NYSE: EFX · Research & Consulting Services
Equifax
Equifax is a global data, analytics and technology company with three business units. Workforce Solutions provides income and employment verification and employer services. U.S. Information Solutions (USIS) sells credit and other data. International runs Equifax's businesses outside the U.S. 2025 revenue grew 7% to $6.07 billion, and net income was $660 million. Workforce Solutions is the largest unit, with 43% of revenue and a 44.2% operating margin. Equifax had about 15,000 employees in 22 countries. In Q2 2026 revenue rose 11% to $1.70 billion; Equifax agreed to buy Círculo de Crédito, a Mexican credit bureau, for an enterprise value of $750 million, and doubled its 2026–2028 AI-driven cost reduction target to $150 million.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 04:50 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-10-20
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 8.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 18.0%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -0.9 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.7x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.45x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 31.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.00
Higher than 48% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 49% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 25% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 69% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 84% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$192.66close on 2026-11-04
Market cap$23.2B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 31.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 5.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 15.4x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.0%
At FY2025 year-end: 40.8x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 5.7x
Book value at FY2025 year-end
At FY2025 year-end: 17.0x
EBITDA for FY2025
At FY2025 year-end: 4.3%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.54B → $1.69B (vs. a year earlier)↑ +9.6%$1.54B → $1.69B (vs. a year earlier)
- Operating margin17.1% → 21.0% (vs. a year earlier)↑ +3.9 pts17.1% → 21.0% (vs. a year earlier)
- Net income$160M → $212M (vs. a year earlier)↑ +32.1%$160M → $212M (vs. a year earlier)
- Diluted EPS$1.29 → $1.79 (vs. a year earlier)↑ +38.8%$1.29 → $1.79 (vs. a year earlier)
- Cash$170M → $193M (vs. previous quarter-end)↑ +13.4%$170M → $193M (vs. previous quarter-end)
- Long-term debt$4.06B → $5.05B (vs. previous quarter-end)↑ +24.5%$4.06B → $5.05B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 20, 2026.
Management outlook ↓ Lowered
Reduced full-year 2026 revenue guidance at the midpoint to $6.661B. Source sentence
As a result, we are reducing our full year 2026 revenue guidance at the midpoint to $6.661 billion, reflecting this reduction in our U.S.
Key changes
Q3 revenue growth of 10%. Source sentence
Equifax Delivers Strong 10% Revenue Growth in Third Quarter 2026 Driven by 8% Diversified Markets Revenue Growth Despite Challenging U.S.
Workforce Solutions revenue up 7%. Source sentence
Workforce Solutions third quarter revenue up 7%.
USIS revenue up 13%. Source sentence
USIS third quarter revenue up strong 13% with Diversified Markets revenue growth up 6% led by Financial Institutions and Auto.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- EQUIFAX INC
- Headquarters
- ATLANTA, GA
- Incorporated in
- Georgia
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: EFX
- Industry
- Research & Consulting Services
- CIK
- 33185
- Website
- https://www.equifax.com/ ↗
Workforce (as of FY2025 year-end)
Employees
15,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 35–38 days after quarter end (Feb 4, 2026; Feb 6, 2025; Feb 7, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 16–38 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 20, 2026 (+20 days) | Oct 20, 2026 10-Q (+20 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 21, 2026 (+21 days) | Jul 21, 2026 10-Q (+21 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 21, 2026 (+21 days) | Apr 21, 2026 10-Q (+21 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 21, 2025 (+21 days) | Oct 21, 2025 10-Q (+21 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 22, 2025 (+22 days) | Jul 22, 2025 10-Q (+22 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 22, 2025 (+22 days) | Apr 22, 2025 10-Q (+22 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 6, 2025 (+37 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 16, 2024 (+16 days) | Oct 21, 2024 10-Q (+21 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 17, 2024 (+17 days) | Jul 22, 2024 10-Q (+22 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 17, 2024 (+17 days) | Apr 22, 2024 10-Q (+22 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 7, 2024 (+38 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Workforce Solutions
Workforce Solutions
Verification Services (income and employment, The Work Number) and Employer Services
U.S. Information Solutions
U.S. Information Solutions
Consumer and commercial credit information, mortgage, identity and fraud, and consumer products
International
International
Equifax businesses outside the U.S.; Q3 2026 local-currency growth of 7% was led by Australia (low double digits) and Latin America (high single digits)
Descriptions summarize the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services. It calls itself "a leading provider" of payroll-related and HR information services without a figure.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
2026 developments.
