"I understand there are many metrics to evaluate a company, and...

"I understand there are many metrics to evaluate a company, and debt is certainly one of them. FWIW, FMG reduced their debt substantially from 2014 through to present levels."

And FWIW, not only did WHC merely reduce their debt, but the company went from having ~US$0.9bn in Net Debt in 2021, to US$2.5bn Net Cash two years later.

That's a swing of US$3.4bn, which is equivalent to more than four-fifths of the current market value of the company.

It has meant that they were able to undertake a company-making transaction, without recourse to shareholders for a cent of capital.

.