NASDAQ: JKHY · Transaction & Payment Processing Services
Jack Henry & Associates
Jack Henry & Associates, based in Monett, Missouri, provides core banking systems, payment processing and complementary technology to community and regional banks and credit unions — over 7,200 clients, including about 5,600 that use it for non-core services. Revenue is mostly recurring: cloud and payment contracts typically run six years. It reports Core ($768 million of fiscal 2026 revenue), Payments ($936 million), Complementary ($752 million) and Corporate Services segments. Fiscal 2026 revenue (year ended June 30, 2026) rose 7.1% to $2,544 million and net income to $503 million, with operating margin near 25%. It competes mainly with Fiserv, FIS, Corelation and Finastra for core systems, is pursuing a public cloud-native modernization strategy, and returned cash through $448 million of buybacks and $170 million of dividends in fiscal 2026.
Last updated
Analysis last edited: October 26, 2026 · Financial data fetched: October 26, 2026 13:12 (SEC EDGAR) · Source 10-K filed: August 28, 2026
Built on10-K FY2026 · filed 2026-08-2810-Q (quarter ended 2026-09-30) · filed 2026-11-06Proxy statement (2026)
Next update expectedAfter FY2027’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.
- 7.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 25.0%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +16.0 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.
- 0.0x
- 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.
- 1.52x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 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.
- 24.4x
- 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.
- 0.40
Higher than 44% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 71% of 311 non-financial companies
Latest fiscal year (FY2026)
Higher than 82% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 22% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 49% 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 2026-06-30
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$174.79close on 2026-11-04
Market cap$12.25B
- 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
- 24.4x
- 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
- 6.0x
- 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
- 18.1x
- 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
- 5.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.4%
At FY2026 year-end: 19.7x
Earnings: trailing 12 months to 2026-06-30
At FY2026 year-end: 4.7x
Book value at FY2026 year-end
At FY2026 year-end: 14.3x
EBITDA for FY2026
At FY2026 year-end: 7.2%
Free cash flow for FY2026
Dividends per share for FY2026
“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 Jun 30, 2026 (fourth quarter: annual figure minus the first three quarters).
These figures are behind: a newer quarter was reported on Nov 3, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$615M → $644M (vs. a year earlier)↑ +4.7%$615M → $644M (vs. a year earlier)
- Operating margin25.3% → 21.2% (vs. a year earlier)↓ −4.1 pts25.3% → 21.2% (vs. a year earlier)
- Net income$128M → $111M (vs. a year earlier)↓ −12.8%$128M → $111M (vs. a year earlier)
- Cash$21M → $12M (vs. previous quarter-end)↓ −41.4%$21M → $12M (vs. previous quarter-end)
- Long-term debt$90M → $40M (vs. previous quarter-end)↓ −55.6%$90M → $40M (vs. previous quarter-end)
Source: Form 10-K ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 3, 2026.
Key changes
GAAP revenue up 8.8%; operating income up 12.5%. Source sentence
GAAP revenue increased 8.8% and GAAP operating income increased 12.5% for the fiscal three months ended September 30, 2026, compared to the prior fiscal year quarter.
Repurchased $71M of stock. Source sentence
Stock repurchases for the fiscal three months ended September 30, 2026, were $71 million at an average price of $153.47 per share.
