<p>有些人認為波動性，而不是債務，是投資者思考風險的最佳方式，但沃倫·巴菲特曾著名地説過：“波動性遠非風險的同義詞。” 因此，當你考慮任何特定股票的風險時，顯然需要考慮債務，因為過多的債務可能會使公司陷入困境。我們可以看到 <strong>Rogers Communications Inc.</strong> (TSE:RCI.B) 確實在其業務中使用了債務。但這對股東來説是個問題嗎？</p>
<p>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
<h2>債務帶來了什麼風險？</h2>
<p>一般來説，債務只有在公司無法輕鬆償還時才會成為真正的問題，無論是通過籌集資金還是依靠自身的現金流。最終，如果公司無法履行償還債務的法律義務，股東可能會一無所獲。然而，更常見（但仍然昂貴）的情況是，公司必須以低廉的股價稀釋股東權益，僅僅是為了控制債務。當然，債務的好處在於它通常代表着廉價資本，特別是當它替代了在能夠以高回報率再投資的公司中的稀釋時。當我們審視債務水平時，我們首先考慮現金和債務水平的結合。</p>
<h2>Rogers Communications 的債務是多少？</h2>
<p>下圖（您可以點擊以獲取更詳細的信息）顯示，截至 2024 年 12 月，Rogers Communications 的債務為 457 億加元，較一年前的 436 億加元有所增加。然而，由於它擁有 12.3 億加元的現金儲備，其淨債務較低，約為 445 億加元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/378755-debt-equity-history-analysis-1-dark/1742989345210?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/378755-debt-equity-history-analysis-1-dark/1742989345210"/></p>
<p>TSX:RCI.B 債務與股本歷史 2025 年 3 月 26 日</p>
<h2>Rogers Communications 的資產負債表健康狀況如何？</h2>
<p>我們可以從最新的資產負債表中看到，Rogers Communications 有 126 億加元的負債將在一年內到期，且有 484 億加元的負債將在一年後到期。另一方面，它有 12.3 億加元的現金和 56.5 億加元的應收賬款將在一年內到期。因此，其負債總額比現金和短期應收賬款的總和多出 541 億加元。</p>
<p>這一赤字在這家 213 億加元的公司上投下了陰影，猶如巨人俯視凡人。因此，我們絕對認為股東需要密切關注這一點。最終，如果債權人要求償還，Rogers Communications 可能需要進行重大再融資。</p>
<p>查看我們對 Rogers Communications 的最新分析</p>
<p>為了評估公司的債務相對於其收益的規模，我們計算其淨債務與息税折舊攤銷前利潤（EBITDA）的比率，以及息税前利潤（EBIT）與利息費用（利息覆蓋）的比率。因此，我們考慮債務相對於收益的情況，包括和不包括折舊和攤銷費用。</p>
<p>雖然我們不會擔心 Rogers Communications 的淨債務與 EBITDA 比率為 4.8，但我們認為其超低的利息覆蓋比率為 2.4 倍是高槓杆的跡象。因此，股東可能應該意識到，利息費用似乎最近對業務產生了真正的影響。稍微積極一點的是，Rogers Communications 去年 EBIT 增長了 12%，進一步增強了其管理債務的能力。毫無疑問，我們從資產負債表中學到的關於債務的知識最多。但最終，未來的收益，尤其是將決定 Rogers Communications 能否保持健康的資產負債表。因此，如果您想看看專業人士的看法，您可能會發現這份關於分析師利潤預測的免費報告很有趣。</p>
<p>最後，一家公司只能用冷硬的現金償還債務，而不是會計利潤。因此，合理的步驟是查看 EBIT 中與實際自由現金流相匹配的比例。在過去三年中，Rogers Communications 的自由現金流佔其 EBIT 的 30%，低於我們的預期。這種較弱的現金轉換使得處理債務變得更加困難。</p>
<h2>我們的看法</h2>
<p>我們甚至可以説，Rogers Communications 的總負債水平令人失望。但好的一面是，其 EBIT 增長率是一個好兆頭，使我們更加樂觀。我們非常明確地認為，由於其資產負債表的健康狀況，Rogers Communications 實際上相當風險。因此，我們對這隻股票的警惕程度幾乎與一隻飢餓的小貓對掉入主人魚塘的警惕程度相當：一朝被蛇咬，十年怕井繩，正如他們所説。毫無疑問，我們從資產負債表中學到的關於債務的知識最多。但最終，每家公司都可能存在資產負債表之外的風險。這些風險可能很難發現。每家公司都有這些風險，而我們發現了 <strong>Rogers Communications 的一個警告信號</strong>，您應該瞭解。</p>
<p>如果您有興趣投資那些能夠在沒有債務負擔的情況下增長利潤的企業，那麼請查看這份 <strong>免費</strong> 的現金淨額增長企業列表。</p>

羅傑斯通信

<p>羅傑斯通信（TSE:RCI.B）負債累累，總計達 457 億加元，扣除現金儲備後淨負債為 445 億加元。公司的負債超過其現金和短期應收款項 541 億加元，這引發了對其財務健康狀況的擔憂。儘管其息税前利潤（EBIT）去年增長了 12%，但僅為 2.4 倍的低利息覆蓋率表明其槓桿率較高。公司的債務管理能力進一步受到挑戰，因為其現金轉換能力較弱，只有 30% 的 EBIT 與自由現金流相匹配。總體而言，由於資產負債表的健康狀況，羅傑斯通信被認為具有風險</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.' 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>Rogers Communications Inc.</strong> (TSE:RCI.B) does use debt in its business. But is this debt a concern to shareholders?</p>
