<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的资本损失。’ 在审视一家公司风险时，考虑其资产负债表是很自然的，因为当企业倒闭时，通常会涉及债务。我们注意到 <strong>ams-OSRAM AG</strong>（VTX:AMS）确实在其资产负债表上有债务。但股东应该担心其债务使用吗？</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>债务何时成为问题？</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掌控之中。资本主义的一个重要组成部分是 ‘创造性毁灭’ 的过程，失败的企业会被其银行家无情地清算。虽然这种情况并不常见，但我们确实经常看到负债公司因债权人迫使其以低价筹集资金而永久稀释股东权益。当然，许多公司利用债务来资助增长，而没有任何负面后果。在考虑一家公司债务水平时，第一步是将其现金和债务一起考虑。</p>
<h2>ams-OSRAM 的债务有多少？</h2>
<p>下面的图表（您可以点击以获取更详细的信息）显示，ams-OSRAM 在 2025 年 9 月的债务为 25.6 亿欧元；与前一年大致相同。然而，它也有 9.79 亿欧元的现金，因此其净债务为 15.8 亿欧元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/628413-debt-equity-history-analysis-1-dark-2/1767672393450?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/628413-debt-equity-history-analysis-1-dark-2/1767672393450"/></p>
<p>SWX:AMS 债务与股本历史 2026 年 1 月 6 日</p>
<h2>ams-OSRAM 的资产负债表健康吗？</h2>
<p>根据最后报告的资产负债表，ams-OSRAM 在 12 个月内有 21.3 亿欧元的负债，12 个月后有 33.7 亿欧元的负债。抵消这些义务，它有 9.79 亿欧元的现金以及价值 3.91 亿欧元的应收账款（在 12 个月内到期）。因此，其负债总额比现金和短期应收账款的总和多出 41.3 亿欧元。</p>
<p>这个赤字在 918.2 万欧元的公司上投下了阴影，就像一个巨人高耸于凡人之上。因此，我们无疑会密切关注其资产负债表。毕竟，如果 ams-OSRAM 今天必须偿还其债权人，可能需要进行重大再融资。</p>
<p>查看我们对 ams-OSRAM 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，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>ams-OSRAM 的净债务与 EBITDA 比率为-176，表明其资产负债表非常保守。但去年 EBIT 仅为利息支出的 0.73 倍，这表明债务对业务产生了负面影响，限制了其选择（并限制了其自由现金流）。坏消息是 ams-OSRAM 的 EBIT 在过去一年下降了 17%。如果这种下降没有得到遏制，那么管理其债务将比以高价出售西兰花味冰淇淋更困难。毫无疑问，我们从资产负债表中学到了大部分关于债务的知识。但最终，企业未来的盈利能力将决定 ams-OSRAM 是否能够随着时间的推移增强其资产负债表。因此，如果您想看看专业人士的看法，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>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，检查 EBIT 中有多少是由自由现金流支持的值得一提。在过去两年中，ams-OSRAM 消耗了大量现金。虽然投资者无疑期待这种情况在适当时候会逆转，但这显然意味着其债务使用风险更大。</p>
<h2>我们的看法</h2>
<p>乍一看，ams-OSRAM 将 EBIT 转化为自由现金流的能力让我们对该股票持谨慎态度，其总负债水平也没有比一年中最繁忙的夜晚那家空餐厅更具吸引力。但至少根据其 EBITDA，它在管理债务方面表现相当不错；这令人鼓舞。考虑到上述所有因素，ams-OSRAM 似乎债务过多。虽然一些投资者喜欢这种风险投资，但这显然不是我们的风格。在分析债务水平时，资产负债表显然是一个明显的起点。然而，并非所有投资风险都存在于资产负债表中——远非如此。例如，我们发现 <strong>ams-OSRAM 有 1 个警告信号</strong>，在您投资之前应该注意。</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这些公司（所有公司都有盈利增长的记录）。这是免费的。</p>

<p>ams-OSRAM AG (VTX:AMS) 负担沉重的债务，债务总额为 25.6 亿欧元，现金为 9.79 亿欧元，净债务为 15.8 亿欧元。公司的负债超过其现金和应收账款 41.3 亿欧元，这引发了对其财务健康状况的担忧。尽管其净债务与 EBITDA 的比率表明其资产负债表较为保守，但 EBIT 仅能覆盖利息支出 0.73 倍，显示出财务压力。公司在现金流方面面临困难，使得其债务使用风险加大。总体而言，ams-OSRAM 的高债务水平可能会让谨慎的投资者望而却步</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.' 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. We note that <strong>ams-OSRAM AG</strong> (VTX:AMS) does have debt on its balance sheet. But should shareholders be worried about its use of debt?</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的资本损失。’ 在审视一家公司风险时，考虑其资产负债表是很自然的，因为当企业倒闭时，通常会涉及债务。我们注意到 <strong>ams-OSRAM AG</strong>（VTX:AMS）确实在其资产负债表上有债务。但股东应该担心其债务使用吗？</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>When Is Debt A Problem?</h2>
<div class="lb-trans"><h2>债务何时成为问题？</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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, plenty of companies use debt to fund growth, without any negative consequences. 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掌控之中。资本主义的一个重要组成部分是 ‘创造性毁灭’ 的过程，失败的企业会被其银行家无情地清算。虽然这种情况并不常见，但我们确实经常看到负债公司因债权人迫使其以低价筹集资金而永久稀释股东权益。当然，许多公司利用债务来资助增长，而没有任何负面后果。在考虑一家公司债务水平时，第一步是将其现金和债务一起考虑。</p>
</div><h2>How Much Debt Does ams-OSRAM Carry?</h2>
<div class="lb-trans"><h2>ams-OSRAM 的债务有多少？</h2>
</div><p>The chart below, which you can click on for greater detail, shows that ams-OSRAM had €2.56b in debt in September 2025; about the same as the year before. However, it also had €979.0m in cash, and so its net debt is €1.58b.</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，ams-OSRAM 在 2025 年 9 月的债务为 25.6 亿欧元；与前一年大致相同。然而，它也有 9.79 亿欧元的现金，因此其净债务为 15.8 亿欧元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/628413-debt-equity-history-analysis-1-dark-2/1767672393450" alt="" original-src="https://images.simplywall.st/asset/chart/628413-debt-equity-history-analysis-1-dark-2/1767672393450"/></p>
