<p>有些人认为波动性，而不是债务，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 “波动性远非与风险同义”。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>CVR Energy, Inc.</strong>（纽约证券交易所代码：CVI）确实在其业务中使用债务。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>债务在企业面临偿还困难时会成为负担，无论是通过新资本还是自由现金流。资本主义的一个组成部分是 “创造性破坏” 的过程，失败的企业会被其银行家无情地清算。虽然这种情况并不常见，但我们经常看到负债公司因贷款人迫使其以低价筹集资本而永久稀释股东权益。当然，债务在企业中可以是一个重要的工具，特别是在资本密集型企业中。当我们考虑一家公司的债务使用时，我们首先会将现金和债务结合起来看。</p>
<h2>CVR Energy 的净债务是多少？</h2>
<p>下图（您可以点击以查看更详细信息）显示，截至 2025 年 9 月，CVR Energy 的债务为 17.7 亿美元，较一年前的 15.4 亿美元有所增加。另一方面，它有 6.7 亿美元的现金，导致净债务约为 11 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/5092377-debt-equity-history-analysis-1-dark-2/1765550316937?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/5092377-debt-equity-history-analysis-1-dark-2/1765550316937"/></p>
<p>纽约证券交易所：CVI 债务与股本历史 2025 年 12 月 12 日</p>
<h2>CVR Energy 的资产负债表健康状况如何？</h2>
<p>我们可以从最新的资产负债表中看到，CVR Energy 有 7.55 亿美元的负债将在一年内到期，且有 22 亿美元的负债将在之后到期。抵消这些负债的是它的 6.7 亿美元现金和 2.53 亿美元的应收账款，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 20.3 亿美元。</p>
<p>相对于其 31.9 亿美元的市值，这是一笔巨额的杠杆。如果贷款人要求其加强资产负债表，股东可能会面临严重的稀释。</p>
<p>查看我们对 CVR Energy 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），第二个是息税前利润（EBIT）覆盖利息支出的倍数（简称利息覆盖）。通过这种方式，我们考虑了债务的绝对数量以及支付的利率。</p>
<p>CVR Energy 的净债务与其 EBITDA 的比例为 1.7 倍，而其 EBIT 仅覆盖其利息支出 3.0 倍。很大程度上，这是由于公司显著的折旧和摊销费用，这可以说使得其 EBITDA 成为一个非常宽松的收益衡量标准，其债务可能比最初看起来的更具负担。值得注意的是，CVR Energy 的 EBIT 在过去 12 个月中像雨后竹笋般激增，增长了 86%。这将使其更容易管理债务。在分析债务时，资产负债表显然是需要关注的领域。但未来的收益，尤其是，将决定 CVR Energy 未来维持健康资产负债表的能力。因此，如果您想看看专业人士的看法，您可能会发现这份关于分析师利润预测的免费报告很有趣。</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，逻辑的步骤是查看 EBIT 中有多少比例与实际自由现金流相匹配。在过去三年中，CVR Energy 的自由现金流占其 EBIT 的 42%，低于我们的预期。在偿还债务方面，这并不理想。</p>
<h2>我们的看法</h2>
<p>根据我们的分析，CVR Energy 的 EBIT 增长率应该表明它在债务方面不会遇到太多麻烦。但我们上面提到的其他因素并不那么令人鼓舞。例如，似乎它在用 EBIT 覆盖利息支出方面有些挣扎。查看所有这些数据让我们对 CVR Energy 的债务水平感到有些谨慎。虽然我们欣赏债务可以提高股本回报，但我们建议股东密切关注其债务水平，以免其增加。在分析债务时，资产负债表显然是需要关注的领域。然而，并非所有的投资风险都存在于资产负债表中——远非如此。例如，我们已经识别出 <strong>CVR Energy 的 2 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> 的现金净额增长企业名单。</p>
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CVR能源

<p>对 CVR 能源（NYSE:CVI）的分析突显了其债务水平的担忧，这与其市值相比显得相当显著。尽管其息税前利润（EBIT）增长率令人鼓舞，但公司覆盖利息支出和产生自由现金流的能力则不那么令人满意。建议投资者密切关注 CVR 能源的债务情况，因为这可能会影响股东回报</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.' 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>CVR Energy, Inc.</strong> (NYSE:CVI) does use debt in its business. But the real question is whether this debt is making the company risky.</p>
<div class="lb-trans"><p>有些人认为波动性，而不是债务，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 “波动性远非与风险同义”。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>CVR Energy, Inc.</strong>（纽约证券交易所代码：CVI）确实在其业务中使用债务。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>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>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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.</p>
<div class="lb-trans"><p>债务在企业面临偿还困难时会成为负担，无论是通过新资本还是自由现金流。资本主义的一个组成部分是 “创造性破坏” 的过程，失败的企业会被其银行家无情地清算。虽然这种情况并不常见，但我们经常看到负债公司因贷款人迫使其以低价筹集资本而永久稀释股东权益。当然，债务在企业中可以是一个重要的工具，特别是在资本密集型企业中。当我们考虑一家公司的债务使用时，我们首先会将现金和债务结合起来看。</p>
</div><h2>What Is CVR Energy's Net Debt?</h2>
<div class="lb-trans"><h2>CVR Energy 的净债务是多少？</h2>
</div><p>The image below, which you can click on for greater detail, shows that at September 2025 CVR Energy had debt of US$1.77b, up from US$1.54b in one year. On the flip side, it has US$670.0m in cash leading to net debt of about US$1.10b.</p>
<div class="lb-trans"><p>下图（您可以点击以查看更详细信息）显示，截至 2025 年 9 月，CVR Energy 的债务为 17.7 亿美元，较一年前的 15.4 亿美元有所增加。另一方面，它有 6.7 亿美元的现金，导致净债务约为 11 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/5092377-debt-equity-history-analysis-1-dark-2/1765550316937" alt="" original-src="https://images.simplywall.st/asset/chart/5092377-debt-equity-history-analysis-1-dark-2/1765550316937"/></p>
