<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。” 在审视一家公司风险时，考虑其资产负债表是很自然的，因为债务往往与企业的崩溃有关。我们注意到 <strong>道森地探公司</strong>（NASDAQ:DWSN）确实在其资产负债表上有债务。但这对股东来说是个问题吗？</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>何时债务危险？</h2>
<p>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资金还是依靠自身现金流。如果情况变得非常糟糕，贷款方可能会控制企业。然而，更常见（但仍然昂贵）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。不过，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。考虑公司债务水平的第一步是将其现金和债务一起考虑。</p>
<h2>道森地探的债务是什么？</h2>
<p>您可以点击下面的图形查看历史数据，但它显示截至 2025 年 9 月，道森地探的债务为 766 万美元，较一年前没有增加。然而，它也有 508 万美元的现金，因此其净债务为 258 万美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/265858-debt-equity-history-analysis-1-dark-2/1763813661651?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/265858-debt-equity-history-analysis-1-dark-2/1763813661651"/></p>
<p>NasdaqGS:DWSN 债务与股本历史 2025 年 11 月 22 日</p>
<h2>道森地探的负债情况</h2>
<p>根据最后报告的资产负债表，道森地探在 12 个月内有 1650 万美元的负债，12 个月后有 885 万美元的负债。抵消这些负债，它有 508 万美元的现金和 217 万美元的应收账款，这些应收账款在 12 个月内到期。因此，它的负债总额比现金和短期应收账款的总和多出 1810 万美元。</p>
<p>这个赤字并不算太糟糕，因为道森地探的市值为 5680 万美元，因此如果需要的话，可能能够筹集足够的资本来巩固其资产负债表。但显然，我们应该密切关注它是否能够在不稀释股东权益的情况下管理其债务。在分析债务水平时，资产负债表显然是一个明显的起点。但道森地探的收益将影响未来资产负债表的表现。因此，如果您想了解更多关于其收益的信息，查看其长期收益趋势的图表可能是值得的。</p>
<p>查看我们对道森地探的最新分析</p>
<p>在过去的 12 个月中，道森地探在息税前利润（EBIT）层面上亏损，收入降至 6400 万美元，下降了 22%。这让我们感到不安，至少可以这么说。</p>
<h2>买者自负风险</h2>
<p>虽然道森地探的收入下降就像一条湿毛毯一样令人失望，但可以说，其息税前利润（EBIT）亏损甚至更让人不快。实际上，它在 EBIT 层面上亏损了 290 万美元。当我们看到这一点并回想起其资产负债表上的负债时，相对于现金来说，公司有任何债务似乎都是不明智的。坦率地说，我们认为资产负债表远未达到适合的状态，尽管随着时间的推移可能会有所改善。如果它能将过去 12 个月的 330 万美元亏损转变为盈利，我们会感到更好。因此，我们确实认为这只股票相当风险。分析债务时，资产负债表显然是重点。然而，并非所有投资风险都存在于资产负债表中，远非如此。例如，道森地探有 <strong>两个警告信号</strong>，我们认为您应该注意。</p>
<p>当然，如果您是那种喜欢购买没有债务负担的股票的投资者，那么请不要犹豫，今天就来发现我们独家的净现金增长股票名单。</p>

