Equifax

EFX · NYSE · Industrials · Financials, fiscal 2016 to 2025

EFX · Last close · October 26, 2026

$178.56

Equifax's revenue rose 6.9% to $6.1 billion in fiscal 2025. Its operating margin was 18.0%, down from 18.3% a year earlier. Free cash flow was $1.1 billion, up 39.5%. It paid out $1.2 billion in dividends and buybacks, 102% of free cash flow. The diluted share count fell 0.6%.

EQUIFAX INC Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0000033185-26-000010 Updated October 20, 2026

Revenue

$6.1B

6.9%

Operating margin

18.0%

0.3 pts

Net income

$660M

9.3%

Free cash flow

$1.1B

39.5%

Return on capital

8.4%

0.5 pts

Market cap

$21.1B

Oct 26 close

P/E

28.9x

On $6.18 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Equifax does

Equifax is a data, analytics and technology company. It keeps large databases of consumer and business information, including credit, income, employment, education and utility payments. It uses that data to give businesses, governments and consumers reports, scores, identity checks and fraud protection. Its clients include banks and other financial institutions, companies and government agencies. It also sells products that help individuals watch their credit and protect their identity.

It reports three segments. Workforce Solutions verifies income, employment and similar facts, and handles employer services such as unemployment claims, onboarding paperwork and tax credits. U.S. Information Solutions sells consumer and commercial information to U.S. businesses, and sells credit information to resellers. International offers similar products in Latin America, Europe, Asia Pacific and Canada, and includes joint ventures in Brazil, Cambodia, Malaysia and Singapore.

Equifax says it works in highly competitive markets. It operates in four regions: North America, Latin America, Europe and Asia Pacific. The company was incorporated in Georgia in 1913.

Its biggest risks, as it describes them

A security breach or other disruption of its systems that could expose consumer and customer data.
Losing access to credit, employment, financial or other data from outside sources.
Highly competitive markets where rivals may offer better products.
Weaker demand if free or cheaper consumer credit information becomes more available.
Loss of key customers, or of government contracts.

From Equifax's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 3.1% a year and net income 3.4% a year, as new shares raised the share count by 2% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Equifax yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Equifax says to expect

Full year 2026: revenueAs 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. Mortgage related revenue.
Full year 2026: adjusted EPSDespite the impact of the significantly weakened U.S. mortgage market on the second half of 2026 revenue, we expect to deliver 2026 Adjusted EPS Guidance of $8.50 per share, a reduction of only $0.04 per share at the midpoint and well within our previous Guidance range.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 20, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Equifax's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Equifax's fiscal 2025 free cash flow of $1.1B, net cash of −$4.9B at December 31, 2025 and 124 million diluted shares, from its filings. The scenarios are fitted to Equifax: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 5.8% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Research & Consulting Services); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Equifax's own revenue growth, as above. Cautious: growth of 3% then 2.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 6% then 4% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 9% then 6% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $178.56
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Equifax's earnings per share of $6.18 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.7×, the middle of Equifax's own P/E today, its peers' median and its sector's median (the Industrials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: TransUnion, FTI Consulting, Booz Allen Hamilton.

Earnings growth in the years ahead (% a year) Starts at Equifax's revenue growth over the last 3 years, 5.8% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $178.56
Value at this multiple, against the last close: —
Equifax's P/E at the last close: 28.9×

