<p>有些人认为波动性而非债务是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过：“波动性远非风险的同义词。” 因此，当你考虑任何特定股票的风险时，显然需要考虑债务，因为过多的债务可能会使公司陷入困境。重要的是，<strong>IAMGOLD Corporation</strong>（TSE:IMG）确实有债务。但更重要的问题是：这些债务带来了多少风险？</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>债务带来了什么风险？</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控制之下。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。虽然这种情况并不常见，但我们常常看到负债公司因债权人迫使其以低价筹集资金而永久稀释股东权益。当然，债务的好处在于它通常代表着廉价资本，特别是当它替代了能够以高回报率再投资的公司的稀释时。考虑公司债务水平的第一步是将其现金和债务一起考虑。</p>
<h2>IAMGOLD 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，但它显示截至 2025 年 6 月，IAMGOLD 的债务为 10.6 亿美元，比一年前的 8.148 亿美元有所增加。然而，它有 2.248 亿美元的现金来抵消这些债务，导致净债务约为 8.373 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/880318-debt-equity-history-analysis-1-dark-2/1757247125578?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/880318-debt-equity-history-analysis-1-dark-2/1757247125578"/></p>
<p>TSX:IMG 债务与股本历史 2025 年 9 月 7 日</p>
<h2>IAMGOLD 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 IAMGOLD 在 12 个月内到期的负债为 4.099 亿美元，超过 12 个月到期的负债为 14.8 亿美元。抵消这些负债的是 2.248 亿美元的现金和 6130 万美元的应收账款，这些应收账款在 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 16.1 亿美元。</p>
<p>虽然这看起来很多，但并不算太糟糕，因为 IAMGOLD 的市值为 60.6 亿美元，因此如果需要，它可能通过筹集资金来增强其资产负债表。但显然，我们应该密切关注它是否能够在不稀释的情况下管理其债务。</p>
<p>查看我们对 IAMGOLD 的最新分析</p>
<p>我们通过查看公司的净债务与其息税折旧摊销前利润（EBITDA）的比率，以及计算其息税前利润（EBIT）覆盖利息支出的能力（利息覆盖）来衡量公司的债务负担相对于其盈利能力。这种方式考虑了债务的绝对数量以及支付的利率。</p>
<p>IAMGOLD 的净债务仅为其 EBITDA 的 1.1 倍。其 EBIT 轻松覆盖其利息支出，达到 12.5 倍。因此，你可以说它的债务威胁并不比大象对老鼠的威胁更大。更好的是，IAMGOLD 去年的 EBIT 增长了 185%，这是一个令人印象深刻的改善。这一增长将使其在未来更容易偿还债务。在分析债务时，资产负债表显然是重点。但最终，未来的收益将决定 IAMGOLD 在未来维持健康资产负债表的能力。因此，如果你想看看专业人士的看法，你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，一家公司只能用现金偿还债务，而不是会计利润。因此，合理的步骤是查看 EBIT 中与实际自由现金流相匹配的比例。在过去三年中，IAMGOLD 消耗了大量现金。虽然这可能是由于增长支出，但这确实使得债务风险更大。</p>
<h2>我们的观点</h2>
<p>根据我们所看到的，IAMGOLD 在将 EBIT 转化为自由现金流方面并不容易，但我们考虑的其他因素让我们感到乐观。毫无疑问，它用 EBIT 覆盖利息支出的能力相当出色。考虑到这一系列数据，我们认为 IAMGOLD 在管理其债务水平方面处于良好位置。尽管如此，负担相当沉重，我们建议任何股东密切关注这一点。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。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>IAMGOLD 的 2 个警告信号</strong>，你应该注意。</p>
<p>归根结底，专注于没有净债务的公司往往更好。你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>

<p>IAMGOLD 公司（多伦多证券交易所代码：IMG）净债务约为 8.373 亿美元，总负债超过其现金和应收款项 16.1 亿美元。尽管如此，IAMGOLD 的市值为 60.6 亿美元，表明其在需要时可以筹集资金。该公司的净债务仅为其息税折旧摊销前利润（EBITDA）的 1.1 倍，息税前利润（EBIT）覆盖利息支出 12.5 倍。尽管 IAMGOLD 在将 EBIT 转化为自由现金流方面面临挑战，但其去年 185% 的强劲 EBIT 增长表明其在负责任地管理债务方面前景乐观</p>

