All debt combined, minus the cash the company already holds. If it holds more cash than debt, the figure is negative — that is called a net cash position.
MoatLens tip: Debt is not bad in itself; it merely makes a company less agile. What matters is how easily it can be carried: measured against operating profit and free cash flow, not against the absolute size. A company with stable earnings can bear more debt than a cyclical one. And a cash cushion is more than safety: it lets you buy when others must sell.
In MoatLens this explanation sits right next to the number — one tap away. And you see the ten-year trend instead of a single value.
