EFXEQUIFAX INC

Services-Consumer Credit Reporting, Collection Agencies

Revenue: $6.1B; 6.9% YoY
Operating margin: 18.0%; 1.7% YoY
EBITDA: $1.8B; 5.8% YoY
Market cap: $21.6B
Employees: 15,000; $405K revenue each
Net debt / EBITDA: 2.7×; $4.9B net debt
AI in 10-K: 6.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
245% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
72% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
57% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$405K · 44th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.7 per 10K words · 87th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$21.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$32M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.9B	$5.1B	$5.3B	$5.7B	$6.1B	6.9%
Operating income	$1.1B	$1.1B	$934M	$1.0B	$1.1B	5.1%
Net income	$744M	$696M	$545M	$604M	$660M	9.3%
Operating cash flow	$1.3B	$757M	$1.1B	$1.3B	$1.6B	22%
Capex	$469M	$625M	$601M	$512M	$481M	5.9%
Stock-based comp	$55M	$63M	$72M	$82M	$78M	3.9%
Buybacks	$70M	$0	$0	$0	$928M
Dividends	$190M	$191M	$192M	$193M	$233M	20%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $465K · 1
Open-market sells, 12 mo: $33M · 35
Net: −$32M

Pay vs performance

No pay-versus-performance disclosure yet.