<p>沃倫·巴菲特曾 famously 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。我們注意到 <strong>adidas AG</strong> (ETR:ADS) 的資產負債表上確實有債務。但這對股東來説是個問題嗎？</p>
<p>我們檢查所有公司以尋找重要風險。查看我們在免費報告中為 adidas 發現的內容。</p>
<h2>何時債務變得危險？</h2>
<p>當企業無法輕鬆履行這些義務時，債務和其他負債就會變得風險很大，無論是通過自由現金流還是以有吸引力的價格籌集資本。如果情況變得非常糟糕，貸方可能會控制企業。雖然這種情況並不常見，但我們經常看到負債累累的公司因為貸方迫使他們以低價籌集資本而永久稀釋股東權益。當然，債務的好處在於它通常代表着廉價資本，特別是當它替代了能夠以高回報率再投資的公司的稀釋時。當我們考慮公司的債務使用時，我們首先會將現金和債務結合起來看。</p>
<h2>adidas 的淨債務是多少？</h2>
<p>下圖（您可以點擊以獲取更詳細信息）顯示，adidas 在 2025 年 3 月底的債務為 25.9 億歐元，較一年前的 31 億歐元有所減少。然而，它有 14.3 億歐元的現金來抵消這部分債務，導致淨債務約為 11.6 億歐元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/92816-debt-equity-history-analysis-1-dark/1747471320533?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/92816-debt-equity-history-analysis-1-dark/1747471320533"/></p>
<p>XTRA:ADS 債務與股本歷史 2025 年 5 月 17 日</p>
<h2>adidas 的資產負債表健康嗎？</h2>
<p>根據最後報告的資產負債表，adidas 有 89.4 億歐元的負債在 12 個月內到期，12 個月後到期的負債為 50.6 億歐元。另一方面，它有 14.3 億歐元的現金和 32.4 億歐元的應收賬款在一年內到期。因此，它的負債超過了現金和（短期）應收賬款總和的 93.3 億歐元。</p>
<p>adidas 的市值非常大，達到 391 億歐元，因此如果需要，它很可能能夠籌集資金以改善其資產負債表。但我們絕對希望關注其債務帶來過多風險的跡象。</p>
<p>查看我們對 adidas 的最新分析</p>
<p>我們使用兩個主要比率來告知我們債務水平相對於收益的情況。第一個是淨債務除以息税折舊攤銷前利潤（EBITDA），第二個是息税前利潤（EBIT）覆蓋利息支出的倍數（簡稱利息覆蓋）。這種方法的優點在於我們同時考慮了債務的絕對數量（通過淨債務與 EBITDA 的比率）和與該債務相關的實際利息支出（通過其利息覆蓋比率）。</p>
<p>adidas 的淨債務與 EBITDA 比率僅為 0.54，且其 EBIT 輕鬆覆蓋其利息支出，達到 16.3 倍。因此，你可以説它的債務對它的威脅就像大象對老鼠的威脅一樣。更令人印象深刻的是，adidas 在 12 個月內將其 EBIT 增長了 187%。如果這種增長得以維持，未來幾年債務將變得更加可控。在分析債務時，資產負債表顯然是重點。但未來的收益，尤其是將決定 adidas 未來保持健康資產負債表的能力。因此，如果你關注未來，可以查看這份 <strong>免費</strong> 報告，顯示分析師的利潤預測。</p>
<p>最後，企業需要自由現金流來償還債務；會計利潤根本不夠。因此，我們總是檢查 EBIT 中有多少轉化為自由現金流。在過去三年中，adidas 實際上產生的自由現金流超過了 EBIT。在保持良好信譽方面，沒有什麼比現金流入更重要。</p>
<h2>我們的觀點</h2>
<p>adidas 的利息覆蓋率表明，它可以像克里斯蒂亞諾·羅納爾多對陣 14 歲以下守門員那樣輕鬆應對其債務。而且好消息並沒有止步於此，因為其 EBIT 轉化為自由現金流的能力也支持了這一印象！考慮到這一系列因素，我們認為 adidas 在債務方面相當謹慎，風險似乎得到了良好管理。因此，我們並不擔心資產負債表上使用少量槓桿。我們認為，跟蹤每股收益的增長速度比其他大多數指標更為重要。如果你也意識到了這一點，那你很幸運，因為今天你可以免費查看 adidas 每股收益歷史的互動圖表。</p>
<p>如果在這一切之後，你更感興趣的是一家快速增長且資產負債表穩固的公司，那麼請立即查看我們的淨現金增長股票列表。</p>
<p>如果你想交易 adidas，請在專業人士信賴的最低成本平台 Interactive Brokers 開設賬户。</p>
<p>IBKR 在 200 多個國家和地區擁有客户，並可訪問 160 個市場，讓你可以通過一個集成賬户交易股票、期權、期貨、外匯、債券和基金。</p>
<p>享受無隱藏費用、無賬户最低要求，以及低至 0.03% 的外匯轉換率，遠遠優於大多數經紀商提供的服務。</p>
<p>贊助內容</p>

阿迪達斯

<p>阿迪達斯（Adidas AG，ETR:ADS）的淨債務約為 11.6 億歐元，總負債為 140 億歐元，現金為 14.3 億歐元，應收賬款為 32.4 億歐元。儘管負債較高，阿迪達斯的淨債務與息税折舊攤銷前利潤（EBITDA）比率僅為 0.54，息税前利潤（EBIT）能夠覆蓋利息支出 16.3 倍。公司表現出顯著的增長，過去一年 EBIT 增長了 187%，表明其債務狀況可控。總體而言，阿迪達斯在債務管理上顯得謹慎，風險控制良好</p>

<p>Warren Buffett famously said, '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 note that <strong>adidas AG</strong> (ETR:ADS) does have debt on its balance sheet. But is this debt a concern to shareholders?</p>
