<p>传奇基金经理李璐（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的资本损失。’ 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。我们可以看到 <strong>Chorus Limited</strong>（NZSE:CNU）确实在其业务中使用了债务。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>何时债务成为问题？</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。如果情况变得非常糟糕，债权人可以控制企业。然而，更常见（但仍然代价高昂）的情况是，公司必须以极低的价格发行股票，永久稀释股东权益，仅仅是为了改善其资产负债表。话虽如此，最常见的情况是公司合理管理其债务，并使其受益。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>Chorus 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，Chorus 的债务为 38.3 亿新西兰元，比一年前的 34.4 亿新西兰元有所增加。然而，它也有 8100 万新西兰元的现金，因此其净债务为 37.4 亿新西兰元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/139908814-debt-equity-history-analysis-1-dark-2/1757987539166?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/139908814-debt-equity-history-analysis-1-dark-2/1757987539166"/></p>
<p>NZSE:CNU 债务与股本历史 2025 年 9 月 16 日</p>
<h2>看看 Chorus 的负债情况</h2>
<p>放大最新的资产负债表数据，我们可以看到 Chorus 在 12 个月内到期的负债为 5.05 亿新西兰元，超过 12 个月到期的负债为 50.2 亿新西兰元。另一方面，它有 8100 万新西兰元的现金和 1.52 亿新西兰元的应收账款在一年内到期。因此，其负债总额比现金和短期应收账款的总和多出 52.9 亿新西兰元。</p>
<p>考虑到这一缺口超过了公司 41.4 亿新西兰元的市值，你可能会倾向于仔细审查资产负债表。假设公司被迫通过以当前股价筹集资金来偿还其负债，那么极度稀释将是必需的。</p>
<p>查看我们对 Chorus 的最新分析</p>
<p>我们使用两个主要比率来告知我们关于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，我们考虑债务的绝对数量以及支付的利率。</p>
<p>Chorus 的股东面临着净债务与 EBITDA 比率高（5.8）和相对较弱的利息覆盖，因为 EBIT 仅为利息支出的 1.1 倍。这里的债务负担相当沉重。考虑到债务负担，Chorus 的 EBIT 在过去 12 个月内几乎没有增长。在分析债务水平时，资产负债表显然是一个好的起点。但最终，企业的未来盈利能力将决定 Chorus 是否能够随着时间的推移增强其资产负债表。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，虽然税务机关可能喜欢会计利润，但债权人只接受冷硬的现金。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。查看最近三年，Chorus 的自由现金流占其 EBIT 的 36%，这比我们预期的要弱。当涉及到偿还债务时，这并不理想。</p>
<h2>我们的看法</h2>
<p>乍一看，Chorus 的净债务与 EBITDA 的比率让我们对该股票持谨慎态度，其利息覆盖率也没有比一年中最繁忙的夜晚唯一空置的餐厅更具吸引力。话虽如此，其 EBIT 的增长能力并不是一个大问题。我们非常清楚，由于其资产负债表的健康状况，我们认为 Chorus 相当风险。因此，我们对该股票持谨慎态度，并认为股东应该密切关注其流动性。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。<strong>我们已经识别出 Chorus 的 3 个警告信号</strong>（至少有 2 个令人担忧），理解这些信号应该是你投资过程的一部分。</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>Chorus Limited (NZSE:CNU) 负担沉重的债务，净债务为 37.4 亿新西兰元，负债总额达到 52.9 亿新西兰元，超过其市值 41.4 亿新西兰元。该公司的净债务与 EBITDA 比率高达 5.8，利息覆盖率较弱（EBIT 为利息支出的 1.1 倍），引发了对其财务健康状况的担忧。尽管有一定的自由现金流，但整体前景仍然谨慎，这表明股东应密切关注流动性，以应对其资产负债表相关的风险</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 can see that <strong>Chorus Limited</strong> (NZSE:CNU) does use debt in its business. But the more important question is: how much risk is that debt creating?</p>
<div class="lb-trans"><p>传奇基金经理李璐（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的资本损失。’ 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。我们可以看到 <strong>Chorus Limited</strong>（NZSE:CNU）确实在其业务中使用了债务。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>When Is Debt A Problem?</h2>
<div class="lb-trans"><h2>何时债务成为问题？</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. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. 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。如果情况变得非常糟糕，债权人可以控制企业。然而，更常见（但仍然代价高昂）的情况是，公司必须以极低的价格发行股票，永久稀释股东权益，仅仅是为了改善其资产负债表。话虽如此，最常见的情况是公司合理管理其债务，并使其受益。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 Chorus's Net Debt?</h2>
<div class="lb-trans"><h2>Chorus 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 Chorus had NZ$3.83b of debt, an increase on NZ$3.44b, over one year. However, it also had NZ$81.0m in cash, and so its net debt is NZ$3.74b.</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，Chorus 的债务为 38.3 亿新西兰元，比一年前的 34.4 亿新西兰元有所增加。然而，它也有 8100 万新西兰元的现金，因此其净债务为 37.4 亿新西兰元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/139908814-debt-equity-history-analysis-1-dark-2/1757987539166" alt="" original-src="https://images.simplywall.st/asset/chart/139908814-debt-equity-history-analysis-1-dark-2/1757987539166"/></p>
