<p>由伯克希尔哈撒韦的查理·芒格支持的外部基金经理李露直言不讳地表示：“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，聪明的钱知道，债务——通常与破产有关——在评估一家公司风险时是一个非常重要的因素。我们注意到 <strong>Entain Plc</strong>（伦敦证券交易所代码：ENT）确实在其资产负债表上有债务。但更重要的问题是：这些债务带来了多少风险？</p>
<p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</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。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。话虽如此，最常见的情况是公司能够合理管理其债务，并从中获益。当我们审视债务水平时，首先考虑的是现金和债务水平的结合。</p>
<h2>Entain 的净债务是多少？</h2>
<p>如您所见，截至 2025 年 6 月，Entain 的债务为 36.3 亿英镑，与前一年大致相同。您可以点击图表以获取更详细的信息。另一方面，它有 4.473 亿英镑的现金，导致净债务约为 31.8 亿英镑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/13759215-debt-equity-history-analysis-1-dark-2/1761283835275?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/13759215-debt-equity-history-analysis-1-dark-2/1761283835275"/></p>
<p>伦敦证券交易所：ENT 债务与股本历史 2025 年 10 月 24 日</p>
<h2>看一下 Entain 的负债</h2>
<p>我们可以从最新的资产负债表中看到，Entain 有 19.5 亿英镑的负债将在一年内到期，以及 60.9 亿英镑的负债将在之后到期。抵消这些义务，它有 4.473 亿英镑的现金以及价值 7.198 亿英镑的应收账款将在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和 68.8 亿英镑。</p>
<p>考虑到这一缺口超过了公司 51.9 亿英镑的市值，您可能会倾向于仔细审查资产负债表。在公司需要迅速清理资产负债表的情况下，股东可能会遭受严重稀释。</p>
<p>查看我们对 Entain 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（利息覆盖率），来衡量公司的债务负担相对于其盈利能力。因此，我们在考虑债务相对于盈利时，同时考虑折旧和摊销费用。</p>
<p>虽然 Entain 的债务与 EBITDA 比率（3.7）表明它使用了一些债务，但其利息覆盖率非常低，仅为 1.9，表明高杠杆。因此，股东应该意识到，利息支出似乎最近对业务产生了真正的影响。值得一提的是，我们注意到 Entain 在过去一年中 EBIT 增长了 27%。如果它能够保持这种改善，其债务负担将像温暖世界中的冰川一样逐渐消融。毫无疑问，我们从资产负债表中学到了大部分关于债务的知识。但最终，企业未来的盈利能力将决定 Entain 是否能够随着时间的推移加强其资产负债表。因此，如果您想看看专业人士的看法，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>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，Entain 产生了相当于其 EBIT 的 52% 的强劲自由现金流，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>乍一看，Entain 的总负债水平让我们对该股票感到犹豫，其利息覆盖率也没有比一年中最繁忙的夜晚那家空荡荡的餐厅更具吸引力。但从积极的一面来看，其 EBIT 增长率是一个好兆头，让我们更加乐观。考虑到资产负债表并考虑所有这些因素，我们确实认为债务使 Entain 的股票有些风险。这并不一定是坏事，但我们通常会觉得杠杆越小越舒适。资产负债表显然是分析债务时需要关注的领域。但最终，每家公司都可能存在资产负债表之外的风险。例如，我们发现 <strong>Entain 有一个警示信号</strong>，在您投资之前应该注意。</p>
<p>如果在经历了这一切之后，您更感兴趣的是一家快速增长且资产负债表稳健的公司，那么请立即查看我们的净现金增长股票列表。</p>

GMVHY

<p>Entain Plc (伦敦证券交易所代码：ENT) 拥有显著的债务，欠款为 36.3 亿英镑，净债务为 31.8 亿英镑。其负债超过现金和应收款项 68.8 亿英镑，这引发了对潜在股东稀释的担忧。公司的债务与息税折旧摊销前利润（EBITDA）比率为 3.7，利息覆盖率较低，仅为 1.9，表明杠杆率较高。然而，Entain 的息税前利润（EBIT）去年增长了 27%，这表明有可能减少债务。尽管债务水平带来风险，但盈利的增长为公司未来的盈利能力提供了一些乐观的前景</p>

