Usually means: Using less debt than optimal.
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We found 4 dictionaries that define the word underleveraged:

General (3 matching dictionaries)
  1. underleveraged: Wordnik
  2. underleveraged: Wiktionary
  3. underleveraged: Dictionary.com

Business (1 matching dictionary)
  1. underleveraged: Financial dictionary

Definitions from Wiktionary (underleveraged)

adjective:  Not adequately leveraged.

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