EQUIFAX INC
$188.12
+1.34 (+0.72%) · delayed · Nov 13, 2026
Five-year price
52w $137.01 to $228.67
- Market cap
- $22.0B
- Enterprise value
- $26.9B
- P/E
- 35.4×
- 38.8× on 3y avg EPS
- EV / EBIT
- 24.6×
- FCF yield
- 5.2%
- ROIC
- 8.5%
- Debt / equity
- 1.11
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ○ROIC > 12% (5y avg)5y avg ROIC 8.5%
- ●ROE > 15% (5y avg)5y avg ROE 15.5%
- ●Stable operating marginsMargin volatility 2.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 107% (5y avg)
- ●Growing revenueRevenue CAGR 5y 8.0%
- ○Shrinking share countDiluted shares 1.1% over 5y
Value
0
- ○P/E below 15P/E 35.4
- ○EV/EBIT below 12EV/EBIT 24.6
- ○FCF yield above 6%FCF yield 5.2%
- ○Price below Graham NumberGraham Number $68.63
- ○P/B below 3P/B 4.8
Safety
20
- ○Debt / equity below 0.5D/E 1.11
- ○Debt payable in < 4 yrs of earningsNet debt $4.9B
- ○Interest coverage > 8xCoverage 5.2x
- ○Current ratio > 1.5Current ratio 0.60
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
29
- ●Adequate size (revenue > $2B)Revenue $6.1B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.60
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 27%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 38.8
- ○P/E × P/B ≤ 22.5Product 185.3
Valuation lab
What do you have to believe?
At $188.12, the market is pricing in about 7.9% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $4.9B · 117M shares · 5y revenue CAGR 8.0%
Intrinsic value
$189.59
Price
$188.12
Margin of safety
1%
What the price implies
The market is paying for 7.9% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
60% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,145 | 3,362 | 3,412 | 3,508 | 4,128 | 4,924 | 5,122 | 5,265 | 5,681 | 6,075 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 825 | 832 | 448 | (335) | 677 | 1,138 | 1,056 | 934 | 1,042 | 1,095 |
| Operating margin | 26.2% | 24.7% | 13.1% | -9.6% | 16.4% | 23.1% | 20.6% | 17.7% | 18.3% | 18.0% |
| Pre-tax income | 728 | 747 | 370 | (414) | 685 | 949 | 930 | 718 | 811 | 895 |
| Income tax | 233 | 149 | 53 | (36) | 159 | 201 | 230 | 166 | 203 | 231 |
| Net income | 489 | 587 | 311 | (384) | 520 | 744 | 696 | 545 | 604 | 660 |
| EPS (diluted) | 4.04 | 4.83 | 2.56 | -3.15 | 4.24 | 6.02 | 5.65 | 4.40 | 4.84 | 5.32 |
| Diluted shares | 121 | 122 | 121 | 122 | 123 | 124 | 123 | 124 | 125 | 124 |
Who owns it