Equifax

Balance sheet is sound. As of June 30, 2025, total debt was about 4.92 billion dollars with 189 million dollars of cash, for net debt of roughly 4.73 billion dollars. Debt maturities are laddered across 2025–2037; the company maintains a 1.5 billion dollar revolver backstopping its CP program.

TTM free cash flow is about 917 million dollars (CFO 1,389 million minus capex 472 million), and management expects over 900 million dollars of FCF in 2025. We estimate net leverage in the mid‑2s on an adjusted EBITDA basis, reasonable for a recurring‑revenue data business.

Key risks include any sharp mortgage downturn and potential regulatory limits that could curtail data monetization, but liquidity and cash conversion are strong.