Q3 2026
Revenue $1.693B (+10%; 9% local currency); USIS +13% with U.S. mortgage revenue +28% at USIS; Workforce Solutions +7%; $158M returned to shareholders.
Source: Q3 2026 earnings release
Círculo de Crédito
Agreement to buy the Mexican credit bureau for an enterprise value of $750M. Closing is expected in Q4 2026.
Source: Q2 and Q3 2026 earnings releases
Notes offering
$500M of 5.000% notes due 2029 and $500M of 5.650% notes due 2033 (July 2026).
Source: 8-K filed 2026-07-29
Credit facility
Fourth amendment to the revolving credit agreement (April 2026).
Source: 8-K filed 2026-04-24
Capex ÷ D&A (FY2025)
0.66x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$481M ÷ $727M = 0.66x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$3.79B
Latest year: $74M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $421M in FY2020 to $481M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$6.07B
As reported in the 10-K
Revenue CAGR (5 years)
+8.0%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($6,075M ÷ $4,128M) ^ (1÷5) − 1 = 8.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
18.0%▲favorable
+1.6pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,095M ÷ $6,075M × 100 = 18.0%
ROE (FY2025)
14.0%▲favorable
6-year average: 16.1%
As reported in the 10-K
P/B (FY2025 end)
5.67x
formulafiscal year-end closing price ÷ book value per share
e.g.$216.98 ÷ $38.24 = 5.67x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
17.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($26,124M + $5,114M − $181M) ÷ ($1,095M + $727M) = 17.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +8.0% a year over 5 years (strong growth)
From $4.13B in FY2020 to $6.07B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 16.4% → 18.0%
How much operating profit is left per $100 of revenue. It moved +1.6 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 38.8% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 16.1% over 6 years (latest: 14.0%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Data aggregation, analytics, verification
06 · what it draws on
Key resources
- Consumer credit and employment/income data
- EFX Cloud and EFX.AI technology
02 · why customers buy
Value propositions
- Consumer, employment and commercial data with decisioning technology and analytics, which Equifax believes provide the greatest value to customers.
04 · how it keeps them
Customer relationships
- Ongoing data and verification contracts with lenders and employers; international clients were 23% of 2025 revenue.
03 · how it reaches them
Channels
- Direct sales to lenders, employers and government agencies; resellers; consumer products online.
01 · who it serves
Customer segments
- Lenders, mortgage companies, employers, government agencies, consumers
09 · where money goes
Cost structure
FY2025, share of revenue ($6.07B)
- Cost of revenue43.6%
- Selling, general & administrative26.6%
- Other operating costs11.8%
Operating profit left: 18.0% of revenue. Depreciation & amortization (inside the costs above): $727M. Capital spending: $481M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Workforce Solutions $2.58B
- USIS $2.08B
- International $1.41B (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Collects consumer, employment and commercial data and sells verification, credit reports, scores and analytics to lenders, employers, government agencies and consumers.
01 what it draws on
Inputs & resources
- Consumer credit and employment/income data
- EFX Cloud and EFX.AI technology
02 what it does
Activities
- Data aggregation, analytics, verification
03 who it serves
Customers
- Lenders, mortgage companies, employers, government agencies, consumers
04 how money comes in
How it earns
- Workforce Solutions $2.58B
- USIS $2.08B
- International $1.41B (2025)
How the business makes money
- Verification Services revenue grew 8% in 2025, to $2.18B.
- New products had a record Vitality Index of over 17% in Q3 2026 (16% in Q2).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Equifax is under CFPB investigation and holds government contracts.
Approvals & licenses
CFPB investigation
Received CFPB civil investigative demands in March and August 2024.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Government as customer
Government customers
Violations of government contract provisions could bring civil and criminal penalties.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Workforce Solutions
2,582.3 (43%)profit 1,141.5 · margin 44.2%
U.S. Information Solutions
2,078.5 (34%)profit 475.2 · margin 22.9%
International
1,413.7 (23%)profit 182.5 · margin 12.9%
Source: Form 10-K (FY2025) — segment financial results Profit is segment operating income, before general corporate expense.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Lenders, mortgage companies, employers, government agencies and consumers.
