<p>沃伦·巴菲特曾 famously 说过：‘波动性远非风险的同义词。’ 因此，聪明的钱知道，债务——通常与破产有关——在评估一家公司的风险时是一个非常重要的因素。我们可以看到 <strong>Lonza Group AG</strong> (VTX:LONN) 确实在其业务中使用了债务。但股东应该担心其债务使用吗？</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>债务在企业能够用新资本或自由现金流偿还之前，能够帮助企业。资本主义的一个组成部分是 ‘创造性毁灭’ 的过程，失败的企业会被其银行家无情地清算。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。尽管如此，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，我们首先考虑现金和债务水平。</p>
<h2>Lonza Group 的净债务是多少？</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 6 月，Lonza Group 的债务为 46.1 亿瑞士法郎，较去年的 38 亿瑞士法郎有所增加。另一方面，它有 9.07 亿瑞士法郎的现金，导致净债务约为 37.1 亿瑞士法郎。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/631759-debt-equity-history-analysis-1-dark-2/1764562625196?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/631759-debt-equity-history-analysis-1-dark-2/1764562625196"/></p>
<p>SWX:LONN 债务与股本历史 2025 年 12 月 1 日</p>
<h2>Lonza Group 的资产负债表有多强？</h2>
<p>根据最后报告的资产负债表，Lonza Group 有 31.5 亿瑞士法郎的负债在 12 个月内到期，69.8 亿瑞士法郎的负债在 12 个月后到期。抵消这些负债，它有 9.07 亿瑞士法郎的现金和 18.4 亿瑞士法郎的应收账款，这些应收账款在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和 73.8 亿瑞士法郎。</p>
<p>当然，Lonza Group 拥有 386 亿瑞士法郎的巨大市值，因此这些负债可能是可控的。尽管如此，很明显我们应该继续监控其资产负债表，以免情况变得更糟。</p>
<p>查看我们对 Lonza Group 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），第二个是其息税前利润（EBIT）覆盖其利息支出的次数（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>我们认为，Lonza Group 的净债务与 EBITDA 比率适中（为 1.9），表明在债务方面的谨慎。而其强劲的利息覆盖率为 10.3 倍，让我们更加安心。不幸的是，Lonza Group 在过去 12 个月中其 EBIT 下降了 2.6%。如果收益继续下降，那么管理这笔债务将变得困难，就像在独轮车上送热汤一样。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。但未来的收益，尤其是，将决定 Lonza Group 未来维持健康资产负债表的能力。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
<p>最后，一家公司只能用冷硬的现金偿还债务，而不是会计利润。因此，我们总是检查 EBIT 中有多少转化为自由现金流。在过去三年中，Lonza Group 消耗了大量现金。虽然这可能是由于增长支出的结果，但这确实使债务风险大大增加。</p>
<h2>我们的看法</h2>
<p>Lonza Group 在将 EBIT 转化为自由现金流方面的挣扎让我们对其资产负债表的强度产生了怀疑，但我们考虑的其他数据点相对令人宽慰。特别是，其利息覆盖率令人振奋。我们认为，考虑到上述数据点，Lonza Group 的债务确实使其有些风险。并非所有风险都是坏事，因为如果成功，它可以提升股价回报，但这种债务风险值得注意。在分析债务时，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，我们发现 <strong>Lonza Group 的 2 个警告信号</strong>，在您投资之前应该注意。</p>
<p>归根结底，专注于没有净债务的公司往往更好。您可以访问我们特别列出的此类公司（所有公司都有盈利增长的记录）。这是免费的。</p>

LZAGY

龙沙

<p>本文分析了隆泽集团（Lonza Group，VTX:LONN）的债务状况，强调其债务为 46.1 亿瑞士法郎，现金为 9.07 亿瑞士法郎，净债务为 37.1 亿瑞士法郎。尽管负债超过现金和应收款项 73.8 亿瑞士法郎，但其 386 亿瑞士法郎的市值表明债务是可控的。公司的净债务与息税折旧摊销前利润（EBITDA）比率为 1.9，利息覆盖倍数为 10.3 倍。然而，息税前利润（EBIT）下降和现金流转化不佳引发了对债务管理的担忧。文章建议关注隆泽的资产负债表，并警告潜在风险</p>

