<p>传奇基金经理李录（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资本损失。’ 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>FirstService Corporation</strong>（TSE:FSV）确实在其资产负债表上有债务。但这对股东来说是个问题吗？</p>
<p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
<h2>为什么债务带来风险？</h2>
<p>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资金还是通过自身的现金流。如果情况变得非常糟糕，贷款人可能会控制企业。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>FirstService 的净债务是多少？</h2>
<p>你可以点击下面的图表查看历史数据，但它显示 FirstService 在 2025 年 6 月的债务为 12.1 亿美元，较一年前的 13 亿美元有所下降。然而，它也有 2.018 亿美元的现金，因此其净债务为 10.1 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/284804601-debt-equity-history-analysis-1-dark-2/1755432299728?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/284804601-debt-equity-history-analysis-1-dark-2/1755432299728"/></p>
<p>TSX:FSV 债务与股本历史 2025 年 8 月 17 日</p>
<h2>FirstService 的资产负债表健康吗？</h2>
<p>根据最后报告的资产负债表，FirstService 在 12 个月内有 9.32 亿美元的负债，12 个月后有 17.2 亿美元的负债。对此，它有 2.018 亿美元的现金和 10.1 亿美元的应收账款，这些应收账款在 12 个月内到期。因此，它的负债超过了现金和（短期）应收账款总和的 14.4 亿美元。</p>
<p>由于公开交易的 FirstService 股票总值为 90.3 亿美元，因此这种负债水平似乎不太可能构成重大威胁。然而，我们确实认为值得关注其资产负债表的强度，因为它可能会随着时间的推移而变化。</p>
<p>查看我们对 FirstService 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（利息覆盖）来衡量公司的债务负担。因此，我们在考虑债务时，会同时考虑折旧和摊销费用的影响。</p>
<p>FirstService 的净债务与其 EBITDA 的比率为 1.9 倍，而其 EBIT 去年覆盖利息支出的比率为 4.3 倍。虽然这并不让我们太担心，但确实表明利息支付在某种程度上是个负担。重要的是，FirstService 在过去 12 个月中将其 EBIT 增长了 33%，这种增长将使其更容易处理债务。在分析债务时，资产负债表显然是需要关注的领域。但最终，企业未来的盈利能力将决定 FirstService 是否能够随着时间的推移增强其资产负债表。因此，如果你关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的盈利预测。</p>
<p>但我们最后的考虑也很重要，因为公司不能用纸面利润来偿还债务；它需要真实的现金。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。在过去三年中，FirstService 产生了相当可观的自由现金流，占其 EBIT 的 57%，这大约是我们所期望的。这笔真实的现金意味着它可以在需要时减少债务。</p>
<h2>我们的观点</h2>
<p>好消息是，FirstService 展现出的 EBIT 增长能力让我们像小狗让幼儿高兴一样感到愉悦。但说实话，我们觉得其利息覆盖率在某种程度上削弱了这种印象。综合考虑所有这些数据，我们认为 FirstService 在债务方面采取了相当明智的方式。这意味着他们承担了一些额外的风险，希望提升股东回报。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——FirstService 有 <strong>2 个警告信号</strong> 我们认为你应该注意。</p>
<p>如果你有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，那么请查看这份 <strong>免费</strong> 的净现金企业增长名单。</p>

