TransUnion (TRU)

Price$79.88Cached quoteAs of 2026-09-06 19:22 UTC

AI: Fair-priced

Price checkThe shares look roughly fair, with growth offset by debt and a still-demanding cash valuation.

At the observed market value, TransUnion is valued at roughly 17.6–17.9 times management’s 2026 adjusted earnings guidance and about 25 times 2025 free cash flow, meaning cash left after running and investing in the business. The latter equals only about a 4% cash yield. If management reaches its stated 90%+ cash conversion on adjusted income, that yield could improve toward 5%. That is reasonable for high-single-digit underlying growth, but not cheap enough to ignore debt, acquisition risk, or accounting adjustments. StockAnalysis.com+1

Big pictureRevenue and cash generation have recovered strongly, but reported earnings remain noisy and acquisition-heavy.

Revenue rose from $2.53 billion in 2020 to $4.58 billion in 2025, about 13% annualized, while free cash flow recovered from roughly zero in 2022 to $335 million in 2023, $517 million in 2024 and $662 million in 2025. Reported profit is less clean: the 2023 loss included a $414 million U.K. goodwill impairment, while first-quarter 2026 income included a $225.5 million one-time Mexico revaluation gain. The direction is strong, but recurring cash is a better durability test than headline earnings. SEC+1

Business strengthTransUnion has durable data advantages and improving cash returns, but its balance sheet limits downside protection.

TransUnion’s credit, fraud and identity data sit inside recurring lender and insurer workflows, and recent underlying growth remains healthy. The balance sheet is the constraint. Year-end 2025 debt was $5.10 billion against $854 million cash; after the Mexico purchase, first-quarter 2026 net debt reached $4.87 billion. Goodwill was $5.78 billion, above $4.75 billion of equity, so tangible downside protection is thin. Capital returns are improving: 2025 buybacks were $302 million and dividends $91 million, while shares outstanding rose only about 1% from 2020 to 2025 despite stock compensation. SEC+1

What could change the storyFaster clean growth could justify a premium, while mortgage disruption or acquisition strain would break the case.

The bull case needs underlying revenue to stay around mid-to-high single digits, adjusted earnings to grow faster, and leverage, meaning net debt relative to adjusted operating earnings, to fall below management’s 2.5-times target. VantageScore adoption in mortgage credit pulls rose to about 30% from below 5% at the start of 2026. The bear case is weaker mortgage demand plus Fair Isaac’s direct licensing; its royalty increases already inflate revenue without adding margin. If cash conversion slips or debt stops declining, today’s valuation would look demanding. SEC+2SEC+2

AI: News

Q2 beat and raiseSecond-quarter results beat expectations and raised guidance, strengthening confidence that recent growth can persist.

On July 28, TransUnion reported $1.31 billion of quarterly revenue, up 15%, and adjusted earnings of $1.23 per share, above consensus near $1.15–$1.16. It raised full-year revenue guidance to $5.127–$5.162 billion and adjusted earnings guidance to $4.75–$4.83. The shares closed about 8.5% higher that day. The timing makes the earnings release a plausible driver, though it does not prove the report caused the entire move. SEC+2Investing.com+2

VantageScore enters mortgagesMortgage acceptance of VantageScore created a credible path to reduce dependence on Fair Isaac’s scoring system.

On April 22, Fannie Mae and Freddie Mac said approved lenders could begin using VantageScore 4.0 for mortgages, introducing a real alternative to Fair Isaac’s dominant score. TransUnion co-owns VantageScore. By the second quarter, TransUnion said VantageScore appeared in about 30% of its mortgage credit pulls, up from below 5% at the start of the year, while 2026 guidance assumed no benefit. Reuters reported TransUnion shares higher around the announcement, but long-term value depends on paid adoption rather than testing volume. MarketScreener+1

Mexico acquisition closesThe Mexico acquisition added growth and strategic scale, but it also raised debt and distorted reported profit.

On March 2, TransUnion paid about $660 million for an additional 68% of Trans Union de Mexico, lifting ownership to roughly 94% and consolidating the country’s largest consumer credit bureau. The purchase was funded mainly with revolving debt and cash, pushing near-term debt higher. It also created a $225.5 million non-taxable revaluation gain that boosted first-quarter reported income but did not represent recurring operating profit. Management later said Mexico was performing ahead of its acquisition case, making integration and deleveraging important valuation tests. SEC+1

Fair Isaac bypass threatFair Isaac’s direct mortgage licensing challenged a profitable bureau role and triggered a sharp reassessment of TransUnion.

