<p>有些人认为，波动性而非债务是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过：“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。我们注意到 <strong>Ashtead Group plc</strong>（伦敦证券交易所代码：AHT）确实在其资产负债表上有债务。但这笔债务对股东来说是否构成担忧呢？</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>债务带来什么风险？</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金。如果情况变得非常糟糕，贷款方可能会控制企业。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。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>Ashtead Group 的净债务是多少？</h2>
<p>正如您在下面看到的，Ashtead Group 在 2025 年 10 月的债务为 76.8 亿美元，比一年前的 81.9 亿美元有所下降。净债务大致相同，因为它没有太多现金。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/642957-debt-equity-history-analysis-1-dark-2/1768824663218?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/642957-debt-equity-history-analysis-1-dark-2/1768824663218"/></p>
<p>伦敦证券交易所：AHT 债务与股本历史 2026 年 1 月 19 日</p>
<h2>Ashtead Group 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，Ashtead Group 有 18.6 亿美元的负债将在一年内到期，以及 128 亿美元的负债将在之后到期。抵消这些义务，它有 3960 万美元的现金以及价值 21.8 亿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 124 亿美元。</p>
<p>虽然这看起来很多，但并不算太糟糕，因为 Ashtead Group 的市值高达 295 亿美元，因此如果需要，它可能通过筹集资金来增强其资产负债表。然而，仔细审视其偿还债务的能力仍然是值得的。</p>
<p>查看我们对 Ashtead Group 的最新分析</p>
<p>我们使用两个主要比率来告知我们关于债务水平相对于收益的信息。第一个是净债务除以息税折旧摊销前利润（EBITDA），第二个是其息税前利润（EBIT）覆盖其利息支出的倍数（或简称利息覆盖）。通过这种方式，我们考虑债务的绝对数量以及支付的利率。</p>
<p>Ashtead Group 的净债务与其 EBITDA 的比例为 1.6 倍，而其 EBIT 去年覆盖其利息支出仅为 4.6 倍。虽然这些数字并没有让我们感到惊慌，但值得注意的是，公司债务的成本确实产生了实际影响。遗憾的是，Ashtead Group 的 EBIT 实际上在去年下降了 5.3%。如果这种收益趋势持续下去，那么其债务负担将像一只看着唯一幼崽的北极熊的心一样沉重。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。但未来的收益，尤其是，将决定 Ashtead 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，虽然税务机关可能喜欢会计利润，但贷款方只接受冷硬的现金。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，Ashtead Group 的自由现金流占其 EBIT 的 42%，低于我们的预期。在偿还债务方面，这并不理想。</p>
<h2>我们的观点</h2>
<p>Ashtead Group 的 EBIT 增长率和利息覆盖率都令人沮丧。但根据其 EBITDA，管理债务的表现还算不错。综合上述所有角度，我们认为由于其债务，Ashtead Group 是一种有些风险的投资。并非所有风险都是坏事，因为如果成功，它可以提升股价回报，但这种债务风险值得牢记。在分析债务时，资产负债表显然是重点关注的领域。但最终，每家公司都可能存在资产负债表之外的风险。<strong>我们已经识别出 Ashtead Group 的一个警示信号</strong>，理解这些信号应该是您投资过程的一部分。</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>

ASHGY

ASHTY

<p>Ashtead Group（伦敦证券交易所代码：AHT）负债较重，总额达到 76.8 亿美元，负债超过现金和应收账款 124 亿美元。尽管市值为 295 亿美元，但该公司的息税前利润（EBIT）去年下降了 5.3%，引发了对其管理债务能力的担忧。其净债务是息税折旧摊销前利润（EBITDA）的 1.6 倍，利息覆盖率为息税前利润（EBIT）的 4.6 倍。虽然债务可控，但盈利下滑的趋势对投资者构成风险。总体而言，由于债务水平，Ashtead Group 被视为一种风险较高的投资</p>

