<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风险。” 因此，聪明的钱知道，债务——通常与破产相关——在评估一家公司的风险时是一个非常重要的因素。重要的是，<strong>Venture Global, Inc.</strong>（纽约证券交易所代码：VG）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>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>何时债务成为问题？</h2>
<p>债务在企业能够偿还时是有帮助的，无论是通过新资本还是自由现金流。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。虽然这种情况并不常见，但我们确实经常看到负债公司因贷款人迫使其以低价筹集资本而永久稀释股东权益。然而，通过替代稀释，债务可以成为需要资本以高回报率投资于增长的企业的极好工具。考虑一家公司的债务水平时，第一步是将其现金和债务一起考虑。</p>
<h2>Venture Global 的债务有多少？</h2>
<p>下图（您可以点击以获取更详细的信息）显示，截至 2025 年 6 月，Venture Global 的债务为 301 亿美元，较一年前的 269 亿美元有所增加。另一方面，它有 23.3 亿美元的现金，导致净债务约为 277 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1890508960-debt-equity-history-analysis-1-dark-2/1758801751127?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/1890508960-debt-equity-history-analysis-1-dark-2/1758801751127"/></p>
<p>纽约证券交易所：VG 债务与股本历史 2025 年 9 月 25 日</p>
<h2>看一下 Venture Global 的负债</h2>
<p>最新的资产负债表数据显示，Venture Global 的负债为 28.6 亿美元，需在一年内偿还，且在此之后的负债为 332 亿美元。另一方面，它有 23.3 亿美元的现金和 6.73 亿美元的应收账款（需在一年内偿还）。因此，其负债超过了现金和（短期）应收账款的总和，达到 331 亿美元。</p>
<p>即使相对于其庞大的 354 亿美元市值，这也是一座巨大的杠杆山。如果其贷款人要求其加强资产负债表，股东可能会面临严重的稀释。</p>
<p>查看我们对 Venture Global 的最新分析</p>
<p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）之比，以及息税前利润（EBIT）与利息支出（利息覆盖）的比率。因此，我们考虑了债务相对于收益的情况，包括和不包括折旧和摊销费用。</p>
<p>2.0 倍的弱利息覆盖率和高达 7.8 的净债务与 EBITDA 比率对我们对 Venture Global 的信心如同一记重拳。这意味着我们认为它的债务负担沉重。值得注意的是，Venture Global 的 EBIT 在过去一年中几乎持平，这在考虑债务负担时并不理想。在分析债务水平时，资产负债表显然是一个明显的起点。但未来的收益，尤其是将决定 Venture Global 未来维持健康资产负债表的能力。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，逻辑步骤是查看 EBIT 中与实际自由现金流相匹配的比例。在过去三年中，Venture Global 消耗了大量现金。虽然投资者无疑期待这种情况在适当时候会逆转，但这显然意味着其债务使用风险更高。</p>
<h2>我们的观点</h2>
<p>乍一看，Venture Global 的净债务与 EBITDA 的比率让我们对该股票持谨慎态度，而其 EBIT 转化为自由现金流的能力也没有比一年中最繁忙的夜晚里唯一一家空餐厅更具吸引力。尽管如此，其 EBIT 的增长能力并不是一个大问题。总体而言，我们认为 Venture Global 的资产负债表对业务来说确实是一个风险。因此，我们对该股票持相当谨慎的态度，并认为股东应密切关注其流动性。在分析债务水平时，资产负债表显然是一个明显的起点。然而，并非所有投资风险都存在于资产负债表中——远非如此。为此，您应该注意我们发现的 Venture Global 的 <strong>两个警告信号</strong>。</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>Venture Global (NYSE:VG) 拥有显著的债务，净债务约为 277 亿美元，而市值为 354 亿美元。其负债超过现金和应收款项 331 亿美元，这引发了对潜在股东稀释的担忧。公司 2.0 倍的利息覆盖率较低，以及 7.8 的净债务与 EBITDA 比率，表明其债务负担沉重。尽管 EBIT 增长平稳，但产生自由现金流的能力仍然令人担忧，这导致市场对该股票风险特征持谨慎态度</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. Importantly, <strong>Venture Global, Inc.</strong> (NYSE:VG) does carry debt. But the more important question is: how much risk is that debt creating?</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风险。” 因此，聪明的钱知道，债务——通常与破产相关——在评估一家公司的风险时是一个非常重要的因素。重要的是，<strong>Venture Global, Inc.</strong>（纽约证券交易所代码：VG）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>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>When Is Debt A Problem?</h2>
<div class="lb-trans"><h2>何时债务成为问题？</h2>
</div><p>Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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>债务在企业能够偿还时是有帮助的，无论是通过新资本还是自由现金流。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。虽然这种情况并不常见，但我们确实经常看到负债公司因贷款人迫使其以低价筹集资本而永久稀释股东权益。然而，通过替代稀释，债务可以成为需要资本以高回报率投资于增长的企业的极好工具。考虑一家公司的债务水平时，第一步是将其现金和债务一起考虑。</p>
</div><h2>How Much Debt Does Venture Global Carry?</h2>
<div class="lb-trans"><h2>Venture Global 的债务有多少？</h2>
</div><p>The image below, which you can click on for greater detail, shows that at June 2025 Venture Global had debt of US$30.1b, up from US$26.9b in one year. On the flip side, it has US$2.33b in cash leading to net debt of about US$27.7b.</p>
