<p>沃伦·巴菲特曾 famously 说过：“波动性远非与风险同义。” 当我们考虑一家公司有多风险时，我们总是喜欢查看其债务使用情况，因为债务过重可能导致毁灭。我们可以看到 <strong>Global Business Travel Group, Inc.</strong> (NYSE:GBTG) 确实在其业务中使用了债务。但这对股东来说是个问题吗？</p>
<p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展有望受益。</p>
<h2>为什么债务带来风险？</h2>
<p>债务在企业能够偿还时是有帮助的，但一旦企业在偿还上遇到困难，无论是通过新资本还是自由现金流，情况就会变得棘手。在最坏的情况下，如果公司无法偿还债权人，可能会破产。然而，更常见（但仍然代价高昂）的情况是，公司必须以低廉的股价稀释股东权益，仅仅是为了控制债务。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。在考虑公司的债务水平时，第一步是将其现金和债务一起考虑。</p>
<h2>Global Business Travel Group 拥有多少债务？</h2>
<p>下面的图表（您可以点击以获取更详细的信息）显示，Global Business Travel Group 在 2025 年 9 月的债务为 14.5 亿美元；与前一年大致相同。然而，它有 4.27 亿美元的现金来抵消这部分债务，导致净债务约为 10.2 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/651009266-debt-equity-history-analysis-1-dark-2/1767451629012?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/651009266-debt-equity-history-analysis-1-dark-2/1767451629012"/></p>
<p>NYSE:GBTG 债务与股本历史 2026 年 1 月 3 日</p>
<h2>Global Business Travel Group 的资产负债表健康状况如何？</h2>
<p>最新的资产负债表数据显示，Global Business Travel Group 有 13.2 亿美元的负债在一年内到期，以及 19 亿美元的负债在之后到期。另一方面，它有 4.27 亿美元的现金和 10.2 亿美元的应收账款在一年内到期。因此，其负债超过现金和（短期）应收账款总和的 1.78 亿美元。</p>
<p>虽然这看起来很多，但并不算太糟，因为 Global Business Travel Group 的市值为 40 亿美元，因此如果需要，它可能通过融资来增强其资产负债表。但我们确实希望关注其债务带来过多风险的迹象。</p>
<p>查看我们对 Global Business Travel Group 的最新分析</p>
<p>我们通过查看公司的净债务与其息税折旧摊销前利润（EBITDA）的比率，以及计算其息税前利润（EBIT）覆盖利息支出的能力（利息覆盖）来衡量公司的债务负担相对于其盈利能力的情况。这种方法的优点在于，我们同时考虑了债务的绝对数量（净债务与 EBITDA 的比率）和与该债务相关的实际利息支出（其利息覆盖比率）。</p>
<p>Global Business Travel Group 的债务是其 EBITDA 的 3.1 倍，其 EBIT 覆盖利息支出 2.8 倍。这表明，尽管债务水平显著，但我们不会称其为问题。好消息是，Global Business Travel Group 在过去 12 个月中其 EBIT 平稳增长了 53%。这种增长就像人类善良的牛奶一样，增强了公司的韧性，使其更能管理债务。在分析债务时，资产负债表显然是重点。但最终，未来的盈利能力将决定 Global Business Travel Group 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>最后，一家公司需要自由现金流来偿还债务；会计利润并不足够。因此，值得检查一下 EBIT 中有多少是由自由现金流支持的。在过去三年中，Global Business Travel Group 产生了强劲的自由现金流，占其 EBIT 的 64%，大约是我们所期望的。这笔冷硬的现金意味着它可以在需要时减少债务。</p>
<h2>我们的观点</h2>
<p>在资产负债表方面，Global Business Travel Group 的一个突出积极因素是它似乎能够自信地增长其 EBIT。但我们上面提到的其他因素并不那么令人鼓舞。例如，它似乎在用 EBIT 覆盖利息支出方面有些挣扎。考虑到这一系列数据，我们认为 Global Business Travel Group 在管理其债务水平方面处于良好位置。话虽如此，负担仍然相当沉重，我们建议任何股东密切关注。资产负债表显然是分析债务时的重点。但最终，每家公司都可能存在资产负债表之外的风险。请注意，Global Business Travel Group 在我们的投资分析中显示出 <strong>2 个警告信号</strong>，其中 1 个让我们感到有些不安……</p>
<p>说到底，有时关注那些根本不需要债务的公司更容易。读者现在可以访问一份 <strong>100% 免费</strong> 的零净债务成长股名单。</p>
<p>国防和灾难的移动基础设施</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔楼，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>

GBTG

<p>全球商务旅行集团（NYSE:GBTG）负债总额达到 14.5 亿美元，现金为 4.27 亿美元，净负债为 10.2 亿美元。其负债超过现金和应收账款 17.8 亿美元，但市值为 40 亿美元，若有需要可筹集资金。公司的债务是其息税折旧摊销前利润（EBITDA）的 3.1 倍，利息支出覆盖率为 2.8 倍，表明债务水平可控。尽管在覆盖利息方面面临挑战，息税前利润（EBIT）增长 53% 显示出韧性，但股东应密切关注债务情况</p>

