<p>有些人認為，波動性而非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。” 當我們考慮一家公司的風險時，我們總是喜歡查看其債務使用情況，因為債務過重可能導致毀滅。與許多其他公司一樣，<strong>Flight Centre Travel Group Limited</strong>（ASX:FLT）也使用債務。但這筆債務對股東來説是否構成擔憂呢？</p>
<p>特朗普承諾要 “釋放” 美國的石油和天然氣，這 15 只美國股票的發展將受益。</p>
<h2>為什麼債務帶來風險？</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。資本主義的一個重要組成部分是 “創造性破壞” 的過程，失敗的企業會被其銀行毫不留情地清算。然而，更常見（但仍然痛苦）的情況是，企業不得不以低價籌集新的股本，從而永久性地稀釋股東權益。然而，通過替代稀釋，債務可以成為需要資本以高回報率投資於增長的企業的極好工具。在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>Flight Centre Travel Group 的債務有多少？</h2>
<p>正如您在下面看到的，Flight Centre Travel Group 在 2025 年 6 月的債務為 6.244 億澳元，較前一年的 7.592 億澳元有所下降。另一方面，它有 6.224 億澳元的現金，導致淨債務約為 198 萬澳元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/4484222-debt-equity-history-analysis-1-dark-2/1765852835534?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/4484222-debt-equity-history-analysis-1-dark-2/1765852835534"/></p>
<p>ASX:FLT 債務與股本歷史 2025 年 12 月 16 日</p>
<h2>看一下 Flight Centre Travel Group 的負債</h2>
<p>最新的資產負債表數據顯示，Flight Centre Travel Group 有 21.1 億澳元的負債將在一年內到期，774.0 萬澳元的負債將在之後到期。對此，它有 6.224 億澳元的現金和 12.4 億澳元的應收賬款將在 12 個月內到期。因此，它的負債總額比現金和短期應收賬款的總和多出 10.2 億澳元。</p>
<p>這個赤字並不算太糟糕，因為 Flight Centre Travel Group 的市值為 32 億澳元，因此如果需要的話，可能能夠籌集足夠的資本來鞏固其資產負債表。但我們確實希望關注其債務是否帶來了過多的風險。幾乎沒有淨債務的 Flight Centre Travel Group 的債務負擔確實非常輕。</p>
<p>查看我們對 Flight Centre Travel Group 的最新分析</p>
<p>我們通過查看公司的淨債務與息税折舊攤銷前利潤（EBITDA）的比率，以及計算其息税前利潤（EBIT）覆蓋利息支出的能力（利息覆蓋率），來衡量公司的債務負擔相對於其盈利能力。通過這種方式，我們考慮了債務的絕對數量以及支付的利率。</p>
<p>Flight Centre Travel Group 的淨債務與 EBITDA 比率非常低，僅為 0.0079，表明債務只是微不足道的。儘管 EBIT 僅能覆蓋利息支出 6.1 倍，公司確實在為借款付費。另一方面，Flight Centre Travel Group 的 EBIT 在過去一年中下降了 14%。我們認為，如果這種表現頻繁出現，可能會給股票帶來困難。在分析債務水平時，資產負債表顯然是一個明顯的起點。但最終，企業的未來盈利能力將決定 Flight Centre Travel Group 是否能夠隨着時間的推移增強其資產負債表。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>最後，雖然税務機關可能喜歡會計利潤，但貸方只接受冷硬現金。因此，值得檢查一下 EBIT 中有多少是由自由現金流支持的。在最近三年中，Flight Centre Travel Group 記錄的自由現金流佔其 EBIT 的 67%，這在正常範圍內，因為自由現金流不包括利息和税。這筆冷硬現金意味着它可以在需要時減少債務。</p>
<h2>我們的看法</h2>
<p>根據我們的分析，Flight Centre Travel Group 的淨債務與 EBITDA 比率應該表明它在債務方面不會遇到太多問題。但我們上面提到的其他因素並不那麼令人鼓舞。具體來説，它似乎在（不）增長 EBIT 方面的表現與濕襪子保持温暖的能力一樣差。當我們考慮上述所有因素時，我們對 Flight Centre Travel Group 的債務使用感到有些謹慎。雖然我們欣賞債務可以增強股本回報，但我們建議股東密切關注其債務水平，以免其增加。在分析債務時，資產負債表顯然是重點。然而，並非所有投資風險都存在於資產負債表中——遠非如此。例如，我們發現 <strong>Flight Centre Travel Group 有一個警告信號</strong>，在您投資之前應該注意。</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> 的成長型企業名單，這些企業在資產負債表上有淨現金。</p>
<p>用於國防和災難的移動基礎設施</p>
<p>下一波機器人技術不是類人型的。它是完全自主的塔，在 30 分鐘內提供 5G、ISR 和雷達，隨時隨地。</p>
<p>在下一輪合同之前獲取投資者簡報</p>
<p>代表 CiTech 贊助</p>

<p>飛行中心旅遊集團的債務分析顯示，其債務為 6.244 億澳元，現金為 6.224 億澳元，淨債務為 198 萬澳元。儘管淨債務與息税折舊攤銷前利潤（EBITDA）比率較低，但由於息税前利潤（EBIT）下降以及負債超過現金和應收款項 10.2 億澳元，令人擔憂。建議股東密切關注債務管理</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. As with many other companies <strong>Flight Centre Travel Group Limited</strong> (ASX:FLT) makes use of debt. But is this debt a concern to shareholders?</p>
