<p>霍华德·马克斯（Howard Marks）曾说得很好，与其担心股价波动，不如关注 “永久性损失的可能性，这是我所担心的风险……也是我认识的每一个实际投资者所担心的。” 在审视一家公司的风险时，考虑其资产负债表是很自然的，因为债务往往与企业的崩溃有关。与许多其他公司一样，<strong>SEACOR Marine Holdings Inc.</strong>（纽约证券交易所代码：SMHI）也利用了债务。但更重要的问题是：这些债务带来了多少风险？</p>
<p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</p>
<h2>债务何时变得危险？</h2>
<p>当企业无法轻松履行这些义务时，债务和其他负债就会变得危险，无论是通过自由现金流还是以有吸引力的价格筹集资本。在最坏的情况下，如果公司无法偿还债权人，它可能会破产。然而，更常见（但仍然代价高昂）的情况是，公司必须以低廉的价格发行股票，永久稀释股东权益，仅仅是为了巩固其资产负债表。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。当我们考虑一家公司的债务使用时，首先会将现金和债务放在一起看。</p>
<h2>SEACOR Marine Holdings 的净债务是多少？</h2>
<p>下图（您可以点击以获取更详细的信息）显示，截至 2025 年 9 月，SEACOR Marine Holdings 的债务为 3.419 亿美元，较一年前的 3.009 亿美元有所增加。然而，由于它有 9100 万美元的现金储备，其净债务较少，约为 2.509 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/318154367-debt-equity-history-analysis-1-dark-2/1766398364726?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/318154367-debt-equity-history-analysis-1-dark-2/1766398364726"/></p>
<p>纽约证券交易所：SMHI 债务与股本历史 2025 年 12 月 22 日</p>
<h2>SEACOR Marine Holdings 的负债情况</h2>
<p>根据最后报告的资产负债表，SEACOR Marine Holdings 的负债为 8120 万美元，需在 12 个月内偿还，且有 3.337 亿美元的负债需在 12 个月后偿还。抵消这些义务的是 9100 万美元的现金以及 8000 万美元的应收账款（需在 12 个月内偿还）。因此，其负债超过现金和（短期）应收账款总和的 2.439 亿美元。</p>
<p>鉴于这一赤字实际上高于公司市值的 1.753 亿美元，我们认为股东确实应该像父母第一次看着孩子骑自行车一样关注 SEACOR Marine Holdings 的债务水平。假设公司被迫以当前股价筹集资金偿还负债，将需要极大的稀释。资产负债表显然是分析债务时需要关注的领域。但最终，企业未来的盈利能力将决定 SEACOR Marine Holdings 是否能够随着时间的推移增强其资产负债表。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，了解分析师的盈利预测。</p>
<p>查看我们对 SEACOR Marine Holdings 的最新分析</p>
<p>在过去的 12 个月中，SEACOR Marine Holdings 在息税前利润（EBIT）层面上亏损，收入降至 2.45 亿美元，下降了 11%。我们更希望看到增长。</p>
<h2>买者自负风险</h2>
<p>虽然 SEACOR Marine Holdings 的收入下降就像一条湿毛巾一样令人失望，但可以说，其息税前利润（EBIT）亏损更让人不快。实际上，它在 EBIT 层面上亏损了相当可观的 3700 万美元。考虑到上述负债，这让我们对公司感到紧张。它需要迅速改善运营，才能引起我们的兴趣。更何况，它在过去一年中消耗了 5900 万美元的负自由现金流。因此，可以说我们认为该股票具有风险。在分析债务水平时，资产负债表显然是一个好的起点。但最终，每家公司都可能存在资产负债表之外的风险。例如，SEACOR Marine Holdings 有 <strong>3 个警告信号</strong>（其中 1 个不能忽视），我们认为您应该了解。</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>
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<p>下一波机器人技术不是类人型的，而是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

SMHI

<p>SEACOR Marine Holdings（纽约证券交易所代码：SMHI）已将其债务增加至 3.419 亿美元，扣除 9100 万美元现金储备后，净债务为 2.509 亿美元。该公司的负债超过其现金和应收账款 2.439 亿美元，超过其市值 1.753 亿美元。SEACOR Marine Holdings 报告了 3700 万美元的息税前利润（EBIT）亏损，收入下降 11% 至 2.45 亿美元，引发了对其财务稳定性和风险水平的担忧</p>

