<p>沃倫·巴菲特曾 famously 説過，‘波動性遠非與風險同義。’ 因此，聰明的錢知道，債務——通常與破產相關——在評估一家公司的風險時是一個非常重要的因素。重要的是，<strong>THG Plc</strong> (LON:THG) 確實有債務。但股東應該擔心它的債務使用嗎？</p>
<p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
<h2>何時債務成為問題？</h2>
<p>當企業無法輕鬆履行債務和其他負債時，這些負債就會變得風險重重，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，貸款方可能會控制企業。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。話雖如此，最常見的情況是公司合理管理其債務，並從中獲益。考慮一家公司的債務水平時，第一步是將其現金和債務一起考慮。</p>
<h2>THG 的債務有多少？</h2>
<p>您可以點擊下面的圖形查看歷史數據，但它顯示 THG 在 2025 年 6 月的債務為 4.579 億英鎊，較一年前的 6.862 億英鎊有所下降。然而，它也有 1.294 億英鎊的現金，因此其淨債務為 3.285 億英鎊。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/282374997-debt-equity-history-analysis-1-dark-2/1764824481518?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/282374997-debt-equity-history-analysis-1-dark-2/1764824481518"/></p>
<p>LSE:THG 債務與股本歷史 2025 年 12 月 4 日</p>
<h2>THG 的資產負債表有多強？</h2>
<p>最新的資產負債表數據顯示，THG 有 5.563 億英鎊的負債在一年內到期，以及 6.439 億英鎊的負債在之後到期。另一方面，它有 1.294 億英鎊的現金和 1.213 億英鎊的應收賬款在一年內到期。因此，其負債超過現金和（短期）應收賬款總和 9.495 億英鎊。</p>
<p>考慮到這一缺口超過了公司 6.383 億英鎊的市值，您可能會傾向於仔細審查資產負債表。在公司需要迅速清理資產負債表的情況下，股東可能會遭受嚴重稀釋。資產負債表顯然是分析債務時需要關注的領域。但最終，未來的收益將決定 THG 未來維持健康資產負債表的能力。因此，如果您關注未來，可以查看這份 <strong>免費</strong> 報告，顯示分析師的利潤預測。</p>
<p>查看我們對 THG 的最新分析</p>
<p>在過去的一年裏，THG 在利息和税前虧損，實際上其收入減少了 4.1%，降至 17 億英鎊。這並不是我們希望看到的情況。</p>
<h2>買者自負風險</h2>
<p>重要的是，THG 在過去一年中有利息和税前（EBIT）虧損。實際上，它在 EBIT 級別上虧損了 3200 萬英鎊。當我們將這一點與顯著的負債相結合時，我們對公司並不特別有信心。它需要迅速改善其運營，才能引起我們的興趣。例如，我們不希望看到去年 1.84 億英鎊的虧損重演。在那之前，我們認為這是一隻風險股票。資產負債表顯然是分析債務時需要關注的領域。但最終，每家公司都可能存在資產負債表之外的風險。例如，我們已經識別出 <strong>THG 的兩個警告信號</strong>，您應該注意。</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，請查看這份 <strong>免費</strong> 的淨現金增長企業名單。</p>

<p>THG Plc（倫敦證券交易所代碼：THG）的淨債務為 3.285 億英鎊，負債超過現金和應收賬款 9.495 億英鎊，超過其市值 6.383 億英鎊。該公司報告了 3200 萬英鎊的息税前虧損，收入下降 4.1%，降至 17 億英鎊。鑑於這些財務挑戰，THG 的資產負債表令人擔憂，公司需要進行運營改善以降低風險</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. Importantly, <strong>THG Plc</strong> (LON:THG) does carry debt. But should shareholders be worried about its use of debt?</p>
<div class="lb-trans"><p>沃倫·巴菲特曾 famously 説過，‘波動性遠非與風險同義。’ 因此，聰明的錢知道，債務——通常與破產相關——在評估一家公司的風險時是一個非常重要的因素。重要的是，<strong>THG Plc</strong> (LON:THG) 確實有債務。但股東應該擔心它的債務使用嗎？</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>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
</div><h2>When Is Debt A Problem?</h2>
<div class="lb-trans"><h2>何時債務成為問題？</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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.</p>
<div class="lb-trans"><p>當企業無法輕鬆履行債務和其他負債時，這些負債就會變得風險重重，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，貸款方可能會控制企業。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。話雖如此，最常見的情況是公司合理管理其債務，並從中獲益。考慮一家公司的債務水平時，第一步是將其現金和債務一起考慮。</p>
</div><h2>How Much Debt Does THG Carry?</h2>
<div class="lb-trans"><h2>THG 的債務有多少？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that THG had UK£457.9m of debt in June 2025, down from UK£686.2m, one year before. However, it also had UK£129.4m in cash, and so its net debt is UK£328.5m.</p>
