<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——通常与破产有关——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>Frontdoor, Inc.</strong>（纳斯达克代码：FTDR）确实有债务。但更重要的问题是：这些债务带来了多少风险？</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>为什么债务带来风险？</h2>
<p>债务在企业能够用新资本或自由现金流偿还之前，能够帮助企业。如果情况变得非常糟糕，贷方可能会控制企业。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。当然，许多公司利用债务来资助增长，而没有任何负面后果。当我们审视债务水平时，我们首先考虑现金和债务水平的结合。</p>
<h2>Frontdoor 的债务有多少？</h2>
<p>下面的图像（您可以点击以获取更详细的信息）显示，截至 2025 年 9 月，Frontdoor 的债务为 12 亿美元，较一年前的 5.82 亿美元有所增加。然而，它有 5.63 亿美元的现金来抵消这些债务，导致净债务约为 6.36 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/576104379-debt-equity-history-analysis-1-dark-2/1766572004512?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1642" height="1052" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/576104379-debt-equity-history-analysis-1-dark-2/1766572004512"/></p>
<p>纳斯达克 GS:FTDR 债务与股本历史 2025 年 12 月 24 日</p>
<h2>Frontdoor 的资产负债表有多强？</h2>
<p>我们可以从最新的资产负债表中看到，Frontdoor 有 4.01 亿美元的负债将在一年内到期，以及 15.1 亿美元的负债将在之后到期。抵消这些义务，它有 5.63 亿美元的现金以及 8700 万美元的应收账款将在 12 个月内到期。因此，它的负债总额比现金和短期应收账款的总和多出 12.6 亿美元。</p>
<p>Frontdoor 的市值为 41.8 亿美元，因此如果需要，它很可能能够筹集资金来改善其资产负债表。但显然，我们应该仔细审查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 Frontdoor 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信息。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）覆盖其利息支出的次数（或简称利息覆盖）。这种方法的优点在于，我们考虑了债务的绝对量（通过净债务与 EBITDA 的比率）以及与该债务相关的实际利息支出（通过其利息覆盖比率）。</p>
<p>净债务仅为 EBITDA 的 1.3 倍，Frontdoor 的杠杆水平可以说是相当保守的。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 8.1 倍。更好的是，Frontdoor 在过去一年中将 EBIT 增长了 11%，进一步增强了其管理债务的能力。在分析债务水平时，资产负债表显然是一个明显的起点。但未来的收益，尤其是，将决定 Frontdoor 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>但我们最后的考虑也很重要，因为公司不能用纸面利润来偿还债务；它需要冷硬的现金。因此，逻辑步骤是查看 EBIT 中有多少比例与实际自由现金流相匹配。在最近三年中，Frontdoor 记录的自由现金流占其 EBIT 的 74%，这在正常范围内，因为自由现金流不包括利息和税。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>好消息是，Frontdoor 展现出将 EBIT 转换为自由现金流的能力让我们感到高兴，就像一只毛茸茸的小狗让幼儿开心一样。我们还认为其利息覆盖是一个积极的因素。当我们考虑上述各种因素时，Frontdoor 在使用债务方面显得相当明智。这意味着他们承担了一些额外的风险，希望提高股东回报。在分析债务时，资产负债表显然是重点。但最终，每家公司都可能存在资产负债表之外的风险。<strong>我们已识别出 Frontdoor 的一个警示信号</strong>，理解这些信号应该是您投资过程的一部分。</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> 的净现金企业增长名单。</p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>代表 CiTech 赞助</p>

FTDR

<p>Frontdoor, Inc.（纳斯达克代码：FTDR）负债较重，截至 2025 年 9 月净负债为 6.36 亿美元。尽管负债超过现金和应收款项 12.6 亿美元，但 Frontdoor 的市值为 41.8 亿美元，表明其在需要时能够筹集资金。该公司的杠杆水平较为保守，净负债为 EBITDA 的 1.3 倍，且利息覆盖率强。Frontdoor 将 EBIT 转化为自由现金流的能力积极，表明其债务风险可控，旨在提升股东回报</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>Frontdoor, Inc.</strong> (NASDAQ:FTDR) does carry debt. But the more important question is: how much risk is that debt creating?</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——通常与破产有关——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>Frontdoor, Inc.</strong>（纳斯达克代码：FTDR）确实有债务。但更重要的问题是：这些债务带来了多少风险？</p>
</div><p>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>Why Does Debt Bring Risk?</h2>
<div class="lb-trans"><h2>为什么债务带来风险？</h2>
</div><p>Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.</p>
<div class="lb-trans"><p>债务在企业能够用新资本或自由现金流偿还之前，能够帮助企业。如果情况变得非常糟糕，贷方可能会控制企业。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。当然，许多公司利用债务来资助增长，而没有任何负面后果。当我们审视债务水平时，我们首先考虑现金和债务水平的结合。</p>
</div><h2>How Much Debt Does Frontdoor Carry?</h2>
<div class="lb-trans"><h2>Frontdoor 的债务有多少？</h2>
</div><p>The image below, which you can click on for greater detail, shows that at September 2025 Frontdoor had debt of US$1.20b, up from US$582.0m in one year. However, it does have US$563.0m in cash offsetting this, leading to net debt of about US$636.0m.</p>
<div class="lb-trans"><p>下面的图像（您可以点击以获取更详细的信息）显示，截至 2025 年 9 月，Frontdoor 的债务为 12 亿美元，较一年前的 5.82 亿美元有所增加。然而，它有 5.63 亿美元的现金来抵消这些债务，导致净债务约为 6.36 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/576104379-debt-equity-history-analysis-1-dark-2/1766572004512" alt="" original-src="https://images.simplywall.st/asset/chart/576104379-debt-equity-history-analysis-1-dark-2/1766572004512"/></p>