<p>NZSE:CNU Debt to Equity History September 16th 2025</p>
<div class="lb-trans"><p>NZSE:CNU 债务与股本历史 2025 年 9 月 16 日</p>
</div><h2>A Look At Chorus' Liabilities</h2>
<div class="lb-trans"><h2>看看 Chorus 的负债情况</h2>
</div><p>Zooming in on the latest balance sheet data, we can see that Chorus had liabilities of NZ$505.0m due within 12 months and liabilities of NZ$5.02b due beyond that. On the other hand, it had cash of NZ$81.0m and NZ$152.0m worth of receivables due within a year. So its liabilities total NZ$5.29b more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>放大最新的资产负债表数据，我们可以看到 Chorus 在 12 个月内到期的负债为 5.05 亿新西兰元，超过 12 个月到期的负债为 50.2 亿新西兰元。另一方面，它有 8100 万新西兰元的现金和 1.52 亿新西兰元的应收账款在一年内到期。因此，其负债总额比现金和短期应收账款的总和多出 52.9 亿新西兰元。</p>
</div><p>When you consider that this deficiency exceeds the company's NZ$4.14b market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.</p>
<div class="lb-trans"><p>考虑到这一缺口超过了公司 41.4 亿新西兰元的市值，你可能会倾向于仔细审查资产负债表。假设公司被迫通过以当前股价筹集资金来偿还其负债，那么极度稀释将是必需的。</p>
</div><p>Check out our latest analysis for Chorus</p>
<div class="lb-trans"><p>查看我们对 Chorus 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关于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，我们考虑债务的绝对数量以及支付的利率。</p>
</div><p>Chorus shareholders face the double whammy of a high net debt to EBITDA ratio (5.8), and fairly weak interest coverage, since EBIT is just 1.1 times the interest expense. The debt burden here is substantial. Given the debt load, it's hardly ideal that Chorus's EBIT was pretty flat over the last twelve months. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Chorus 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>Chorus 的股东面临着净债务与 EBITDA 比率高（5.8）和相对较弱的利息覆盖，因为 EBIT 仅为利息支出的 1.1 倍。这里的债务负担相当沉重。考虑到债务负担，Chorus 的 EBIT 在过去 12 个月内几乎没有增长。在分析债务水平时，资产负债表显然是一个好的起点。但最终，企业的未来盈利能力将决定 Chorus 是否能够随着时间的推移增强其资产负债表。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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Looking at the most recent three years, Chorus recorded free cash flow of 36% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.</p>
<div class="lb-trans"><p>最后，虽然税务机关可能喜欢会计利润，但债权人只接受冷硬的现金。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。查看最近三年，Chorus 的自由现金流占其 EBIT 的 36%，这比我们预期的要弱。当涉及到偿还债务时，这并不理想。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>On the face of it, Chorus's net debt to EBITDA left us tentative about the stock, and its interest cover was no more enticing than the one empty restaurant on the busiest night of the year. Having said that, its ability to grow its EBIT isn't such a worry. We're quite clear that we consider Chorus to be really rather risky, as a result of its balance sheet health. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. 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. <strong>We've identified 3 warning signs</strong> with Chorus (at least 2 which are concerning) , and understanding them should be part of your investment process.</p>
<div class="lb-trans"><p>乍一看，Chorus 的净债务与 EBITDA 的比率让我们对该股票持谨慎态度，其利息覆盖率也没有比一年中最繁忙的夜晚唯一空置的餐厅更具吸引力。话虽如此，其 EBIT 的增长能力并不是一个大问题。我们非常清楚，由于其资产负债表的健康状况，我们认为 Chorus 相当风险。因此，我们对该股票持谨慎态度，并认为股东应该密切关注其流动性。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。<strong>我们已经识别出 Chorus 的 3 个警告信号</strong>（至少有 2 个令人担忧），理解这些信号应该是你投资过程的一部分。</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>

Chorus（NZSE 代码：CNU）是否负债过多？