# Equifax Inc. (EFX)

> Source: Nexqual · https://nexqual.com/EFX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Equifax Inc. (EFX), nexqual.com/EFX" · informational, not investment advice.

**Price:** USD 187.14 (+6.59% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 175.57 · day 178–188.29 · 52w 137.01–238.94 · market cap $22.0B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $6.59B, net income $743M (11.3% margin), free cash flow $1.10B (SEC filings).
- Valuation: P/E 29.6x (avg 49.9x at the last 3 fiscal year-ends), EV/EBITDA 13.5x, net debt $5.01B.
- 8 of 80 tracked superinvestors hold EFX (13F, Q2 2026): 1 new, 2 added, 4 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $14.9M; 0 not under a Rule 10b5-1 plan ($0K); 2 by opportunistic insiders (0 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.04 on a 1–5 scale) (24 analysts), mean target USD 198.4 (range 155–245).
- Total return with dividends: 1Y -18.2% vs S&P 500 +14.9%; 5Y -27.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-20, EPS estimate USD 2.13, revenue estimate $1.63B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.92B | $5.12B | $5.27B | $5.68B | $6.07B | $6.59B |
| Operating income | $1.14B | $1.06B | $934M | $1.04B | $1.10B | $1.24B |
| Net income | $744M | $696M | $545M | $604M | $660M | $743M |
| EPS (diluted) | $6.02 | $5.65 | $4.40 | $4.84 | $5.32 | — |
| Free cash flow | $866M | $133M | $516M | $813M | $1.13B | $1.10B |
| Operating margin | 23.1% | 20.6% | 17.7% | 18.3% | 18.0% | 18.8% |
| Net margin | 15.1% | 13.6% | 10.4% | 10.6% | 10.9% | 11.3% |
| Revenue growth | +19.3% | +4.0% | +2.8% | +7.9% | +6.9% | — |
| Cash + short-term investments | $225M | $285M | $217M | $170M | $181M | — |
| Total debt | $5.33B | $5.82B | $5.74B | $5.04B | $5.11B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 29.6x · P/S 3.3x · EV/EBITDA 13.5x · EV/Sales 4.1x · P/FCF 19.9x · P/B 4.9x · FCF yield 5.02% · Earnings yield 3.38% · Dividend yield (paid, TTM) 1.18% · Buyback yield (TTM) 5.24% · Net debt $5.01B · EV $27.0B
P/E at fiscal year-ends: Dec 2025 40.8x, Dec 2024 52.7x, Dec 2023 56.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
8 of 80 tracked investors hold EFX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Wallace Weitz | Weitz Investment Management | 2.11% | $30.5M | Added +2.3% |
| Bill Nygren | Oakmark Funds | 1.57% | $1.18B | Reduced -1.1% |
| Hillman Capital | Hillman Capital Management | 1.44% | $2.0M | Reduced -7.5% |
| Jensen Investment Management |  | 1.43% | $58.8M | Reduced -52.7% |
| AKO Capital |  | 0.50% | $21.3M | Reduced -66.7% |
| Vulcan Value Partners |  | 0.44% | $14.4M | New position |
| Thomas Gayner | Markel Group | 0.09% | $11.6M | Unchanged |
| Lindsell Train |  | 0.07% | $1.9M | Added +2.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Gamble John W Jr | EVP, CFO & COO | 4,500 | $846K | 6.1% | Yes | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-07-24 | Begor Mark W | CEO | 37,791 | $6.5M | 9.6% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-07 | Borton Chad M | EVP, Pres Workforce Solutions | 2,455 | $427K | 7.7% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Gamble John W Jr | EVP, CFO & COO | 3,500 | $618K | 4.5% | Yes | Routine (sold in May each year 2023–2025) |
| 2026-04-24 | Begor Mark W | CEO | 37,791 | $6.5M | 9.6% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.04 on a 1–5 scale), 24 analysts; mean target USD 198.4 (low 155, high 245).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Argus Research | Upgrade | Hold → Buy |  |
| 2026-10-21 | BMO Capital | Target raised | Market Perform | $160 → $175 |
| 2026-10-21 | Stifel | Target lowered | Buy | $235 → $217 |
| 2026-10-21 | Needham | Target raised | Buy | $190 → $210 |
| 2026-10-19 | Mizuho | Target lowered | Outperform | $210 → $185 |
| 2026-10-16 | Oppenheimer | Downgrade | Outperform → Perform |  |
| 2026-10-16 | RBC Capital | Target lowered | Outperform | $194 → $177 |
| 2026-10-13 | Morgan Stanley | Target lowered | Overweight | $225 → $205 |
| 2026-10-13 | Needham | Target lowered | Buy | $245 → $190 |
| 2026-10-02 | Barclays | Target lowered | Equal-Weight | $200 → $155 |
| 2026-09-30 | BMO Capital | Target lowered | Market Perform | $179 → $160 |
| 2026-09-22 | Wells Fargo | Target lowered | Overweight | $212 → $200 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -18.2% | -27.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -18.2% | -6.2% |
| Volatility (annualized) | 41.3% | 34.9% |
| Max drawdown | -40.6% (Oct 2025→Sep 2026) | -53.5% (Sep 2024→Sep 2026) |