<p>Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. Importantly, <strong>IAMGOLD Corporation</strong> (TSE:IMG) does carry debt. But the more important question is: how much risk is that debt creating?</p>
<div class="lb-trans"><p>有些人认为波动性而非债务是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过：“波动性远非风险的同义词。” 因此，当你考虑任何特定股票的风险时，显然需要考虑债务，因为过多的债务可能会使公司陷入困境。重要的是，<strong>IAMGOLD Corporation</strong>（TSE:IMG）确实有债务。但更重要的问题是：这些债务带来了多少风险？</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>What Risk Does Debt Bring?</h2>
<div class="lb-trans"><h2>债务带来了什么风险？</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. 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, 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. The first step when considering a company's debt levels is to consider its cash and debt 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控制之下。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。虽然这种情况并不常见，但我们常常看到负债公司因债权人迫使其以低价筹集资金而永久稀释股东权益。当然，债务的好处在于它通常代表着廉价资本，特别是当它替代了能够以高回报率再投资的公司的稀释时。考虑公司债务水平的第一步是将其现金和债务一起考虑。</p>
</div><h2>What Is IAMGOLD's Net Debt?</h2>
<div class="lb-trans"><h2>IAMGOLD 的净债务是多少？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that as of June 2025 IAMGOLD had US$1.06b of debt, an increase on US$814.8m, over one year. However, it does have US$224.8m in cash offsetting this, leading to net debt of about US$837.3m.</p>
<div class="lb-trans"><p>你可以点击下面的图表查看历史数据，但它显示截至 2025 年 6 月，IAMGOLD 的债务为 10.6 亿美元，比一年前的 8.148 亿美元有所增加。然而，它有 2.248 亿美元的现金来抵消这些债务，导致净债务约为 8.373 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/880318-debt-equity-history-analysis-1-dark-2/1757247125578" alt="" original-src="https://images.simplywall.st/asset/chart/880318-debt-equity-history-analysis-1-dark-2/1757247125578"/></p>
<p>TSX:IMG Debt to Equity History September 7th 2025</p>
<div class="lb-trans"><p>TSX:IMG 债务与股本历史 2025 年 9 月 7 日</p>
</div><h2>How Healthy Is IAMGOLD's Balance Sheet?</h2>
<div class="lb-trans"><h2>IAMGOLD 的资产负债表健康吗？</h2>
</div><p>Zooming in on the latest balance sheet data, we can see that IAMGOLD had liabilities of US$409.9m due within 12 months and liabilities of US$1.48b due beyond that. Offsetting this, it had US$224.8m in cash and US$61.3m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.61b.</p>
<div class="lb-trans"><p>放大最新的资产负债表数据，我们可以看到 IAMGOLD 在 12 个月内到期的负债为 4.099 亿美元，超过 12 个月到期的负债为 14.8 亿美元。抵消这些负债的是 2.248 亿美元的现金和 6130 万美元的应收账款，这些应收账款在 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 16.1 亿美元。</p>
</div><p>While this might seem like a lot, it is not so bad since IAMGOLD has a market capitalization of US$6.06b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.</p>
<div class="lb-trans"><p>虽然这看起来很多，但并不算太糟糕，因为 IAMGOLD 的市值为 60.6 亿美元，因此如果需要，它可能通过筹集资金来增强其资产负债表。但显然，我们应该密切关注它是否能够在不稀释的情况下管理其债务。</p>
</div><p>Check out our latest analysis for IAMGOLD</p>
<div class="lb-trans"><p>查看我们对 IAMGOLD 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). 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>我们通过查看公司的净债务与其息税折旧摊销前利润（EBITDA）的比率，以及计算其息税前利润（EBIT）覆盖利息支出的能力（利息覆盖）来衡量公司的债务负担相对于其盈利能力。这种方式考虑了债务的绝对数量以及支付的利率。</p>
</div><p>IAMGOLD's net debt is only 1.1 times its EBITDA. And its EBIT easily covers its interest expense, being 12.5 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Better yet, IAMGOLD grew its EBIT by 185% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine IAMGOLD's ability to maintain a healthy balance sheet going forward. 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>IAMGOLD 的净债务仅为其 EBITDA 的 1.1 倍。其 EBIT 轻松覆盖其利息支出，达到 12.5 倍。因此，你可以说它的债务威胁并不比大象对老鼠的威胁更大。更好的是，IAMGOLD 去年的 EBIT 增长了 185%，这是一个令人印象深刻的改善。这一增长将使其在未来更容易偿还债务。在分析债务时，资产负债表显然是重点。但最终，未来的收益将决定 IAMGOLD 在未来维持健康资产负债表的能力。因此，如果你想看看专业人士的看法，你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 company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, IAMGOLD burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.</p>
<div class="lb-trans"><p>最后，一家公司只能用现金偿还债务，而不是会计利润。因此，合理的步骤是查看 EBIT 中与实际自由现金流相匹配的比例。在过去三年中，IAMGOLD 消耗了大量现金。虽然这可能是由于增长支出，但这确实使得债务风险更大。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>Based on what we've seen IAMGOLD is not finding it easy, given its conversion of EBIT to free cash flow, but the other factors we considered give us cause to be optimistic. There's no doubt that its ability to to cover its interest expense with its EBIT is pretty flash. Considering this range of data points, we think IAMGOLD is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified <strong>2 warning signs for IAMGOLD</strong> that you should be aware of.</p>
<div class="lb-trans"><p>根据我们所看到的，IAMGOLD 在将 EBIT 转化为自由现金流方面并不容易，但我们考虑的其他因素让我们感到乐观。毫无疑问，它用 EBIT 覆盖利息支出的能力相当出色。考虑到这一系列数据，我们认为 IAMGOLD 在管理其债务水平方面处于良好位置。尽管如此，负担相当沉重，我们建议任何股东密切关注这一点。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。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>IAMGOLD 的 2 个警告信号</strong>，你应该注意。</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，专注于没有净债务的公司往往更好。你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>

以下是 IAMGold（TSE:IMG）能够负责任地管理其债务的原因