That's restricting the definition of company a lot. (Note that I'm not saying that most companies run debt-free, just that it's a somewhat significant percentag

That's restricting the definition of company a lot. (Note that I'm not saying that most companies run debt-free, just that it's a somewhat significant percentage, almost certainly double-digit. Probably mostly smallish companies indeed. Mostly single-owner or family-owned I guess. And, as a nearby comment said, almost all will take on temporary debt to smooth operations when needed. I worked for one with about 80 employees, but not in the financial department.)