<div class="lb-trans"><p>有些人認為，波動性而非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。” 當我們考慮一家公司的風險時，我們總是喜歡查看其債務使用情況，因為債務過重可能導致毀滅。與許多其他公司一樣，<strong>Flight Centre Travel Group Limited</strong>（ASX:FLT）也使用債務。但這筆債務對股東來説是否構成擔憂呢？</p>
</div><p>Trump has pledged to &#34;unleash&#34; American oil and gas and these 15 US stocks have developments that are poised to benefit.</p>
<div class="lb-trans"><p>特朗普承諾要 “釋放” 美國的石油和天然氣，這 15 只美國股票的發展將受益。</p>
</div><h2>Why Does Debt Bring Risk?</h2>
<div class="lb-trans"><h2>為什麼債務帶來風險？</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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. 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。資本主義的一個重要組成部分是 “創造性破壞” 的過程，失敗的企業會被其銀行毫不留情地清算。然而，更常見（但仍然痛苦）的情況是，企業不得不以低價籌集新的股本，從而永久性地稀釋股東權益。然而，通過替代稀釋，債務可以成為需要資本以高回報率投資於增長的企業的極好工具。在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 Flight Centre Travel Group Carry?</h2>
<div class="lb-trans"><h2>Flight Centre Travel Group 的債務有多少？</h2>
</div><p>As you can see below, Flight Centre Travel Group had AU$624.4m of debt at June 2025, down from AU$759.2m a year prior. On the flip side, it has AU$622.4m in cash leading to net debt of about AU$1.98m.</p>
<div class="lb-trans"><p>正如您在下面看到的，Flight Centre Travel Group 在 2025 年 6 月的債務為 6.244 億澳元，較前一年的 7.592 億澳元有所下降。另一方面，它有 6.224 億澳元的現金，導致淨債務約為 198 萬澳元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/4484222-debt-equity-history-analysis-1-dark-2/1765852835534" alt="" original-src="https://images.simplywall.st/asset/chart/4484222-debt-equity-history-analysis-1-dark-2/1765852835534"/></p>
<p>ASX:FLT Debt to Equity History December 16th 2025</p>
<div class="lb-trans"><p>ASX:FLT 債務與股本歷史 2025 年 12 月 16 日</p>
</div><h2>A Look At Flight Centre Travel Group's Liabilities</h2>
<div class="lb-trans"><h2>看一下 Flight Centre Travel Group 的負債</h2>
</div><p>The latest balance sheet data shows that Flight Centre Travel Group had liabilities of AU$2.11b due within a year, and liabilities of AU$774.0m falling due after that. Offsetting this, it had AU$622.4m in cash and AU$1.24b in receivables that were due within 12 months. So its liabilities total AU$1.02b more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>最新的資產負債表數據顯示，Flight Centre Travel Group 有 21.1 億澳元的負債將在一年內到期，774.0 萬澳元的負債將在之後到期。對此，它有 6.224 億澳元的現金和 12.4 億澳元的應收賬款將在 12 個月內到期。因此，它的負債總額比現金和短期應收賬款的總和多出 10.2 億澳元。</p>
</div><p>This deficit isn't so bad because Flight Centre Travel Group is worth AU$3.20b, and thus could probably raise enough capital to shore up 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. Carrying virtually no net debt, Flight Centre Travel Group has a very light debt load indeed.</p>
<div class="lb-trans"><p>這個赤字並不算太糟糕，因為 Flight Centre Travel Group 的市值為 32 億澳元，因此如果需要的話，可能能夠籌集足夠的資本來鞏固其資產負債表。但我們確實希望關注其債務是否帶來了過多的風險。幾乎沒有淨債務的 Flight Centre Travel Group 的債務負擔確實非常輕。</p>
</div><p>Check out our latest analysis for Flight Centre Travel Group</p>
<div class="lb-trans"><p>查看我們對 Flight Centre Travel Group 的最新分析</p>