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
- JACK HENRY & ASSOCIATES INC
- Headquarters
- MONETT, MO
- Incorporated in
- Delaware
- Fiscal year end
- 06/30
- Exchange & ticker
- NASDAQ: JKHY
- Industry
- Transaction & Payment Processing Services
- CIK
- 779152
- Website
- https://www.jackhenry.com/ ↗
- IR page
- https://ir.jackhenry.com/ ↗
Workforce (as of FY2026 year-end)
Employees
7,300
Source: Form 10-K (FY2026) 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
Q2 FY2027
Quarter end: December 2026. In past years, Q2 results were released 34–37 days after quarter end (Feb 3, 2026; Feb 4, 2025; Feb 6, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around June 30.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 34–51 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q1 FY2027 | Sep 30, 2026 | Nov 3, 2026 (+34 days) | Nov 6, 2026 10-Q (+37 days) |
| Q4 FY2026 | Jun 30, 2026 | Aug 18, 2026 (+49 days) | Aug 28, 2026 10-K (+59 days) |
| Q3 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 7, 2026 10-Q (+37 days) |
| Q2 FY2026 | Dec 31, 2025 | Feb 3, 2026 (+34 days) | Feb 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Sep 30, 2025 | Nov 4, 2025 (+35 days) | Nov 7, 2025 10-Q (+38 days) |
| Q4 FY2025 | Jun 30, 2025 | Aug 19, 2025 (+50 days) | Aug 25, 2025 10-K (+56 days) |
| Q3 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 12, 2025 10-Q (+42 days) |
| Q2 FY2025 | Dec 31, 2024 | Feb 4, 2025 (+35 days) | Feb 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Sep 30, 2024 | Nov 5, 2024 (+36 days) | Nov 8, 2024 10-Q (+39 days) |
| Q4 FY2024 | Jun 30, 2024 | Aug 20, 2024 (+51 days) | Aug 26, 2024 10-K (+57 days) |
| Q3 FY2024 | Mar 31, 2024 | May 7, 2024 (+37 days) | May 9, 2024 10-Q (+39 days) |
| Q2 FY2024 | Dec 31, 2023 | Feb 6, 2024 (+37 days) | Feb 8, 2024 10-Q (+39 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
Core
Core processing systems
Integrated data processing systems for banks and credit unions, on-premise or in Jack Henry’s private cloud.
Payments
Payment processing
ACH, card processing, remote deposit capture and bill payment; acquired Victor, a cloud-native embedded payments provider, in September 2025.
Complementary
Complementary solutions
Digital banking, lending, fraud and risk and other solutions sold to core and non-core clients.
From the Form 10-K, FY2026, year ended 2026-06-30.
U.S. and worldwide share of flagship products/services
The 10-K gives no market-share figures for Jack Henry’s products.
07
Recent strategic focusSite analysis
Recent developments.
Cloud modernization
Long-term technology modernization strategy to provide public cloud-native solutions.
Source: Form 10-K (FY2026, year ended 2026-06-30)
Embedded payments
Acquired substantially all assets of Victor on September 30, 2025 for $42.4M to expand Payments-as-a-Service capabilities.
Source: Form 10-K (FY2026, year ended 2026-06-30)
Capital return
Repurchased $448M of shares and paid $170M of dividends in fiscal 2026; added 5 million shares to the buyback authorization in May 2026.
Source: Form 8-K (2026-05-12) — Item 8.01 five million shares added to repurchase authorization
Financing
New $1.0B five-year revolving credit agreement in March 2026.
Source: Form 8-K (2026-03-26) — Item 1.01 $1.0 billion revolving credit agreement
Capex ÷ D&A (FY2026)
1.59x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$67M ÷ $42M = 1.59x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2026)
6.9%
formularesearch & development expense ÷ revenue × 100
e.g.$176M ÷ $2,544M × 100 = 6.9%
M&A spend (6-year total)
$274M
Latest year: $42M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $23M in FY2021 to $67M in FY2026
- Capex
- R&D
- 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 2026-08-28
08
Key figures at a glanceFrom SEC data
FY2021–FY2026, 6 years.
