<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。我们可以看到 <strong>N-able, Inc.</strong> (NYSE:NABL) 确实在其业务中使用了债务。但是，股东应该担心其债务使用吗？</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等各个方面进行工作。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>债务何时危险？</h2>
<p>债务在企业能够用新资本或自由现金流偿还时是有助于企业的。但在最坏的情况下，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，公司必须以低价发行股票，永久稀释股东权益，仅仅是为了巩固其资产负债表。不过，通过替代稀释，债务可以成为需要资本以高回报率投资于增长的企业的极好工具。考虑企业使用多少债务时，首先要查看其现金和债务的结合情况。</p>
<h2>N-able 的净债务是多少？</h2>
<p>下图显示，N-able 在 2025 年 9 月的债务为 3.317 亿美元；与前一年大致相同。然而，由于它有 1.014 亿美元的现金储备，其净债务较低，约为 2.302 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/709612693-debt-equity-history-analysis-1-dark-2/1767799876658?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/709612693-debt-equity-history-analysis-1-dark-2/1767799876658"/></p>
<p>NYSE:NABL 债务与股本历史 2026 年 1 月 7 日</p>
<h2>N-able 的资产负债表健康状况如何？</h2>
<p>我们可以从最新的资产负债表中看到，N-able 有 1.584 亿美元的负债将在一年内到期，426.3 万美元的负债将在此之后到期。对此，它有 1.014 亿美元的现金和 791 万美元的应收账款将在 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 4.041 亿美元。</p>
<p>N-able 的市值为 13.7 亿美元，因此如果需要，它很可能能够筹集资金以改善其资产负债表。然而，仔细查看其偿还债务的能力仍然是值得的。</p>
<p>查看我们对 N-able 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（利息覆盖率），来衡量公司的债务负担相对于其盈利能力。因此，我们考虑债务相对于盈利的情况，包括和不包括折旧和摊销费用。</p>
<p>虽然 N-able 的债务与 EBITDA 比率（3.2）表明它使用了一些债务，但其利息覆盖率非常弱，仅为 1.7，表明高杠杆。显然，借款成本最近对股东回报产生了负面影响。更糟糕的是，N-able 的 EBIT 在过去一年下降了 42%。如果收益长期保持这种趋势，它几乎没有机会偿还债务。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 N-able 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偿还债务；它需要真实的现金。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。在过去三年中，N-able 产生的自由现金流占其 EBIT 的比例高达 88%，超过了我们的预期。这使它在偿还债务方面处于非常强的位置。</p>
<h2>我们的看法</h2>
<p>N-able 的 EBIT 增长率和利息覆盖率确实对其产生了压力。但好消息是，它似乎能够轻松将 EBIT 转换为自由现金流。当我们考虑所有讨论的因素时，我们认为 N-able 在使用债务方面承担了一些风险。虽然这些债务可以提升回报，但我们认为公司现在的杠杆水平已经足够。考虑到我们对该股票的犹豫，了解 N-able 内部人士最近是否出售了任何股份将是有益的。你可以点击这里查看内部人士是否最近出售了股份。</p>
<p>归根结底，专注于没有净债务的公司通常更好。你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>