FirstService公司

<p>FirstService Corporation（多伦多证券交易所代码：FSV）的净债务为 10.1 亿美元，负债超过现金和应收账款 14.4 亿美元。尽管如此，其 90.3 亿美元的市场价值表明风险可控。该公司的净债务是其 EBITDA 的 1.9 倍，EBIT 覆盖利息支出 4.3 倍，显示出利息支付带来了一定的负担。然而，FirstService 的 EBIT 在去年增长了 33%，并产生了相当于 EBIT 57% 的自由现金流，允许进行潜在的债务减少。总体而言，该公司对债务保持了合理的态度，但应注意两个警示信号</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.' 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>FirstService Corporation</strong> (TSE:FSV) does have debt on its balance sheet. But is this debt a concern to shareholders?</p>
<div class="lb-trans"><p>传奇基金经理李录（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资本损失。’ 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>FirstService Corporation</strong>（TSE:FSV）确实在其资产负债表上有债务。但这对股东来说是个问题吗？</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
</div><h2>Why Does Debt Bring Risk?</h2>
<div class="lb-trans"><h2>为什么债务带来风险？</h2>
</div><p>Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. 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 think about a company's use of debt, we first look at cash and debt together.</p>
<div class="lb-trans"><p>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资金还是通过自身的现金流。如果情况变得非常糟糕，贷款人可能会控制企业。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 FirstService's Net Debt?</h2>
<div class="lb-trans"><h2>FirstService 的净债务是多少？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that FirstService had US$1.21b of debt in June 2025, down from US$1.30b, one year before. However, it also had US$201.8m in cash, and so its net debt is US$1.01b.</p>
<div class="lb-trans"><p>你可以点击下面的图表查看历史数据，但它显示 FirstService 在 2025 年 6 月的债务为 12.1 亿美元，较一年前的 13 亿美元有所下降。然而，它也有 2.018 亿美元的现金，因此其净债务为 10.1 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/284804601-debt-equity-history-analysis-1-dark-2/1755432299728" alt="" original-src="https://images.simplywall.st/asset/chart/284804601-debt-equity-history-analysis-1-dark-2/1755432299728"/></p>
<p>TSX:FSV Debt to Equity History August 17th 2025</p>
<div class="lb-trans"><p>TSX:FSV 债务与股本历史 2025 年 8 月 17 日</p>
</div><h2>How Healthy Is FirstService's Balance Sheet?</h2>
<div class="lb-trans"><h2>FirstService 的资产负债表健康吗？</h2>
</div><p>According to the last reported balance sheet, FirstService had liabilities of US$932.0m due within 12 months, and liabilities of US$1.72b due beyond 12 months. Offsetting this, it had US$201.8m in cash and US$1.01b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.44b.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，FirstService 在 12 个月内有 9.32 亿美元的负债，12 个月后有 17.2 亿美元的负债。对此，它有 2.018 亿美元的现金和 10.1 亿美元的应收账款，这些应收账款在 12 个月内到期。因此，它的负债超过了现金和（短期）应收账款总和的 14.4 亿美元。</p>
</div><p>Since publicly traded FirstService shares are worth a total of US$9.03b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.</p>
<div class="lb-trans"><p>由于公开交易的 FirstService 股票总值为 90.3 亿美元，因此这种负债水平似乎不太可能构成重大威胁。然而，我们确实认为值得关注其资产负债表的强度，因为它可能会随着时间的推移而变化。</p>
</div><p>See our latest analysis for FirstService</p>
<div class="lb-trans"><p>查看我们对 FirstService 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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.</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（利息覆盖）来衡量公司的债务负担。因此，我们在考虑债务时，会同时考虑折旧和摊销费用的影响。</p>
</div><p>FirstService's net debt is sitting at a very reasonable 1.9 times its EBITDA, while its EBIT covered its interest expense just 4.3 times last year. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. Importantly, FirstService grew its EBIT by 33% over the last twelve months, and that growth will make it easier to handle its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if FirstService can strengthen its balance sheet over time. 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>FirstService 的净债务与其 EBITDA 的比率为 1.9 倍，而其 EBIT 去年覆盖利息支出的比率为 4.3 倍。虽然这并不让我们太担心，但确实表明利息支付在某种程度上是个负担。重要的是，FirstService 在过去 12 个月中将其 EBIT 增长了 33%，这种增长将使其更容易处理债务。在分析债务时，资产负债表显然是需要关注的领域。但最终，企业未来的盈利能力将决定 FirstService 是否能够随着时间的推移增强其资产负债表。因此，如果你关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的盈利预测。</p>
</div><p>But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, FirstService produced sturdy free cash flow equating to 57% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.</p>
<div class="lb-trans"><p>但我们最后的考虑也很重要，因为公司不能用纸面利润来偿还债务；它需要真实的现金。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。在过去三年中，FirstService 产生了相当可观的自由现金流，占其 EBIT 的 57%，这大约是我们所期望的。这笔真实的现金意味着它可以在需要时减少债务。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>The good news is that FirstService's demonstrated ability to grow its EBIT delights us like a fluffy puppy does a toddler. But truth be told we feel its interest cover does undermine this impression a bit. Taking all this data into account, it seems to us that FirstService takes a pretty sensible approach to debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. 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 - FirstService has <strong>2 warning signs</strong> we think you should be aware of.</p>
<div class="lb-trans"><p>好消息是，FirstService 展现出的 EBIT 增长能力让我们像小狗让幼儿高兴一样感到愉悦。但说实话，我们觉得其利息覆盖率在某种程度上削弱了这种印象。综合考虑所有这些数据，我们认为 FirstService 在债务方面采取了相当明智的方式。这意味着他们承担了一些额外的风险，希望提升股东回报。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——FirstService 有 <strong>2 个警告信号</strong> 我们认为你应该注意。</p>
</div><p>If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this <strong>free</strong> list of growing businesses that have net cash on the balance sheet.</p>
<div class="lb-trans"><p>如果你有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，那么请查看这份 <strong>免费</strong> 的净现金企业增长名单。</p>
</div>

我们认为 FirstService 公司（TSE:FSV）能够在债务管理方面保持领先