<p>Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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>SEACOR Marine Holdings Inc.</strong> (NYSE:SMHI) makes use of debt. But the more important question is: how much risk is that debt creating?</p>
<div class="lb-trans"><p>霍华德·马克斯（Howard Marks）曾说得很好，与其担心股价波动，不如关注 “永久性损失的可能性，这是我所担心的风险……也是我认识的每一个实际投资者所担心的。” 在审视一家公司的风险时，考虑其资产负债表是很自然的，因为债务往往与企业的崩溃有关。与许多其他公司一样，<strong>SEACOR Marine Holdings Inc.</strong>（纽约证券交易所代码：SMHI）也利用了债务。但更重要的问题是：这些债务带来了多少风险？</p>
</div><p>Trump has pledged to &#34;unleash&#34; American oil and gas and these 15 US stocks have developments that are poised to benefit.</p>
<div class="lb-trans"><p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</p>
</div><h2>When Is Debt Dangerous?</h2>
<div class="lb-trans"><h2>债务何时变得危险？</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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.</p>
<div class="lb-trans"><p>当企业无法轻松履行这些义务时，债务和其他负债就会变得危险，无论是通过自由现金流还是以有吸引力的价格筹集资本。在最坏的情况下，如果公司无法偿还债权人，它可能会破产。然而，更常见（但仍然代价高昂）的情况是，公司必须以低廉的价格发行股票，永久稀释股东权益，仅仅是为了巩固其资产负债表。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。当我们考虑一家公司的债务使用时，首先会将现金和债务放在一起看。</p>
</div><h2>What Is SEACOR Marine Holdings's Net Debt?</h2>
<div class="lb-trans"><h2>SEACOR Marine Holdings 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 SEACOR Marine Holdings had debt of US$341.9m, up from US$300.9m in one year. However, because it has a cash reserve of US$91.0m, its net debt is less, at about US$250.9m.</p>
<div class="lb-trans"><p>下图（您可以点击以获取更详细的信息）显示，截至 2025 年 9 月，SEACOR Marine Holdings 的债务为 3.419 亿美元，较一年前的 3.009 亿美元有所增加。然而，由于它有 9100 万美元的现金储备，其净债务较少，约为 2.509 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/318154367-debt-equity-history-analysis-1-dark-2/1766398364726" alt="" original-src="https://images.simplywall.st/asset/chart/318154367-debt-equity-history-analysis-1-dark-2/1766398364726"/></p>
<p>NYSE:SMHI Debt to Equity History December 22nd 2025</p>
<div class="lb-trans"><p>纽约证券交易所：SMHI 债务与股本历史 2025 年 12 月 22 日</p>
</div><h2>A Look At SEACOR Marine Holdings' Liabilities</h2>
<div class="lb-trans"><h2>SEACOR Marine Holdings 的负债情况</h2>
</div><p>According to the last reported balance sheet, SEACOR Marine Holdings had liabilities of US$81.2m due within 12 months, and liabilities of US$333.7m due beyond 12 months. Offsetting these obligations, it had cash of US$91.0m as well as receivables valued at US$80.0m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$243.9m.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，SEACOR Marine Holdings 的负债为 8120 万美元，需在 12 个月内偿还，且有 3.337 亿美元的负债需在 12 个月后偿还。抵消这些义务的是 9100 万美元的现金以及 8000 万美元的应收账款（需在 12 个月内偿还）。因此，其负债超过现金和（短期）应收账款总和的 2.439 亿美元。</p>
</div><p>Given this deficit is actually higher than the company's market capitalization of US$175.3m, we think shareholders really should watch SEACOR Marine Holdings's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if SEACOR Marine Holdings can strengthen its balance sheet over time. 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>鉴于这一赤字实际上高于公司市值的 1.753 亿美元，我们认为股东确实应该像父母第一次看着孩子骑自行车一样关注 SEACOR Marine Holdings 的债务水平。假设公司被迫以当前股价筹集资金偿还负债，将需要极大的稀释。资产负债表显然是分析债务时需要关注的领域。但最终，企业未来的盈利能力将决定 SEACOR Marine Holdings 是否能够随着时间的推移增强其资产负债表。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，了解分析师的盈利预测。</p>
</div><p>Check out our latest analysis for SEACOR Marine Holdings</p>
<div class="lb-trans"><p>查看我们对 SEACOR Marine Holdings 的最新分析</p>
</div><p>Over 12 months, SEACOR Marine Holdings made a loss at the EBIT level, and saw its revenue drop to US$245m, which is a fall of 11%. We would much prefer see growth.</p>
<div class="lb-trans"><p>在过去的 12 个月中，SEACOR Marine Holdings 在息税前利润（EBIT）层面上亏损，收入降至 2.45 亿美元，下降了 11%。我们更希望看到增长。</p>
</div><h2>Caveat Emptor</h2>
<div class="lb-trans"><h2>买者自负风险</h2>
</div><p>While SEACOR Marine Holdings's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Indeed, it lost a very considerable US$37m at the EBIT level. Considering that alongside the liabilities mentioned above make us nervous about the company. It would need to improve its operations quickly for us to be interested in it. Not least because it burned through US$59m in negative free cash flow over the last year. So suffice it to say we consider the stock to be risky. 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 SEACOR Marine Holdings has <strong>3 warning signs</strong> (and 1 which can't be ignored) we think you should know about.</p>
<div class="lb-trans"><p>虽然 SEACOR Marine Holdings 的收入下降就像一条湿毛巾一样令人失望，但可以说，其息税前利润（EBIT）亏损更让人不快。实际上，它在 EBIT 层面上亏损了相当可观的 3700 万美元。考虑到上述负债，这让我们对公司感到紧张。它需要迅速改善运营，才能引起我们的兴趣。更何况，它在过去一年中消耗了 5900 万美元的负自由现金流。因此，可以说我们认为该股票具有风险。在分析债务水平时，资产负债表显然是一个好的起点。但最终，每家公司都可能存在资产负债表之外的风险。例如，SEACOR Marine Holdings 有 <strong>3 个警告信号</strong>（其中 1 个不能忽视），我们认为您应该了解。</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>
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<div class="lb-trans"><p>国防和灾难的移动基础设施</p>
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健康检查：SEACOR Marine Holdings（NYSE:SMHI）在使用债务方面有多谨慎？