Operating leases should not be included in debt (and associated multiples, namely EV) for equity analysis purposes. Bloomberg Terminal has a switch to turn this on and off, CapIQ you have create the formulas. Can you guys bifurcate these in excel exports, EV, multiples, etc? In the meantime, if you could create a split on the balance sheet to differentiate between finance and operating leases that would be helpful (can do the rest by hand)! For example, Sept 2020 $AAPL balance sheet had $8,382 in long-term leases (7,745 in op leases and 637 in finance leases). The finance leases should be included in debt but the operating leases should not be.

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