<p>大卫·伊本说得很好，‘波动性不是我们关心的风险。我们关心的是避免资本的永久损失。’ 因此，当你考虑任何特定股票的风险时，考虑债务可能是显而易见的，因为过多的债务可能会使公司陷入困境。重要的是，<strong>Tower Semiconductor Ltd.</strong>（NASDAQ:TSEM）确实有债务。但股东应该担心它的债务使用吗？</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的各个方面进行工作。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>债务带来什么风险？</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，那么它就处于他们的控制之下。资本主义的一个组成部分是 ‘创造性破坏’ 的过程，失败的企业会被他们的银行家无情地清算。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，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，尤其是当它替代了能够以高回报率再投资的公司的稀释时。考虑公司债务水平的第一步是将其现金和债务一起考虑。</p>
<h2>Tower Semiconductor 的净债务是多少？</h2>
<p>你可以点击下面的图表查看历史数据，但它显示 Tower Semiconductor 在 2025 年 9 月的债务为 1.641 亿美元，较一年前的 1.933 亿美元有所下降。但它还有 12.2 亿美元的现金来抵消这些债务，这意味着它的净现金为 10.6 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/331231-debt-equity-history-analysis-1-dark-2/1766765395817?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/331231-debt-equity-history-analysis-1-dark-2/1766765395817"/></p>
<p>NasdaqGS:TSEM 债务与股本历史 2025 年 12 月 26 日</p>
<h2>看一下 Tower Semiconductor 的负债情况</h2>
<p>放大最新的资产负债表数据，我们可以看到 Tower Semiconductor 在 12 个月内到期的负债为 2.692 亿美元，超过 12 个月到期的负债为 1.508 亿美元。另一方面，它有 12.2 亿美元的现金和 2.13 亿美元的应收账款在一年内到期。因此，它可以自豪地拥有比_总_负债多出 10.2 亿美元的流动资产。</p>
<p>这种短期流动性表明，Tower Semiconductor 可能能够轻松偿还其债务，因为其资产负债表远未紧张。简单来说，Tower Semiconductor 拥有的现金超过债务，这无疑是它能够安全管理债务的良好迹象。</p>
<p>查看我们对 Tower Semiconductor 的最新分析</p>
<p>另一方面，Tower Semiconductor 的息税前利润（EBIT）在过去 12 个月中下降了 7.6%。如果收益继续以这种速度下降，公司可能会越来越难以管理其债务负担。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。但最终，企业的未来盈利能力将决定 Tower Semiconductor 是否能够随着时间的推移增强其资产负债表。因此，如果你想看看专业人士的看法，你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>但我们的最终考虑也很重要，因为公司不能用纸面利润来偿还债务；它需要冷硬的现金。虽然 Tower Semiconductor 在其资产负债表上有净现金，但仍然值得关注其将息税前利润（EBIT）转化为自由现金流的能力，以帮助我们理解它是如何快速建立（或侵蚀）现金余额的。在过去三年中，Tower Semiconductor 的自由现金流占其 EBIT 的 36%，低于我们的预期。这种较弱的现金转化使得处理债务变得更加困难。</p>
<h2>总结</h2>
<p>虽然调查公司的债务总是明智的，但在这种情况下，Tower Semiconductor 拥有 10.6 亿美元的净现金和看起来不错的资产负债表。因此，我们对 Tower Semiconductor 的债务使用并不感到担忧。随着时间的推移，股价往往跟随每股收益，因此如果你对 Tower Semiconductor 感兴趣，你可能想点击这里查看其每股收益历史的互动图表。</p>
<p>说到底，有时候关注那些根本不需要债务的公司更容易。读者可以立即访问一份零净债务的成长股票名单，<strong>完全免费</strong>。</p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人革命不是人形机器人。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</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>

Tower半导体

<p>Tower 半导体（NASDAQ:TSEM）拥有 10.6 亿美元的净现金，显示出强劲的流动性，尽管负债累累。该公司的流动资产超过负债，表明它能够安全地管理其债务。然而，息税前利润（EBIT）下降 7.6% 引发了对未来债务管理的担忧。尽管 Tower 半导体的资产负债表看起来健康，但其从 EBIT 到自由现金流的现金转换能力较弱可能会带来挑战。总体而言，该公司的债务使用似乎合理，但持续盈利能力对于维持财务稳定至关重要</p>

