<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资本损失。” 因此，当你考虑任何特定股票的风险时，显然需要考虑债务，因为过多的债务可能会使公司陷入困境。我们注意到 <strong>Welspun Living Limited</strong>（NSE:WELSPUNLIV）确实在其资产负债表上有债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
<p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
<h2>债务带来了什么风险？</h2>
<p>债务在企业能够用新资本或自由现金流偿还之前，能够帮助企业。如果情况变得非常糟糕，贷款方可能会控制企业。虽然这种情况并不常见，但我们经常看到负债累累的公司因为贷款方迫使他们以低价筹集资金而永久性稀释股东权益。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。当我们考虑公司的债务使用时，首先会将现金和债务结合起来进行分析。</p>
<h2>Welspun Living 的净债务是多少？</h2>
<p>你可以点击下面的图表查看历史数据，但它显示 Welspun Living 在 2025 年 9 月的债务为 239 亿印度卢比，较一年前的 288 亿印度卢比有所下降。然而，它也有 81.6 亿印度卢比的现金，因此其净债务为 157 亿印度卢比。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9205420-debt-equity-history-analysis-1-dark-2/1768954640865?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/9205420-debt-equity-history-analysis-1-dark-2/1768954640865"/></p>
<p>NSEI:WELSPUNLIV 债务与股本历史 2026 年 1 月 21 日</p>
<h2>Welspun Living 的资产负债表健康吗？</h2>
<p>最新的资产负债表数据显示，Welspun Living 在一年内到期的负债为 333 亿印度卢比，之后到期的负债为 211 亿印度卢比。抵消这些义务，它有 81.6 亿印度卢比的现金以及价值 148 亿印度卢比的应收账款，预计在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和的 315 亿印度卢比。</p>
<p>Welspun Living 的市值为 1088 亿印度卢比，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。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 Welspun Living 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）与利息支出（利息覆盖）的比率。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（利息覆盖比率）。</p>
<p>Welspun Living 的净债务是 EBITDA 的 1.7 倍，这并不算太多，但其利息覆盖比率看起来有些偏低，EBIT 仅为利息支出的 5.1 倍。虽然这些数字并没有让我们感到警觉，但值得注意的是，公司债务的成本确实产生了实质性影响。股东应注意，Welspun Living 的 EBIT 去年下降了 41%。如果这种收益趋势持续下去，那么偿还债务将变得像把猫赶上过山车一样困难。在分析债务时，资产负债表显然是重点关注的领域。但最终，企业未来的盈利能力将决定 Welspun Living 是否能够随着时间的推移加强其资产负债表。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>最后，企业需要自由现金流来偿还债务；会计利润并不足够。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。在过去三年中，Welspun Living 的自由现金流占其 EBIT 的 30%，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>考虑到 Welspun Living 在（不）增长其 EBIT 方面的努力，我们当然不太乐观。话虽如此，基于其 EBITDA 的债务处理能力并不是一个大问题。一旦我们将上述所有因素结合在一起，我们认为 Welspun Living 的债务使其风险略有增加。这并不一定是坏事，但我们通常会对较少的杠杆感到更舒适。在分析债务时，资产负债表显然是重点关注的领域。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，我们已经识别出 <strong>Welspun Living 的 2 个警示信号</strong>，你应该注意。</p>
<p>当然，如果你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列表。</p>

<p>Welspun Living Limited (NSE:WELSPUNLIV) 负担着显著的债务，截至 2025 年 9 月，净债务为 157 亿印度卢比。该公司的负债在一年内到期达到 333 亿印度卢比，超过其现金和应收账款 315 亿印度卢比。尽管其净债务与 EBITDA 的比率为 1.7，属于可控范围，但 5.1 的利息覆盖比率表明潜在风险，尤其是在去年 EBIT 下降了 41% 的情况下。该公司产生自由现金流的能力也令人担忧，仅为 EBIT 的 30%。总体而言，Welspun Living 的债务存在一定风险，需要谨慎监控</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.' 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 note that <strong>Welspun Living Limited</strong> (NSE:WELSPUNLIV) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.</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资本损失。” 因此，当你考虑任何特定股票的风险时，显然需要考虑债务，因为过多的债务可能会使公司陷入困境。我们注意到 <strong>Welspun Living Limited</strong>（NSE:WELSPUNLIV）确实在其资产负债表上有债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
</div><h2>What Risk Does Debt Bring?</h2>
<div class="lb-trans"><h2>债务带来了什么风险？</h2>
</div><p>Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at 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之前，能够帮助企业。如果情况变得非常糟糕，贷款方可能会控制企业。虽然这种情况并不常见，但我们经常看到负债累累的公司因为贷款方迫使他们以低价筹集资金而永久性稀释股东权益。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。当我们考虑公司的债务使用时，首先会将现金和债务结合起来进行分析。</p>
</div><h2>What Is Welspun Living's Net Debt?</h2>
<div class="lb-trans"><h2>Welspun Living 的净债务是多少？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that Welspun Living had ₹23.9b of debt in September 2025, down from ₹28.8b, one year before. However, it also had ₹8.16b in cash, and so its net debt is ₹15.7b.</p>
