EFX Value Scorecard - Equifax

Value Scorecard · run 2026-10-18

13 value checks: 12 scored 1 to 5, plus moat evidence

39/60

moderate value score

Earnings & returns

EPS Trend

2/5

Diluted EPS: $5.65 (2022), $4.40 (2023), $4.84 (2024), $5.32 (2025). It ended at or below 2022; the framework scores that as 2.

ROE Trend

3/5

ROE (net income / common equity): 17.6% (2022), 12.0% (2023), 12.6% (2024), 14.3% (2025). Median 13.5%, lowest 12.0%; the framework scores a median 10-15% as 3.

ROIC

3/5

ROIC of 11.5%: operating income of $1.10B divided by $9.53B of capital (total assets $11.86B minus current liabilities $2.34B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 10-15% as 3.

Profit Margins

4/5

Net margin of 10.7%; the framework scores 10-20% as 4; gross margin 55.5%, operating margin 17.3%.

Balance sheet & cash

Debt-to-Equity

3/5

Debt-to-equity of 1.21; the framework scores 0.8-1.5 as 3 (total debt $5.47B, total cash $170.10M).

Free Cash Flow

5/5

Free cash flow (operating cash flow minus capital expenditure): $132.60M (2022), $515.50M (2023), $813.00M (2024), $1.13B (2025). It rose every year; the framework scores that as 5.

Retained Earnings

5/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $5.26B (2022), $5.61B (2023), $6.02B (2024), $6.45B (2025). It rose every year; the framework scores that as 5.

Valuation models

Graham IV

3/5

IV = EPS x (8.5 + 2g) x (4.4 / Y) = $5.68 x (8.5 + 2 x 10.0) x (4.4 / 4.5) = $158.28. Current price $161.25; price is 1.9% above the model value.

DCF Value

2/5

FCF/share = $8.065, stage 1 growth = 7.4% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $37.55, PV of terminal value = $105.30, DCF value = $142.85. Current price $161.25; price is 12.9% above the model value.

Margin of Safety

2/5

Graham value $158.28 (price is 1.9% above the model value); DCF value $142.85 (price is 12.9% above the model value).

Price-to-Book

2/5

P/B of 4.33; the framework scores 3.0-5.0 as 2.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 1 of 10 years (2016-2025); lowest -5.1%, highest 15.3%.

Gross margin, each year

Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.

Competition, in the company’s own words · 10-K filed Feb 19, 2026

The market for our products and services is highly competitive and is subject to constant change. Our competitors vary widely in size and in the nature of the products and services they offer. Sources of competition are numerous and include, but are not limited to, the following: • Competition in the Verification Services business is highly competitive with low barriers to entry and includes employers who manage

The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

5/5

Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $1.74B paid out against $2.60B of free cash flow (pass); total debt $5.79B to $5.09B, down 12.0%, 2.8x EBITDA (pass: not up more than 10%); shares outstanding 0.12B to 0.12B, down 1.7% (pass). 4 of 4 tests passed; the framework scores that as 5.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated

  Graham Formula:
    IV = EPS x (8.5 + 2g) x (4.4 / Y)
    EPS = $5.68, g = 10.0%, Y = 4.5
    IV = $158.28
    Current price $161.25 vs Graham value $158.28 — price is 1.9% above the model value.

  DCF:
    FCF/share = $8.065
    Stage 1 growth = 7.4% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
      Y1: $8.662 → PV $7.875
      Y2: $9.303 → PV $7.688
      Y3: $9.991 → PV $7.507
      Y4: $10.731 → PV $7.329
      Y5: $11.525 → PV $7.156
    Stage 1 PV sum = $37.55
    Terminal value at end of Y5 = $169.58
    PV of terminal value = $105.30
    DCF value = $142.85
    Current price $161.25 vs DCF value $142.85 — price is 12.9% above the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $161.25. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

Recent headlines · third-party publishers · not investment advice

In the news

Loading headlines...

The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.

EFX · Equifax

EFX price