<p>沃伦·巴菲特曾 famously 说过：“波动性远非与风险同义。” 所以聪明的钱知道，债务——通常与破产有关——在评估一家公司风险时是一个非常重要的因素。与许多其他公司一样，<strong>QuidelOrtho Corporation</strong>（纳斯达克：QDEL）也利用债务。但是，股东应该担心其债务的使用吗？</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>债务何时成为问题？</h2>
<p>当企业无法轻松履行这些义务时，债务和其他负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资本。最终，如果公司无法履行其偿还债务的法律义务，股东可能会一无所获。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，债务可以是企业的重要工具，特别是资本密集型企业。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>QuidelOrtho 的债务有多少？</h2>
<p>您可以点击下面的图形查看历史数据，但它显示截至 2025 年 9 月，QuidelOrtho 的债务为 26.8 亿美元，比一年前的 25.7 亿美元有所增加。另一方面，它有 9900 万美元的现金，导致净债务约为 25.8 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/127881-debt-equity-history-analysis-1-dark-2/1768133200533?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/127881-debt-equity-history-analysis-1-dark-2/1768133200533"/></p>
<p>纳斯达克 GS:QDEL 债务与股本历史 2026 年 1 月 11 日</p>
<h2>QuidelOrtho 的资产负债表健康吗？</h2>
<p>我们可以从最新的资产负债表中看到，QuidelOrtho 有 767.9 百万美元的负债将在一年内到期，以及 28.7 亿美元的负债将在此之后到期。抵消这些义务，它有 9900 万美元的现金以及价值 5.13 亿美元的应收账款将在 12 个月内到期。因此，它的负债总额为 30.3 亿美元，超过了其现金和短期应收账款的总和。</p>
<p>考虑到这个赤字实际上高于公司市值的 22.9 亿美元，我们认为股东确实应该像父母第一次看着孩子骑自行车一样关注 QuidelOrtho 的债务水平。假设，如果公司被迫通过以当前股价筹集资本来偿还其负债，将需要极大的稀释。</p>
<p>查看我们对 QuidelOrtho 的最新分析</p>
<p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与其利息支出（利息覆盖）的比率。这种方法的优点在于，我们考虑了债务的绝对量（净债务与 EBITDA）以及与该债务相关的实际利息支出（其利息覆盖比率）。</p>
<p>虽然我们不会担心 QuidelOrtho 的净债务与 EBITDA 比率为 4.5，但我们认为其超低的利息覆盖比率为 0.79 倍是高杠杆的迹象。似乎该企业承担了大量的折旧和摊销费用，因此其债务负担可能比最初看起来的要重，因为 EBITDA 可以说是一个慷慨的收益衡量标准。显然，借款成本最近对股东的回报产生了负面影响。幸运的是，QuidelOrtho 去年 EBIT 增长了 7.2%，逐渐缩小了其相对于收益的债务。在分析债务水平时，资产负债表显然是一个起点。但最终，企业的未来盈利能力将决定 QuidelOrtho 是否能够随着时间的推移增强其资产负债表。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偿还债务；它需要冷硬的现金。因此，合乎逻辑的步骤是查看 EBIT 中有多少比例与实际自由现金流相匹配。考虑到过去三年，QuidelOrtho 实际上整体上记录了现金流出。对于现金流不可靠的公司来说，债务风险更大，因此股东应该希望过去的支出能在未来产生自由现金流。</p>
<h2>我们的观点</h2>
<p>乍一看，QuidelOrtho 将 EBIT 转换为自由现金流让我们对该股票持谨慎态度，其利息覆盖比率也没有比一年中最繁忙的夜晚里唯一一家空餐厅更具吸引力。但至少它在增长 EBIT 方面表现相当不错；这令人鼓舞。我们还应该注意，像 QuidelOrtho 这样的医疗设备行业公司通常会使用债务而没有问题。总体而言，我们认为 QuidelOrtho 的资产负债表对企业来说确实是一个风险。因此，我们对该股票持谨慎态度，并认为股东应该密切关注其流动性。在分析债务水平时，资产负债表显然是一个起点。但最终，每家公司都可能存在资产负债表之外的风险。例如，我们发现了 <strong>2 个警告信号</strong>，您在此投资之前应该了解。</p>
<p>当然，如果您是那种喜欢购买没有债务负担的股票的投资者，那么请不要犹豫，今天就来发现我们独家的净现金增长股票名单。</p>

QDEL

<p>QuidelOrtho Corporation（纳斯达克代码：QDEL）负债累累，总债务达到 26.8 亿美元，扣除 9900 万美元现金后，净债务约为 25.8 亿美元。公司的负债超过其市值 22.9 亿美元，这引发了对其财务健康状况的担忧。尽管其净债务与息税折旧摊销前利润（EBITDA）比率为 4.5，但 0.79 的低利息覆盖率表明其杠杆水平较高。尽管息税前利润（EBIT）增长了 7.2%，但 QuidelOrtho 在过去三年的现金流为负，这使得其债务状况对股东而言风险较大</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. As with many other companies <strong>QuidelOrtho Corporation</strong> (NASDAQ:QDEL) makes use of debt. But should shareholders be worried about its use of debt?</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。” 所以聪明的钱知道，债务——通常与破产有关——在评估一家公司风险时是一个非常重要的因素。与许多其他公司一样，<strong>QuidelOrtho Corporation</strong>（纳斯达克：QDEL）也利用债务。但是，股东应该担心其债务的使用吗？</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>When Is Debt A Problem?</h2>