<p>Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that <strong>Global Business Travel Group, Inc.</strong> (NYSE:GBTG) does use debt in its business. But is this debt a concern to shareholders?</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。” 当我们考虑一家公司有多风险时，我们总是喜欢查看其债务使用情况，因为债务过重可能导致毁灭。我们可以看到 <strong>Global Business Travel Group, Inc.</strong> (NYSE:GBTG) 确实在其业务中使用了债务。但这对股东来说是个问题吗？</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 只美国股票的发展有望受益。</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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.</p>
<div class="lb-trans"><p>债务在企业能够偿还时是有帮助的，但一旦企业在偿还上遇到困难，无论是通过新资本还是自由现金流，情况就会变得棘手。在最坏的情况下，如果公司无法偿还债权人，可能会破产。然而，更常见（但仍然代价高昂）的情况是，公司必须以低廉的股价稀释股东权益，仅仅是为了控制债务。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。在考虑公司的债务水平时，第一步是将其现金和债务一起考虑。</p>
</div><h2>How Much Debt Does Global Business Travel Group Carry?</h2>
<div class="lb-trans"><h2>Global Business Travel Group 拥有多少债务？</h2>
</div><p>The chart below, which you can click on for greater detail, shows that Global Business Travel Group had US$1.45b in debt in September 2025; about the same as the year before. However, it does have US$427.0m in cash offsetting this, leading to net debt of about US$1.02b.</p>
<div class="lb-trans"><p>下面的图表（您可以点击以获取更详细的信息）显示，Global Business Travel Group 在 2025 年 9 月的债务为 14.5 亿美元；与前一年大致相同。然而，它有 4.27 亿美元的现金来抵消这部分债务，导致净债务约为 10.2 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/651009266-debt-equity-history-analysis-1-dark-2/1767451629012" alt="" original-src="https://images.simplywall.st/asset/chart/651009266-debt-equity-history-analysis-1-dark-2/1767451629012"/></p>
<p>NYSE:GBTG Debt to Equity History January 3rd 2026</p>
<div class="lb-trans"><p>NYSE:GBTG 债务与股本历史 2026 年 1 月 3 日</p>
</div><h2>How Healthy Is Global Business Travel Group's Balance Sheet?</h2>
<div class="lb-trans"><h2>Global Business Travel Group 的资产负债表健康状况如何？</h2>
</div><p>The latest balance sheet data shows that Global Business Travel Group had liabilities of US$1.32b due within a year, and liabilities of US$1.90b falling due after that. On the other hand, it had cash of US$427.0m and US$1.02b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.78b.</p>
<div class="lb-trans"><p>最新的资产负债表数据显示，Global Business Travel Group 有 13.2 亿美元的负债在一年内到期，以及 19 亿美元的负债在之后到期。另一方面，它有 4.27 亿美元的现金和 10.2 亿美元的应收账款在一年内到期。因此，其负债超过现金和（短期）应收账款总和的 1.78 亿美元。</p>
</div><p>While this might seem like a lot, it is not so bad since Global Business Travel Group has a market capitalization of US$4.00b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.</p>
<div class="lb-trans"><p>虽然这看起来很多，但并不算太糟，因为 Global Business Travel Group 的市值为 40 亿美元，因此如果需要，它可能通过融资来增强其资产负债表。但我们确实希望关注其债务带来过多风险的迹象。</p>
</div><p>View our latest analysis for Global Business Travel Group</p>
