One of the greatest strengths of videogame and entertainment giant Activision Blizzard Inc (ATVI) is its pristine balance sheet, a product of the firm retaining a lot of cash-like holdings on the books while steadily reducing its total debt load over the years. Additionally, Activision Blizzard was clearly far ahead of its peers as it relates to the transition from physical videogame sales to digital videogame sales (and the related subscriptions) over the past ~15 years. This trend greatly enhanced the videogame maker's margins, and better allowed for free cash flow generation (we define free cash flow as net operating cash flow less capital expenditures) which in turn enabled Activision Blizzard to build up the fortress-like balance sheet required to withstand Black Swan events, like the ongoing coronavirus ('COVID-19') pandemic. Shares of ATVI yield ~0.6% as of this writing.

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