Named by the company
No customer is named.
Suppliers
Data furnishers and technology providers.
Named by the company
The 10-K doesn't name suppliers.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes competitors by type (verification firms, payroll processors, consumer reporting companies, free credit score providers) without naming them. It names Experian and TransUnion only as the other two major U.S. consumer reporting agencies in its tri-merge mortgage report.
Competitors named in the 10-K
No competitor is named in the competition section.
Peer group the company chose
2025 compensation peer group (15 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Data, analytics, human capital and financial technology companies; unchanged since 2022 and kept for 2026.
- Automatic Data Processingsite ↗
- Gartnersite ↗
- Paychexsite ↗
- Broadridgesite ↗
- Global Paymentssite ↗
- S&P Globalsite ↗
- FIS (Fidelity National Information Services)site ↗
- Intercontinental Exchangesite ↗
- TransUnionsite ↗
- Fair Isaac (FICO)site ↗
- Intuitsite ↗
- Verisk Analyticssite ↗
- Fiservsite ↗
- Moody'ssite ↗
- Workdaysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Equifax buys data businesses to extend its reach.
Cash spent on acquisitions, FY2020–FY2025: $3.79B
Pending (expected Q4 2026)
Círculo de Crédito
Enterprise value of $750M
Described by Equifax as the fastest-growing credit bureau in Mexico.
- Stated purpose (company)
- Not stated.
Source: Q2 2026 earnings release
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 4,128 | 4,924 | 5,122 | 5,265 | 5,681 | 6,075 |
| Operating income | 677 | 1,138 | 1,056 | 934 | 1,042 | 1,095 |
| Pretax income | 685 | 949 | 930 | 718 | 811 | 895 |
| Net income (attributable) | 520 | 744 | 696 | 545 | 604 | 660 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 19.3% | 4.0% | 2.8% | 7.9% | 6.9% |
| Operating margincalcoperating income ÷ revenue × 100 | 16.4% | 23.1% | 20.6% | 17.7% | 18.3% | 18.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 12.6% | 15.1% | 13.6% | 10.4% | 10.6% | 10.9% |
| Balance sheet ($M) | ||||||
| Total assets | 9,612 | 11,041 | 11,548 | 12,280 | 11,759 | 11,864 |
| Total equity | 3,210 | 3,601 | 3,973 | 4,552 | 4,814 | 4,624 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 4,402 | 5,325 | 5,817 | 5,742 | 5,038 | 5,114 |
| Equity ratio | 33.0% | 32.5% | 34.3% | 36.9% | 40.8% | 38.8% |
| ROE | 16.4% | 22.0% | 18.5% | 12.8% | 12.9% | 14.0% |
| Cash flow ($M) | ||||||
| Operating CF | 946 | 1,335 | 757 | 1,117 | 1,325 | 1,616 |
| Investing CF | -493 | -3,398 | -959 | -878 | -511 | -554 |
| Financing CF | 811 | 618 | 274 | -306 | -846 | -1,060 |
| Free cash flowcalccash flow from operations − capital expenditures | 525 | 866 | 133 | 516 | 813 | 1,134 |
| Cash and equivalents | 1,685 | 225 | 285 | 217 | 170 | 181 |
| Per share & other | ||||||
| EPS ($) | 4.24 | 6.02 | 5.65 | 4.40 | 4.84 | 5.32 |
| BVPS ($) | 26.01 | 29.36 | 32.30 | 36.77 | 38.68 | 38.24 |
| Dividend per share ($) | 1.56 | 1.56 | 1.56 | 1.56 | 1.56 | 1.89 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 36.8% | 25.9% | 27.6% | 35.5% | 32.2% | 35.5% |
| P/E (x) | 45.5 | 48.6 | 34.4 | 56.2 | 52.7 | 40.8 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 24.4 | 25.1 | 18.1 | 23.2 | 21.2 | 17.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 7.41 | 9.97 | 6.02 | 6.72 | 6.59 | 5.67 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $1.69B+9.6% | $355M+34.4% | $212M+32.1% | $1.79 |
| 2026-06-30 | $1.7B+10.6% | $314M+1.1% | $184M-3.9% | $1.54 |
| 2026-03-31 | $1.65B+14.3% | $288M+22.0% | $172M+28.9% | $1.42 |
| 2025-12-31 † | $1.55B+9.2% | $284M-1.3% | $176M+1.0% | — |
| 2025-09-30 | $1.54B | $264M | $160M | $1.29 |
| 2025-06-30 | $1.54B | $311M | $191M | $1.53 |
| 2025-03-31 | $1.44B | $236M | $133M | $1.06 |
| 2024-12-31 † | $1.42B | $288M | $174M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
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Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
