<p>由伯克希尔哈撒韦的查理·芒格支持的外部基金经理李璐直言不讳地表示：“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。” 在审视一家公司风险时，考虑其资产负债表是很自然的，因为企业倒闭时通常涉及债务。与许多其他公司一样，<strong>Vossloh AG</strong>（ETR:VOS）也利用了债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
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<h2>债务何时危险？</h2>
<p>债务在企业能够偿还时是有助益的，无论是通过新资本还是自由现金流。最终，如果公司无法履行偿还债务的法律义务，股东可能会一无所获。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。当然，债务的好处在于，它通常代表着廉价资本，尤其是在它替代了能够以高回报率再投资的公司的稀释时。当我们考虑公司的债务使用时，我们首先将现金和债务结合起来看。</p>
<h2>Vossloh 的债务是多少？</h2>
<p>您可以点击下面的图表查看历史数据，但它显示 Vossloh 在 2025 年 9 月的债务为 2.972 亿欧元，较前一年减少了 3.115 亿欧元。然而，它也有 1.319 亿欧元的现金，因此其净债务为 1.653 亿欧元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/879553-debt-equity-history-analysis-1-dark-2/1765007399781?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/879553-debt-equity-history-analysis-1-dark-2/1765007399781"/></p>
<p>XTRA:VOS 债务与股本历史 2025 年 12 月 6 日</p>
<h2>Vossloh 的资产负债表健康吗？</h2>
<p>最新的资产负债表数据显示，Vossloh 在一年内到期的负债为 4.557 亿欧元，之后到期的负债为 2.932 亿欧元。抵消这些负债，它有 1.319 亿欧元的现金和 2.716 亿欧元的应收账款，这些应收账款将在 12 个月内到期。因此，其负债总额比现金和短期应收账款的总和多出 3.454 亿欧元。</p>
<p>这个赤字并不算太糟糕，因为 Vossloh 的市值为 13.9 亿欧元，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的情况下管理其债务。</p>
<p>查看我们对 Vossloh 的最新分析</p>
<p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与利息支出（利息覆盖率）的比率。这种方法的优点在于，我们同时考虑了债务的绝对数量（净债务与 EBITDA）和与该债务相关的实际利息支出（利息覆盖率）。</p>
<p>虽然 Vossloh 的净债务与 EBITDA 比率为 1.3，表明其债务使用仅为适度，但去年的 EBIT 仅能覆盖利息支出 5.2 倍，这让我们感到担忧。但利息支付确实足以让我们考虑其债务的可承受性。值得注意的是，Vossloh 的 EBIT 在过去一年中相对平稳。我们希望看到一些收益增长，因为这总是有助于减少债务。在分析债务时，资产负债表显然是重点。但未来的收益，尤其是，将决定 Vossloh 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，Vossloh 产生了相当可观的自由现金流，占其 EBIT 的 64%，这大致符合我们的预期。这种自由现金流使公司在适当的时候能够偿还债务。</p>
<h2>我们的观点</h2>
<p>Vossloh 将 EBIT 转化为自由现金流的能力以及其净债务与 EBITDA 的比率让我们感到安心，认为它能够处理其债务。另一方面，其 EBIT 增长率让我们对其债务的舒适度稍有降低。当我们考虑上述所有因素时，我们认为 Vossloh 在管理其债务方面做得相当不错。尽管如此，负担仍然相当沉重，我们建议任何股东密切关注这一点。毫无疑问，我们从资产负债表中学到的大部分关于债务的知识。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，Vossloh 有 <strong>1 个警告信号</strong>，我们认为您应该注意。</p>
<p>如果在这一切之后，您更感兴趣的是一家快速增长且资产负债表稳健的公司，请立即查看我们的净现金增长股票列表。</p>

<p>Vossloh AG 的资产负债表显示债务为 2.972 亿欧元，现金为 1.319 亿欧元，净债务为 1.653 亿欧元。负债超过现金和应收账款 3.454 亿欧元，但公司 13.9 亿欧元的估值表明，如果需要，可以筹集资金。Vossloh 的债务与 EBITDA 比率为 1.3，EBIT 覆盖利息支出 5.2 倍。尽管 EBIT 增长平稳，64% 的 EBIT 转化为自由现金流，表明债务可控。股东应密切关注债务情况</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.' 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. As with many other companies <strong>Vossloh AG</strong> (ETR:VOS) makes use of debt. But the real question is whether this debt is making the company risky.</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璐直言不讳地表示：“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。” 在审视一家公司风险时，考虑其资产负债表是很自然的，因为企业倒闭时通常涉及债务。与许多其他公司一样，<strong>Vossloh AG</strong>（ETR:VOS）也利用了债务。但真正的问题是，这些债务是否使公司变得风险更大。</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 只预计明年将支付超过 6% 股息收益率的美国股票。查看完整列表，免费获取。</p>
</div><h2>When Is Debt Dangerous?</h2>
<div class="lb-trans"><h2>债务何时危险？</h2>
</div><p>Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.</p>
<div class="lb-trans"><p>债务在企业能够偿还时是有助益的，无论是通过新资本还是自由现金流。最终，如果公司无法履行偿还债务的法律义务，股东可能会一无所获。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。当然，债务的好处在于，它通常代表着廉价资本，尤其是在它替代了能够以高回报率再投资的公司的稀释时。当我们考虑公司的债务使用时，我们首先将现金和债务结合起来看。</p>
</div><h2>What Is Vossloh's Debt?</h2>
<div class="lb-trans"><h2>Vossloh 的债务是多少？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that Vossloh had €297.2m of debt in September 2025, down from €311.5m, one year before. However, it also had €131.9m in cash, and so its net debt is €165.3m.</p>
