<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。” 当我们考虑一家公司有多风险时，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毁灭。与许多其他公司一样，<strong>Yasunaga Corporation</strong>（东京证券交易所代码：7271）也使用债务。但股东应该担心其债务使用吗？</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
<h2>债务带来什么风险？</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。在最坏的情况下，如果一家公司无法偿还其债权人，它可能会破产。然而，更常见（但仍然代价高昂）的情况是，公司必须以低廉的股价稀释股东权益，仅仅是为了控制债务。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。</p>
<h2>Yasunaga 的债务是多少？</h2>
<p>如您所见，Yasunaga 在 2025 年 6 月的债务为 162 亿日元，较前一年减少了 172 亿日元。然而，它也有 54.7 亿日元的现金，因此其净债务为 107 亿日元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/5545054-debt-equity-history-analysis-1-dark-2/1763415829814?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/5545054-debt-equity-history-analysis-1-dark-2/1763415829814"/></p>
<p>东京证券交易所代码：7271 债务与股本历史 2025 年 11 月 17 日</p>
<h2>Yasunaga 的资产负债表健康吗？</h2>
<p>根据最后报告的资产负债表，Yasunaga 在 12 个月内有 155 亿日元的负债，12 个月后有 88.3 亿日元的负债。抵消这些义务，它有 54.7 亿日元的现金以及在 12 个月内到期的应收账款价值为 64.6 亿日元。因此，其负债超过现金和（短期）应收账款总和的 124 亿日元。</p>
<p>考虑到这一缺口超过了公司的 104 亿日元市值，您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，将需要极大的稀释。</p>
<p>查看我们对 Yasunaga 的最新分析</p>
<p>我们使用两个主要比率来告知我们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）。这种方法的优点在于，我们考虑了债务的绝对数量（通过净债务与 EBITDA 的比率）以及与该债务相关的实际利息支出（通过其利息覆盖比率）。</p>
<p>Yasunaga 的净债务与 EBITDA 的比率为 3.5，表明它使用了相当多的杠杆来提升回报。好的一面是，其 EBIT 是其利息支出的 8.3 倍，而其净债务与 EBITDA 的比率相当高，为 3.5。令人欣慰的是，Yasunaga 的 EBIT 增长速度快于前澳大利亚总理鲍勃·霍克喝下大杯酒的速度，在过去 12 个月中增长了 268%。在分析债务时，资产负债表显然是重点关注的领域。但最终，Yasunaga 的收益将影响资产负债表在未来的表现。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</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；它需要冷硬的现金。因此，我们总是检查 EBIT 中有多少转化为自由现金流。考虑到过去三年，Yasunaga 实际上记录了整体现金流出。债务通常更昂贵，并且在自由现金流为负的公司手中几乎总是更具风险。股东应该希望有所改善。</p>
<h2>我们的看法</h2>
<p>坦率地说，Yasunaga 的总负债水平以及其将 EBIT 转化为自由现金流的记录让我们对其债务水平感到相当不安。但至少它在增长 EBIT 方面表现相当不错；这令人鼓舞。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 Yasunaga 的股票有些风险。这不一定是坏事，但我们通常会对较少的杠杆感到更舒适。在分析债务时，资产负债表显然是重点关注的领域。但最终，每家公司都可能存在资产负债表之外的风险。这些风险可能很难发现。每家公司都有这些风险，而我们已经发现了 <strong>Yasunaga 的 3 个警告信号</strong>（其中 2 个令人担忧！）您应该了解。</p>
<p>总而言之，有时关注那些根本不需要债务的公司更容易。读者现在可以 <strong>100% 免费</strong> 访问一份零净债务的成长股名单。</p>

