Insights
Net debt and net debt / EBITDA across the Annolyse coverage set, ranked by the latest reported leverage position.
Last updated 2 July 2026
Net debt / EBITDA across covered companies; net-cash and ratios above 50x are omitted from the chart.
Source: latest published result per company in the current Annolyse coverage set.
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Leverage splits into three buckets. PGW and FBU are the clearest balance-sheet watches, though PGW's first-half leverage is seasonally elevated. SPK and KMD remain levered but still readable on a conventional net-debt-to-earnings basis, while ATM and BGP are net-cash names where the more useful question is whether the cash buffer increased or reduced.
Methodology
Net debt and net debt / EBITDA use standard Annolyse calculations from available filing data. Ratios are suppressed when EBITDA is negative because leverage is not meaningful in that state, and net-cash companies use net-cash direction labels instead of being forced into the same 'improved/deteriorated' language as levered businesses.
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