<div class="lb-trans"><h2>债务何时成为问题？</h2>
</div><p>Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.</p>
<div class="lb-trans"><p>当企业无法轻松履行这些义务时，债务和其他负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资本。最终，如果公司无法履行其偿还债务的法律义务，股东可能会一无所获。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，债务可以是企业的重要工具，特别是资本密集型企业。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 QuidelOrtho Carry?</h2>
<div class="lb-trans"><h2>QuidelOrtho 的债务有多少？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that as of September 2025 QuidelOrtho had US$2.68b of debt, an increase on US$2.57b, over one year. On the flip side, it has US$99.0m in cash leading to net debt of about US$2.58b.</p>
<div class="lb-trans"><p>您可以点击下面的图形查看历史数据，但它显示截至 2025 年 9 月，QuidelOrtho 的债务为 26.8 亿美元，比一年前的 25.7 亿美元有所增加。另一方面，它有 9900 万美元的现金，导致净债务约为 25.8 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/127881-debt-equity-history-analysis-1-dark-2/1768133200533" alt="" original-src="https://images.simplywall.st/asset/chart/127881-debt-equity-history-analysis-1-dark-2/1768133200533"/></p>
<p>NasdaqGS:QDEL Debt to Equity History January 11th 2026</p>
<div class="lb-trans"><p>纳斯达克 GS:QDEL 债务与股本历史 2026 年 1 月 11 日</p>
</div><h2>How Healthy Is QuidelOrtho's Balance Sheet?</h2>
<div class="lb-trans"><h2>QuidelOrtho 的资产负债表健康吗？</h2>
</div><p>We can see from the most recent balance sheet that QuidelOrtho had liabilities of US$767.9m falling due within a year, and liabilities of US$2.87b due beyond that. Offsetting these obligations, it had cash of US$99.0m as well as receivables valued at US$513.0m due within 12 months. So it has liabilities totalling US$3.03b more than its cash and near-term receivables, combined.</p>
<div class="lb-trans"><p>我们可以从最新的资产负债表中看到，QuidelOrtho 有 767.9 百万美元的负债将在一年内到期，以及 28.7 亿美元的负债将在此之后到期。抵消这些义务，它有 9900 万美元的现金以及价值 5.13 亿美元的应收账款将在 12 个月内到期。因此，它的负债总额为 30.3 亿美元，超过了其现金和短期应收账款的总和。</p>
</div><p>Given this deficit is actually higher than the company's market capitalization of US$2.29b, we think shareholders really should watch QuidelOrtho's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.</p>
<div class="lb-trans"><p>考虑到这个赤字实际上高于公司市值的 22.9 亿美元，我们认为股东确实应该像父母第一次看着孩子骑自行车一样关注 QuidelOrtho 的债务水平。假设，如果公司被迫通过以当前股价筹集资本来偿还其负债，将需要极大的稀释。</p>
</div><p>See our latest analysis for QuidelOrtho</p>
<div class="lb-trans"><p>查看我们对 QuidelOrtho 的最新分析</p>
