Harvey Norman’s latest full-year results reveal the retailer carrying a substantial, if seemingly easily manageable, debt load.

There is cause for both optimism and pessimism, depending on what figures and possible future scenarios you want to focus on.

On the company’s own figures to 30 June 2025, total assets came in at $8.37 billion and net assets at $4.84 billion.

Management reported a net debt-to-equity ratio of 13.43%, which translates to around $650 million in net debt once cash holdings are deducted.

On that measure, the leverage appears moderate.

Taking only interest-bearing loans and borrowings, Harvey Norman had about $938 million in gross debt at year-end, offset by roughly $280 million in cash, giving net debt of $658.5 million.

But when accounting standards treat lease

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