Revenue (FY2026)
$2.54B
As reported in the 10-K
Revenue CAGR (5 years)
+7.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($2,544M ÷ $1,758M) ^ (1÷5) − 1 = 7.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
25.0%▲favorable
+2.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$635M ÷ $2,544M × 100 = 25.0%
ROE (FY2026)
24.0%▲favorable
6-year average: 24.0%
As reported in the 10-K
P/B (FY2026 end)
4.70x
formulafiscal year-end closing price ÷ book value per share
e.g.$137.74 ÷ $29.28 = 4.70x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
14.3x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($9,652M + $40M − $12M) ÷ ($635M + $42M) = 14.3x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +7.7% a year over 5 years (strong growth)
From $1.76B in FY2021 to $2.54B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 22.7% → 25.0%
How much operating profit is left per $100 of revenue. It moved +2.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 65.2% (a high level of financial stability)
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 24.0% over 6 years (latest: 24.0%)
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
- Core processing (bank and credit union core systems)
- Payments processing
- Complementary solutions (digital banking, lending, risk)
- Implementation, cloud hosting and support
06 · what it draws on
Key resources
- About 7,300 associates
- Core systems for banks and credit unions
- Private and public cloud hosting
02 · why customers buy
Value propositions
- Core processing, payments and digital banking technology that helps banks and credit unions innovate and differentiate.
04 · how it keeps them
Customer relationships
- Multi-year hosted contracts; 'Voice of the Customer' process that supports excellent retention rates.
03 · how it reaches them
Channels
- Direct sales to over 7,200 banks, credit unions and corporate entities.
01 · who it serves
Customer segments
- Community and regional banks (up to $55B in assets for core)
- Credit unions
- Corporate entities
09 · where money goes
Cost structure
FY2026, share of revenue ($2.54B)
- Cost of revenue56.3%
- Research & development6.9%
- Selling, general & administrative11.8%
Operating profit left: 25.0% of revenue. Depreciation & amortization (inside the costs above): $42M. Capital spending: $67M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Payments $936M (FY2026)
- Core $768M
- Complementary $752M
- Corporate Services (remainder)
Value propositions, channels and customer relationships: Form 10-K (FY2026)
Licenses and hosts core processing systems for banks and credit unions, processes their electronic payments (ACH, cards, bill pay, remote capture), and sells complementary digital, lending, fraud and other solutions, mainly under multi-year recurring contracts.
01 what it draws on
Inputs & resources
- About 7,300 associates
- Core systems for banks and credit unions
- Private and public cloud hosting
02 what it does
Activities
- Core processing (bank and credit union core systems)
- Payments processing
- Complementary solutions (digital banking, lending, risk)
- Implementation, cloud hosting and support
03 who it serves
Customers
- Community and regional banks (up to $55B in assets for core)
- Credit unions
- Corporate entities
04 how money comes in
How it earns
- Payments $936M (FY2026)
- Core $768M
- Complementary $752M
- Corporate Services (remainder)
How the business makes money
- Services and support were 57% of total revenue in fiscal 2026; processing makes up most of the rest.
- Cloud and payment contracts typically have six-year terms; on-premise support is annual.
- Capitalized software development of $184M in fiscal 2026.
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.
Jack Henry’s bank clients and payment products face new legislation such as the GENIUS Act.
Approvals & licenses
Payments legislation
The GENIUS Act and other initiatives bring more oversight and compliance obligations.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2026)
Revenue by segment (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Payments
936 (38%)Core
768.5 (31%)Complementary
752.2 (31%)
Source: Form 10-K (FY2026, year ended 2026-06-30) Corporate Services (about $87M) is not shown; total revenue $2,544M.
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
Over 7,200 banks, credit unions and corporate entities.
Named by the company
The 10-K names no customer accounting for a material share of revenue.
Suppliers
Hardware, software and data center providers.
Named by the company
No material supplier is named.
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 names the large vendors its core solutions compete with and says complementary solutions compete with many niche fintechs.
Competitors named in the 10-K
Core processing
Peer group the company chose
Compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Fiscal 2026 peer group from the 2026 proxy statement; Fiserv and FIS are used as reference peers.