<div class="lb-trans"><p>您可以点击下面的图表查看历史数据，但它显示 Vossloh 在 2025 年 9 月的债务为 2.972 亿欧元，较前一年减少了 3.115 亿欧元。然而，它也有 1.319 亿欧元的现金，因此其净债务为 1.653 亿欧元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/879553-debt-equity-history-analysis-1-dark-2/1765007399781" alt="" original-src="https://images.simplywall.st/asset/chart/879553-debt-equity-history-analysis-1-dark-2/1765007399781"/></p>
<p>XTRA:VOS Debt to Equity History December 6th 2025</p>
<div class="lb-trans"><p>XTRA:VOS 债务与股本历史 2025 年 12 月 6 日</p>
</div><h2>How Healthy Is Vossloh's Balance Sheet?</h2>
<div class="lb-trans"><h2>Vossloh 的资产负债表健康吗？</h2>
</div><p>The latest balance sheet data shows that Vossloh had liabilities of €455.7m due within a year, and liabilities of €293.2m falling due after that. Offsetting this, it had €131.9m in cash and €271.6m in receivables that were due within 12 months. So its liabilities total €345.4m more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>最新的资产负债表数据显示，Vossloh 在一年内到期的负债为 4.557 亿欧元，之后到期的负债为 2.932 亿欧元。抵消这些负债，它有 1.319 亿欧元的现金和 2.716 亿欧元的应收账款，这些应收账款将在 12 个月内到期。因此，其负债总额比现金和短期应收账款的总和多出 3.454 亿欧元。</p>
</div><p>This deficit isn't so bad because Vossloh is worth €1.39b, 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.</p>
<div class="lb-trans"><p>这个赤字并不算太糟糕，因为 Vossloh 的市值为 13.9 亿欧元，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的情况下管理其债务。</p>
</div><p>View our latest analysis for Vossloh</p>
<div class="lb-trans"><p>查看我们对 Vossloh 的最新分析</p>
</div><p>In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). 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>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与利息支出（利息覆盖率）的比率。这种方法的优点在于，我们同时考虑了债务的绝对数量（净债务与 EBITDA）和与该债务相关的实际利息支出（利息覆盖率）。</p>
</div><p>While Vossloh's low debt to EBITDA ratio of 1.3 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 5.2 times last year does give us pause. But the interest payments are certainly sufficient to have us thinking about how affordable its debt is. Notably Vossloh's EBIT was pretty flat over the last year. We would prefer to see some earnings growth, because that always helps diminish debt. 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 Vossloh'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>虽然 Vossloh 的净债务与 EBITDA 比率为 1.3，表明其债务使用仅为适度，但去年的 EBIT 仅能覆盖利息支出 5.2 倍，这让我们感到担忧。但利息支付确实足以让我们考虑其债务的可承受性。值得注意的是，Vossloh 的 EBIT 在过去一年中相对平稳。我们希望看到一些收益增长，因为这总是有助于减少债务。在分析债务时，资产负债表显然是重点。但未来的收益，尤其是，将决定 Vossloh 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, Vossloh produced sturdy free cash flow equating to 64% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.</p>
<div class="lb-trans"><p>最后，一家公司只能用现金偿还债务，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，Vossloh 产生了相当可观的自由现金流，占其 EBIT 的 64%，这大致符合我们的预期。这种自由现金流使公司在适当的时候能够偿还债务。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>Both Vossloh's ability to to convert EBIT to free cash flow and its net debt to EBITDA gave us comfort that it can handle its debt. On the other hand, its EBIT growth rate makes us a little less comfortable about its debt. When we consider all the elements mentioned above, it seems to us that Vossloh is managing its debt quite well. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example - Vossloh has <strong>1 warning sign</strong> we think you should be aware of.</p>
<div class="lb-trans"><p>Vossloh 将 EBIT 转化为自由现金流的能力以及其净债务与 EBITDA 的比率让我们感到安心，认为它能够处理其债务。另一方面，其 EBIT 增长率让我们对其债务的舒适度稍有降低。当我们考虑上述所有因素时，我们认为 Vossloh 在管理其债务方面做得相当不错。尽管如此，负担仍然相当沉重，我们建议任何股东密切关注这一点。毫无疑问，我们从资产负债表中学到的大部分关于债务的知识。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，Vossloh 有 <strong>1 个警告信号</strong>，我们认为您应该注意。</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，请立即查看我们的净现金增长股票列表。</p>
</div>

Vossloh（ETR:VOS）的资产负债表是否健康？