My point is that if you buy something (a company in this case), financing ~29% of the purchase price with debt ($10t/($10t+$25t)) does not feel super levered.

My point is that if you buy something (a company in this case), financing ~29% of the purchase price with debt ($10t/($10t+$25t)) does not feel super levered. You point is valid as well, and the useful context (again not provided by the article) would be metrics like debt/EBITDA or fixed charge coverage ratios