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Couple key things you're missing are working capital and capex requirements, asset depreciation and tax position. Ultimately, leverage is all about cash flow and all about prospective evaluation but all the factors you have are solid. Just how you estimate future trajectory and how you weight them. One other thing to remember is that not all debt is equivalent and leverage ratios need to be adjusted given covenants, security type, and of course, duration. But push comes to shove, free cash flow is king.
Agree here, and one level further is how each of the above factors may change in different scenarios. For example, if a business experiences a downturn but capex can safely be ratcheted down in response, cash flows won't be much impeded. You could imagine the opposite scenario as well. Same goes for opex, working capital, etc. Evaluating different operating and financing scenarios is at the heart of determining the appropriate leverage / structure in a business, particularly LBOs or dividend recaps with high yield debt and a large amount of leverage.
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