<div class="lb-trans"><p>沃倫·巴菲特曾 famously 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。我們注意到 <strong>adidas AG</strong> (ETR:ADS) 的資產負債表上確實有債務。但這對股東來説是個問題嗎？</p>
</div><p>We check all companies for important risks. See what we found for adidas in our free report.</p>
<div class="lb-trans"><p>我們檢查所有公司以尋找重要風險。查看我們在免費報告中為 adidas 發現的內容。</p>
</div><h2>When Is Debt Dangerous?</h2>
<div class="lb-trans"><h2>何時債務變得危險？</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. 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. 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 think about a company's use of debt, we first look at cash and debt together.</p>
<div class="lb-trans"><p>當企業無法輕鬆履行這些義務時，債務和其他負債就會變得風險很大，無論是通過自由現金流還是以有吸引力的價格籌集資本。如果情況變得非常糟糕，貸方可能會控制企業。雖然這種情況並不常見，但我們經常看到負債累累的公司因為貸方迫使他們以低價籌集資本而永久稀釋股東權益。當然，債務的好處在於它通常代表着廉價資本，特別是當它替代了能夠以高回報率再投資的公司的稀釋時。當我們考慮公司的債務使用時，我們首先會將現金和債務結合起來看。</p>
</div><h2>What Is adidas's Net Debt?</h2>
<div class="lb-trans"><h2>adidas 的淨債務是多少？</h2>
</div><p>The image below, which you can click on for greater detail, shows that adidas had debt of €2.59b at the end of March 2025, a reduction from €3.10b over a year. However, it does have €1.43b in cash offsetting this, leading to net debt of about €1.16b.</p>
<div class="lb-trans"><p>下圖（您可以點擊以獲取更詳細信息）顯示，adidas 在 2025 年 3 月底的債務為 25.9 億歐元，較一年前的 31 億歐元有所減少。然而，它有 14.3 億歐元的現金來抵消這部分債務，導致淨債務約為 11.6 億歐元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/92816-debt-equity-history-analysis-1-dark/1747471320533" alt="" original-src="https://images.simplywall.st/asset/chart/92816-debt-equity-history-analysis-1-dark/1747471320533"/></p>
<p>XTRA:ADS Debt to Equity History May 17th 2025</p>
<div class="lb-trans"><p>XTRA:ADS 債務與股本歷史 2025 年 5 月 17 日</p>
</div><h2>How Healthy Is adidas' Balance Sheet?</h2>
<div class="lb-trans"><h2>adidas 的資產負債表健康嗎？</h2>
</div><p>According to the last reported balance sheet, adidas had liabilities of €8.94b due within 12 months, and liabilities of €5.06b due beyond 12 months. On the other hand, it had cash of €1.43b and €3.24b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by €9.33b.</p>
<div class="lb-trans"><p>根據最後報告的資產負債表，adidas 有 89.4 億歐元的負債在 12 個月內到期，12 個月後到期的負債為 50.6 億歐元。另一方面，它有 14.3 億歐元的現金和 32.4 億歐元的應收賬款在一年內到期。因此，它的負債超過了現金和（短期）應收賬款總和的 93.3 億歐元。</p>
</div><p>adidas has a very large market capitalization of €39.1b, 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>adidas 的市值非常大，達到 391 億歐元，因此如果需要，它很可能能夠籌集資金以改善其資產負債表。但我們絕對希望關注其債務帶來過多風險的跡象。</p>
</div><p>Check out our latest analysis for adidas</p>
<div class="lb-trans"><p>查看我們對 adidas 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). 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>我們使用兩個主要比率來告知我們債務水平相對於收益的情況。第一個是淨債務除以息税折舊攤銷前利潤（EBITDA），第二個是息税前利潤（EBIT）覆蓋利息支出的倍數（簡稱利息覆蓋）。這種方法的優點在於我們同時考慮了債務的絕對數量（通過淨債務與 EBITDA 的比率）和與該債務相關的實際利息支出（通過其利息覆蓋比率）。</p>