<p>NYSE:CVI Debt to Equity History December 12th 2025</p>
<div class="lb-trans"><p>纽约证券交易所：CVI 债务与股本历史 2025 年 12 月 12 日</p>
</div><h2>How Healthy Is CVR Energy's Balance Sheet?</h2>
<div class="lb-trans"><h2>CVR Energy 的资产负债表健康状况如何？</h2>
</div><p>We can see from the most recent balance sheet that CVR Energy had liabilities of US$755.0m falling due within a year, and liabilities of US$2.20b due beyond that. Offsetting this, it had US$670.0m in cash and US$253.0m in receivables that were due within 12 months. So its liabilities total US$2.03b more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>我们可以从最新的资产负债表中看到，CVR Energy 有 7.55 亿美元的负债将在一年内到期，且有 22 亿美元的负债将在之后到期。抵消这些负债的是它的 6.7 亿美元现金和 2.53 亿美元的应收账款，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 20.3 亿美元。</p>
</div><p>This is a mountain of leverage relative to its market capitalization of US$3.19b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.</p>
<div class="lb-trans"><p>相对于其 31.9 亿美元的市值，这是一笔巨额的杠杆。如果贷款人要求其加强资产负债表，股东可能会面临严重的稀释。</p>
</div><p>Check out our latest analysis for CVR Energy</p>
<div class="lb-trans"><p>查看我们对 CVR Energy 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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.</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），第二个是息税前利润（EBIT）覆盖利息支出的倍数（简称利息覆盖）。通过这种方式，我们考虑了债务的绝对数量以及支付的利率。</p>
</div><p>CVR Energy's net debt is sitting at a very reasonable 1.7 times its EBITDA, while its EBIT covered its interest expense just 3.0 times last year. In large part that's due to the company's significant depreciation and amortisation charges, which arguably mean its EBITDA is a very generous measure of earnings, and its debt may be more of a burden than it first appears. It is well worth noting that CVR Energy's EBIT shot up like bamboo after rain, gaining 86% in the last twelve months. That'll make it easier to manage its 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 CVR Energy's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.</p>
<div class="lb-trans"><p>CVR Energy 的净债务与其 EBITDA 的比例为 1.7 倍，而其 EBIT 仅覆盖其利息支出 3.0 倍。很大程度上，这是由于公司显著的折旧和摊销费用，这可以说使得其 EBITDA 成为一个非常宽松的收益衡量标准，其债务可能比最初看起来的更具负担。值得注意的是，CVR Energy 的 EBIT 在过去 12 个月中像雨后竹笋般激增，增长了 86%。这将使其更容易管理债务。在分析债务时，资产负债表显然是需要关注的领域。但未来的收益，尤其是，将决定 CVR Energy 未来维持健康资产负债表的能力。因此，如果您想看看专业人士的看法，您可能会发现这份关于分析师利润预测的免费报告很有趣。</p>
</div><p>Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, CVR Energy's free cash flow amounted to 42% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.</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，逻辑的步骤是查看 EBIT 中有多少比例与实际自由现金流相匹配。在过去三年中，CVR Energy 的自由现金流占其 EBIT 的 42%，低于我们的预期。在偿还债务方面，这并不理想。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>On our analysis CVR Energy's EBIT growth rate should signal that it won't have too much trouble with its debt. But the other factors we noted above weren't so encouraging. For instance it seems like it has to struggle a bit to cover its interest expense with its EBIT. Looking at all this data makes us feel a little cautious about CVR Energy's debt levels. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. 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 instance, we've identified <strong>2 warning signs for CVR Energy</strong> that you should be aware of.</p>
<div class="lb-trans"><p>根据我们的分析，CVR Energy 的 EBIT 增长率应该表明它在债务方面不会遇到太多麻烦。但我们上面提到的其他因素并不那么令人鼓舞。例如，似乎它在用 EBIT 覆盖利息支出方面有些挣扎。查看所有这些数据让我们对 CVR Energy 的债务水平感到有些谨慎。虽然我们欣赏债务可以提高股本回报，但我们建议股东密切关注其债务水平，以免其增加。在分析债务时，资产负债表显然是需要关注的领域。然而，并非所有的投资风险都存在于资产负债表中——远非如此。例如，我们已经识别出 <strong>CVR Energy 的 2 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> 的现金净额增长企业名单。</p>
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CVR 能源（NYSE:CVI）是否是一项风险投资？