7271

<p>Yasunaga Corporation（东京证券交易所代码：7271）负担沉重的债务，债务总额为 162 亿日元，现金为 54.7 亿日元，净债务为 107 亿日元。公司的负债超过其市值，这引发了对其财务健康状况的担忧。尽管过去一年其息税前利润（EBIT）增长了 268%，但 Yasunaga 的净债务与息税折旧摊销前利润（EBITDA）比率较高以及负自由现金流使其债务水平风险较大。股东应对公司的杠杆水平保持谨慎</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.' 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. As with many other companies <strong>Yasunaga Corporation</strong> (TSE:7271) makes use of debt. But should shareholders be worried about its use of debt?</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。” 当我们考虑一家公司有多风险时，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毁灭。与许多其他公司一样，<strong>Yasunaga Corporation</strong>（东京证券交易所代码：7271）也使用债务。但股东应该担心其债务使用吗？</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
</div><h2>What Risk Does Debt Bring?</h2>
<div class="lb-trans"><h2>债务带来什么风险？</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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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。在最坏的情况下，如果一家公司无法偿还其债权人，它可能会破产。然而，更常见（但仍然代价高昂）的情况是，公司必须以低廉的股价稀释股东权益，仅仅是为了控制债务。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。</p>
</div><h2>What Is Yasunaga's Debt?</h2>
<div class="lb-trans"><h2>Yasunaga 的债务是多少？</h2>
</div><p>As you can see below, Yasunaga had JP¥16.2b of debt at June 2025, down from JP¥17.2b a year prior. However, it also had JP¥5.47b in cash, and so its net debt is JP¥10.7b.</p>
<div class="lb-trans"><p>如您所见，Yasunaga 在 2025 年 6 月的债务为 162 亿日元，较前一年减少了 172 亿日元。然而，它也有 54.7 亿日元的现金，因此其净债务为 107 亿日元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/5545054-debt-equity-history-analysis-1-dark-2/1763415829814" alt="" original-src="https://images.simplywall.st/asset/chart/5545054-debt-equity-history-analysis-1-dark-2/1763415829814"/></p>
<p>TSE:7271 Debt to Equity History November 17th 2025</p>
<div class="lb-trans"><p>东京证券交易所代码：7271 债务与股本历史 2025 年 11 月 17 日</p>
</div><h2>How Healthy Is Yasunaga's Balance Sheet?</h2>
<div class="lb-trans"><h2>Yasunaga 的资产负债表健康吗？</h2>
</div><p>According to the last reported balance sheet, Yasunaga had liabilities of JP¥15.5b due within 12 months, and liabilities of JP¥8.83b due beyond 12 months. Offsetting these obligations, it had cash of JP¥5.47b as well as receivables valued at JP¥6.46b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by JP¥12.4b.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，Yasunaga 在 12 个月内有 155 亿日元的负债，12 个月后有 88.3 亿日元的负债。抵消这些义务，它有 54.7 亿日元的现金以及在 12 个月内到期的应收账款价值为 64.6 亿日元。因此，其负债超过现金和（短期）应收账款总和的 124 亿日元。</p>
</div><p>When you consider that this deficiency exceeds the company's JP¥10.4b 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的 104 亿日元市值，您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，将需要极大的稀释。</p>
</div><p>See our latest analysis for Yasunaga</p>
<div class="lb-trans"><p>查看我们对 Yasunaga 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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).</p>
<div class="lb-trans"><p>我们使用两个主要比率来告知我们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）。这种方法的优点在于，我们考虑了债务的绝对数量（通过净债务与 EBITDA 的比率）以及与该债务相关的实际利息支出（通过其利息覆盖比率）。</p>
</div><p>Yasunaga has net debt to EBITDA of 3.5 suggesting it uses a fair bit of leverage to boost returns. On the plus side, its EBIT was 8.3 times its interest expense, and its net debt to EBITDA, was quite high, at 3.5. Pleasingly, Yasunaga is growing its EBIT faster than former Australian PM Bob Hawke downs a yard glass, boasting a 268% gain in the last twelve months. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Yasunaga's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.</p>
<div class="lb-trans"><p>Yasunaga 的净债务与 EBITDA 的比率为 3.5，表明它使用了相当多的杠杆来提升回报。好的一面是，其 EBIT 是其利息支出的 8.3 倍，而其净债务与 EBITDA 的比率相当高，为 3.5。令人欣慰的是，Yasunaga 的 EBIT 增长速度快于前澳大利亚总理鲍勃·霍克喝下大杯酒的速度，在过去 12 个月中增长了 268%。在分析债务时，资产负债表显然是重点关注的领域。但最终，Yasunaga 的收益将影响资产负债表在未来的表现。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</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 always check how much of that EBIT is translated into free cash flow. Considering the last three years, Yasunaga actually recorded a cash outflow, overall. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.</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；它需要冷硬的现金。因此，我们总是检查 EBIT 中有多少转化为自由现金流。考虑到过去三年，Yasunaga 实际上记录了整体现金流出。债务通常更昂贵，并且在自由现金流为负的公司手中几乎总是更具风险。股东应该希望有所改善。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>To be frank both Yasunaga's level of total liabilities and its track record of converting EBIT to free cash flow make us rather uncomfortable with its debt levels. But at least it's pretty decent at growing its EBIT; that's encouraging. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making Yasunaga 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. These risks can be hard to spot. Every company has them, and we've spotted <strong>3 warning signs for Yasunaga</strong> (of which 2 are concerning!) you should know about.</p>
<div class="lb-trans"><p>坦率地说，Yasunaga 的总负债水平以及其将 EBIT 转化为自由现金流的记录让我们对其债务水平感到相当不安。但至少它在增长 EBIT 方面表现相当不错；这令人鼓舞。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 Yasunaga 的股票有些风险。这不一定是坏事，但我们通常会对较少的杠杆感到更舒适。在分析债务时，资产负债表显然是重点关注的领域。但最终，每家公司都可能存在资产负债表之外的风险。这些风险可能很难发现。每家公司都有这些风险，而我们已经发现了 <strong>Yasunaga 的 3 个警告信号</strong>（其中 2 个令人担忧！）您应该了解。</p>
</div><p>When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt <strong>100% free</strong>, right now.</p>
<div class="lb-trans"><p>总而言之，有时关注那些根本不需要债务的公司更容易。读者现在可以 <strong>100% 免费</strong> 访问一份零净债务的成长股名单。</p>
</div>

以下是 Yasunaga（TSE:7271）为何负有重大债务负担的原因