<p>SWX:AMS Debt to Equity History January 6th 2026</p>
<div class="lb-trans"><p>SWX:AMS 债务与股本历史 2026 年 1 月 6 日</p>
</div><h2>How Healthy Is ams-OSRAM's Balance Sheet?</h2>
<div class="lb-trans"><h2>ams-OSRAM 的资产负债表健康吗？</h2>
</div><p>According to the last reported balance sheet, ams-OSRAM had liabilities of €2.13b due within 12 months, and liabilities of €3.37b due beyond 12 months. Offsetting these obligations, it had cash of €979.0m as well as receivables valued at €391.0m due within 12 months. So its liabilities total €4.13b more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，ams-OSRAM 在 12 个月内有 21.3 亿欧元的负债，12 个月后有 33.7 亿欧元的负债。抵消这些义务，它有 9.79 亿欧元的现金以及价值 3.91 亿欧元的应收账款（在 12 个月内到期）。因此，其负债总额比现金和短期应收账款的总和多出 41.3 亿欧元。</p>
</div><p>This deficit casts a shadow over the €918.2m company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. After all, ams-OSRAM would likely require a major re-capitalisation if it had to pay its creditors today.</p>
<div class="lb-trans"><p>这个赤字在 918.2 万欧元的公司上投下了阴影，就像一个巨人高耸于凡人之上。因此，我们无疑会密切关注其资产负债表。毕竟，如果 ams-OSRAM 今天必须偿还其债权人，可能需要进行重大再融资。</p>
</div><p>View our latest analysis for ams-OSRAM</p>
<div class="lb-trans"><p>查看我们对 ams-OSRAM 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，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>ams-OSRAM has a net debt to EBITDA ratio of -176, suggesting a very conservative balance sheet. But EBIT was only 0.73 times the interest expense last year, which shows that the debt has negatively impacted the business, by constraining its options (and restricting its free cash flow). The bad news is that ams-OSRAM saw its EBIT decline by 17% over the last year. If that sort of decline is not arrested, then the managing its debt will be harder than selling broccoli flavoured ice-cream for a premium. 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 ams-OSRAM 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>ams-OSRAM 的净债务与 EBITDA 比率为-176，表明其资产负债表非常保守。但去年 EBIT 仅为利息支出的 0.73 倍，这表明债务对业务产生了负面影响，限制了其选择（并限制了其自由现金流）。坏消息是 ams-OSRAM 的 EBIT 在过去一年下降了 17%。如果这种下降没有得到遏制，那么管理其债务将比以高价出售西兰花味冰淇淋更困难。毫无疑问，我们从资产负债表中学到了大部分关于债务的知识。但最终，企业未来的盈利能力将决定 ams-OSRAM 是否能够随着时间的推移增强其资产负债表。因此，如果您想看看专业人士的看法，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>But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. During the last two years, ams-OSRAM burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.</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，检查 EBIT 中有多少是由自由现金流支持的值得一提。在过去两年中，ams-OSRAM 消耗了大量现金。虽然投资者无疑期待这种情况在适当时候会逆转，但这显然意味着其债务使用风险更大。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>On the face of it, ams-OSRAM's conversion of EBIT to free cash flow left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at managing its debt, based on its EBITDA,; that's encouraging. Taking into account all the aforementioned factors, it looks like ams-OSRAM has too much debt. While some investors love that sort of risky play, it's certainly not our cup of tea. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered <strong>1 warning sign for ams-OSRAM</strong> that you should be aware of before investing here.</p>
<div class="lb-trans"><p>乍一看，ams-OSRAM 将 EBIT 转化为自由现金流的能力让我们对该股票持谨慎态度，其总负债水平也没有比一年中最繁忙的夜晚那家空餐厅更具吸引力。但至少根据其 EBITDA，它在管理债务方面表现相当不错；这令人鼓舞。考虑到上述所有因素，ams-OSRAM 似乎债务过多。虽然一些投资者喜欢这种风险投资，但这显然不是我们的风格。在分析债务水平时，资产负债表显然是一个明显的起点。然而，并非所有投资风险都存在于资产负债表中——远非如此。例如，我们发现 <strong>ams-OSRAM 有 1 个警告信号</strong>，在您投资之前应该注意。</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这些公司（所有公司都有盈利增长的记录）。这是免费的。</p>
</div>

ams-OSRAM (VTX:AMS) 使用债务的行为可能被视为具有风险