<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资本损失。’ 因此，当你考虑任何特定股票的风险时，显然需要考虑债务，因为过多的债务可能会使公司陷入困境。我们注意到 <strong>沃利有限公司</strong>（ASX:WOR）确实在其资产负债表上有债务。但更重要的问题是：这些债务带来了多少风险？</p>
<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>
<h2>债务何时危险？</h2>
<p>债务是帮助企业成长的工具，但如果企业无法偿还其债权人，那么它就处于债权人的掌控之中。如果情况变得非常糟糕，债权人可以控制企业。然而，更常见（但仍然痛苦）的情况是，企业不得不以低价筹集新的股本，从而永久性稀释股东的权益。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。当我们考虑一家公司的债务使用时，我们首先将现金和债务结合起来进行分析。</p>
<h2>沃利的净债务是多少？</h2>
<p>正如您在下面看到的，截至 2025 年 6 月底，沃利的债务为 21.9 亿澳元，较一年前的 18.1 亿澳元有所增加。点击图片以获取更多详细信息。然而，它有 9.52 亿澳元的现金来抵消这部分债务，导致净债务约为 12.4 亿澳元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7072263-debt-equity-history-analysis-1-dark-2/1765667663586?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/7072263-debt-equity-history-analysis-1-dark-2/1765667663586"/></p>
<p>ASX:WOR 债务与股本历史 2025 年 12 月 13 日</p>
<h2>沃利的资产负债表健康状况如何？</h2>
<p>根据最后报告的资产负债表，沃利在 12 个月内到期的负债为 35.6 亿澳元，超过 12 个月到期的负债为 17.8 亿澳元。另一方面，它有 9.52 亿澳元的现金和 24.4 亿澳元的应收账款将在一年内到期。因此，其负债超过现金和（短期）应收账款总和 19.5 亿澳元。</p>
<p>虽然这看起来很多，但并不算太糟糕，因为沃利的市值为 63.9 亿澳元，因此如果需要，它可能通过筹集资本来增强其资产负债表。然而，仔细审视其偿债能力仍然是值得的。</p>
<p>查看我们对沃利的最新分析</p>
<p>我们通过查看净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算息税前利润（EBIT）覆盖利息支出的能力（利息覆盖）来衡量公司的债务负担。因此，我们考虑债务相对于收益的情况，包括和不包括折旧和摊销费用。</p>
<p>净债务仅为 EBITDA 的 1.5 倍，沃利的杠杆水平可以说相当保守。这一观点得到了良好的利息覆盖的支持，过去一年 EBIT 是利息支出的 7.5 倍。好消息是，沃利的 EBIT 在过去 12 个月中增长了 4.9%，这应该缓解对债务偿还的任何担忧。在分析债务水平时，资产负债表显然是一个起点。但最终，企业的未来盈利能力将决定沃利是否能够随着时间的推移增强其资产负债表。因此，如果您想了解专业人士的看法，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，企业需要自由现金流来偿还债务；会计利润并不足够。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，沃利产生了相当于其 EBIT 的 75% 的强劲自由现金流，这大约是我们所期望的。这一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>令人欣慰的是，沃利将 EBIT 转化为自由现金流的能力令人印象深刻，这意味着它在债务方面占据优势。其利息覆盖也很好。综合考虑上述所有因素，我们认为沃利能够相对轻松地处理其债务。当然，虽然这种杠杆可以增强股本回报，但也带来了更多风险，因此值得关注。在分析债务水平时，资产负债表显然是一个起点。但最终，每家公司都可能存在资产负债表之外的风险。例如，我们发现 <strong>沃利有一个警示信号</strong>，在您投资之前应当注意。</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>
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<p>在下一轮合同之前获取投资者简报</p>
<p>代表 CiTech 赞助</p>

<p>Worley Limited（ASX:WOR）拥有 21.9 亿澳元的债务和 9.52 亿澳元的现金，导致净债务为 12.4 亿澳元。净债务为 EBITDA 的 1.5 倍，EBIT 覆盖利息的倍数为 7.5，Worley 的财务杠杆较为保守。它将 75% 的 EBIT 转化为自由现金流，帮助偿还债务。尽管存在杠杆风险，Worley 管理债务的能力较强，但投资者应对资产负债表之外的风险保持谨慎</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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that <strong>Worley Limited</strong> (ASX:WOR) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?</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资本损失。’ 因此，当你考虑任何特定股票的风险时，显然需要考虑债务，因为过多的债务可能会使公司陷入困境。我们注意到 <strong>沃利有限公司</strong>（ASX:WOR）确实在其资产负债表上有债务。但更重要的问题是：这些债务带来了多少风险？</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 is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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. When we think about a company's use of debt, we first look at cash and debt together.</p>
<div class="lb-trans"><p>债务是帮助企业成长的工具，但如果企业无法偿还其债权人，那么它就处于债权人的掌控之中。如果情况变得非常糟糕，债权人可以控制企业。然而，更常见（但仍然痛苦）的情况是，企业不得不以低价筹集新的股本，从而永久性稀释股东的权益。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。当我们考虑一家公司的债务使用时，我们首先将现金和债务结合起来进行分析。</p>
</div><h2>What Is Worley's Net Debt?</h2>
<div class="lb-trans"><h2>沃利的净债务是多少？</h2>
</div><p>As you can see below, at the end of June 2025, Worley had AU$2.19b of debt, up from AU$1.81b a year ago. Click the image for more detail. However, it does have AU$952.0m in cash offsetting this, leading to net debt of about AU$1.24b.</p>