道森地探

<p>道森地探 (NASDAQ:DWSN) 拥有 766 万美元的债务和 508 万美元的现金，净债务为 258 万美元。该公司的负债总额比其现金和应收账款多出 1810 万美元。由于收入下降 22% 和息税前亏损 290 万美元，资产负债表看起来风险较大。公司可能需要筹集资金以管理其债务而不稀释股权。投资者应对财务风险保持谨慎</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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that <strong>Dawson Geophysical Company</strong> (NASDAQ:DWSN) does have debt on its balance sheet. But is this debt a concern to shareholders?</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。” 在审视一家公司风险时，考虑其资产负债表是很自然的，因为债务往往与企业的崩溃有关。我们注意到 <strong>道森地探公司</strong>（NASDAQ:DWSN）确实在其资产负债表上有债务。但这对股东来说是个问题吗？</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 Dangerous?</h2>
<div class="lb-trans"><h2>何时债务危险？</h2>
</div><p>Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. 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. 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>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资金还是依靠自身现金流。如果情况变得非常糟糕，贷款方可能会控制企业。然而，更常见（但仍然昂贵）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。不过，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 Dawson Geophysical's Debt?</h2>
<div class="lb-trans"><h2>道森地探的债务是什么？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that as of September 2025 Dawson Geophysical had US$7.66m of debt, an increase on none, over one year. However, it also had US$5.08m in cash, and so its net debt is US$2.58m.</p>
<div class="lb-trans"><p>您可以点击下面的图形查看历史数据，但它显示截至 2025 年 9 月，道森地探的债务为 766 万美元，较一年前没有增加。然而，它也有 508 万美元的现金，因此其净债务为 258 万美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/265858-debt-equity-history-analysis-1-dark-2/1763813661651" alt="" original-src="https://images.simplywall.st/asset/chart/265858-debt-equity-history-analysis-1-dark-2/1763813661651"/></p>
<p>NasdaqGS:DWSN Debt to Equity History November 22nd 2025</p>
<div class="lb-trans"><p>NasdaqGS:DWSN 债务与股本历史 2025 年 11 月 22 日</p>
</div><h2>A Look At Dawson Geophysical's Liabilities</h2>
<div class="lb-trans"><h2>道森地探的负债情况</h2>
</div><p>According to the last reported balance sheet, Dawson Geophysical had liabilities of US$16.5m due within 12 months, and liabilities of US$8.85m due beyond 12 months. Offsetting this, it had US$5.08m in cash and US$2.17m in receivables that were due within 12 months. So it has liabilities totalling US$18.1m more than its cash and near-term receivables, combined.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，道森地探在 12 个月内有 1650 万美元的负债，12 个月后有 885 万美元的负债。抵消这些负债，它有 508 万美元的现金和 217 万美元的应收账款，这些应收账款在 12 个月内到期。因此，它的负债总额比现金和短期应收账款的总和多出 1810 万美元。</p>
</div><p>This deficit isn't so bad because Dawson Geophysical is worth US$56.8m, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. When analysing debt levels, the balance sheet is the obvious place to start. But it is Dawson Geophysical's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.</p>
<div class="lb-trans"><p>这个赤字并不算太糟糕，因为道森地探的市值为 5680 万美元，因此如果需要的话，可能能够筹集足够的资本来巩固其资产负债表。但显然，我们应该密切关注它是否能够在不稀释股东权益的情况下管理其债务。在分析债务水平时，资产负债表显然是一个明显的起点。但道森地探的收益将影响未来资产负债表的表现。因此，如果您想了解更多关于其收益的信息，查看其长期收益趋势的图表可能是值得的。</p>
</div><p>See our latest analysis for Dawson Geophysical</p>
<div class="lb-trans"><p>查看我们对道森地探的最新分析</p>
</div><p>Over 12 months, Dawson Geophysical made a loss at the EBIT level, and saw its revenue drop to US$64m, which is a fall of 22%. That makes us nervous, to say the least.</p>
<div class="lb-trans"><p>在过去的 12 个月中，道森地探在息税前利润（EBIT）层面上亏损，收入降至 6400 万美元，下降了 22%。这让我们感到不安，至少可以这么说。</p>
</div><h2>Caveat Emptor</h2>
<div class="lb-trans"><h2>买者自负风险</h2>
</div><p>While Dawson Geophysical's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Indeed, it lost US$2.9m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. We would feel better if it turned its trailing twelve month loss of US$3.3m into a profit. So we do think this stock is quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example - Dawson Geophysical has <strong>2 warning signs</strong> we think you should be aware of.</p>
<div class="lb-trans"><p>虽然道森地探的收入下降就像一条湿毛毯一样令人失望，但可以说，其息税前利润（EBIT）亏损甚至更让人不快。实际上，它在 EBIT 层面上亏损了 290 万美元。当我们看到这一点并回想起其资产负债表上的负债时，相对于现金来说，公司有任何债务似乎都是不明智的。坦率地说，我们认为资产负债表远未达到适合的状态，尽管随着时间的推移可能会有所改善。如果它能将过去 12 个月的 330 万美元亏损转变为盈利，我们会感到更好。因此，我们确实认为这只股票相当风险。分析债务时，资产负债表显然是重点。然而，并非所有投资风险都存在于资产负债表中，远非如此。例如，道森地探有 <strong>两个警告信号</strong>，我们认为您应该注意。</p>
</div><p>Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.</p>
<div class="lb-trans"><p>当然，如果您是那种喜欢购买没有债务负担的股票的投资者，那么请不要犹豫，今天就来发现我们独家的净现金增长股票名单。</p>
</div>

道森地探（NASDAQ:DWSN）的资产负债表是否良好？