Dayforce

As of Q3 2025, cash and equivalents were about 628 million dollars against roughly 1.21 billion dollars of debt (including a larger current portion as maturities approach), implying net debt near 586 million dollars. Trailing adjusted EBITDA from Q4 2024 through Q3 2025 sums to roughly 580 million dollars, placing net leverage near 1x.

Trailing FCF over the last four quarters was about 166 million dollars, temporarily depressed in Q3 by restructuring related to the Thoma Bravo transaction. Liquidity and leverage look solid for a software business with recurring revenue.