Company	Last close	Earnings per share	P/E today
EquifaxEFX	$178.56	$6.18	28.9×
TransUnionTRU	$79.62	$3.61	22.1×
FTI ConsultingFCN	$161.40	$8.30	19.4×
Booz Allen HamiltonBAH	$83.36	$6.44	12.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	225	285	217	170	181
Debt incl. finance leases	5,325	5,817	5,742	5,038	5,114
Net debt (negative means net cash)	5,100	5,532	5,525	4,868	4,933
Net debt to EBITDA	3.1x	3.4x	3.6x	2.8x	2.7x
Debt to equity	1.5x	1.5x	1.3x	1.1x	1.1x
Interest coverage	7.8x	5.8x	3.9x	4.5x	5.2x
Current ratio	0.5x	0.7x	0.7x	0.8x	0.6x
Quick ratio	0.5x	0.7x	0.7x	0.8x	0.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $464,928 of Equifax shares on the open market, and 4 insiders sold $38.5 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 3, 2026	John W Gamble JrEVP, CFO & COO	Sold plan	4,500	$187.96	$845,820	Form 4
Jul 24, 2026	Mark W BegorCEO, Director	Sold plan	37,791	$172.16	$6.5 million	Form 4
May 7, 2026	Chad M BortonEVP, Pres Workforce Solutions	Sold plan	2,455	$173.89	$426,900	Form 4
May 1, 2026	John W Gamble JrEVP, CFO & COO	Sold plan	3,500	$176.54	$617,890	Form 4
Apr 24, 2026	Mark W BegorCEO, Director	Sold plan	37,791	$172.40	$6.5 million	Form 4
Feb 23, 2026	John W Gamble JrEVP, CFO & COO	Sold plan	4,500	$195.72	$880,740	Form 4
Feb 18, 2026	Cecilia MaoEVP, Chief Product Officer	Bought plan	2,400	$193.72	$464,928	Form 4
Feb 12, 2026	Chad M BortonEVP, Pres Workforce Solutions	Sold plan	2,535	$191.50	$485,452	Form 4
Feb 11, 2026	Jamil FarshchiEVP, Chief Technology Officer	Sold plan	1,167	$199.87	$233,248	Form 4
Feb 10, 2026	Mark W BegorCEO, Director	Sold plan	37,791	$201.89	$7.6 million	Form 4
Feb 10, 2026	Jamil FarshchiEVP, Chief Technology Officer	Sold plan	6,213	$195.81	$1.2 million	Form 4
Nov 20, 2025	John W Gamble JrEVP, CFO & COO	Sold plan	2,500	$208.37	$520,925	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	4 of 8	7 of 8	6 of 8
Accruals ratio	−4.8%	−6.0%	−8.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Equifax side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Equifax	FY25	6.9%	18.0%	18.7%	8.4%	2.7x	6
Thomson Reuters	FY25	3.0%	28.5%	27.0%	11.8%	1.1x	6	Compare
TransUnion	FY25	9.4%	18.7%	14.5%	7.1%	3.0x	8	Compare
FTI Consulting	FY25	2.4%	10.3%	2.5%	16.6%	0.2x	4	Compare
Booz Allen Hamilton	FY26	−6.4%	9.2%	8.5%	24.2%	2.7x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,145	3,362	3,412	3,508	4,128	4,924	5,122	5,265	5,681	6,074
Revenue growth	—	6.9%	1.5%	2.8%	17.7%	19.3%	4.0%	2.8%	7.9%	6.9%
Gross profit	2,032	2,152	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	825	832	448	−335	677	1,138	1,056	934	1,042	1,095
Net income	489	587	310	−384	520	744	696	545	604	660
Diluted EPS (US$)	4.04	4.83	2.56	−3.15	4.24	6.02	5.65	4.40	4.84	5.32
Diluted shares (millions)	121	122	121	122	123	124	123	124	125	124
Cash flow
Cash from operations	823	816	672	314	946	1,335	757	1,117	1,324	1,616
Capital expenditure	174	218	322	400	421	469	624	601	512	481
Free cash flow	650	598	350	−86	525	866	133	516	813	1,134
Dividends paid	158	187	188	189	190	190	191	192	193	233
Share buybacks	0	77	0	0	0	70	0	0	0	928
Acquisitions	1,792	140	138	273	61	2,936	434	284	0	74
Stock-based compensation	37	38	42	50	55	55	63	72	82	78
Balance sheet at fiscal year end
Cash and short-term investments	129	336	224	401	1,685	225	285	217	170	181
Debt incl. finance leases	2,685	2,715	2,655	3,403	4,402	5,325	5,817	5,742	5,038	5,114
Total assets	6,664	7,233	7,153	7,909	9,612	11,041	11,548	12,280	11,759	11,864
Total liabilities	3,943	3,994	3,998	5,286	6,402	7,440	7,575	7,592	6,840	7,126
Shareholders' equity	2,663	3,174	3,108	2,579	3,168	3,584	3,956	4,534	4,797	4,604
Margins and ratios
Gross margin	64.6%	64.0%	—	—	—	—	—	—	—	—
Operating margin	26.2%	24.7%	13.1%	−9.6%	16.4%	23.1%	20.6%	17.7%	18.3%	18.0%
Net margin	15.5%	17.5%	9.1%	−10.9%	12.6%	15.1%	13.6%	10.4%	10.6%	10.9%
Free cash flow margin	20.6%	17.8%	10.3%	−2.5%	12.7%	17.6%	2.6%	9.8%	14.3%	18.7%
Return on capital	12.8%	12.2%	6.8%	−4.7%	9.0%	12.3%	8.7%	7.3%	7.9%	8.4%
Return on equity	19.7%	20.1%	9.9%	−13.5%	18.1%	22.0%	18.5%	12.8%	12.9%	14.1%
Return on assets	8.8%	8.4%	4.3%	−5.1%	5.9%	7.2%	6.2%	4.6%	5.0%	5.6%
Net debt to EBITDA	2.3x	2.1x	3.2x	1,579.9x	2.5x	3.1x	3.4x	3.6x	2.8x	2.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Equifax's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Equifax.