Cash Flow to Debt Ratio Calculator
From operating cash flow and total debt, compute the cash-flow-to-debt ratio — a debt-repayment capacity measure.
輸入資料
計算結果
重點速覽：Cash flow to debt = operating cash flow / total debt (x 100% as a ratio). It shows how much of the debt the firm's operations can repay in a year. Higher = stronger repayment capacity; near/above 1 is very strong (rare). Example: OCF 500k, total debt 2m → 25% (a quarter of debt covered per year). Creditors use it for default risk; low/falling = stress. WARNING: Single-period; ignores debt maturities and non-cash items. Pair with interest coverage and debt-to-equity. Education, not advice.
計算公式
現金流負債比 = 營運現金流 ÷ 總負債 × 100%。
$$\text{現金流負債比} = \dfrac{\text{營運現金流}}{\text{總負債}} \times 100\%$$$$\text{約需還清年數} \approx \dfrac{\text{總負債}}{\text{營運現金流}}$$使用說明
- Enter the operating cash flow for the period.
- Enter the total debt.
- View the cash-flow-to-debt ratio.
以營運現金流固定 600,000 為例，不同總負債下的現金流負債比與概略還清年數。
| 總負債 | 現金流負債比 | 約需還清年數 |
|---|---|---|
| 1,000,000 | 60% | 約 1.7 年 |
| 2,000,000 | 30% | 約 3.3 年 |
| 3,000,000 | 20% | 約 5.0 年 |
| 4,000,000 | 15% | 約 6.7 年 |
理財情境案例
案例一：現金流負債比高低，決定抗風險能力
穩健的甲公司營運現金流 1,000,000、總負債 2,500,000；吃緊的乙公司營運現金流 300,000、總負債 3,000,000。
甲：1,000,000 ÷ 2,500,000 = 40%，約 2.5 年可用本業現金還清；乙：300,000 ÷ 3,000,000 = 10%，約需 10 年。
甲公司比率 40%、約 2.5 年清債，即使遇上加息或收入短暫下滑也有較大緩衝；乙公司比率僅 10%、要 10 年才還得清，本業現金產出相對龐大負債顯得單薄，一旦融資收緊或經營轉差，就容易陷入償債困境。這正是信用評級機構重視此比率的原因。
案例二：帳面有錢賺，現金流卻還債乏力
某公司帳面利潤不俗，但因應收帳大量積壓、現金遲遲收不回，實際營運現金流只有 400,000，而總負債高達 4,000,000。
現金流負債比 = 400,000 ÷ 4,000,000 = 10%，理論上要約 10 年才能用本業現金還清負債。
帳面『賺錢』不等於有能力還債 —— 償債靠的是真金白銀的現金，不是權責制下的利潤。這家公司利潤好看，但現金流負債比只有 10%，揭示其實際償債能力薄弱。這說明為何用『營運現金流』而非『淨利』來評估償債，能揭示利潤指標看不見的風險。
常見問題
What is a good cash flow to debt ratio?
No universal cut-off; it varies by industry and business model. Generally, higher is safer — a ratio above ~0.2-0.3 (20-30%) is often seen as reasonable, and near/above 1 is very strong (rare). Capital-intensive or cyclical firms naturally run lower. Compare with peers and the firm's own history; a falling trend is the real warning.
Does this differ from interest coverage?
Yes. Interest coverage = operating cash flow (or EBIT) / interest expense — it tests the ability to pay interest. Cash flow to debt = OCF / total debt — it tests ability to repay the whole debt principal over time. Both measure debt capacity from different angles; use them together. A firm may cover interest easily but still have weak principal-repayment capacity.
Why does it use operating cash flow not net income?
Net income includes non-cash items (depreciation, accruals) and can be smoothed or managed; operating cash flow is the actual cash from core operations — the real source of debt repayment. Creditors prefer cash-based coverage because cash is what settles the bill. Some variants use EBITDA or free cash flow; keep the basis consistent when comparing.
What are the limits of this ratio?
It is a single-period snapshot: it ignores when debt matures (a near-term wall is riskier than long-dated debt), one-offs and seasonality, and it treats all debt equally. A high ratio with a looming maturity can still be risky. Always pair it with the debt schedule, interest coverage, liquidity and the debt-to-equity ratio.
Any Hong Kong notes?
For Hong Kong SMEs and listed firms, lenders (banks) assess this alongside the debt-service ratio and covenants when granting or renewing facilities. The HKMA supervises bank lending standards. Use it as one input in credit and liquidity review; for formal analysis consult an accountant. Education, not advice.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。