<p>沃倫·巴菲特曾 famously 説過：“波動性遠非與風險同義。” 當我們考慮一家公司有多風險時，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。我們可以看到 <strong>Global Business Travel Group, Inc.</strong> (NYSE:GBTG) 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>特朗普承諾要 “釋放” 美國的石油和天然氣，這 15 只美國股票的發展有望受益。</p>
<h2>為什麼債務帶來風險？</h2>
<p>債務在企業能夠償還時是有幫助的，但一旦企業在償還上遇到困難，無論是通過新資本還是自由現金流，情況就會變得棘手。在最壞的情況下，如果公司無法償還債權人，可能會破產。然而，更常見（但仍然代價高昂）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。在考慮公司的債務水平時，第一步是將其現金和債務一起考慮。</p>
<h2>Global Business Travel Group 擁有多少債務？</h2>
<p>下面的圖表（您可以點擊以獲取更詳細的信息）顯示，Global Business Travel Group 在 2025 年 9 月的債務為 14.5 億美元；與前一年大致相同。然而，它有 4.27 億美元的現金來抵消這部分債務，導致淨債務約為 10.2 億美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/651009266-debt-equity-history-analysis-1-dark-2/1767451629012?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/651009266-debt-equity-history-analysis-1-dark-2/1767451629012"/></p>
<p>NYSE:GBTG 債務與股本歷史 2026 年 1 月 3 日</p>
<h2>Global Business Travel Group 的資產負債表健康狀況如何？</h2>
<p>最新的資產負債表數據顯示，Global Business Travel Group 有 13.2 億美元的負債在一年內到期，以及 19 億美元的負債在之後到期。另一方面，它有 4.27 億美元的現金和 10.2 億美元的應收賬款在一年內到期。因此，其負債超過現金和（短期）應收賬款總和的 1.78 億美元。</p>
<p>雖然這看起來很多，但並不算太糟，因為 Global Business Travel Group 的市值為 40 億美元，因此如果需要，它可能通過融資來增強其資產負債表。但我們確實希望關注其債務帶來過多風險的跡象。</p>
<p>查看我們對 Global Business Travel Group 的最新分析</p>
<p>我們通過查看公司的淨債務與其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）來衡量公司的債務負擔相對於其盈利能力的情況。這種方法的優點在於，我們同時考慮了債務的絕對數量（淨債務與 EBITDA 的比率）和與該債務相關的實際利息支出（其利息覆蓋比率）。</p>
<p>Global Business Travel Group 的債務是其 EBITDA 的 3.1 倍，其 EBIT 覆蓋利息支出 2.8 倍。這表明，儘管債務水平顯著，但我們不會稱其為問題。好消息是，Global Business Travel Group 在過去 12 個月中其 EBIT 平穩增長了 53%。這種增長就像人類善良的牛奶一樣，增強了公司的韌性，使其更能管理債務。在分析債務時，資產負債表顯然是重點。但最終，未來的盈利能力將決定 Global Business Travel Group 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>最後，一家公司需要自由現金流來償還債務；會計利潤並不足夠。因此，值得檢查一下 EBIT 中有多少是由自由現金流支持的。在過去三年中，Global Business Travel Group 產生了強勁的自由現金流，佔其 EBIT 的 64%，大約是我們所期望的。這筆冷硬的現金意味着它可以在需要時減少債務。</p>
<h2>我們的觀點</h2>
<p>在資產負債表方面，Global Business Travel Group 的一個突出積極因素是它似乎能夠自信地增長其 EBIT。但我們上面提到的其他因素並不那麼令人鼓舞。例如，它似乎在用 EBIT 覆蓋利息支出方面有些掙扎。考慮到這一系列數據，我們認為 Global Business Travel Group 在管理其債務水平方面處於良好位置。話雖如此，負擔仍然相當沉重，我們建議任何股東密切關注。資產負債表顯然是分析債務時的重點。但最終，每家公司都可能存在資產負債表之外的風險。請注意，Global Business Travel Group 在我們的投資分析中顯示出 <strong>2 個警告信號</strong>，其中 1 個讓我們感到有些不安……</p>
<p>説到底，有時關注那些根本不需要債務的公司更容易。讀者現在可以訪問一份 <strong>100% 免費</strong> 的零淨債務成長股名單。</p>
<p>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。它是完全自主的塔樓，在 30 分鐘內提供 5G、ISR 和雷達，隨處可達。</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>

GBTG

<p>全球商務旅行集團（NYSE:GBTG）負債總額達到 14.5 億美元，現金為 4.27 億美元，淨負債為 10.2 億美元。其負債超過現金和應收賬款 17.8 億美元，但市值為 40 億美元，若有需要可籌集資金。公司的債務是其息税折舊攤銷前利潤（EBITDA）的 3.1 倍，利息支出覆蓋率為 2.8 倍，表明債務水平可控。儘管在覆蓋利息方面面臨挑戰，息税前利潤（EBIT）增長 53% 顯示出韌性，但股東應密切關注債務情況</p>

<p>Warren Buffett famously said, '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. We can see that <strong>Global Business Travel Group, Inc.</strong> (NYSE:GBTG) does use debt in its business. But is this debt a concern to shareholders?</p>