NABL

<p>N-able, Inc.（纽约证券交易所代码：NABL）的净债务约为 2.302 亿美元，总负债超过其现金和短期应收款 4.041 亿美元。其债务与 EBITDA 的比率为 3.2，表明有一定的债务使用，但 1.7 的利息覆盖率显示出较高的杠杆水平。尽管过去一年 EBIT 下降了 42%，N-able 仍然产生了强劲的自由现金流，覆盖了 88% 的 EBIT，这使其在管理债务方面处于良好位置。然而，公司的当前杠杆水平引发了对其财务稳定性的担忧</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. We can see that <strong>N-able, Inc.</strong> (NYSE:NABL) does use debt in its business. 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。我们可以看到 <strong>N-able, Inc.</strong> (NYSE:NABL) 确实在其业务中使用了债务。但是，股东应该担心其债务使用吗？</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等各个方面进行工作。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>When Is Debt Dangerous?</h2>
<div class="lb-trans"><h2>债务何时危险？</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 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt 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时是有助于企业的。但在最坏的情况下，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，公司必须以低价发行股票，永久稀释股东权益，仅仅是为了巩固其资产负债表。不过，通过替代稀释，债务可以成为需要资本以高回报率投资于增长的企业的极好工具。考虑企业使用多少债务时，首先要查看其现金和债务的结合情况。</p>
</div><h2>What Is N-able's Net Debt?</h2>
<div class="lb-trans"><h2>N-able 的净债务是多少？</h2>
</div><p>The chart below, which you can click on for greater detail, shows that N-able had US$331.7m in debt in September 2025; about the same as the year before. However, because it has a cash reserve of US$101.4m, its net debt is less, at about US$230.2m.</p>
<div class="lb-trans"><p>下图显示，N-able 在 2025 年 9 月的债务为 3.317 亿美元；与前一年大致相同。然而，由于它有 1.014 亿美元的现金储备，其净债务较低，约为 2.302 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/709612693-debt-equity-history-analysis-1-dark-2/1767799876658" alt="" original-src="https://images.simplywall.st/asset/chart/709612693-debt-equity-history-analysis-1-dark-2/1767799876658"/></p>
<p>NYSE:NABL Debt to Equity History January 7th 2026</p>
<div class="lb-trans"><p>NYSE:NABL 债务与股本历史 2026 年 1 月 7 日</p>
</div><h2>How Healthy Is N-able's Balance Sheet?</h2>
<div class="lb-trans"><h2>N-able 的资产负债表健康状况如何？</h2>
</div><p>We can see from the most recent balance sheet that N-able had liabilities of US$158.4m falling due within a year, and liabilities of US$426.3m due beyond that. Offsetting this, it had US$101.4m in cash and US$79.1m in receivables that were due within 12 months. So its liabilities total US$404.1m 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，N-able 有 1.584 亿美元的负债将在一年内到期，426.3 万美元的负债将在此之后到期。对此，它有 1.014 亿美元的现金和 791 万美元的应收账款将在 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 4.041 亿美元。</p>
</div><p>N-able has a market capitalization of US$1.37b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.</p>
<div class="lb-trans"><p>N-able 的市值为 13.7 亿美元，因此如果需要，它很可能能够筹集资金以改善其资产负债表。然而，仔细查看其偿还债务的能力仍然是值得的。</p>
</div><p>Check out our latest analysis for N-able</p>
<div class="lb-trans"><p>查看我们对 N-able 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（利息覆盖率），来衡量公司的债务负担相对于其盈利能力。因此，我们考虑债务相对于盈利的情况，包括和不包括折旧和摊销费用。</p>
</div><p>While N-able's debt to EBITDA ratio (3.2) suggests that it uses some debt, its interest cover is very weak, at 1.7, suggesting high leverage. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. Worse, N-able's EBIT was down 42% over the last year. If earnings keep going like that over the long term, it has a snowball's chance in hell of paying off that debt. 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 N-able 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>虽然 N-able 的债务与 EBITDA 比率（3.2）表明它使用了一些债务，但其利息覆盖率非常弱，仅为 1.7，表明高杠杆。显然，借款成本最近对股东回报产生了负面影响。更糟糕的是，N-able 的 EBIT 在过去一年下降了 42%。如果收益长期保持这种趋势，它几乎没有机会偿还债务。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 N-able 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. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, N-able generated free cash flow amounting to a very robust 88% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.</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偿还债务；它需要真实的现金。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。在过去三年中，N-able 产生的自由现金流占其 EBIT 的比例高达 88%，超过了我们的预期。这使它在偿还债务方面处于非常强的位置。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>N-able's EBIT growth rate and interest cover definitely weigh on it, in our esteem. But the good news is it seems to be able to convert EBIT to free cash flow with ease. When we consider all the factors discussed, it seems to us that N-able is taking some risks with its use of debt. While that debt can boost returns, we think the company has enough leverage now. Given our hesitation about the stock, it would be good to know if N-able insiders have sold any shares recently. You click here to find out if insiders have sold recently.</p>
<div class="lb-trans"><p>N-able 的 EBIT 增长率和利息覆盖率确实对其产生了压力。但好消息是，它似乎能够轻松将 EBIT 转换为自由现金流。当我们考虑所有讨论的因素时，我们认为 N-able 在使用债务方面承担了一些风险。虽然这些债务可以提升回报，但我们认为公司现在的杠杆水平已经足够。考虑到我们对该股票的犹豫，了解 N-able 内部人士最近是否出售了任何股份将是有益的。你可以点击这里查看内部人士是否最近出售了股份。</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通常更好。你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>

N-Able (NYSE:NABL) 是否负债过多？