<div class="lb-trans"><p>下图（您可以点击以获取更详细的信息）显示，截至 2025 年 6 月，Venture Global 的债务为 301 亿美元，较一年前的 269 亿美元有所增加。另一方面，它有 23.3 亿美元的现金，导致净债务约为 277 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1890508960-debt-equity-history-analysis-1-dark-2/1758801751127" alt="" original-src="https://images.simplywall.st/asset/chart/1890508960-debt-equity-history-analysis-1-dark-2/1758801751127"/></p>
<p>NYSE:VG Debt to Equity History September 25th 2025</p>
<div class="lb-trans"><p>纽约证券交易所：VG 债务与股本历史 2025 年 9 月 25 日</p>
</div><h2>A Look At Venture Global's Liabilities</h2>
<div class="lb-trans"><h2>看一下 Venture Global 的负债</h2>
</div><p>The latest balance sheet data shows that Venture Global had liabilities of US$2.86b due within a year, and liabilities of US$33.2b falling due after that. On the other hand, it had cash of US$2.33b and US$673.0m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$33.1b.</p>
<div class="lb-trans"><p>最新的资产负债表数据显示，Venture Global 的负债为 28.6 亿美元，需在一年内偿还，且在此之后的负债为 332 亿美元。另一方面，它有 23.3 亿美元的现金和 6.73 亿美元的应收账款（需在一年内偿还）。因此，其负债超过了现金和（短期）应收账款的总和，达到 331 亿美元。</p>
</div><p>This is a mountain of leverage even relative to its gargantuan market capitalization of US$35.4b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.</p>
<div class="lb-trans"><p>即使相对于其庞大的 354 亿美元市值，这也是一座巨大的杠杆山。如果其贷款人要求其加强资产负债表，股东可能会面临严重的稀释。</p>
</div><p>View our latest analysis for Venture Global</p>
<div class="lb-trans"><p>查看我们对 Venture Global 的最新分析</p>
</div><p>In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.</p>
<div class="lb-trans"><p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）之比，以及息税前利润（EBIT）与利息支出（利息覆盖）的比率。因此，我们考虑了债务相对于收益的情况，包括和不包括折旧和摊销费用。</p>
</div><p>Weak interest cover of 2.0 times and a disturbingly high net debt to EBITDA ratio of 7.8 hit our confidence in Venture Global like a one-two punch to the gut. This means we'd consider it to have a heavy debt load. Notably, Venture Global's EBIT was pretty flat over the last year, which isn't ideal given the debt load. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Venture Global'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>2.0 倍的弱利息覆盖率和高达 7.8 的净债务与 EBITDA 比率对我们对 Venture Global 的信心如同一记重拳。这意味着我们认为它的债务负担沉重。值得注意的是，Venture Global 的 EBIT 在过去一年中几乎持平，这在考虑债务负担时并不理想。在分析债务水平时，资产负债表显然是一个明显的起点。但未来的收益，尤其是将决定 Venture Global 未来维持健康资产负债表的能力。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, Venture Global burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is 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，逻辑步骤是查看 EBIT 中与实际自由现金流相匹配的比例。在过去三年中，Venture Global 消耗了大量现金。虽然投资者无疑期待这种情况在适当时候会逆转，但这显然意味着其债务使用风险更高。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>On the face of it, Venture Global's net debt to EBITDA left us tentative about the stock, and its conversion of EBIT to free cash flow 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. Overall, it seems to us that Venture Global's balance sheet is really quite a risk to the business. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. 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. To that end, you should be aware of the <strong>2 warning signs</strong> we've spotted with Venture Global .</p>
<div class="lb-trans"><p>乍一看，Venture Global 的净债务与 EBITDA 的比率让我们对该股票持谨慎态度，而其 EBIT 转化为自由现金流的能力也没有比一年中最繁忙的夜晚里唯一一家空餐厅更具吸引力。尽管如此，其 EBIT 的增长能力并不是一个大问题。总体而言，我们认为 Venture Global 的资产负债表对业务来说确实是一个风险。因此，我们对该股票持相当谨慎的态度，并认为股东应密切关注其流动性。在分析债务水平时，资产负债表显然是一个明显的起点。然而，并非所有投资风险都存在于资产负债表中——远非如此。为此，您应该注意我们发现的 Venture Global 的 <strong>两个警告信号</strong>。</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>

Venture Global（NYSE:VG）是否是一个高风险的投资？