## Peers (Consulting Services)
VRSK (Verisk Analytics, Inc.) USD 203.33 +5.71% · BAH (Booz Allen Hamilton Holding Cor) USD 78.57 +4.70% · FCN (FTI Consulting, Inc.) USD 157.59 +5.50% · HURN (Huron Consulting Group Inc.) USD 193.35 +5.47% · ICFI (ICF International, Inc.) USD 93.33 +3.76% · CRAI (CRA International,Inc.) USD 200.94 +9.59%

## More
Full page: https://nexqual.com/EFX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EFX's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/33185/000003318526000010/efx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Cybersecurity | "Cybersecurity incidents, and the adverse publicity that may follow, can have a negative impact on our reputation and our relationship with our customers." |
| Partner | Alphabet (Google) (GOOGL) | "Under our agreement with Google, we have agreed to purchase cloud platform services and cloud marketplace software and we have outsourced certain areas of our network and security infrastructure." |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Workforce Solutions | $693.9M | 41.0% | +6.9% | $306.3M | 44.1% |
| U.S. Information Solutions | $599.1M | 35.4% | +13.0% | $145.4M | 24.3% |
| International | $399.5M | 23.6% | +9.4% | $63.1M | 15.8% |
| Total revenue | $1.69B | 100% | — | $514.8M | 30.4% |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Verification Services | $603.2M | 35.6% | +9.0% |
| Online Information Solutions | $529.7M | 31.3% | +13.3% |
| Employer Services | $90.7M | 5.4% | -5.3% |
| Financial Marketing Services | $69.4M | 4.1% | +10.7% |
| Total revenue | $1.69B | 100% | — |
The lines above cover 76.4% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $4.66B | 76.7% | +7.7% |
| Other Countries | $498.3M | 8.2% | +4.4% |
| United Kingdom | $325.9M | 5.4% | +7.6% |
| Australia | $318.1M | 5.2% | +2.9% |
| Canada | $271.4M | 4.5% | +2.5% |
| Total revenue | $6.07B | 100% | — |

## Company outlook (8-K filed 2026-10-20)

- "Guidance of $8.50 per share, a reduction of only $0.04 per share at the midpoint and well within our previous Guidance range."
- "We are energized about the New Equifax and we expect to deliver higher growth, margins, and accelerating free cash flow, and returning cash to shareholders in the future." Financial Results Summary The Company reported revenue of $1,692.5 million in the third quarter of 2026, up 10 percent and 9 percent on a reported and local currency basis, respectively, compared to the third quarter of 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.13 | $2.23 | -4.7% | $1.63B | 19 |
| Next quarter (ends 2027-03-31) | $1.93 | $2.14 | -9.7% | $1.71B | 16 |
| Current fiscal year (ends 2026-12-31) | $8.50 | $8.56 | -0.7% | $6.67B | 23 |
| Next fiscal year (ends 2027-12-31) | $9.57 | $10.11 | -5.3% | $7.08B | 20 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 42.6% | ±9.6% |
| 2026-12-18 | 56 | 39.6% | ±12.5% |
| 2027-01-15 | 84 | 38.5% | ±14.8% |
| 2027-04-16 | 175 | 38.5% | ±21.1% |