<div class="lb-trans"><p>正如您在下面看到的，截至 2025 年 6 月底，沃利的债务为 21.9 亿澳元，较一年前的 18.1 亿澳元有所增加。点击图片以获取更多详细信息。然而，它有 9.52 亿澳元的现金来抵消这部分债务，导致净债务约为 12.4 亿澳元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7072263-debt-equity-history-analysis-1-dark-2/1765667663586" alt="" original-src="https://images.simplywall.st/asset/chart/7072263-debt-equity-history-analysis-1-dark-2/1765667663586"/></p>
<p>ASX:WOR Debt to Equity History December 13th 2025</p>
<div class="lb-trans"><p>ASX:WOR 债务与股本历史 2025 年 12 月 13 日</p>
</div><h2>How Healthy Is Worley's Balance Sheet?</h2>
<div class="lb-trans"><h2>沃利的资产负债表健康状况如何？</h2>
</div><p>According to the last reported balance sheet, Worley had liabilities of AU$3.56b due within 12 months, and liabilities of AU$1.78b due beyond 12 months. On the other hand, it had cash of AU$952.0m and AU$2.44b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by AU$1.95b.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，沃利在 12 个月内到期的负债为 35.6 亿澳元，超过 12 个月到期的负债为 17.8 亿澳元。另一方面，它有 9.52 亿澳元的现金和 24.4 亿澳元的应收账款将在一年内到期。因此，其负债超过现金和（短期）应收账款总和 19.5 亿澳元。</p>
</div><p>While this might seem like a lot, it is not so bad since Worley has a market capitalization of AU$6.39b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.</p>
<div class="lb-trans"><p>虽然这看起来很多，但并不算太糟糕，因为沃利的市值为 63.9 亿澳元，因此如果需要，它可能通过筹集资本来增强其资产负债表。然而，仔细审视其偿债能力仍然是值得的。</p>
</div><p>See our latest analysis for Worley</p>
<div class="lb-trans"><p>查看我们对沃利的最新分析</p>
</div><p>We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.</p>
<div class="lb-trans"><p>我们通过查看净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算息税前利润（EBIT）覆盖利息支出的能力（利息覆盖）来衡量公司的债务负担。因此，我们考虑债务相对于收益的情况，包括和不包括折旧和摊销费用。</p>
</div><p>With net debt sitting at just 1.5 times EBITDA, Worley is arguably pretty conservatively geared. And this view is supported by the solid interest coverage, with EBIT coming in at 7.5 times the interest expense over the last year. The good news is that Worley has increased its EBIT by 4.9% over twelve months, which should ease any concerns about debt repayment. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Worley can strengthen its balance sheet over time. 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>净债务仅为 EBITDA 的 1.5 倍，沃利的杠杆水平可以说相当保守。这一观点得到了良好的利息覆盖的支持，过去一年 EBIT 是利息支出的 7.5 倍。好消息是，沃利的 EBIT 在过去 12 个月中增长了 4.9%，这应该缓解对债务偿还的任何担忧。在分析债务水平时，资产负债表显然是一个起点。但最终，企业的未来盈利能力将决定沃利是否能够随着时间的推移增强其资产负债表。因此，如果您想了解专业人士的看法，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 business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Worley produced sturdy free cash flow equating to 75% 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，企业需要自由现金流来偿还债务；会计利润并不足够。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，沃利产生了相当于其 EBIT 的 75% 的强劲自由现金流，这大约是我们所期望的。这一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>Happily, Worley's impressive conversion of EBIT to free cash flow implies it has the upper hand on its debt. And its interest cover is good too. Looking at all the aforementioned factors together, it strikes us that Worley can handle its debt fairly comfortably. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered <strong>1 warning sign for Worley</strong> that you should be aware of before investing here.</p>
<div class="lb-trans"><p>令人欣慰的是，沃利将 EBIT 转化为自由现金流的能力令人印象深刻，这意味着它在债务方面占据优势。其利息覆盖也很好。综合考虑上述所有因素，我们认为沃利能够相对轻松地处理其债务。当然，虽然这种杠杆可以增强股本回报，但也带来了更多风险，因此值得关注。在分析债务水平时，资产负债表显然是一个起点。但最终，每家公司都可能存在资产负债表之外的风险。例如，我们发现 <strong>沃利有一个警示信号</strong>，在您投资之前应当注意。</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>
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Worley (ASX:WOR) 是否是一项高风险的投资？