- ACI Worldwidesite ↗
- Broadridgesite ↗
- Corpaysite ↗
- DocuSignsite ↗
- Euronet Worldwidesite ↗
- ExlServicesite ↗
- FactSetsite ↗
- Fair Isaacsite ↗
- Genpactsite ↗
- Morningstarsite ↗
- PTCsite ↗
- SS&C Technologiessite ↗
- Tyler Technologiessite ↗
- Verint Systemssite ↗
- WEXsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
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 2026-08-28
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-28
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 2026-08-28
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 2026-08-28
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 1,758 | 1,943 | 2,078 | 2,216 | 2,375 | 2,544 |
| Operating income | 399 | 475 | 481 | 489 | 569 | 635 |
| Pretax income | 398 | 472 | 475 | 498 | 586 | 653 |
| Net income (attributable) | 311 | 363 | 367 | 382 | 456 | 503 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 10.5% | 6.9% | 6.6% | 7.2% | 7.1% |
| Operating margincalcoperating income ÷ revenue × 100 | 22.7% | 24.4% | 23.1% | 22.1% | 23.9% | 25.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 17.7% | 18.7% | 17.6% | 17.2% | 19.2% | 19.8% |
| Balance sheet ($M) | ||||||
| Total assets | 2,336 | 2,456 | 2,774 | 2,924 | 3,044 | 3,146 |
| Total equity | 1,319 | 1,382 | 1,609 | 1,842 | 2,131 | 2,052 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 100 | 115 | 275 | 60 | 0 | 40 |
| Equity ratio | 56.5% | 56.3% | 58.0% | 63.0% | 70.0% | 65.2% |
| ROE | 23.6% | 26.9% | 24.5% | 22.1% | 22.9% | 24.0% |
| Cash flow ($M) | ||||||
| Operating CF | 462 | 505 | 382 | 568 | 642 | 762 |
| Investing CF | -162 | -196 | -410 | -240 | -232 | -278 |
| Financing CF | -462 | -310 | -8 | -302 | -346 | -574 |
| Free cash flowcalccash flow from operations − capital expenditures | 439 | 470 | 342 | 510 | 588 | 695 |
| Cash and equivalents | 51 | 49 | 12 | 38 | 102 | 12 |
| Per share & other | ||||||
| EPS ($) | 4.12 | 4.94 | 5.02 | 5.23 | 6.24 | 6.98 |
| BVPS ($) | 17.83 | 18.96 | 22.07 | 25.28 | 29.26 | 29.28 |
| Dividend per share ($) | 1.78 | 1.90 | 2.02 | 2.14 | 2.26 | 2.38 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 43.2% | 38.5% | 40.2% | 40.9% | 36.2% | 34.1% |
| P/E (x) | 39.7 | 36.4 | 33.3 | 31.7 | 28.9 | 19.7 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 26.9 | 25.1 | 23.5 | 22.6 | 21.3 | 14.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 9.17 | 9.50 | 7.58 | 6.57 | 6.16 | 4.70 |
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 |
|---|---|---|---|---|
| 2026-06-30 † | $644M+4.7% | $137M-12.2% | $111M-12.8% | — |
| 2026-03-31 | $636M+8.7% | $155M+11.8% | $123M+10.6% | $1.71 |
| 2025-12-31 | $619M+7.9% | $159M+29.4% | $125M+27.4% | $1.72 |
| 2025-09-30 | $645M+7.3% | $184M+21.7% | $144M+20.8% | $1.97 |
| 2025-06-30 † | $615M | $156M | $128M | — |
| 2025-03-31 | $585M | $139M | $111M | $1.52 |
| 2024-12-31 | $574M | $123M | $98M | $1.34 |
| 2024-09-30 | $601M | $151M | $119M | $1.63 |
† 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.