</div><p>We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). 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>我們通過查看公司的淨債務與息税折舊攤銷前利潤（EBITDA）的比率，以及計算其息税前利潤（EBIT）覆蓋利息支出的能力（利息覆蓋率），來衡量公司的債務負擔相對於其盈利能力。通過這種方式，我們考慮了債務的絕對數量以及支付的利率。</p>
</div><p>Flight Centre Travel Group's net debt to EBITDA ratio is very low, at 0.0079, suggesting the debt is only trivial. Although with EBIT only covering interest expenses 6.1 times over, the company is truly paying for borrowing. On the other hand, Flight Centre Travel Group's EBIT dived 14%, over the last year. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Flight Centre Travel Group can strengthen its balance sheet over time. 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>Flight Centre Travel Group 的淨債務與 EBITDA 比率非常低，僅為 0.0079，表明債務只是微不足道的。儘管 EBIT 僅能覆蓋利息支出 6.1 倍，公司確實在為借款付費。另一方面，Flight Centre Travel Group 的 EBIT 在過去一年中下降了 14%。我們認為，如果這種表現頻繁出現，可能會給股票帶來困難。在分析債務水平時，資產負債表顯然是一個明顯的起點。但最終，企業的未來盈利能力將決定 Flight Centre Travel Group 是否能夠隨着時間的推移增強其資產負債表。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>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. Over the most recent three years, Flight Centre Travel Group recorded free cash flow worth 67% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.</p>
<div class="lb-trans"><p>最後，雖然税務機關可能喜歡會計利潤，但貸方只接受冷硬現金。因此，值得檢查一下 EBIT 中有多少是由自由現金流支持的。在最近三年中，Flight Centre Travel Group 記錄的自由現金流佔其 EBIT 的 67%，這在正常範圍內，因為自由現金流不包括利息和税。這筆冷硬現金意味着它可以在需要時減少債務。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我們的看法</h2>
</div><p>On our analysis Flight Centre Travel Group's net debt to EBITDA should signal that it won't have too much trouble with its debt. But the other factors we noted above weren't so encouraging. To be specific, it seems about as good at (not) growing its EBIT as wet socks are at keeping your feet warm. When we consider all the factors mentioned above, we do feel a bit cautious about Flight Centre Travel Group's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. 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 example, we've discovered <strong>1 warning sign for Flight Centre Travel Group</strong> that you should be aware of before investing here.</p>
<div class="lb-trans"><p>根據我們的分析，Flight Centre Travel Group 的淨債務與 EBITDA 比率應該表明它在債務方面不會遇到太多問題。但我們上面提到的其他因素並不那麼令人鼓舞。具體來説，它似乎在（不）增長 EBIT 方面的表現與濕襪子保持温暖的能力一樣差。當我們考慮上述所有因素時，我們對 Flight Centre Travel Group 的債務使用感到有些謹慎。雖然我們欣賞債務可以增強股本回報，但我們建議股東密切關注其債務水平，以免其增加。在分析債務時，資產負債表顯然是重點。然而，並非所有投資風險都存在於資產負債表中——遠非如此。例如，我們發現 <strong>Flight Centre Travel Group 有一個警告信號</strong>，在您投資之前應該注意。</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> 的成長型企業名單，這些企業在資產負債表上有淨現金。</p>
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<div class="lb-trans"><p>用於國防和災難的移動基礎設施</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波機器人技術不是類人型的。它是完全自主的塔，在 30 分鐘內提供 5G、ISR 和雷達，隨時隨地。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一輪合同之前獲取投資者簡報</p>
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<div class="lb-trans"><p>代表 CiTech 贊助</p>
</div>

Flight Centre Travel Group (ASX:FLT) 是否是一個風險較高的投資？