<p>Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 can see that <strong>Lonza Group AG</strong> (VTX:LONN) does use debt in its business. But should shareholders be worried about its use of debt?</p>
<div class="lb-trans"><p>沃伦·巴菲特曾 famously 说过：‘波动性远非风险的同义词。’ 因此，聪明的钱知道，债务——通常与破产有关——在评估一家公司的风险时是一个非常重要的因素。我们可以看到 <strong>Lonza Group AG</strong> (VTX:LONN) 确实在其业务中使用了债务。但股东应该担心其债务使用吗？</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 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. 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>债务在企业能够用新资本或自由现金流偿还之前，能够帮助企业。资本主义的一个组成部分是 ‘创造性毁灭’ 的过程，失败的企业会被其银行家无情地清算。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。尽管如此，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，我们首先考虑现金和债务水平。</p>
</div><h2>What Is Lonza Group's Net Debt?</h2>
<div class="lb-trans"><h2>Lonza Group 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 Lonza Group had CHF4.61b of debt, an increase on CHF3.80b, over one year. On the flip side, it has CHF907.0m in cash leading to net debt of about CHF3.71b.</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 6 月，Lonza Group 的债务为 46.1 亿瑞士法郎，较去年的 38 亿瑞士法郎有所增加。另一方面，它有 9.07 亿瑞士法郎的现金，导致净债务约为 37.1 亿瑞士法郎。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/631759-debt-equity-history-analysis-1-dark-2/1764562625196" alt="" original-src="https://images.simplywall.st/asset/chart/631759-debt-equity-history-analysis-1-dark-2/1764562625196"/></p>
<p>SWX:LONN Debt to Equity History December 1st 2025</p>
<div class="lb-trans"><p>SWX:LONN 债务与股本历史 2025 年 12 月 1 日</p>
</div><h2>How Strong Is Lonza Group's Balance Sheet?</h2>
<div class="lb-trans"><h2>Lonza Group 的资产负债表有多强？</h2>
</div><p>According to the last reported balance sheet, Lonza Group had liabilities of CHF3.15b due within 12 months, and liabilities of CHF6.98b due beyond 12 months. Offsetting this, it had CHF907.0m in cash and CHF1.84b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CHF7.38b.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，Lonza Group 有 31.5 亿瑞士法郎的负债在 12 个月内到期，69.8 亿瑞士法郎的负债在 12 个月后到期。抵消这些负债，它有 9.07 亿瑞士法郎的现金和 18.4 亿瑞士法郎的应收账款，这些应收账款在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和 73.8 亿瑞士法郎。</p>
</div><p>Of course, Lonza Group has a titanic market capitalization of CHF38.6b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.</p>
<div class="lb-trans"><p>当然，Lonza Group 拥有 386 亿瑞士法郎的巨大市值，因此这些负债可能是可控的。尽管如此，很明显我们应该继续监控其资产负债表，以免情况变得更糟。</p>
</div><p>View our latest analysis for Lonza Group</p>
<div class="lb-trans"><p>查看我们对 Lonza Group 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），第二个是其息税前利润（EBIT）覆盖其利息支出的次数（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>We'd say that Lonza Group's moderate net debt to EBITDA ratio ( being 1.9), indicates prudence when it comes to debt. And its strong interest cover of 10.3 times, makes us even more comfortable. Unfortunately, Lonza Group saw its EBIT slide 2.6% in the last twelve months. If earnings continue on that decline then managing that debt will be difficult like delivering hot soup on a unicycle. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Lonza Group's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this <strong>free</strong> report showing analyst profit forecasts.</p>
<div class="lb-trans"><p>我们认为，Lonza Group 的净债务与 EBITDA 比率适中（为 1.9），表明在债务方面的谨慎。而其强劲的利息覆盖率为 10.3 倍，让我们更加安心。不幸的是，Lonza Group 在过去 12 个月中其 EBIT 下降了 2.6%。如果收益继续下降，那么管理这笔债务将变得困难，就像在独轮车上送热汤一样。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。但未来的收益，尤其是，将决定 Lonza Group 未来维持健康资产负债表的能力。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
</div><p>Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Lonza Group burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.</p>
<div class="lb-trans"><p>最后，一家公司只能用冷硬的现金偿还债务，而不是会计利润。因此，我们总是检查 EBIT 中有多少转化为自由现金流。在过去三年中，Lonza Group 消耗了大量现金。虽然这可能是由于增长支出的结果，但这确实使债务风险大大增加。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>Lonza Group's struggle to convert EBIT to free cash flow had us second guessing its balance sheet strength, but the other data-points we considered were relatively redeeming. In particular, its interest cover was re-invigorating. We think that Lonza Group's debt does make it a bit risky, after considering the aforementioned data points together. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. 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, we've discovered <strong>2 warning signs for Lonza Group</strong> that you should be aware of before investing here.</p>
<div class="lb-trans"><p>Lonza Group 在将 EBIT 转化为自由现金流方面的挣扎让我们对其资产负债表的强度产生了怀疑，但我们考虑的其他数据点相对令人宽慰。特别是，其利息覆盖率令人振奋。我们认为，考虑到上述数据点，Lonza Group 的债务确实使其有些风险。并非所有风险都是坏事，因为如果成功，它可以提升股价回报，但这种债务风险值得注意。在分析债务时，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，我们发现 <strong>Lonza Group 的 2 个警告信号</strong>，在您投资之前应该注意。</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。您可以访问我们特别列出的此类公司（所有公司都有盈利增长的记录）。这是免费的。</p>
</div>

我们认为龙沙集团（VTX:LONN）在其债务方面正在承担一些风险