<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……也是我所认识的每位实际投资者所担心的风险。” 当我们考虑一家公司的风险时，我们总是喜欢查看其债务使用情况，因为债务过重可能导致破产。我们可以看到 <strong>Metcash Limited</strong>（ASX:MTS）确实在其业务中使用了债务。但这对股东来说是个问题吗？</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<h2>为什么债务带来风险？</h2>
<p>债务是帮助企业成长的工具，但如果企业无法偿还其债权人，那么它就处于债权人的掌控之中。资本主义的一个重要组成部分是 “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（但仍然代价高昂）的情况是，一家公司必须以极低的价格发行股票，永久稀释股东权益，仅仅是为了修复其资产负债表。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>Metcash 的债务有多少？</h2>
<p>您可以点击下面的图形查看历史数据，但数据显示截至 2025 年 4 月，Metcash 的债务为 6.622 亿澳元，比一年前的 3.492 亿澳元有所增加。然而，它也有 8480 万澳元的现金，因此其净债务为 5.774 亿澳元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/881626-debt-equity-history-analysis-1-dark-2/1757196151462?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/881626-debt-equity-history-analysis-1-dark-2/1757196151462"/></p>
<p>ASX:MTS 债务与股本历史 2025 年 9 月 6 日</p>
<h2>看一下 Metcash 的负债</h2>
<p>最新的资产负债表数据显示，Metcash 的负债为 36.3 亿澳元，需在一年内偿还，且在此之后还有 16.2 亿澳元的负债。对此，它有 8480 万澳元的现金和 21.4 亿澳元的应收账款将在 12 个月内到期。因此，其负债总额比现金和短期应收账款的总和多出 30.3 亿澳元。</p>
<p>相对于其市场资本化的 45.4 亿澳元，这是一座巨大的杠杆山。这表明，如果公司需要迅速修复其资产负债表，股东将会受到严重稀释。</p>
<p>查看我们对 Metcash 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（利息覆盖率），来衡量公司的债务负担相对于其盈利能力。因此，我们考虑债务相对于盈利的情况，包括和不包括折旧和摊销费用。</p>
<p>虽然 Metcash 的债务与 EBITDA 比率为 1.1，表明其债务使用相对温和，但 EBIT 仅能覆盖利息支出的 4.3 倍这一事实让我们感到担忧。因此，我们建议密切关注融资成本对业务的影响。值得注意的是，Metcash 的 EBIT 在过去一年中几乎持平。理想情况下，它可以通过启动盈利增长来减少债务负担。在分析债务时，资产负债表显然是重点。但最终，企业的未来盈利能力将决定 Metcash 是否能够随着时间的推移增强其资产负债表。因此，如果您想了解专业人士的看法，您可能会发现这份关于分析师盈利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，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。在最近三年中，Metcash 记录的自由现金流占其 EBIT 的 69%，这在正常范围内，因为自由现金流不包括利息和税。这一自由现金流使公司在适当时能够偿还债务。</p>
<h2>我们的观点</h2>
<p>Metcash 将 EBIT 转化为自由现金流的能力在这项分析中是一个真正的积极因素，其净债务与 EBITDA 的比率也是如此。另一方面，其总负债水平让我们对其债务感到有些不安。查看所有这些数据让我们对 Metcash 的债务水平感到有些谨慎。虽然我们认识到债务可以提高股本回报，但我们建议股东密切关注其债务水平，以免其增加。在分析债务水平时，资产负债表显然是一个起点。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。请注意，Metcash 在我们的投资分析中显示出 <strong>1 个警告信号</strong>，您应该了解……</p>
<p>如果您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，请查看这份 <strong>免费</strong> 的净现金增长企业名单。</p>

<p>Metcash Limited（ASX：MTS）负债较重，截至 2025 年 4 月，其债务为 6.622 亿澳元，净债务为 5.774 亿澳元。其负债总额达到 30.3 亿澳元，这引发了对公司在需要增强资产负债表时可能导致股东稀释的担忧。尽管其低债务与 EBITDA 比率为 1.1，表明债务使用适度，但去年的 EBIT 仅能覆盖利息支出 4.3 倍。Metcash 的自由现金流占 EBIT 的 69%，使其能够管理债务，但对于其整体债务水平仍需保持谨慎</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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that <strong>Metcash Limited</strong> (ASX:MTS) 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……也是我所认识的每位实际投资者所担心的风险。” 当我们考虑一家公司的风险时，我们总是喜欢查看其债务使用情况，因为债务过重可能导致破产。我们可以看到 <strong>Metcash Limited</strong>（ASX:MTS）确实在其业务中使用了债务。但这对股东来说是个问题吗？</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</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>Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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 examine debt levels, we first consider both cash and debt levels, together.</p>
<div class="lb-trans"><p>债务是帮助企业成长的工具，但如果企业无法偿还其债权人，那么它就处于债权人的掌控之中。资本主义的一个重要组成部分是 “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（但仍然代价高昂）的情况是，一家公司必须以极低的价格发行股票，永久稀释股东权益，仅仅是为了修复其资产负债表。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>How Much Debt Does Metcash Carry?</h2>
<div class="lb-trans"><h2>Metcash 的债务有多少？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that as of April 2025 Metcash had AU$662.2m of debt, an increase on AU$349.2m, over one year. However, it also had AU$84.8m in cash, and so its net debt is AU$577.4m.</p>