<div class="lb-trans"><p>有些人認為波動性，而不是債務，是投資者思考風險的最佳方式，但沃倫·巴菲特曾著名地説過：“波動性遠非風險的同義詞。” 因此，當你考慮任何特定股票的風險時，顯然需要考慮債務，因為過多的債務可能會使公司陷入困境。我們可以看到 <strong>Rogers Communications Inc.</strong> (TSE:RCI.B) 確實在其業務中使用了債務。但這對股東來説是個問題嗎？</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>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
</div><h2>What Risk Does Debt Bring?</h2>
<div class="lb-trans"><h2>債務帶來了什麼風險？</h2>
</div><p>Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.</p>
<div class="lb-trans"><p>一般來説，債務只有在公司無法輕鬆償還時才會成為真正的問題，無論是通過籌集資金還是依靠自身的現金流。最終，如果公司無法履行償還債務的法律義務，股東可能會一無所獲。然而，更常見（但仍然昂貴）的情況是，公司必須以低廉的股價稀釋股東權益，僅僅是為了控制債務。當然，債務的好處在於它通常代表着廉價資本，特別是當它替代了在能夠以高回報率再投資的公司中的稀釋時。當我們審視債務水平時，我們首先考慮現金和債務水平的結合。</p>
</div><h2>What Is Rogers Communications's Debt?</h2>
<div class="lb-trans"><h2>Rogers Communications 的債務是多少？</h2>
</div><p>The image below, which you can click on for greater detail, shows that at December 2024 Rogers Communications had debt of CA$45.7b, up from CA$43.6b in one year. However, because it has a cash reserve of CA$1.23b, its net debt is less, at about CA$44.5b.</p>
<div class="lb-trans"><p>下圖（您可以點擊以獲取更詳細的信息）顯示，截至 2024 年 12 月，Rogers Communications 的債務為 457 億加元，較一年前的 436 億加元有所增加。然而，由於它擁有 12.3 億加元的現金儲備，其淨債務較低，約為 445 億加元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/378755-debt-equity-history-analysis-1-dark/1742989345210" alt="" original-src="https://images.simplywall.st/asset/chart/378755-debt-equity-history-analysis-1-dark/1742989345210"/></p>
<p>TSX:RCI.B Debt to Equity History March 26th 2025</p>
<div class="lb-trans"><p>TSX:RCI.B 債務與股本歷史 2025 年 3 月 26 日</p>
</div><h2>How Healthy Is Rogers Communications' Balance Sheet?</h2>
<div class="lb-trans"><h2>Rogers Communications 的資產負債表健康狀況如何？</h2>
</div><p>We can see from the most recent balance sheet that Rogers Communications had liabilities of CA$12.6b falling due within a year, and liabilities of CA$48.4b due beyond that. On the other hand, it had cash of CA$1.23b and CA$5.65b worth of receivables due within a year. So its liabilities total CA$54.1b more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>我們可以從最新的資產負債表中看到，Rogers Communications 有 126 億加元的負債將在一年內到期，且有 484 億加元的負債將在一年後到期。另一方面，它有 12.3 億加元的現金和 56.5 億加元的應收賬款將在一年內到期。因此，其負債總額比現金和短期應收賬款的總和多出 541 億加元。</p>
</div><p>This deficit casts a shadow over the CA$21.3b company, like a colossus towering over mere mortals. So we definitely think shareholders need to watch this one closely. At the end of the day, Rogers Communications would probably need a major re-capitalization if its creditors were to demand repayment.</p>
<div class="lb-trans"><p>這一赤字在這家 213 億加元的公司上投下了陰影，猶如巨人俯視凡人。因此，我們絕對認為股東需要密切關注這一點。最終，如果債權人要求償還，Rogers Communications 可能需要進行重大再融資。</p>
