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Forensic Analysis · Professional & Commercial Services · as of Nov 9, 2026

Equifax Inc (EFX)

A forensic read on Equifax Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.6
Distress distance
Clean
Earnings quality
2
Forensic signals
14.0%
ROE
6.9%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Equifax Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.6, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

7.8%
FY2025
Return on invested capital. Return on invested capital is 7.8% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.3-point range. After-tax operating profit was $717M in FY2023 and $813M in FY2025, with operating income at 17.7% of revenue in FY2023, 18.3% in FY2024 and 18.0% in FY2025. The capital base behind it went from $11.0B in FY2023 to $10.4B in FY2025 (-5%), while the revenue it carried went from $5.3B to $6.1B.
102% of FCF
FY2025
Shareholder returns. Returned $1.2B to shareholders (buybacks + dividends) in FY2025 — 102% of free cash flow. That is $26M (2%) more than free cash flow covered. New debt covered it: total debt rose $83M over FY2025, while cash rose $11M. That ratio has been CLIMBING past free cash flow — 37% of free cash flow two years back — not just sitting there. Counting the $78M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 109%.

Key fundamentals

Latest Revenue$6.07B
Revenue Growth YoY+6.9%
Revenue CAGR (2yr)+7.4%
Net Margin10.9%
Free Cash Flow$1.13B
Return on Equity14.0%
Debt / Equity1.11x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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