</div><p>In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its 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>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与其利息支出（利息覆盖）的比率。这种方法的优点在于，我们考虑了债务的绝对量（净债务与 EBITDA）以及与该债务相关的实际利息支出（其利息覆盖比率）。</p>
</div><p>While we wouldn't worry about QuidelOrtho's net debt to EBITDA ratio of 4.5, we think its super-low interest cover of 0.79 times is a sign of high leverage. It seems that the business incurs large depreciation and amortisation charges, so maybe its debt load is heavier than it would first appear, since EBITDA is arguably a generous measure of earnings. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. Fortunately, QuidelOrtho grew its EBIT by 7.2% in the last year, slowly shrinking its debt relative to earnings. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if QuidelOrtho can strengthen its balance sheet over time. 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>虽然我们不会担心 QuidelOrtho 的净债务与 EBITDA 比率为 4.5，但我们认为其超低的利息覆盖比率为 0.79 倍是高杠杆的迹象。似乎该企业承担了大量的折旧和摊销费用，因此其债务负担可能比最初看起来的要重，因为 EBITDA 可以说是一个慷慨的收益衡量标准。显然，借款成本最近对股东的回报产生了负面影响。幸运的是，QuidelOrtho 去年 EBIT 增长了 7.2%，逐渐缩小了其相对于收益的债务。在分析债务水平时，资产负债表显然是一个起点。但最终，企业的未来盈利能力将决定 QuidelOrtho 是否能够随着时间的推移增强其资产负债表。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. Considering the last three years, QuidelOrtho actually recorded a cash outflow, overall. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.</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偿还债务；它需要冷硬的现金。因此，合乎逻辑的步骤是查看 EBIT 中有多少比例与实际自由现金流相匹配。考虑到过去三年，QuidelOrtho 实际上整体上记录了现金流出。对于现金流不可靠的公司来说，债务风险更大，因此股东应该希望过去的支出能在未来产生自由现金流。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>On the face of it, QuidelOrtho's conversion of EBIT to free cash flow left us tentative about the stock, and its interest cover was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at growing its EBIT; that's encouraging. We should also note that Medical Equipment industry companies like QuidelOrtho commonly do use debt without problems. Overall, it seems to us that QuidelOrtho's balance sheet is really quite a risk to the business. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered <strong>2 warning signs for QuidelOrtho</strong> that you should be aware of before investing here.</p>
<div class="lb-trans"><p>乍一看，QuidelOrtho 将 EBIT 转换为自由现金流让我们对该股票持谨慎态度，其利息覆盖比率也没有比一年中最繁忙的夜晚里唯一一家空餐厅更具吸引力。但至少它在增长 EBIT 方面表现相当不错；这令人鼓舞。我们还应该注意，像 QuidelOrtho 这样的医疗设备行业公司通常会使用债务而没有问题。总体而言，我们认为 QuidelOrtho 的资产负债表对企业来说确实是一个风险。因此，我们对该股票持谨慎态度，并认为股东应该密切关注其流动性。在分析债务水平时，资产负债表显然是一个起点。但最终，每家公司都可能存在资产负债表之外的风险。例如，我们发现了 <strong>2 个警告信号</strong>，您在此投资之前应该了解。</p>
</div><p>Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.</p>
<div class="lb-trans"><p>当然，如果您是那种喜欢购买没有债务负担的股票的投资者，那么请不要犹豫，今天就来发现我们独家的净现金增长股票名单。</p>
</div>

QuidelOrtho（NASDAQ:QDEL）使用债务可能被视为风险较高