<p>David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. Importantly, <strong>Tower Semiconductor Ltd.</strong> (NASDAQ:TSEM) does carry debt. But should shareholders be worried about its use of debt?</p>
<div class="lb-trans"><p>大卫·伊本说得很好，‘波动性不是我们关心的风险。我们关心的是避免资本的永久损失。’ 因此，当你考虑任何特定股票的风险时，考虑债务可能是显而易见的，因为过多的债务可能会使公司陷入困境。重要的是，<strong>Tower Semiconductor Ltd.</strong>（NASDAQ:TSEM）确实有债务。但股东应该担心它的债务使用吗？</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的各个方面进行工作。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>What Risk Does Debt Bring?</h2>
<div class="lb-trans"><h2>债务带来什么风险？</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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. The first step when considering a company's debt levels is to consider its 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，那么它就处于他们的控制之下。资本主义的一个组成部分是 ‘创造性破坏’ 的过程，失败的企业会被他们的银行家无情地清算。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，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，尤其是当它替代了能够以高回报率再投资的公司的稀释时。考虑公司债务水平的第一步是将其现金和债务一起考虑。</p>
</div><h2>What Is Tower Semiconductor's Net Debt?</h2>
<div class="lb-trans"><h2>Tower Semiconductor 的净债务是多少？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that Tower Semiconductor had US$164.1m of debt in September 2025, down from US$193.3m, one year before. But it also has US$1.22b in cash to offset that, meaning it has US$1.06b net cash.</p>
<div class="lb-trans"><p>你可以点击下面的图表查看历史数据，但它显示 Tower Semiconductor 在 2025 年 9 月的债务为 1.641 亿美元，较一年前的 1.933 亿美元有所下降。但它还有 12.2 亿美元的现金来抵消这些债务，这意味着它的净现金为 10.6 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/331231-debt-equity-history-analysis-1-dark-2/1766765395817" alt="" original-src="https://images.simplywall.st/asset/chart/331231-debt-equity-history-analysis-1-dark-2/1766765395817"/></p>
<p>NasdaqGS:TSEM Debt to Equity History December 26th 2025</p>
<div class="lb-trans"><p>NasdaqGS:TSEM 债务与股本历史 2025 年 12 月 26 日</p>
</div><h2>A Look At Tower Semiconductor's Liabilities</h2>
<div class="lb-trans"><h2>看一下 Tower Semiconductor 的负债情况</h2>
</div><p>Zooming in on the latest balance sheet data, we can see that Tower Semiconductor had liabilities of US$269.2m due within 12 months and liabilities of US$150.8m due beyond that. On the other hand, it had cash of US$1.22b and US$213.0m worth of receivables due within a year. So it can boast US$1.02b more liquid assets than <em>total</em> liabilities.</p>
<div class="lb-trans"><p>放大最新的资产负债表数据，我们可以看到 Tower Semiconductor 在 12 个月内到期的负债为 2.692 亿美元，超过 12 个月到期的负债为 1.508 亿美元。另一方面，它有 12.2 亿美元的现金和 2.13 亿美元的应收账款在一年内到期。因此，它可以自豪地拥有比_总_负债多出 10.2 亿美元的流动资产。</p>
</div><p>This short term liquidity is a sign that Tower Semiconductor could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Tower Semiconductor has more cash than debt is arguably a good indication that it can manage its debt safely.</p>
<div class="lb-trans"><p>这种短期流动性表明，Tower Semiconductor 可能能够轻松偿还其债务，因为其资产负债表远未紧张。简单来说，Tower Semiconductor 拥有的现金超过债务，这无疑是它能够安全管理债务的良好迹象。</p>
</div><p>See our latest analysis for Tower Semiconductor</p>
<div class="lb-trans"><p>查看我们对 Tower Semiconductor 的最新分析</p>
</div><p>On the other hand, Tower Semiconductor saw its EBIT drop by 7.6% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Tower Semiconductor 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>另一方面，Tower Semiconductor 的息税前利润（EBIT）在过去 12 个月中下降了 7.6%。如果收益继续以这种速度下降，公司可能会越来越难以管理其债务负担。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。但最终，企业的未来盈利能力将决定 Tower Semiconductor 是否能够随着时间的推移增强其资产负债表。因此，如果你想看看专业人士的看法，你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>But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Tower Semiconductor has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. In the last three years, Tower Semiconductor's free cash flow amounted to 36% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.</p>
<div class="lb-trans"><p>但我们的最终考虑也很重要，因为公司不能用纸面利润来偿还债务；它需要冷硬的现金。虽然 Tower Semiconductor 在其资产负债表上有净现金，但仍然值得关注其将息税前利润（EBIT）转化为自由现金流的能力，以帮助我们理解它是如何快速建立（或侵蚀）现金余额的。在过去三年中，Tower Semiconductor 的自由现金流占其 EBIT 的 36%，低于我们的预期。这种较弱的现金转化使得处理债务变得更加困难。</p>
</div><h2>Summing Up</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>While it is always sensible to investigate a company's debt, in this case Tower Semiconductor has US$1.06b in net cash and a decent-looking balance sheet. So we are not troubled with Tower Semiconductor's debt use. Over time, share prices tend to follow earnings per share, so if you're interested in Tower Semiconductor, you may well want to click here to check an interactive graph of its earnings per share history.</p>
<div class="lb-trans"><p>虽然调查公司的债务总是明智的，但在这种情况下，Tower Semiconductor 拥有 10.6 亿美元的净现金和看起来不错的资产负债表。因此，我们对 Tower Semiconductor 的债务使用并不感到担忧。随着时间的推移，股价往往跟随每股收益，因此如果你对 Tower Semiconductor 感兴趣，你可能想点击这里查看其每股收益历史的互动图表。</p>
</div><p>When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt <strong>100% free</strong>, right now.</p>
<div class="lb-trans"><p>说到底，有时候关注那些根本不需要债务的公司更容易。读者可以立即访问一份零净债务的成长股票名单，<strong>完全免费</strong>。</p>
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<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人革命不是人形机器人。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</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>
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<div class="lb-trans"><p>代表 CiTech 赞助</p>
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Tower 半导体（NASDAQ:TSEM）似乎在使用债务方面相当明智