BlackRock

BlackRock maintains a fortress financial profile. The company’s credit quality is referenced as AA- by S&P and Aa3 by Moody’s in IR materials; liquidity is strong, cash generation is substantial, and capital intensity is low.

The firm returned 4.7 billion dollars to shareholders in 2024 including 1.6 billion dollars of buybacks, and continued repurchases in Q3 2025 (375 million dollars) alongside ongoing dividends, while also funding large strategic acquisitions financed with a balanced mix of debt and stock.

FERC’s renewed authorization to own larger utility stakes and Texas’ delisting action reduce operational friction and potential funding risks for mandates. Our assessment reflects capacity to endure drawdowns, fund growth, and continue shareholder returns without balance-sheet strain.