14
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 (FY2026)
23.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$635M × (1 − 23%) ÷ $2,111M × 100 = 23.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.15%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $9.65B ÷ ($9.65B + $40M) = 99.6%
e.g.Debt weight: $40M ÷ ($9.65B + $40M) = 0.4%
e.g.WACC: 7.2% × 99.6% + 10.0% × (1 − 23%) × 0.4% = 7.15%
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 5.9%–8.8% and ROIC − WACC runs +14.3 to +17.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 7.15% 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
- 0.40 (price-derived adjusted beta, but correlation with the market is low (R² 0.00), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.15%
- Cost of debt
- 10.00%
- Tax rate
- 23% (effective rate, FY2024–FY2026)
- Capital structure (equity : debt)
- 100% : 0%
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 7.15%
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: 0.40 (price-derived adjusted beta. Raw β 0.11, R² 0.00, 129 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.107 + 0.33 = 0.402
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% + 0.4 × 5.5% = 7.2%
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)
15
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)
1.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.2% − 5.7%
Past FCF growth (FY2021–FY2026)
+9.6%
Compound annual rate, 5 years
Past revenue growth (FY2021–FY2026)
+7.7%
Compound annual rate, 5 years
Inputs (FY2026): free cash flow $695M (operating CF − capex); enterprise value $12.28B = market cap $12.25B (latest close, 2026-11-04) + debt $40M − cash and short-term investments $12M; r = WACC of 7.2% using this page’s default assumptions (β 0.40, 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
$12.19B
FCF $695M ÷ (7.2% − 1.5%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.2% | 6.2% | 7.2% | 8.2% | 9.2% |
|---|---|---|---|---|---|
| 0% | 1.09x | 0.91x | 0.79x | 0.69x | 0.62x |
| 2% | 1.77x | 1.35x | 1.09x | 0.91x | 0.79x |
| 4% | 4.72x | 2.57x | 1.77x | 1.35x | 1.09x |
| 6% | — | 28.30x | 4.72x | 2.57x | 1.77x |
| 8% | — | — | — | 28.30x | 4.72x |
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 1.39x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -8.4%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 97%
Most profit comes from core operations.
- ✓
Days sales outstanding: 64 → 48 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 2026-08-28
Profit bridge (FY2026)
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 2026-08-28
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.$762M ÷ $503M = 1.52x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$635M ÷ $653M × 100 = 97%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($318M + $349M) ÷ 2 ÷ $2,544M × 365 = 48 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
- 99.1%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 0.9%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 70 of 416
- Beta (adjusted)
- 0.40
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 17% of covered companies have more
above 1 = swings more than the market
- 69.5M shares reported by 712 13F filers ÷ 70.1M shares outstanding on 2026-08-12. Option positions are excluded.
- 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 2026-10-02 (beneficial ownership table) · Form 10-K cover page (shares outstanding as of 2026-08-12)
18
Strengths & weaknessesSite analysis
Strengths
1. Recurring, long-term contracts
Cloud and payments contracts typically run six years, giving predictable revenue.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. Steady growth
Revenue grew every year from $1,758M (FY2021) to $2,544M (FY2026); operating income from $399M to $635M.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
3. Little debt
Debt of $40M at June 30, 2026; equity $2.05B.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
Weaknesses
1. Bank consolidation
Clients that merge with or are acquired by a non-client, or closed by regulators, can lead to lost services.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. Heavy development spending
Capitalized software of $184M plus capex of $67M in fiscal 2026.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
3. Concentrated in U.S. community banking
Clients are mainly U.S. community and regional banks and credit unions.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
19
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 (FY2026)
19.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
1.73%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
34%
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
7.2%
(Operating CF − capex) ÷ market cap
1. Predictable recurring revenue
Mostly multi-year recurring revenue from banks and credit unions.
- What has to hold
- Clients keep renewing.
- The other side
- Bank consolidation shrinks the market.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. Rising dividends
Dividend per share rose every year from $1.78 (FY2021) to $2.38 (FY2026).
- What has to hold
- Earnings keep growing.
- The other side
- Payout limits buyback capacity.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
Fiscal years end June 30.
20
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 (FY2026)
Cash & short-term investments ÷ debt due within a year
—
$12M vs. —
Interest coverage (operating income ÷ interest expense)
117.9x
$635M vs. $5M
Free cash flow ÷ dividends paid
4.1x
$695M vs. $170M (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 | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2021–FY2026), 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)
Growth through cycles
Revenue rose every year from FY2021 to FY2026.
Source: Form 10-K (FY2026, year ended 2026-06-30)
21
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.