<div class="lb-trans"><p>查看我们对 Global Business Travel Group 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). 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>我们通过查看公司的净债务与其息税折旧摊销前利润（EBITDA）的比率，以及计算其息税前利润（EBIT）覆盖利息支出的能力（利息覆盖）来衡量公司的债务负担相对于其盈利能力的情况。这种方法的优点在于，我们同时考虑了债务的绝对数量（净债务与 EBITDA 的比率）和与该债务相关的实际利息支出（其利息覆盖比率）。</p>
</div><p>Global Business Travel Group's debt is 3.1 times its EBITDA, and its EBIT cover its interest expense 2.8 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. The good news is that Global Business Travel Group grew its EBIT a smooth 53% over the last twelve months. Like the milk of human kindness that sort of growth increases resilience, making the company more capable of managing 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 Global Business Travel Group'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>Global Business Travel Group 的债务是其 EBITDA 的 3.1 倍，其 EBIT 覆盖利息支出 2.8 倍。这表明，尽管债务水平显著，但我们不会称其为问题。好消息是，Global Business Travel Group 在过去 12 个月中其 EBIT 平稳增长了 53%。这种增长就像人类善良的牛奶一样，增强了公司的韧性，使其更能管理债务。在分析债务时，资产负债表显然是重点。但最终，未来的盈利能力将决定 Global Business Travel Group 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>Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Global Business Travel Group produced sturdy free cash flow equating to 64% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.</p>
<div class="lb-trans"><p>最后，一家公司需要自由现金流来偿还债务；会计利润并不足够。因此，值得检查一下 EBIT 中有多少是由自由现金流支持的。在过去三年中，Global Business Travel Group 产生了强劲的自由现金流，占其 EBIT 的 64%，大约是我们所期望的。这笔冷硬的现金意味着它可以在需要时减少债务。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>When it comes to the balance sheet, the standout positive for Global Business Travel Group was the fact that it seems able to grow its EBIT confidently. 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. Considering this range of data points, we think Global Business Travel Group is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. 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. Be aware that Global Business Travel Group is showing <strong>2 warning signs in our investment analysis</strong> , and 1 of those makes us a bit uncomfortable...</p>
<div class="lb-trans"><p>在资产负债表方面，Global Business Travel Group 的一个突出积极因素是它似乎能够自信地增长其 EBIT。但我们上面提到的其他因素并不那么令人鼓舞。例如，它似乎在用 EBIT 覆盖利息支出方面有些挣扎。考虑到这一系列数据，我们认为 Global Business Travel Group 在管理其债务水平方面处于良好位置。话虽如此，负担仍然相当沉重，我们建议任何股东密切关注。资产负债表显然是分析债务时的重点。但最终，每家公司都可能存在资产负债表之外的风险。请注意，Global Business Travel Group 在我们的投资分析中显示出 <strong>2 个警告信号</strong>，其中 1 个让我们感到有些不安……</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，有时关注那些根本不需要债务的公司更容易。读者现在可以访问一份 <strong>100% 免费</strong> 的零净债务成长股名单。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>国防和灾难的移动基础设施</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>下一波机器人技术不是类人型的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<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>
</div>

全球商务旅行集团（NYSE:GBTG）是否负债过多？