</div><p>adidas has a low net debt to EBITDA ratio of only 0.54. And its EBIT easily covers its interest expense, being 16.3 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Even more impressive was the fact that adidas grew its EBIT by 187% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine adidas'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>adidas 的淨債務與 EBITDA 比率僅為 0.54，且其 EBIT 輕鬆覆蓋其利息支出，達到 16.3 倍。因此，你可以説它的債務對它的威脅就像大象對老鼠的威脅一樣。更令人印象深刻的是，adidas 在 12 個月內將其 EBIT 增長了 187%。如果這種增長得以維持，未來幾年債務將變得更加可控。在分析債務時，資產負債表顯然是重點。但未來的收益，尤其是將決定 adidas 未來保持健康資產負債表的能力。因此，如果你關注未來，可以查看這份 <strong>免費</strong> 報告，顯示分析師的利潤預測。</p>
</div><p>Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, adidas actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.</p>
<div class="lb-trans"><p>最後，企業需要自由現金流來償還債務；會計利潤根本不夠。因此，我們總是檢查 EBIT 中有多少轉化為自由現金流。在過去三年中，adidas 實際上產生的自由現金流超過了 EBIT。在保持良好信譽方面，沒有什麼比現金流入更重要。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我們的觀點</h2>
</div><p>adidas's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! Considering this range of factors, it seems to us that adidas is quite prudent with its debt, and the risks seem well managed. So we're not worried about the use of a little leverage on the balance sheet. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of adidas's earnings per share history for free.</p>
<div class="lb-trans"><p>adidas 的利息覆蓋率表明，它可以像克里斯蒂亞諾·羅納爾多對陣 14 歲以下守門員那樣輕鬆應對其債務。而且好消息並沒有止步於此，因為其 EBIT 轉化為自由現金流的能力也支持了這一印象！考慮到這一系列因素，我們認為 adidas 在債務方面相當謹慎，風險似乎得到了良好管理。因此，我們並不擔心資產負債表上使用少量槓桿。我們認為，跟蹤每股收益的增長速度比其他大多數指標更為重要。如果你也意識到了這一點，那你很幸運，因為今天你可以免費查看 adidas 每股收益歷史的互動圖表。</p>
</div><p>If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.</p>
<div class="lb-trans"><p>如果在這一切之後，你更感興趣的是一家快速增長且資產負債表穩固的公司，那麼請立即查看我們的淨現金增長股票列表。</p>
</div><p>If you're looking to trade adidas, open an account with the lowest-cost platform trusted by professionals, Interactive Brokers.</p>
<div class="lb-trans"><p>如果你想交易 adidas，請在專業人士信賴的最低成本平台 Interactive Brokers 開設賬户。</p>
</div><p>With clients in over 200 countries and territories, and access to 160 markets, IBKR lets you trade stocks, options, futures, forex, bonds and funds from a single integrated account.</p>
<div class="lb-trans"><p>IBKR 在 200 多個國家和地區擁有客户，並可訪問 160 個市場，讓你可以通過一個集成賬户交易股票、期權、期貨、外匯、債券和基金。</p>
</div><p>Enjoy no hidden fees, no account minimums, and FX conversion rates as low as 0.03%, far better than what most brokers offer.</p>
<div class="lb-trans"><p>享受無隱藏費用、無賬户最低要求，以及低至 0.03% 的外匯轉換率，遠遠優於大多數經紀商提供的服務。</p>
</div><p>Sponsored Content</p>
<div class="lb-trans"><p>贊助內容</p>
</div>

阿迪達斯（ETR:ADS）的資產負債表是否穩健？