Net debt / EBITDA

$$\frac{\text{Total debt}-\text{Cash}}{\text{EBITDA}}$$

Net leverage. Better than gross debt-to-EBITDA when companies hold meaningful cash buffers.

Direction: Lower better Category: solvency

Inputs (XBRL fallback chains):

• cash: CashAndCashEquivalentsAtCarryingValue -> CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents -> Cash
• depreciation_amortization: DepreciationAndAmortization -> DepreciationDepletionAndAmortization -> Depreciation
• long_term_debt: LongTermDebt -> LongTermDebtNoncurrent
• operating_income: OperatingIncomeLoss
• short_term_debt: ShortTermBorrowings -> DebtCurrent -> LongTermDebtCurrent

Returns None when: Returns None when total debt, cash, or EBITDA components are missing.

Source code

Implementation: net_debt_to_ebitda in src/eqtytrk/metrics/ratios.py (or valuation.py for multiples).