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Net-debt override

Sets net debt by hand. Mostly used to supply industrial-only debt for a manufacturer whose in-house lending arm inflates the reported figure.

Updated 2026-09-03

The net debt override replaces the calculated net debt with a figure you supply. It is the escape hatch for cases where the reported balance sheet does not describe the business being valued.

The main case is a manufacturer running its own lending arm. Most of the reported debt funds a book of customer loans rather than the factory, so treating it as industrial leverage understates the shares badly. Angie estimates the adjustment automatically for names it recognises, but the estimate is a proxy and the override lets you supply the real industrial figure if you have it.

Any row using the automatic captive-finance adjustment is forced to low confidence, whether or not the numbers were adjustable, because there is no clean segment split in public data. An override you can justify is strictly better than the estimate.

See also

  • Net debt — Positive means a net borrower, negative means net cash. Subtracted from enterprise value to reach what shareholders own.
  • Total debt — Short-term plus long-term borrowings, before any cash is netted off.

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Educational content, not investment advice. Angie explains how a valuation is built so you can judge it yourself. What you do with that is your call.

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