</div><p>See our latest analysis for Rogers Communications</p>
<div class="lb-trans"><p>查看我們對 Rogers Communications 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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.</p>
<div class="lb-trans"><p>為了評估公司的債務相對於其收益的規模，我們計算其淨債務與息税折舊攤銷前利潤（EBITDA）的比率，以及息税前利潤（EBIT）與利息費用（利息覆蓋）的比率。因此，我們考慮債務相對於收益的情況，包括和不包括折舊和攤銷費用。</p>
</div><p>While we wouldn't worry about Rogers Communications's net debt to EBITDA ratio of 4.8, we think its super-low interest cover of 2.4 times is a sign of high leverage. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. On a slightly more positive note, Rogers Communications grew its EBIT at 12% over the last year, further increasing its ability to manage debt. 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 Rogers Communications's ability to maintain a healthy balance sheet going forward. 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>雖然我們不會擔心 Rogers Communications 的淨債務與 EBITDA 比率為 4.8，但我們認為其超低的利息覆蓋比率為 2.4 倍是高槓杆的跡象。因此，股東可能應該意識到，利息費用似乎最近對業務產生了真正的影響。稍微積極一點的是，Rogers Communications 去年 EBIT 增長了 12%，進一步增強了其管理債務的能力。毫無疑問，我們從資產負債表中學到的關於債務的知識最多。但最終，未來的收益，尤其是將決定 Rogers Communications 能否保持健康的資產負債表。因此，如果您想看看專業人士的看法，您可能會發現這份關於分析師利潤預測的免費報告很有趣。</p>
</div><p>Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, Rogers Communications's free cash flow amounted to 30% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.</p>
<div class="lb-trans"><p>最後，一家公司只能用冷硬的現金償還債務，而不是會計利潤。因此，合理的步驟是查看 EBIT 中與實際自由現金流相匹配的比例。在過去三年中，Rogers Communications 的自由現金流佔其 EBIT 的 30%，低於我們的預期。這種較弱的現金轉換使得處理債務變得更加困難。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我們的看法</h2>
</div><p>We'd go so far as to say Rogers Communications's level of total liabilities was disappointing. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. We're quite clear that we consider Rogers Communications to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted <strong>1 warning sign for Rogers Communications</strong> you should know about.</p>
<div class="lb-trans"><p>我們甚至可以説，Rogers Communications 的總負債水平令人失望。但好的一面是，其 EBIT 增長率是一個好兆頭，使我們更加樂觀。我們非常明確地認為，由於其資產負債表的健康狀況，Rogers Communications 實際上相當風險。因此，我們對這隻股票的警惕程度幾乎與一隻飢餓的小貓對掉入主人魚塘的警惕程度相當：一朝被蛇咬，十年怕井繩，正如他們所説。毫無疑問，我們從資產負債表中學到的關於債務的知識最多。但最終，每家公司都可能存在資產負債表之外的風險。這些風險可能很難發現。每家公司都有這些風險，而我們發現了 <strong>Rogers Communications 的一個警告信號</strong>，您應該瞭解。</p>
</div><p>If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this <strong>free</strong> list of growing businesses that have net cash on the balance sheet.</p>
<div class="lb-trans"><p>如果您有興趣投資那些能夠在沒有債務負擔的情況下增長利潤的企業，那麼請查看這份 <strong>免費</strong> 的現金淨額增長企業列表。</p>
</div>

羅傑斯通信 (TSE:RCI.B) 似乎在大量舉債