Net debt: what it is and how to read it
Net debt is the company's financial debt minus the cash it holds. If it is negative, the company has more cash than debt: what is called net cash.
How it is calculated
Net debt = total financial debt − cash and short-term investments.
How to read it
On its own it does not tell you whether debt is high or low: compare it with what the business generates (net debt / EBITDA) or with equity. A company with net cash does not depend on lenders to keep going.
Net debt in the MeridIAn ranking
Of the 1,663 companies with data (excluding banks, insurers and real estate), 416 have net cash (more cash than debt): 25%.
By sector
| Sector | With net cash | Companies |
|---|---|---|
| Basic Materials | 21% | 140 |
| Communication Services | 23% | 100 |
| Consumer Cyclical | 21% | 227 |
| Consumer Defensive | 10% | 124 |
| Energy | 9% | 97 |
| Healthcare | 36% | 216 |
| Industrials | 19% | 387 |
| Technology | 50% | 280 |
| Utilities | 3% | 92 |
For example: NVIDIA, −$23.6B; Apple, $21.9B; Alphabet, −$121.7B; Inditex, −€4.2B.
What to watch out for
It makes no sense for banks and insurers: their customers' deposits count as debt.
Related metrics
All metrics in the glossary → · Stocks by sector and country → · Ready-made screeners →
General information for educational purposes, not investment advice. Figures from the latest weekly analysis (Oct 8, 2026) with the latest available price.