Jack Henry discloses only routine legal proceedings and claims arising in the ordinary course of business.
Company statement:
Based on Form 10-K (FY2026, year ended 2026-06-30), reviewed 2026-10-26. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
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.
- 1Competition & technology shift
Core competition
- Company disclosure (summarized from the 10-K)
- Competes with Fiserv, FIS, Corelation and Finastra in core systems and with many fintechs in other solutions.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Customer/supplier concentration
Financial institution consolidation
- Company disclosure (summarized from the 10-K)
- Mergers and failures of client banks and credit unions reduce the client base.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Information security
Cybersecurity
- Company disclosure (summarized from the 10-K)
- A breach of systems processing client and accountholder data would be very damaging.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 4Law & regulation
Bank regulation
- Company disclosure (summarized from the 10-K)
- Its products must comply with the extensive and evolving federal and state regulation that applies to its financial institution clients; compliance failures could bring regulatory action.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5M&A & integration
Acquisitions
- Company disclosure (summarized from the 10-K)
- Acquisitions such as Victor may be hard to integrate.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
23
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 (3)
successfully compete. Emerging technologies, evolving payment methods, and changing client preferences may alter how financial services products and services are delivered and consumed and could reduce demand for certain existing solutions or displace portions of traditional technology and payment processing models. If we are unable to adapt our products and services to these developments in a timely and cost-effective manner, our competitive position, revenues, growth prospects, and results of operations could be adversely affected. In addition, increased adoption of specialized point solutions may reduce demand for broader integrated offerings and result in the replacement of components of our existing product suite.
Moreover, the legislative and regulatory landscape continues to evolve to include alternative payment types, including digital and cryptocurrencies. Read more
The regulatory environment for crypto assets, stablecoins, and digital currencies is rapidly evolving, with increased oversight from federal and state regulatory agencies. Recent developments, including the GENIUS Act, and other legislative initiatives, bring increased oversight and more robust compliance obligations including consumer protection, anti-money laundering, sanctions compliance, operational resilience and recordkeeping requirements. We closely monitor legislative and regulatory changes to ensure any existing or new business models, product offerings, and risk and compliance programs adapt to new requirements. Any failure to comply with such laws and regulations could expose us to liability, regulatory scrutiny and/or…
Our selective pursuit of strategic transactions may be limited by market conditions, which could impact our ability to complement our organic growth. Read more
While our primary growth strategy focuses on organic initiatives, we may from time to time selectively evaluate and pursue strategic transactions, including acquisitions, to complement our existing business. We have historically augmented the growth of our business with a number of acquisitions and our current strategy prioritizes a disciplined and selective approach to such transactions. A successful selective transaction strategy depends on our ability to identify, negotiate, and finance suitable opportunities on favorable terms. However, intense competition, from both within and outside our industry, for attractive acquisition opportunities may increase purchase prices and reduce the availability of transactions that meet our investment…
No longer in the text (1)
Our growth may be affected if we are unable to find or complete suitable acquisitions. Read more
We have augmented the growth of our business with a number of acquisitions and we plan to continue to acquire appropriate businesses, products, and services. This strategy depends on our ability to identify, negotiate, and finance suitable acquisitions. Merger and acquisition activity in our industry has affected the availability and pricing of such acquisitions. If we are unable to acquire suitable acquisition candidates, we may experience slower growth.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Aug 28, 2026 ↗ with the 10-K filed Aug 25, 2025 ↗.
24
What to watch going forwardSite analysis
- Progress of the public cloud-native modernization.
- Payments growth and Victor integration.
- Bank and credit union consolidation trends.
- Pace of buybacks after the May 2026 authorization increase.
25
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: October 26, 2026 · Financial data fetched: October 26, 2026 13:12 (SEC EDGAR) · Source 10-K filed: August 28, 2026
Built on10-K FY2026 · filed 2026-08-28Proxy statement (2026)
Next update expectedAfter FY2027’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 Jack Henry & Associates’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.