<div class="lb-trans"><p>沃倫·巴菲特曾 famously 説過：“波動性遠非與風險同義。” 當我們考慮一家公司有多風險時，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。我們可以看到 <strong>Global Business Travel Group, Inc.</strong> (NYSE:GBTG) 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>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 只美國股票的發展有望受益。</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 assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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>債務在企業能夠償還時是有幫助的，但一旦企業在償還上遇到困難，無論是通過新資本還是自由現金流，情況就會變得棘手。在最壞的情況下，如果公司無法償還債權人，可能會破產。然而，更常見（但仍然代價高昂）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。在考慮公司的債務水平時，第一步是將其現金和債務一起考慮。</p>
</div><h2>How Much Debt Does Global Business Travel Group Carry?</h2>
<div class="lb-trans"><h2>Global Business Travel Group 擁有多少債務？</h2>
</div><p>The chart below, which you can click on for greater detail, shows that Global Business Travel Group had US$1.45b in debt in September 2025; about the same as the year before. However, it does have US$427.0m in cash offsetting this, leading to net debt of about US$1.02b.</p>
<div class="lb-trans"><p>下面的圖表（您可以點擊以獲取更詳細的信息）顯示，Global Business Travel Group 在 2025 年 9 月的債務為 14.5 億美元；與前一年大致相同。然而，它有 4.27 億美元的現金來抵消這部分債務，導致淨債務約為 10.2 億美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/651009266-debt-equity-history-analysis-1-dark-2/1767451629012" alt="" original-src="https://images.simplywall.st/asset/chart/651009266-debt-equity-history-analysis-1-dark-2/1767451629012"/></p>
<p>NYSE:GBTG Debt to Equity History January 3rd 2026</p>
<div class="lb-trans"><p>NYSE:GBTG 債務與股本歷史 2026 年 1 月 3 日</p>
</div><h2>How Healthy Is Global Business Travel Group's Balance Sheet?</h2>
<div class="lb-trans"><h2>Global Business Travel Group 的資產負債表健康狀況如何？</h2>
</div><p>The latest balance sheet data shows that Global Business Travel Group had liabilities of US$1.32b due within a year, and liabilities of US$1.90b falling due after that. On the other hand, it had cash of US$427.0m and US$1.02b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.78b.</p>
<div class="lb-trans"><p>最新的資產負債表數據顯示，Global Business Travel Group 有 13.2 億美元的負債在一年內到期，以及 19 億美元的負債在之後到期。另一方面，它有 4.27 億美元的現金和 10.2 億美元的應收賬款在一年內到期。因此，其負債超過現金和（短期）應收賬款總和的 1.78 億美元。</p>
</div><p>While this might seem like a lot, it is not so bad since Global Business Travel Group has a market capitalization of US$4.00b, and so it could probably strengthen its balance sheet by raising capital if it needed to. 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>雖然這看起來很多，但並不算太糟，因為 Global Business Travel Group 的市值為 40 億美元，因此如果需要，它可能通過融資來增強其資產負債表。但我們確實希望關注其債務帶來過多風險的跡象。</p>
</div><p>View our latest analysis for Global Business Travel Group</p>
<div class="lb-trans"><p>查看我們對 Global Business 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). 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>我們通過查看公司的淨債務與其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）來衡量公司的債務負擔相對於其盈利能力的情況。這種方法的優點在於，我們同時考慮了債務的絕對數量（淨債務與 EBITDA 的比率）和與該債務相關的實際利息支出（其利息覆蓋比率）。</p>