<p>NasdaqGS:FTDR Debt to Equity History December 24th 2025</p>
<div class="lb-trans"><p>纳斯达克 GS:FTDR 债务与股本历史 2025 年 12 月 24 日</p>
</div><h2>How Strong Is Frontdoor's Balance Sheet?</h2>
<div class="lb-trans"><h2>Frontdoor 的资产负债表有多强？</h2>
</div><p>We can see from the most recent balance sheet that Frontdoor had liabilities of US$401.0m falling due within a year, and liabilities of US$1.51b due beyond that. Offsetting these obligations, it had cash of US$563.0m as well as receivables valued at US$87.0m due within 12 months. So its liabilities total US$1.26b 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，Frontdoor 有 4.01 亿美元的负债将在一年内到期，以及 15.1 亿美元的负债将在之后到期。抵消这些义务，它有 5.63 亿美元的现金以及 8700 万美元的应收账款将在 12 个月内到期。因此，它的负债总额比现金和短期应收账款的总和多出 12.6 亿美元。</p>
</div><p>Frontdoor has a market capitalization of US$4.18b, so it could very likely raise cash to ameliorate 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>Frontdoor 的市值为 41.8 亿美元，因此如果需要，它很可能能够筹集资金来改善其资产负债表。但显然，我们应该仔细审查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 Frontdoor</p>
<div class="lb-trans"><p>查看我们对 Frontdoor 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). 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>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信息。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）覆盖其利息支出的次数（或简称利息覆盖）。这种方法的优点在于，我们考虑了债务的绝对量（通过净债务与 EBITDA 的比率）以及与该债务相关的实际利息支出（通过其利息覆盖比率）。</p>
</div><p>With net debt sitting at just 1.3 times EBITDA, Frontdoor is arguably pretty conservatively geared. And this view is supported by the solid interest coverage, with EBIT coming in at 8.1 times the interest expense over the last year. Also good is that Frontdoor grew its EBIT at 11% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Frontdoor'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>净债务仅为 EBITDA 的 1.3 倍，Frontdoor 的杠杆水平可以说是相当保守的。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 8.1 倍。更好的是，Frontdoor 在过去一年中将 EBIT 增长了 11%，进一步增强了其管理债务的能力。在分析债务水平时，资产负债表显然是一个明显的起点。但未来的收益，尤其是，将决定 Frontdoor 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>But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, Frontdoor recorded free cash flow worth 74% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.</p>
<div class="lb-trans"><p>但我们最后的考虑也很重要，因为公司不能用纸面利润来偿还债务；它需要冷硬的现金。因此，逻辑步骤是查看 EBIT 中有多少比例与实际自由现金流相匹配。在最近三年中，Frontdoor 记录的自由现金流占其 EBIT 的 74%，这在正常范围内，因为自由现金流不包括利息和税。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>The good news is that Frontdoor's demonstrated ability to convert EBIT to free cash flow delights us like a fluffy puppy does a toddler. And we also thought its interest cover was a positive. When we consider the range of factors above, it looks like Frontdoor is pretty sensible with its use of debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. 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. <strong>We've identified 1 warning sign</strong> with Frontdoor , and understanding them should be part of your investment process.</p>
<div class="lb-trans"><p>好消息是，Frontdoor 展现出将 EBIT 转换为自由现金流的能力让我们感到高兴，就像一只毛茸茸的小狗让幼儿开心一样。我们还认为其利息覆盖是一个积极的因素。当我们考虑上述各种因素时，Frontdoor 在使用债务方面显得相当明智。这意味着他们承担了一些额外的风险，希望提高股东回报。在分析债务时，资产负债表显然是重点。但最终，每家公司都可能存在资产负债表之外的风险。<strong>我们已识别出 Frontdoor 的一个警示信号</strong>，理解这些信号应该是您投资过程的一部分。</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> 的净现金企业增长名单。</p>
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<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
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<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
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<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>代表 CiTech 赞助</p>
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我们认为 Frontdoor（NASDAQ:FTDR）能够有效管理其债务