8.4%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,095M × (1 − 25%) ÷ $9,795M × 100 = 8.4%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
9.25%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $26.12B ÷ ($26.12B + $5.11B) = 83.6%
e.g.Debt weight: $5.11B ÷ ($26.12B + $5.11B) = 16.4%
e.g.WACC: 10.4% × 83.6% + 4.2% × (1 − 25%) × 16.4% = 9.25%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.7%–11.2% and ROIC − WACC runs −2.8 to +0.7 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 9.25% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.00 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 10.45%
- Cost of debt
- 4.15%
- Tax rate
- 25% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 84% : 16%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 9.25%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.00 (price-derived adjusted beta. Raw β 1.00, R² 0.19, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.000 + 0.33 = 1.000
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1 × 5.5% = 10.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
5.2%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.2% − 4.0%
Past FCF growth (FY2020–FY2025)
+16.7%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+8.0%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.13B (operating CF − capex); enterprise value $28.13B = market cap $23.2B (latest close, 2026-11-04) + debt $5.11B − cash and short-term investments $181M; r = WACC of 9.2% using this page’s default assumptions (β 1.00, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$28.36B
FCF $1.13B ÷ (9.2% − 5.2%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| 0% | 0.56x | 0.49x | 0.44x | 0.40x | 0.36x |
| 2% | 0.78x | 0.65x | 0.56x | 0.49x | 0.44x |
| 4% | 1.26x | 0.96x | 0.78x | 0.65x | 0.56x |
| 6% | 3.36x | 1.83x | 1.26x | 0.96x | 0.78x |
| 8% | — | 20.16x | 3.36x | 1.83x | 1.26x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.90x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -8.1%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 122%
Most profit comes from core operations.
- ✓
Days sales outstanding: 56 → 59 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,616M ÷ $660M = 2.45x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,095M ÷ $895M × 100 = 122%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($958M + $1,013M) ÷ 2 ÷ $6,075M × 365 = 59 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- 1.7%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- 1.7%
- Institutional-ownership rank
- 45 of 416
- Beta (adjusted)
- 1.00
Reported total 102.0%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 11% of covered companies have more
above 1 = swings more than the market
- 119.9M shares reported by 833 13F filers ÷ 117.5M shares outstanding on 2026-07-10. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-10)
19
Strengths & weaknessesSite analysis
Strengths
1. High-margin verification business
Workforce Solutions earned a 44.2% operating margin in 2025.
Evidence: Form 10-K (FY2025)
2. Growth across units
All three business units grew revenue in 2025; USIS grew 10%.
Evidence: Form 10-K (FY2025)
3. Cash generation
Operating cash flow rose to $1.62B in 2025.
Evidence: SEC EDGAR XBRL
Weaknesses
1. Past breach
The 10-K notes Equifax has previously experienced a material cybersecurity incident.
Evidence: Form 10-K (FY2025)
2. Mortgage cyclicality
Mortgage volumes drive part of USIS and Workforce Solutions revenue.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
40.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.87%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
36%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.3%
(Operating CF − capex) ÷ market cap
1. Revenue growth
Revenue rose from $4.13B (2020) to $6.07B (2025).
- What has to hold
- Verification and new products keep growing.
- The other side
- Mortgage volumes are cyclical.
Evidence: SEC EDGAR XBRL
2. Shareholder returns
Dividend per share rose to $1.89 in 2025 from $1.56, plus buybacks.
- What has to hold
- Free cash flow keeps rising.