<p>Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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 note that <strong>Ashtead Group plc</strong> (LON:AHT) does have debt on its balance sheet. But is this debt a concern to shareholders?</p>
<div class="lb-trans"><p>有些人认为，波动性而非债务是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过：“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。我们注意到 <strong>Ashtead Group plc</strong>（伦敦证券交易所代码：AHT）确实在其资产负债表上有债务。但这笔债务对股东来说是否构成担忧呢？</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>What Risk Does Debt Bring?</h2>
<div class="lb-trans"><h2>债务带来什么风险？</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. If things get really bad, the lenders can take control of the business. 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. 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>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金。如果情况变得非常糟糕，贷款方可能会控制企业。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。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>What Is Ashtead Group's Net Debt?</h2>
<div class="lb-trans"><h2>Ashtead Group 的净债务是多少？</h2>
</div><p>As you can see below, Ashtead Group had US$7.68b of debt at October 2025, down from US$8.19b a year prior. Net debt is about the same, since the it doesn't have much cash.</p>
<div class="lb-trans"><p>正如您在下面看到的，Ashtead Group 在 2025 年 10 月的债务为 76.8 亿美元，比一年前的 81.9 亿美元有所下降。净债务大致相同，因为它没有太多现金。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/642957-debt-equity-history-analysis-1-dark-2/1768824663218" alt="" original-src="https://images.simplywall.st/asset/chart/642957-debt-equity-history-analysis-1-dark-2/1768824663218"/></p>
<p>LSE:AHT Debt to Equity History January 19th 2026</p>
<div class="lb-trans"><p>伦敦证券交易所：AHT 债务与股本历史 2026 年 1 月 19 日</p>
</div><h2>How Healthy Is Ashtead Group's Balance Sheet?</h2>
<div class="lb-trans"><h2>Ashtead Group 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 Ashtead Group had liabilities of US$1.86b falling due within a year, and liabilities of US$12.8b due beyond that. Offsetting these obligations, it had cash of US$39.6m as well as receivables valued at US$2.18b due within 12 months. So its liabilities total US$12.4b 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，Ashtead Group 有 18.6 亿美元的负债将在一年内到期，以及 128 亿美元的负债将在之后到期。抵消这些义务，它有 3960 万美元的现金以及价值 21.8 亿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 124 亿美元。</p>
</div><p>While this might seem like a lot, it is not so bad since Ashtead Group has a huge market capitalization of US$29.5b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.</p>
<div class="lb-trans"><p>虽然这看起来很多，但并不算太糟糕，因为 Ashtead Group 的市值高达 295 亿美元，因此如果需要，它可能通过筹集资金来增强其资产负债表。然而，仔细审视其偿还债务的能力仍然是值得的。</p>
</div><p>See our latest analysis for Ashtead Group</p>
<div class="lb-trans"><p>查看我们对 Ashtead Group 的最新分析</p>
</div><p>We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.</p>
<div class="lb-trans"><p>我们使用两个主要比率来告知我们关于债务水平相对于收益的信息。第一个是净债务除以息税折旧摊销前利润（EBITDA），第二个是其息税前利润（EBIT）覆盖其利息支出的倍数（或简称利息覆盖）。通过这种方式，我们考虑债务的绝对数量以及支付的利率。</p>
</div><p>Ashtead Group's net debt is sitting at a very reasonable 1.6 times its EBITDA, while its EBIT covered its interest expense just 4.6 times last year. While these numbers do not alarm us, it's worth noting that the cost of the company's debt is having a real impact. Sadly, Ashtead Group's EBIT actually dropped 5.3% in the last year. If that earnings trend continues then its debt load will grow heavy like the heart of a polar bear watching its sole cub. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Ashtead 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>Ashtead Group 的净债务与其 EBITDA 的比例为 1.6 倍，而其 EBIT 去年覆盖其利息支出仅为 4.6 倍。虽然这些数字并没有让我们感到惊慌，但值得注意的是，公司债务的成本确实产生了实际影响。遗憾的是，Ashtead Group 的 EBIT 实际上在去年下降了 5.3%。如果这种收益趋势持续下去，那么其债务负担将像一只看着唯一幼崽的北极熊的心一样沉重。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。但未来的收益，尤其是，将决定 Ashtead 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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. In the last three years, Ashtead Group's free cash flow amounted to 42% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.</p>
<div class="lb-trans"><p>最后，虽然税务机关可能喜欢会计利润，但贷款方只接受冷硬的现金。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，Ashtead Group 的自由现金流占其 EBIT 的 42%，低于我们的预期。在偿还债务方面，这并不理想。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>Both Ashtead Group's EBIT growth rate and its interest cover were discouraging. But its not so bad at managing its debt, based on its EBITDA,. Looking at all the angles mentioned above, it does seem to us that Ashtead Group is a somewhat risky investment as a result of its debt. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. 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. <strong>We've identified 1 warning sign</strong> with Ashtead Group , and understanding them should be part of your investment process.</p>
<div class="lb-trans"><p>Ashtead Group 的 EBIT 增长率和利息覆盖率都令人沮丧。但根据其 EBITDA，管理债务的表现还算不错。综合上述所有角度，我们认为由于其债务，Ashtead Group 是一种有些风险的投资。并非所有风险都是坏事，因为如果成功，它可以提升股价回报，但这种债务风险值得牢记。在分析债务时，资产负债表显然是重点关注的领域。但最终，每家公司都可能存在资产负债表之外的风险。<strong>我们已经识别出 Ashtead Group 的一个警示信号</strong>，理解这些信号应该是您投资过程的一部分。</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>

Ashtead Group (LON:AHT) 的资产负债表是否稳健？