Fox

Balance sheet is solid: as of December 31, 2025, cash and equivalents were ~$2.0 billion, borrowings ~$6.6 billion, implying net debt of ~$4.6 billion; the company has an undrawn $1.0 billion revolver and investment‑grade ratings (S&P BBB, Moody’s Baa2). TTM free cash flow to December 31, 2025 is about $2.31 billion despite seasonality.

Litigation remains a tail risk (Smartmatic), but liquidity and ratings provide resilience.