Charles River Laboratories

Balance sheet is sound with robust cash generation. TTM free cash flow to September 27, 2025 is approximately 544 million dollars calculated as 9M25 operating cash flow 590 million plus Q4‑24 operating cash flow 159 million minus 9M25 capex 130 million minus Q4‑24 capex 76 million.

Cash was 207 million and total debt 2.20 billion at quarter‑end, for net debt near 2.0 billion and management‑quoted gross and net leverage around 2.1x. Capex is guiding to about 5 percent of revenue in 2025, implying continued FCF support. Ratings agencies see leverage contained in a 2x–3x corridor.

We view bankruptcy risk as remote absent a severe, prolonged downturn.