<div class="lb-trans"><p>你可以点击下面的图表查看历史数据，但它显示 Welspun Living 在 2025 年 9 月的债务为 239 亿印度卢比，较一年前的 288 亿印度卢比有所下降。然而，它也有 81.6 亿印度卢比的现金，因此其净债务为 157 亿印度卢比。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9205420-debt-equity-history-analysis-1-dark-2/1768954640865" alt="" original-src="https://images.simplywall.st/asset/chart/9205420-debt-equity-history-analysis-1-dark-2/1768954640865"/></p>
<p>NSEI:WELSPUNLIV Debt to Equity History January 21st 2026</p>
<div class="lb-trans"><p>NSEI:WELSPUNLIV 债务与股本历史 2026 年 1 月 21 日</p>
</div><h2>How Healthy Is Welspun Living's Balance Sheet?</h2>
<div class="lb-trans"><h2>Welspun Living 的资产负债表健康吗？</h2>
</div><p>The latest balance sheet data shows that Welspun Living had liabilities of ₹33.3b due within a year, and liabilities of ₹21.1b falling due after that. Offsetting these obligations, it had cash of ₹8.16b as well as receivables valued at ₹14.8b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by ₹31.5b.</p>
<div class="lb-trans"><p>最新的资产负债表数据显示，Welspun Living 在一年内到期的负债为 333 亿印度卢比，之后到期的负债为 211 亿印度卢比。抵消这些义务，它有 81.6 亿印度卢比的现金以及价值 148 亿印度卢比的应收账款，预计在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和的 315 亿印度卢比。</p>
</div><p>Welspun Living has a market capitalization of ₹108.8b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. 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>Welspun Living 的市值为 1088 亿印度卢比，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。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 Welspun Living</p>
<div class="lb-trans"><p>查看我们对 Welspun Living 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）与利息支出（利息覆盖）的比率。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（利息覆盖比率）。</p>
</div><p>Welspun Living has net debt worth 1.7 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 5.1 times the interest expense. While these numbers do not alarm us, it's worth noting that the cost of the company's debt is having a real impact. Shareholders should be aware that Welspun Living's EBIT was down 41% last year. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Welspun Living 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>Welspun Living 的净债务是 EBITDA 的 1.7 倍，这并不算太多，但其利息覆盖比率看起来有些偏低，EBIT 仅为利息支出的 5.1 倍。虽然这些数字并没有让我们感到警觉，但值得注意的是，公司债务的成本确实产生了实质性影响。股东应注意，Welspun Living 的 EBIT 去年下降了 41%。如果这种收益趋势持续下去，那么偿还债务将变得像把猫赶上过山车一样困难。在分析债务时，资产负债表显然是重点关注的领域。但最终，企业未来的盈利能力将决定 Welspun Living 是否能够随着时间的推移加强其资产负债表。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>Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. In the last three years, Welspun Living's free cash flow amounted to 30% 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，企业需要自由现金流来偿还债务；会计利润并不足够。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。在过去三年中，Welspun Living 的自由现金流占其 EBIT 的 30%，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>Mulling over Welspun Living's attempt at (not) growing its EBIT, we're certainly not enthusiastic. Having said that, its ability handle its debt, based on its EBITDA, isn't such a worry. Once we consider all the factors above, together, it seems to us that Welspun Living's debt is making it a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified <strong>2 warning signs for Welspun Living</strong> that you should be aware of.</p>
<div class="lb-trans"><p>考虑到 Welspun Living 在（不）增长其 EBIT 方面的努力，我们当然不太乐观。话虽如此，基于其 EBITDA 的债务处理能力并不是一个大问题。一旦我们将上述所有因素结合在一起，我们认为 Welspun Living 的债务使其风险略有增加。这并不一定是坏事，但我们通常会对较少的杠杆感到更舒适。在分析债务时，资产负债表显然是重点关注的领域。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，我们已经识别出 <strong>Welspun Living 的 2 个警示信号</strong>，你应该注意。</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，如果你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列表。</p>
</div>

以下是 Welspun Living（NSE:WELSPUNLIV）为何背负显著债务负担的原因