Allegion

Balance sheet strength is solid.

As of Q2 2025, Allegion held about 657 million dollars in cash against roughly 2.07 billion dollars of debt, with net debt near 1.41 billion dollars after repaying 2024 maturities and issuing 2034 notes at 5.6 percent in May 2024. Free cash flow conversion is strong (2024 available FCF 583 million dollars; TTM ≈ 682 million dollars).

Net debt to EBITDA is roughly in the low‑1x to mid‑1x range based on ~25 percent adjusted EBITDA margins and revenue scale, giving ample flexibility for bolt‑ons and buybacks. Sources: Q2‑2025 release and 10‑Q; 2024 10‑K; senior notes press release.