<div class="lb-trans"><p>您可以點擊下面的圖形查看歷史數據，但它顯示 THG 在 2025 年 6 月的債務為 4.579 億英鎊，較一年前的 6.862 億英鎊有所下降。然而，它也有 1.294 億英鎊的現金，因此其淨債務為 3.285 億英鎊。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/282374997-debt-equity-history-analysis-1-dark-2/1764824481518" alt="" original-src="https://images.simplywall.st/asset/chart/282374997-debt-equity-history-analysis-1-dark-2/1764824481518"/></p>
<p>LSE:THG Debt to Equity History December 4th 2025</p>
<div class="lb-trans"><p>LSE:THG 債務與股本歷史 2025 年 12 月 4 日</p>
</div><h2>How Strong Is THG's Balance Sheet?</h2>
<div class="lb-trans"><h2>THG 的資產負債表有多強？</h2>
</div><p>The latest balance sheet data shows that THG had liabilities of UK£556.3m due within a year, and liabilities of UK£643.9m falling due after that. On the other hand, it had cash of UK£129.4m and UK£121.3m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by UK£949.5m.</p>
<div class="lb-trans"><p>最新的資產負債表數據顯示，THG 有 5.563 億英鎊的負債在一年內到期，以及 6.439 億英鎊的負債在之後到期。另一方面，它有 1.294 億英鎊的現金和 1.213 億英鎊的應收賬款在一年內到期。因此，其負債超過現金和（短期）應收賬款總和 9.495 億英鎊。</p>
</div><p>When you consider that this deficiency exceeds the company's UK£638.3m market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution. 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 THG'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>考慮到這一缺口超過了公司 6.383 億英鎊的市值，您可能會傾向於仔細審查資產負債表。在公司需要迅速清理資產負債表的情況下，股東可能會遭受嚴重稀釋。資產負債表顯然是分析債務時需要關注的領域。但最終，未來的收益將決定 THG 未來維持健康資產負債表的能力。因此，如果您關注未來，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>Check out our latest analysis for THG</p>
<div class="lb-trans"><p>查看我們對 THG 的最新分析</p>
</div><p>In the last year THG had a loss before interest and tax, and actually shrunk its revenue by 4.1%, to UK£1.7b. That's not what we would hope to see.</p>
<div class="lb-trans"><p>在過去的一年裏，THG 在利息和税前虧損，實際上其收入減少了 4.1%，降至 17 億英鎊。這並不是我們希望看到的情況。</p>
</div><h2>Caveat Emptor</h2>
<div class="lb-trans"><h2>買者自負風險</h2>
</div><p>Importantly, THG had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost UK£32m at the EBIT level. When we look at that alongside the significant liabilities, we're not particularly confident about the company. It would need to improve its operations quickly for us to be interested in it. For example, we would not want to see a repeat of last year's loss of UK£184m. And until that time we think this is a risky stock. 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. For instance, we've identified <strong>2 warning signs for THG</strong> that you should be aware of.</p>
<div class="lb-trans"><p>重要的是，THG 在過去一年中有利息和税前（EBIT）虧損。實際上，它在 EBIT 級別上虧損了 3200 萬英鎊。當我們將這一點與顯著的負債相結合時，我們對公司並不特別有信心。它需要迅速改善其運營，才能引起我們的興趣。例如，我們不希望看到去年 1.84 億英鎊的虧損重演。在那之前，我們認為這是一隻風險股票。資產負債表顯然是分析債務時需要關注的領域。但最終，每家公司都可能存在資產負債表之外的風險。例如，我們已經識別出 <strong>THG 的兩個警告信號</strong>，您應該注意。</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，請查看這份 <strong>免費</strong> 的淨現金增長企業名單。</p>
</div>

THG（LON:THG）的資產負債表是否健康？