On October 2, 2025, Fair Isaac Corporation launched a mortgage program allowing resellers to calculate and distribute its scores directly, reducing reliance on the three credit bureaus. Reuters reported TransUnion shares down roughly 10% as investors worried about lost score-distribution margin and price competition. TransUnion now says no customers have shifted under the program and profitability per mortgage pull is similar either way. The threat remains important because it directly challenges part of the mortgage economics investors previously treated as durable. Reuters+1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Revenue	$4.58B	$4.18B	$3.83B	$3.71B	$2.96B	$2.53B	$2.46B	$2.32B	$1.93B	$1.70B	$1.51B	$1.30B	$1.18B	$767.0M
Gross profit	$2.70B	$2.51B	$2.31B	$2.32B	—	—	$1.59B	$1.53B	$1.29B	$1.13B	$975.2M	$804.5M	$709.3M	$468.8M
Gross margin	59.09%	60.01%	60.40%	62.66%	—	—	64.51%	65.90%	66.61%	66.03%	64.72%	61.66%	59.95%	61.12%
Operating expenses	$3.72B	$3.52B	$3.70B	$3.08B	$2.31B	$2.03B	$1.92B	$1.80B	$1.47B	$1.40B	$1.31B	$1.18B	$1.01B	$625.8M
Operating income	$857.8M	$666.7M	$128.5M	$626.3M	$651.9M	$500.3M	$541.7M	$512.5M	$464.7M	$300.5M	$197.1M	$128.4M	$169.2M	$141.2M
Operating margin	18.74%	15.94%	3.35%	16.88%	22.02%	19.77%	21.99%	22.12%	24.03%	17.63%	13.08%	9.84%	14.30%	18.41%
EBITDA	$1.43B	$1.20B	$652.9M	$1.15B	$1.03B	$847.1M	$880.3M	$819.4M	$702.7M	$565.7M	$475.5M	$369.6M	$356.0M	$256.2M
EBITDA margin	31.30%	28.79%	17.04%	30.87%	34.76%	33.47%	35.74%	35.36%	36.34%	33.18%	31.56%	28.33%	30.09%	33.40%
Net income	$455.4M	$284.4M	−$206.2M	$266.3M	$1.39B	$343.2M	$346.9M	$276.6M	$441.2M	$120.6M	$5.9M	−$12.5M	−$35.1M	−$8.8M
Net profit margin	9.95%	6.80%	−5.38%	7.18%	46.97%	13.56%	14.08%	11.94%	22.82%	7.07%	0.39%	−0.96%	−2.97%	−1.15%
Basic EPSper basic share	$2.34	$1.46	-$1.07	$1.38	$7.26	$1.81	$1.85	$1.50	$2.42	$0.66	$0.04	-$0.09	-$0.18	—
Diluted EPSper diluted share	$2.32	$1.45	-$1.07	$1.38	$7.20	$1.79	$1.81	$1.45	$2.32	$0.65	$0.04	-$0.09	-$0.18	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

12.63%of listed shares

Dodge & Cox24.2M shares · Jun 30, 2026

View holders

Top 20 reported holders of TRU
Holder	% owned
Dodge & Cox	12.63%24.2M shares
BlackRock, Inc.	9.89%18.96M shares
Independent Franchise Partners LLP	7.29%13.98M shares
FMR LLC	6.11%11.72M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	5.57%10.67M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.55%8.72M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.28%8.21M shares
STATE STREET CORP	3.71%7.12M shares
T. Rowe Price Investment Management, Inc.	3.57%6.84M shares
WELLINGTON MANAGEMENT GROUP LLP	3.45%6.6M shares
MORGAN STANLEY	3.32%6.35M shares
CITADEL ADVISORS LLC	2.28%4.36M shares
Invesco Ltd.	2.22%4.26M shares
Jupiter Topco LLC	2.03%3.89M shares
Meritage Group LP	1.91%3.66M shares
GEODE CAPITAL MANAGEMENT, LLC	1.89%3.62M shares
Ninety One UK Ltd	1.75%3.35M shares
DIMENSIONAL FUND ADVISORS LP	1.71%3.28M shares
Vulcan Value Partners, LLC	1.41%2.71M shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	1.38%2.65M shares

Percentages use 191.6M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)55$15.25M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4 · 10b5-1	Skinner Todd C.President, International	SellCommon Stock	1.0K	$70.73	$70.7K	65.6K
Jun 1, 2026Form 4 · 10b5-1	CHAOUKI STEVEN MPresident, US Markets	SellCommon Stock	5.0K	$70.73	$353.6K	99.9K
May 29, 2026Form 4 · 10b5-1	RUSSELL HEATHER JEVP, Chief Legal Officer	SellCommon Stock	6.7K	$71.87	$480.3K	45.2K
May 1, 2026Form 4 · 10b5-1	Skinner Todd C.President, International	SellCommon Stock	500	$71.93	$36.0K	55.3K
May 1, 2026Form 4 · 10b5-1	CHAOUKI STEVEN MPresident, US Markets	SellCommon Stock	5.0K	$71.93	$359.7K	84.7K

Review ownership filings at SEC.gov ↗

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TransUnion (TRU)

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