵消这部分负债的是 1.759 亿美元的现金和 3.421 亿美元的应收账款，这些应收账款将在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和的 3.26 亿美元。</p>
</div><p>The deficiency here weighs heavily on the US$1.44b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Hanesbrands would probably need a major re-capitalization if its creditors were to demand repayment.</p>
<div class="lb-trans"><p>这里的缺口对这家 14.4 亿美元的公司造成了沉重的负担，就像一个孩子在背负着装满书籍、运动器材和小号的巨大背包时的挣扎。因此，我们无疑会密切关注其资产负债表。归根结底，如果债权人要求偿还，Hanesbrands 可能需要进行重大再融资。</p>
</div><p>Check out our latest analysis for Hanesbrands</p>
<div class="lb-trans"><p>查看我们对 Hanesbrands 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). 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>我们通过查看净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算息税前利润（EBIT）覆盖利息支出的能力，来衡量公司的债务负担相对于其盈利能力的情况。这种方法的优势在于，我们同时考虑了债务的绝对量（净债务与 EBITDA 的比率）和与该债务相关的实际利息支出（其利息覆盖比率）。</p>
</div><p>While we wouldn't worry about Hanesbrands's net debt to EBITDA ratio of 4.4, we think its super-low interest cover of 2.3 times is a sign of high leverage. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. Looking on the bright side, Hanesbrands boosted its EBIT by a silky 58% in the last year. Like a mother's loving embrace of a newborn that sort of growth builds resilience, putting the company in a stronger position to manage its debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Hanesbrands 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>虽然我们不会担心 Hanesbrands 的净债务与 EBITDA 的比率为 4.4，但我们认为其超低的利息覆盖比率为 2.3 倍是高杠杆的迹象。因此，股东们应该意识到，利息支出似乎最近对业务产生了真正的影响。从积极的一面来看，Hanesbrands 在过去一年中将其 EBIT 提升了 58%。这种增长就像母亲对新生儿的温暖拥抱，增强了公司的韧性，使其在管理债务时处于更强的位置。在分析债务水平时，资产负债表显然是一个明显的起点。但最终，企业未来的盈利能力将决定 Hanesbrands 是否能够随着时间的推移增强其资产负债表。因此，如果您想看看专业人士的看法，您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, 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. In the last three years, Hanesbrands's free cash flow amounted to 26% 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，我们总是检查 EBIT 中有多少转化为自由现金流。在过去三年中，Hanesbrands 的自由现金流占其 EBIT 的 26%，低于我们的预期。这种较弱的现金转化使得处理债务变得更加困难。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>We'd go so far as to say Hanesbrands's level of total liabilities was disappointing. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. Looking at the bigger picture, it seems clear to us that Hanesbrands's use of debt is creating risks for the company. If all goes well, that should boost returns, but on the flip side, the risk of permanent capital loss is elevated by the debt. 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. For example - Hanesbrands has <strong>1 warning sign</strong> we think you should be aware of.</p>
<div class="lb-trans"><p>我们甚至可以说 Hanesbrands 的总负债水平令人失望。但从积极的一面来看，其 EBIT 增长率是一个好兆头，让我们更加乐观。从更大的角度来看，我们显然认为 Hanesbrands 的债务使用正在为公司创造风险。如果一切顺利，这应该会提高回报，但另一方面，债务提高了永久性资本损失的风险。在分析债务时，资产负债表显然是需要关注的领域。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，Hanesbrands 有 <strong>1 个警告信号</strong> 我们认为您应该注意。</p>
</div><p>Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.</p>
<div class="lb-trans"><p>当然，如果您是那种喜欢购买没有债务负担的股票的投资者，那么请不要犹豫，今天就来发现我们独家的净现金增长股票名单。</p>
</div>

哈尼斯品牌服装（NYSE:HBI）是否属于高风险投资？