EQUIFAX INC (EFX)

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AI: Fair-priced

Price checkThe shares look fairly priced because solid growth offsets demanding reported-profit multiples.

At the latest verifiable close of $187.02, 117.6 million shares imply a market value near $22.0 billion. Trailing free cash flow—cash left after running and investing in the business—was about $1.11 billion, giving a 5.0% yield. The price is 21.5–22.3 times management’s 2026 adjusted earnings guidance of $8.39–$8.69 a share, but roughly 33 times trailing reported earnings. This valuation requires durable high-single-digit growth and continued cash conversion, supporting a Fair-priced verdict rather than a clear bargain.

Big pictureCash generation is improving, but housing activity still makes yearly results uneven.

Revenue rose from $4.13 billion in 2020 to $6.07 billion in 2025, while operating cash flow reached $1.62 billion and free cash flow was about $1.13 billion in 2025. Trailing free cash flow remained close to $1.11 billion. However, net income was $660 million in 2025, still below 2021’s $744 million. Second-quarter 2026 revenue grew 11%, helped by 25% growth in United States mortgage revenue, but reported net income fell 4% partly because of a legal-settlement charge. Housing volumes therefore remain an important swing factor.

Business strengthUnique employment and credit data support growth, while debt limits financial flexibility.

Second-quarter Workforce Solutions revenue was $705 million, including $608 million from verification services, and its operating margin was 44.9%. United States Information Solutions revenue grew 17% to $612 million. About $300 million of annual government contract value signed in the first half should principally benefit 2027, illustrating the value of Equifax’s hard-to-replicate data. The counterweight is $5.30 billion of net debt at June 2026, roughly 2.8 times trailing earnings before interest, taxes, depreciation and amortization. Current liabilities also exceeded current assets by about $1.04 billion, making the balance sheet manageable rather than fortress-like.

What could change the storyGovernment wins and cost savings could lift value, but leveraged spending could erase gains.

The strongest bull case is delivery of the $300 million government-contract pipeline and the newly doubled $150 million technology-driven savings target through 2028, alongside 2026 adjusted earnings near guidance. Buybacks are meaningful: Equifax spent $560 million in the first half of 2026, and shares outstanding fell about 5% year over year despite $61 million of stock compensation. The bear case is capital strain. Debt rose $374 million during the first half, while the pending Mexico acquisition carries a $750 million enterprise value. A mortgage slowdown, integration miss, or recurring data-quality settlements would weaken cash available for debt reduction and repurchases.

$187.02 price considered

AI: News

Second-quarter growthRevenue and adjusted earnings grew strongly, although reported profit fell and guidance still demands sustained execution.

On July 21, 2026, Equifax reported second-quarter revenue of $1.70 billion, up 11%, and adjusted earnings of $2.25 a share, up 13%. Reported net income fell 4% to $184 million. Management guided to 2026 revenue of $6.71–$6.78 billion and adjusted earnings of $8.39–$8.69 a share. The stock closed at $173.00, down 3.9% from the prior close. Attribution is uncertain because acquisition, savings, and settlement information arrived around the same results.

Mexico bureau acquisitionThe planned Mexico acquisition adds fast growth and valuable data, but increases integration and financing demands.

On July 7, 2026, Equifax agreed to acquire Círculo de Crédito for a $750 million enterprise value. The target’s estimated trailing revenue was $134 million, up 31%, with $62 million of adjusted operating cash-like earnings, implying a purchase multiple near 12 times that measure. It covers 80 million validated identities and is expected to increase adjusted earnings during the first full ownership year. The shares rose 1.5% that day, although timing alone cannot establish that the deal caused the move.

Coding-error settlementA proposed settlement contains one known cost but highlights the lasting value of accurate credit data.

In June 2026, Equifax reached an agreement in principle to settle nationwide claims concerning a 2022 coding issue that affected some credit scores. The July quarterly filing recorded a $100 million liability and a $60 million expected insurance recovery, producing a $40 million pretax charge. Court approval and final terms remained pending. The immediate cash exposure appears modest beside annual cash generation, but repeated accuracy failures could raise legal costs and damage customer trust. The settlement’s separate stock-price effect cannot be isolated from other July disclosures.

Savings target doubledManagement raised planned technology savings while continuing large buybacks despite the company’s substantial debt load.

On July 21, 2026, Equifax doubled its technology-driven cost-reduction target to $150 million for 2026–2028. It also reported returning $366 million during the quarter through $300 million of share repurchases and $66 million of dividends. The buybacks reduced the share count and can increase each remaining share’s claim on earnings. However, debt reached $5.47 billion at quarter-end, before the planned Mexico purchase. The savings create upside only if they persist without weakening product quality, data controls, or revenue growth.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$6.07B	$5.68B	$5.27B	$5.12B	$4.92B	$4.13B	$3.51B	$3.41B	$3.36B	$3.14B	—	—	—	—	—	—	—	—
Operating income	$1.10B	$1.04B	$933.6M	$1.06B	$1.14B	$676.6M	−$335.4M	$448.0M	$831.7M	$825.1M	$693.9M	$638.2M	$611.2M	$480.0M	$468.6M	$430.0M	$381.8M	$439.0M
EBITDAderived	$1.82B	$1.72B	$1.55B	$1.62B	$1.63B	$1.08B	$1.9M	$763.9M	$1.12B	$1.09B	$893.9M	$842.4M	$801.5M	$643.4M	$633.5M	$597.8M	$540.6M	$594.4M
Net income	$660.3M	$604.1M	$545.3M	$696.2M	$744.2M	$520.1M	−$384.1M	$310.5M	$587.3M	$488.8M	$429.1M	$367.4M	$351.8M	$272.1M	$232.9M	$266.7M	$233.9M	$272.8M
Basic EPSper diluted share	$5.36	$4.88	$4.44	$5.69	$6.11	$4.28	-$3.18	$2.58	$4.89	$4.10	$3.61	$3.03	$2.90	$2.27	$1.91	$2.14	$1.85	$2.13
Diluted EPSper diluted share	$5.32	$4.84	$4.40	$5.65	$6.02	$4.24	-$3.15	$2.56	$4.83	$4.04	$3.55	$2.97	$2.84	$2.22	$1.88	$2.11	$1.83	$2.09

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$464.9K disclosed value

Sells (SEC code S)88$99.70M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 7, 2026Form 4 · 10b5-1	Borton Chad MEVP, Pres Workforce Solutions	SellCommon Stock	2.5K	$173.89	$426.9K	29.5K
May 1, 2026Form 4 · 10b5-1	GAMBLE JOHN W JREVP, CFO & COO	SellCommon Stock	3.5K	$176.54	$617.9K	73.5K
Apr 24, 2026Form 4 · 10b5-1	Begor Mark WCEO	SellCommon Stock	20.5K	$172.46	$3.53M	271.7K
Apr 24, 2026Form 4 · 10b5-1	Begor Mark WCEO	SellCommon Stock	10.9K	$171.57	$1.88M	292.2K
Apr 24, 2026Form 4 · 10b5-1	Begor Mark WCEO	SellCommon Stock	4.7K	$173.39	$807.8K	303.1K

Review ownership filings at SEC.gov ↗

EQUIFAX INC (EFX)

Financial charts

Financial statements

Insider buys & sells