<p>The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. We note that <strong>Entain Plc</strong> (LON:ENT) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?</p>
<div class="lb-trans"><p>由伯克希尔哈撒韦的查理·芒格支持的外部基金经理李露直言不讳地表示：“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，聪明的钱知道，债务——通常与破产有关——在评估一家公司风险时是一个非常重要的因素。我们注意到 <strong>Entain Plc</strong>（伦敦证券交易所代码：ENT）确实在其资产负债表上有债务。但更重要的问题是：这些债务带来了多少风险？</p>
</div><p>Trump has pledged to &#34;unleash&#34; American oil and gas and these 15 US stocks have developments that are poised to benefit.</p>
<div class="lb-trans"><p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</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. 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。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。话虽如此，最常见的情况是公司能够合理管理其债务，并从中获益。当我们审视债务水平时，首先考虑的是现金和债务水平的结合。</p>
</div><h2>What Is Entain's Net Debt?</h2>
<div class="lb-trans"><h2>Entain 的净债务是多少？</h2>
</div><p>As you can see below, Entain had UK£3.63b of debt, at June 2025, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has UK£447.3m in cash leading to net debt of about UK£3.18b.</p>
<div class="lb-trans"><p>如您所见，截至 2025 年 6 月，Entain 的债务为 36.3 亿英镑，与前一年大致相同。您可以点击图表以获取更详细的信息。另一方面，它有 4.473 亿英镑的现金，导致净债务约为 31.8 亿英镑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/13759215-debt-equity-history-analysis-1-dark-2/1761283835275" alt="" original-src="https://images.simplywall.st/asset/chart/13759215-debt-equity-history-analysis-1-dark-2/1761283835275"/></p>
<p>LSE:ENT Debt to Equity History October 24th 2025</p>
<div class="lb-trans"><p>伦敦证券交易所：ENT 债务与股本历史 2025 年 10 月 24 日</p>
</div><h2>A Look At Entain's Liabilities</h2>
<div class="lb-trans"><h2>看一下 Entain 的负债</h2>
</div><p>We can see from the most recent balance sheet that Entain had liabilities of UK£1.95b falling due within a year, and liabilities of UK£6.09b due beyond that. Offsetting these obligations, it had cash of UK£447.3m as well as receivables valued at UK£719.8m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by UK£6.88b.</p>
<div class="lb-trans"><p>我们可以从最新的资产负债表中看到，Entain 有 19.5 亿英镑的负债将在一年内到期，以及 60.9 亿英镑的负债将在之后到期。抵消这些义务，它有 4.473 亿英镑的现金以及价值 7.198 亿英镑的应收账款将在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和 68.8 亿英镑。</p>
</div><p>When you consider that this deficiency exceeds the company's UK£5.19b market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.</p>
<div class="lb-trans"><p>考虑到这一缺口超过了公司 51.9 亿英镑的市值，您可能会倾向于仔细审查资产负债表。在公司需要迅速清理资产负债表的情况下，股东可能会遭受严重稀释。</p>
</div><p>Check out our latest analysis for Entain</p>
<div class="lb-trans"><p>查看我们对 Entain 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（利息覆盖率），来衡量公司的债务负担相对于其盈利能力。因此，我们在考虑债务相对于盈利时，同时考虑折旧和摊销费用。</p>
</div><p>While Entain's debt to EBITDA ratio (3.7) suggests that it uses some debt, its interest cover is very weak, at 1.9, suggesting high leverage. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. On a lighter note, we note that Entain grew its EBIT by 27% in the last year. If it can maintain that kind of improvement, its debt load will begin to melt away like glaciers in a warming world. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Entain 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 Entain 的债务与 EBITDA 比率（3.7）表明它使用了一些债务，但其利息覆盖率非常低，仅为 1.9，表明高杠杆。因此，股东应该意识到，利息支出似乎最近对业务产生了真正的影响。值得一提的是，我们注意到 Entain 在过去一年中 EBIT 增长了 27%。如果它能够保持这种改善，其债务负担将像温暖世界中的冰川一样逐渐消融。毫无疑问，我们从资产负债表中学到了大部分关于债务的知识。但最终，企业未来的盈利能力将决定 Entain 是否能够随着时间的推移加强其资产负债表。因此，如果您想看看专业人士的看法，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>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, Entain produced sturdy free cash flow equating to 52% 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，Entain 产生了相当于其 EBIT 的 52% 的强劲自由现金流，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>On the face of it, Entain's level of total liabilities 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. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making Entain stock a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered <strong>1 warning sign for Entain</strong> that you should be aware of before investing here.</p>
<div class="lb-trans"><p>乍一看，Entain 的总负债水平让我们对该股票感到犹豫，其利息覆盖率也没有比一年中最繁忙的夜晚那家空荡荡的餐厅更具吸引力。但从积极的一面来看，其 EBIT 增长率是一个好兆头，让我们更加乐观。考虑到资产负债表并考虑所有这些因素，我们确实认为债务使 Entain 的股票有些风险。这并不一定是坏事，但我们通常会觉得杠杆越小越舒适。资产负债表显然是分析债务时需要关注的领域。但最终，每家公司都可能存在资产负债表之外的风险。例如，我们发现 <strong>Entain 有一个警示信号</strong>，在您投资之前应该注意。</p>
</div><p>If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.</p>
<div class="lb-trans"><p>如果在经历了这一切之后，您更感兴趣的是一家快速增长且资产负债表稳健的公司，那么请立即查看我们的净现金增长股票列表。</p>
</div>

Entain (LON:ENT) 是否是一项风险投资？