# Equifax Inc. (EFX) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/EFX/thesis · /stocks/EFX/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/EFX/fundamental

## Navigation

- Overview: /stocks/EFX
- Financials (this page): /stocks/EFX/financials
- Thesis: /stocks/EFX/thesis
- Investment Memo: /stocks/EFX/memo
- Coverage universe: /stocks