</div><p>Global Business Travel Group's debt is 3.1 times its EBITDA, and its EBIT cover its interest expense 2.8 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. The good news is that Global Business Travel Group grew its EBIT a smooth 53% over the last twelve months. Like the milk of human kindness that sort of growth increases resilience, making the company more capable of managing debt. 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 Global Business Travel Group'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>Global Business Travel Group 的債務是其 EBITDA 的 3.1 倍，其 EBIT 覆蓋利息支出 2.8 倍。這表明，儘管債務水平顯著，但我們不會稱其為問題。好消息是，Global Business Travel Group 在過去 12 個月中其 EBIT 平穩增長了 53%。這種增長就像人類善良的牛奶一樣，增強了公司的韌性，使其更能管理債務。在分析債務時，資產負債表顯然是重點。但最終，未來的盈利能力將決定 Global Business Travel Group 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>Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Global Business Travel Group produced sturdy free cash flow equating to 64% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.</p>
<div class="lb-trans"><p>最後，一家公司需要自由現金流來償還債務；會計利潤並不足夠。因此，值得檢查一下 EBIT 中有多少是由自由現金流支持的。在過去三年中，Global Business Travel Group 產生了強勁的自由現金流，佔其 EBIT 的 64%，大約是我們所期望的。這筆冷硬的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>我們的觀點</h2>
</div><p>When it comes to the balance sheet, the standout positive for Global Business Travel Group was the fact that it seems able to grow its EBIT confidently. But the other factors we noted above weren't so encouraging. For instance it seems like it has to struggle a bit to cover its interest expense with its EBIT. Considering this range of data points, we think Global Business Travel Group is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. 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. Be aware that Global Business Travel Group is showing <strong>2 warning signs in our investment analysis</strong> , and 1 of those makes us a bit uncomfortable...</p>
<div class="lb-trans"><p>在資產負債表方面，Global Business Travel Group 的一個突出積極因素是它似乎能夠自信地增長其 EBIT。但我們上面提到的其他因素並不那麼令人鼓舞。例如，它似乎在用 EBIT 覆蓋利息支出方面有些掙扎。考慮到這一系列數據，我們認為 Global Business Travel Group 在管理其債務水平方面處於良好位置。話雖如此，負擔仍然相當沉重，我們建議任何股東密切關注。資產負債表顯然是分析債務時的重點。但最終，每家公司都可能存在資產負債表之外的風險。請注意，Global Business Travel Group 在我們的投資分析中顯示出 <strong>2 個警告信號</strong>，其中 1 個讓我們感到有些不安……</p>
</div><p>When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt <strong>100% free</strong>, right now.</p>
<div class="lb-trans"><p>説到底，有時關注那些根本不需要債務的公司更容易。讀者現在可以訪問一份 <strong>100% 免費</strong> 的零淨債務成長股名單。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>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。它是完全自主的塔樓，在 30 分鐘內提供 5G、ISR 和雷達，隨處可達。</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>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>代表 CiTech 贊助</p>
</div>

全球商務旅行集團（NYSE:GBTG）是否負債過多？