<div class="lb-trans"><p>您可以点击下面的图形查看历史数据，但数据显示截至 2025 年 4 月，Metcash 的债务为 6.622 亿澳元，比一年前的 3.492 亿澳元有所增加。然而，它也有 8480 万澳元的现金，因此其净债务为 5.774 亿澳元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/881626-debt-equity-history-analysis-1-dark-2/1757196151462" alt="" original-src="https://images.simplywall.st/asset/chart/881626-debt-equity-history-analysis-1-dark-2/1757196151462"/></p>
<p>ASX:MTS Debt to Equity History September 6th 2025</p>
<div class="lb-trans"><p>ASX:MTS 债务与股本历史 2025 年 9 月 6 日</p>
</div><h2>A Look At Metcash's Liabilities</h2>
<div class="lb-trans"><h2>看一下 Metcash 的负债</h2>
</div><p>The latest balance sheet data shows that Metcash had liabilities of AU$3.63b due within a year, and liabilities of AU$1.62b falling due after that. Offsetting this, it had AU$84.8m in cash and AU$2.14b in receivables that were due within 12 months. So its liabilities total AU$3.03b more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>最新的资产负债表数据显示，Metcash 的负债为 36.3 亿澳元，需在一年内偿还，且在此之后还有 16.2 亿澳元的负债。对此，它有 8480 万澳元的现金和 21.4 亿澳元的应收账款将在 12 个月内到期。因此，其负债总额比现金和短期应收账款的总和多出 30.3 亿澳元。</p>
</div><p>This is a mountain of leverage relative to its market capitalization of AU$4.54b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.</p>
<div class="lb-trans"><p>相对于其市场资本化的 45.4 亿澳元，这是一座巨大的杠杆山。这表明，如果公司需要迅速修复其资产负债表，股东将会受到严重稀释。</p>
</div><p>See our latest analysis for Metcash</p>
<div class="lb-trans"><p>查看我们对 Metcash 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（利息覆盖率），来衡量公司的债务负担相对于其盈利能力。因此，我们考虑债务相对于盈利的情况，包括和不包括折旧和摊销费用。</p>
</div><p>While Metcash's low debt to EBITDA ratio of 1.1 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 4.3 times last year does give us pause. So we'd recommend keeping a close eye on the impact financing costs are having on the business. Notably Metcash's EBIT was pretty flat over the last year. Ideally it can diminish its debt load by kick-starting earnings growth. 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 Metcash 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 Metcash 的债务与 EBITDA 比率为 1.1，表明其债务使用相对温和，但 EBIT 仅能覆盖利息支出的 4.3 倍这一事实让我们感到担忧。因此，我们建议密切关注融资成本对业务的影响。值得注意的是，Metcash 的 EBIT 在过去一年中几乎持平。理想情况下，它可以通过启动盈利增长来减少债务负担。在分析债务时，资产负债表显然是重点。但最终，企业的未来盈利能力将决定 Metcash 是否能够随着时间的推移增强其资产负债表。因此，如果您想了解专业人士的看法，您可能会发现这份关于分析师盈利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 the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, Metcash recorded free cash flow worth 69% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.</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，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。在最近三年中，Metcash 记录的自由现金流占其 EBIT 的 69%，这在正常范围内，因为自由现金流不包括利息和税。这一自由现金流使公司在适当时能够偿还债务。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>Metcash's conversion of EBIT to free cash flow was a real positive on this analysis, as was its net debt to EBITDA. On the other hand, its level of total liabilities makes us a little less comfortable about its debt. Looking at all this data makes us feel a little cautious about Metcash's debt levels. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Be aware that Metcash is showing <strong>1 warning sign in our investment analysis</strong> , you should know about...</p>
<div class="lb-trans"><p>Metcash 将 EBIT 转化为自由现金流的能力在这项分析中是一个真正的积极因素，其净债务与 EBITDA 的比率也是如此。另一方面，其总负债水平让我们对其债务感到有些不安。查看所有这些数据让我们对 Metcash 的债务水平感到有些谨慎。虽然我们认识到债务可以提高股本回报，但我们建议股东密切关注其债务水平，以免其增加。在分析债务水平时，资产负债表显然是一个起点。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。请注意，Metcash 在我们的投资分析中显示出 <strong>1 个警告信号</strong>，您应该了解……</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>如果您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，请查看这份 <strong>免费</strong> 的净现金增长企业名单。</p>
</div>

Metcash（ASX:MTS）的资产负债表相当健康