- The other side
- P/E of about 41 in 2025.
Evidence: SEC EDGAR XBRL
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.2x
$181M vs. $1.04B
Interest coverage (operating income ÷ interest expense)
5.2x
$1.1B vs. $212M
Free cash flow ÷ dividends paid
4.9x
$1.13B vs. $233M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -11.6% in FY2023 ($1.06B → $934M) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Diversified units
Three business units across verification, U.S. credit and international markets.
Source: Form 10-K (FY2025)
Cash flow
Operating cash flow of $1.62B in 2025.
Source: SEC EDGAR XBRL
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Equifax has agreed in principle to settle two sets of consumer class actions: FCRA claims over its 2022 credit-score coding issue ($100 million accrued, $60 million covered by insurance) and suits over inquiry disputes ($30 million accrued).
0 open matters · 2 settled or closed
FCRA credit-score coding issue class action
SettledClass actionNationwide plaintiff class (N.D. Ga.)
Filed August 3, 2022 over a coding issue that affected how some credit scores were calculated during a three-week period. A nationwide class settlement was agreed in principle in June 2026. The court preliminarily approved it, with a final approval hearing scheduled for January 2027.
- Amounts
- $100.0 million accrued in Q2 2026, less a $60.0 million insurance receivable, for a $40 million charge.
- Next step
- Final settlement terms and court approval.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Inquiry-dispute class actions
SettledClass actionFour related class actions in federal courts
The suits concern how Equifax handled inquiry disputes on consumer credit files. A nationwide class settlement was agreed in principle in January 2026. The court preliminarily approved it in August 2026, with a final approval hearing scheduled for December 2026.
- Amounts
- $30.0 million accrued in Q4 2025.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: For its other matters, Equifax cannot estimate reasonably possible losses.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Information security
Data security
- Company disclosure (summarized from the 10-K)
- Further breaches could lead to litigation, fines and business interruption.
- Company’s stated mitigation
- Security investment and cybersecurity insurance.
- This site’s assessment
- Impact High / Likelihood Med
- 2Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Verification and employer services have low barriers to entry; credit products compete with global consumer reporting companies and free credit score providers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Regulation & legal
Regulation
- Company disclosure (summarized from the 10-K)
- U.S. operations are subject to numerous laws on the collection, protection and use of consumer credit, employment and income information.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Demand & macro
Mortgage and lending activity
- Company disclosure (summarized from the 10-K)
- Mortgage revenue depends on credit market activity.
- Company’s stated mitigation
- Growth in diversified (non-mortgage) markets.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (5)
We remain in a period of economic uncertainty in the U.S. and the international markets in which we operate, including uncertainty regarding expectations for inflation and interest rates. Read more
Our current planning for 2026 assumes that U.S. economic activity, as measured by GDP, will grow at a rate consistent with 2025, and that economic activity in the international markets in which we operate will grow at levels below those experienced in 2025. The direction of global economies, inflation and interest rates has an impact on the demand for our services.
this information and/or regulatory changes that impact the use of the tri-bureau credit report in the U.S. Read more
mortgage market may affect our revenue or profitability.
In addition, a significant portion of our revenue is derived from products and services that incorporate intellectual property licensed from key business partners. Read more
Our existing license agreements have fixed terms and are subject to periodic renewal. If these agreements expire or are not renewed on acceptable terms that allow us to continue to sell these products and services as currently provided, our customers could reduce their business with us in order to obtain these products and services from our competitors or directly from our business partners, which could have a material adverse effect on our business, financial condition and results of operations.
The establishment of tariffs, changes in tax policy or other restrictions on commerce or business operations by the U.S. Read more
or other countries in which we have operations could increase our costs or limit our access to certain technology or services.
intellectual property rights. Despite our efforts to protect our intellectual property rights, others may independently develop similar products, duplicate our products or design around our intellectual property rights.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 20, 2025 ↗.
25
What to watch going forwardSite analysis
- 2026 guidance: revenue $6.71–6.78B; adjusted EPS $8.39–8.69.
- Closing of the Círculo de Crédito acquisition (expected Q4 2026).
- AI-driven cost reductions ($150M target for 2026–2028).
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 04:50 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Equifax’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.