EFX
Equifax
Recurring SaaS
★ Quality 38/100Price today
$177.05
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See what it is worthcharlieapp.co
A monopoly position
This company has a competitive advantage so strong that its rivals find it practically impossible to replicate.
What this business is made of
The business
Equifax keeps your financial past and rents it out to whoever decides your future.
Equifax is one of the three big credit bureaus. It collects financial histories on hundreds of millions of people and companies, and sells them to banks, insurers and employers every time someone applies for a loan or a job. 2025 revenue: $6.1B, with 56% gross margin.
The data is the moat. No one can recreate decades of credit histories from scratch, and regulation makes entry more expensive. The Workforce Solutions segment —employment and income verification via The Work Number— holds data no competitor owns. It's a three-way oligopoly, not a free market.
Revenue history
From $4.9B to $6.1B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $6.1B · FY2025
Of every $100 in sales, $89 goes to costs and operations; $11 is left as net profit (11% margin).
Catalysts and risks
Workforce Solutions is growing double digits and already accounts for ~40% of revenue; mortgage verification recovers if rates drop in 2026.
End of the cloud capex cycle (~$1.5B invested): FCF should expand toward 2026-2027 as infrastructure spending falls.
Recovery of the U.S. mortgage market from multi-year lows directly leverages revenue.
$5.1B of debt against $0.2B of cash: little cushion if rates stay high and cyclical revenue weakens.
Revenue tied to the credit and mortgage cycle; in a recession, fewer loans means fewer inquiries.
Data breach risk is ever-present: the 2017 hack cost over $1.4B. They safeguard sensitive data on half the country.
Charlie's note
“A data oligopoly no one can recreate, with 56% margins that reveal the moat; but at 20x for a business growing 5%, you're paying upfront for years of quality. Excellent business, a multiple that demands patience.”
Analysis · June 2026
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