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Definition: Debt Free
Debt free in absolute term is defined as free from owning any money to any individual or a company. Debt free or commonly called as cash free is the net worth of a business, country or a company without any net liability (= debt less cash). Where a company has net debt, the debt free cash free value is high compared to the value a receiver would be expecting to receive for their shares in the business. Debt free cash free is quite alike to another term used in finance: "Enterprise Value"
There is no specific example where a country is debt free in terms of external debt or public debt but taken individually countries like Macau and Lesotho are free from external debt ie. Debt taken by the country from outside its nation boundaries also from its citizens.
Examples of debt free companies in Indian are Eicher Motors, Maker of Royal Enfield and Jubilant Foodworks of Dominos Pizza in India. Canadian company Blackberry (Formerly RIM- Research in Motion) is also a global company with zero debt or debt free.