Equifax Inc.

EFX
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.6B
Q1 2026 · +14.3% YoY
TTM ROIC
8.3%
FY2024 · NOPAT / Invested Capital (Equity + Debt - Cash) · WACC ~8.8% · Moat spread +-0.5pp

Financial Snapshot


ticker: EFX step: 04 generated: 2026-05-13 source: quick-research

Equifax Inc. (EFX) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $5.12B $5.27B $5.68B +7.8%
Gross Margin ~58% ~57% ~58%
Operating Margin ~20% ~16% ~18%
Net Income ~$840M ~$660M ~$720M
EPS (diluted, GAAP) ~$5.65 ~$4.40 ~$4.84 +10%
EPS (adjusted) ~$8.00+ ~$6.70 ~$7.29 +9%

Revenue growth has been constrained by the weakest U.S. mortgage market in decades (30-year fixed rates 6.5–7.5% suppressing originations). USIS mortgage revenue represents ~10–15% of total company revenue but carries outsized margin impact. Even against this headwind, FY2024 revenue grew 7.8% on non-mortgage strength (Workforce Solutions, fraud/identity, international).

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.1B
Free Cash Flow ~$813M
Capital Expenditures ~$290M
Cash & Equivalents ~$300M
Total Debt ~$4.2B

FCF grew 58% YoY in FY2024 ($813M vs. $516M in FY2023), reflecting cloud migration completion reducing heavy capex spending — the post-cloud era is expected to structurally improve FCF conversion.

Key Ratios (approximate)

  • P/E: ~30x (adjusted) | EV/EBITDA: ~20x | FCF Yield: ~3.5%
  • Revenue Growth (FY2024): +7.8% | Adjusted EBITDA Margin: ~32.3%
  • Adjusted EBITDA Margin Target (2027): ~36% — driven by cloud savings and operating leverage

Growth Profile

Equifax's revenue has grown modestly since FY2021, held back by a historic mortgage drought. Non-mortgage segments have grown 10–15%/year. The cloud transformation ($3B capex over 5 years, now complete) depressed FCF during construction; post-cloud, capex normalizes to ~$280–300M/year (vs. $500M+ during transformation), structurally improving FCF. The Work Number is the key secular growth engine — expanding into new use cases (tenant screening, government benefits, healthcare) and gaining verifications in existing lending workflows. Management targets $36% adjusted EBITDA margins by 2027 and $50B TAM penetration.

Forward Estimates

  • FY2025 Revenue: ~$6.0B+ (guided 8–9% growth; mortgage recovery + EWS expansion)
  • FY2025 Adjusted EBITDA Margin Target: ~32.6%
  • FY2027 Adjusted EBITDA Margin Target: ~36%
  • FY2026 3x$B Buyback Program: $3B authorized share repurchases
  • Analyst consensus: 14 Buy ratings; multiple price targets suggesting 20–40% upside from recent levels
  • Mortgage volume sensitivity: Every 10% increase in U.S. mortgage originations ~adds ~$60–80M in USIS revenue

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $EFX.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/efx/financials/md · → thesis · → memo