FICOFAIR ISAAC CORP

Services-Business Services, NEC

Revenue: $2.0B; 16% YoY
Operating margin: 46.5%; 8.8% YoY
EBITDA: $940M; 26% YoY
Market cap: $15.4B
Employees: —
Net debt / EBITDA: 2.4×; $2.3B 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
119% of net income
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
182% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
39% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
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
2.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$15.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$1.4B	$1.5B	$1.7B	$2.0B	16%
Operating income	$505M	$542M	$643M	$734M	$925M	26%
Net income	$392M	$374M	$429M	$513M	$652M	27%
Operating cash flow	$424M	$509M	$469M	$633M	$779M	23%
Capex	$8M	$6M	$4M	$9M	$9M	0.4%
Stock-based comp	$112M	$115M	$124M	$149M	$157M	4.8%
Buybacks	$874M	$1.1B	$406M	$822M	$1.4B	72%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $11M · 21
Net: −$11M

Pay vs performance

No pay-versus-performance disclosure yet.