TRUTransUnion

Services-Consumer Credit Reporting, Collection Agencies

Revenue: $4.6B; 9.4% YoY
Operating margin: 18.7%; 18% YoY
EBITDA: $1.4B; 19% YoY
Market cap: $14.6B
Employees: 13,500; $339K revenue each
Net debt / EBITDA: 2.8×; $4.0B net debt
AI in 10-K: 8.1; mentions per 10K words

Takeover score 1 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
217% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
40% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
48% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$339K · 30th pct
Bottom quartile of its SIC industry
Quiet on AINo
8.1 per 10K words · 90th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$14.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.0B	$3.7B	$3.8B	$4.2B	$4.6B	9.4%
Operating income	$652M	$626M	$129M	$667M	$858M	29%
Net income	$1.4B	$266M	−$206M	$284M	$455M	60%
Operating cash flow	$808M	$297M	$645M	$833M	$988M	19%
Capex	$224M	$298M	$311M	$316M	$326M	3.2%
Stock-based comp	$69M	$83M	$100M	$121M	$146M	20%
Buybacks	—	—	$0	$0	$302M
Dividends	$70M	$78M	$82M	$83M	$91M	9.4%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 36
Net: −$10M

Pay vs performance

No pay-versus-performance disclosure yet.