<p>沃伦·巴菲特曾 famously 说过，‘波动性远非与风险同义。’ 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>THG Plc</strong> (LON:THG) 确实有债务。但股东应该担心它的债务使用吗？</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>何时债务成为问题？</h2>
<p>当企业无法轻松履行债务和其他负债时，这些负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资本。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。话虽如此，最常见的情况是公司合理管理其债务，并从中获益。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>THG 的债务有多少？</h2>
<p>您可以点击下面的图形查看历史数据，但它显示 THG 在 2025 年 6 月的债务为 4.579 亿英镑，较一年前的 6.862 亿英镑有所下降。然而，它也有 1.294 亿英镑的现金，因此其净债务为 3.285 亿英镑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/282374997-debt-equity-history-analysis-1-dark-2/1764824481518?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/282374997-debt-equity-history-analysis-1-dark-2/1764824481518"/></p>
<p>LSE:THG 债务与股本历史 2025 年 12 月 4 日</p>
<h2>THG 的资产负债表有多强？</h2>
<p>最新的资产负债表数据显示，THG 有 5.563 亿英镑的负债在一年内到期，以及 6.439 亿英镑的负债在之后到期。另一方面，它有 1.294 亿英镑的现金和 1.213 亿英镑的应收账款在一年内到期。因此，其负债超过现金和（短期）应收账款总和 9.495 亿英镑。</p>
<p>考虑到这一缺口超过了公司 6.383 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。资产负债表显然是分析债务时需要关注的领域。但最终，未来的收益将决定 THG 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>查看我们对 THG 的最新分析</p>
<p>在过去的一年里，THG 在利息和税前亏损，实际上其收入减少了 4.1%，降至 17 亿英镑。这并不是我们希望看到的情况。</p>
<h2>买者自负风险</h2>
<p>重要的是，THG 在过去一年中有利息和税前（EBIT）亏损。实际上，它在 EBIT 级别上亏损了 3200 万英镑。当我们将这一点与显著的负债相结合时，我们对公司并不特别有信心。它需要迅速改善其运营，才能引起我们的兴趣。例如，我们不希望看到去年 1.84 亿英镑的亏损重演。在那之前，我们认为这是一只风险股票。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，我们已经识别出 <strong>THG 的两个警告信号</strong>，您应该注意。</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>THG Plc（伦敦证券交易所代码：THG）的净债务为 3.285 亿英镑，负债超过现金和应收账款 9.495 亿英镑，超过其市值 6.383 亿英镑。该公司报告了 3200 万英镑的息税前亏损，收入下降 4.1%，降至 17 亿英镑。鉴于这些财务挑战，THG 的资产负债表令人担忧，公司需要进行运营改善以降低风险</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. Importantly, <strong>THG Plc</strong> (LON:THG) does carry debt. 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，‘波动性远非与风险同义。’ 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>THG Plc</strong> (LON:THG) 确实有债务。但股东应该担心它的债务使用吗？</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 A Problem?</h2>
<div class="lb-trans"><h2>何时债务成为问题？</h2>
</div><p>Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.</p>
<div class="lb-trans"><p>当企业无法轻松履行债务和其他负债时，这些负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资本。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。话虽如此，最常见的情况是公司合理管理其债务，并从中获益。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 THG Carry?</h2>
<div class="lb-trans"><h2>THG 的债务有多少？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that THG had UK£457.9m of debt in June 2025, down from UK£686.2m, one year before. However, it also had UK£129.4m in cash, and so its net debt is UK£328.5m.</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 THG 在 2025 年 6 月的债务为 4.579 亿英镑，较一年前的 6.862 亿英镑有所下降。然而，它也有 1.294 亿英镑的现金，因此其净债务为 3.285 亿英镑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/282374997-debt-equity-history-analysis-1-dark-2/1764824481518" alt="" original-src="https://images.simplywall.st/asset/chart/282374997-debt-equity-history-analysis-1-dark-2/1764824481518"/></p>
<p>LSE:THG Debt to Equity History December 4th 2025</p>
<div class="lb-trans"><p>LSE:THG 债务与股本历史 2025 年 12 月 4 日</p>
</div><h2>How Strong Is THG's Balance Sheet?</h2>
<div class="lb-trans"><h2>THG 的资产负债表有多强？</h2>
</div><p>The latest balance sheet data shows that THG had liabilities of UK£556.3m due within a year, and liabilities of UK£643.9m falling due after that. On the other hand, it had cash of UK£129.4m and UK£121.3m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by UK£949.5m.</p>
<div class="lb-trans"><p>最新的资产负债表数据显示，THG 有 5.563 亿英镑的负债在一年内到期，以及 6.439 亿英镑的负债在之后到期。另一方面，它有 1.294 亿英镑的现金和 1.213 亿英镑的应收账款在一年内到期。因此，其负债超过现金和（短期）应收账款总和 9.495 亿英镑。</p>
</div><p>When you consider that this deficiency exceeds the company's UK£638.3m 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. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine THG'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>考虑到这一缺口超过了公司 6.383 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。资产负债表显然是分析债务时需要关注的领域。但最终，未来的收益将决定 THG 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>Check out our latest analysis for THG</p>
<div class="lb-trans"><p>查看我们对 THG 的最新分析</p>
</div><p>In the last year THG had a loss before interest and tax, and actually shrunk its revenue by 4.1%, to UK£1.7b. That's not what we would hope to see.</p>
<div class="lb-trans"><p>在过去的一年里，THG 在利息和税前亏损，实际上其收入减少了 4.1%，降至 17 亿英镑。这并不是我们希望看到的情况。</p>
</div><h2>Caveat Emptor</h2>
<div class="lb-trans"><h2>买者自负风险</h2>
</div><p>Importantly, THG had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost UK£32m at the EBIT level. When we look at that alongside the significant liabilities, we're not particularly confident about the company. It would need to improve its operations quickly for us to be interested in it. For example, we would not want to see a repeat of last year's loss of UK£184m. And until that time we think this is a risky stock. 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 instance, we've identified <strong>2 warning signs for THG</strong> that you should be aware of.</p>
<div class="lb-trans"><p>重要的是，THG 在过去一年中有利息和税前（EBIT）亏损。实际上，它在 EBIT 级别上亏损了 3200 万英镑。当我们将这一点与显著的负债相结合时，我们对公司并不特别有信心。它需要迅速改善其运营，才能引起我们的兴趣。例如，我们不希望看到去年 1.84 亿英镑的亏损重演。在那之前，我们认为这是一只风险股票。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，我们已经识别出 <strong>THG 的两个警告信号</strong>，您应该注意。</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>

THG（LON:THG）的资产负债表是否健康？