Definition

Net debt

Total debt minus cash and equivalents — the debt that would remain if the company paid down borrowings with the cash on hand today. It is the bridge between market capitalization and enterprise value, and the quickest read on balance-sheet risk: negative net debt means the cash pile exceeds the borrowings.

Formula

Net debt = Total debt − Cash & equivalents

Drivers — what actually moves it

Borrowing: issuance raises it; maturities and repayments lower it — the financing section of the cash-flow statement shows the moves.
Cash generation: free cash flow accumulates as cash and pulls net debt down without touching the debt stack.
Capital returns: buybacks and dividends spend the cash side — net debt can rise with no new borrowing.

Where to find it in the filing

Balance sheet (Consolidated Balance Sheets). 10-K Item 8 — long-term debt and cash & equivalents; the debt footnote itemizes maturities the single line hides.

XBRL concepts Echelon grounds to: LongTermDebtNoncurrent · CashAndCashEquivalentsAtCarryingValue

Sector caveats — where this breaks

Meaningless for banks — deposits are funding, not distress, and 'net debt' misreads the business model.
Short-term borrowings and current maturities live in separate tags; a one-line net-debt figure can understate the stack.

Enterprise value EBITDA Free cash flow walk

Educational use only — not investment advice. Figures come from public SEC filings; Echelon teaches you to analyze data, it never recommends buying or selling any security.