Franklin Resources

Balance sheet quality is a clear strength. As of June 30, 2025, parent‑level liquid assets (cash and equivalents plus selected investments) comfortably exceeded total debt; cash alone ($3.2 billion) surpassed debt ($2.67 billion), implying net cash on a cash‑only view.

Franklin holds A/A2 issuer ratings with stable outlooks, providing low funding risk and capacity to support acquisitions, seeding, and shareholder returns. We estimate TTM FCF at about $1.45 billion through June 30, 2025 (CFO ~$1.65 billion less capex ~$0.19 billion), supporting a long dividend track record and measured repurchases.