{"schemaVersion":1,"research":true,"symbol":"efx","name":"Equifax","topic":"moat","path":"/stock/efx/moat","status":"published","version":3,"updatedAt":"2026-10-18T00:45:42.607Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Equifax has an evidenced data-asset advantage: The Work Number's growing payroll database and exclusive NCTUE operating rights support differentiated information products. These advantages support a narrow moat, but disclosed low entry barriers in verification services, customer termination rights and historical unit-price declines limit confidence in broader durability. Recent mortgage pricing contributed to revenue growth, although royalty costs and competitive pricing initiatives constrain pricing power.","advantages":[{"mechanism":"intangible_assets","claim":"The Work Number's accumulated payroll records and contributor relationships, together with exclusive rights to operate and manage the NCTUE database, provide differentiated data assets. Reported growth to 209 million active payroll records and approximately 4.9 million contributing employers supports a current advantage. The employment-status indicator illustrates a commercial application, although its claimed uniqueness is an issuer assertion. A self-reinforcing network effect or superior cost position is not established.","durability":"Accumulated records, contributor relationships and contractual exclusivity support persistence. However, the passages do not disclose NCTUE exclusivity duration, payroll-data exclusivity, competitor coverage or comparative data quality. Additional partnerships support potential expansion; their future record contribution is not yet demonstrated.","risks":"Verification Services explicitly has low barriers to entry, including direct employer and employee alternatives. Many material customer agreements allow termination for convenience. Licensed intellectual property creates supplier dependence, and higher mortgage royalties have already constrained margins. Data-accuracy investigations introduce an unresolved regulatory risk.","invalidation":"The thesis would weaken materially if active payroll records or contributing employers declined persistently, NCTUE exclusive rights expired or were lost, alternatives demonstrated comparable coverage and timeliness at lower prices, or regulatory restrictions impaired data collection or commercialization. Sustained customer losses and unit-price declines despite maintained data coverage would undermine the claimed economic value of differentiation.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e10"],"counterEvidenceIds":["e5","e6","e7","e8","e13","e20","e21"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"Proxy introductory business discussion: The Work Number active and total records","excerpt":"Jeremypreviously served as Managing Director of Mandiant,part of Google Cloud, where he led hundredsof cyber engagements for Fortune 100 and 500companies with a focus on mitigating emergingthreats, scaling security operations throughautomation and AI, and enhancing cyber resilience.The Work Number database reached 209 millionactive records, up 11% from 2024, with over 800million total records."},{"id":"e2","sourceId":"filing-3","location":"Proxy introductory business discussion: contributing employers and new partnership agreements","excerpt":"We now have approximately4.9 million employers contributing payroll recordsto The Work Number database, and signed 16 newpartnership agreements that will drive additionalrecord growth in 2026.Our Security maturity level has outperformedall major industry benchmarks for the last sixyears, with a 2025 National Institute of StandardsTechnology (NIST) Cybersecurity Framework (CSF)score of 4.4 – an increase from last year’s score of 4.3.We were recognized in the TIME Magazinelist of America’s Best Midsize Companies fororganizations based in the U.S."},{"id":"e3","sourceId":"filing-3","location":"Director qualifications: exclusive NCTUE database operating and management rights","excerpt":"Equifax Industry Knowledge. Equifax has exclusive rights to operate and manage the NCTUE database of more than 430 million telecommunications, pay TV, internet, home security and utility account records."},{"id":"e4","sourceId":"filing-3","location":"Accelerate Innovation and New Products: The Work Number Report Indicator","excerpt":"6 2026 Proxy Statement Table of Contents Accelerate Innovation and New ProductsThe Work Number Report IndicatorThe Work Number Report Indicator empowersmortgage lenders by delivering a first-inmarketEquifax credit report with an indicatorof employment status earlier in the mortgagequalification process that only Equifax can deliver.The solution notifies mortgage lenders upfrontif an applicant has a verification of income andemployment (VOIE) record on The Work Numberdatabase."},{"id":"e5","sourceId":"filing-1","location":"Business: Competition in Verification Services","excerpt":"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 verifications in-house, lenders who obtain verifications directly from employers, and numerous online and offline firms that provide verification services."},{"id":"e6","sourceId":"filing-1","location":"Risk factors: historical declines in per-unit pricing","excerpt":"Historically, certain of our key products have experienced declines in per unit pricing due to competitive factors and customer demand."},{"id":"e7","sourceId":"filing-1","location":"Risk factors: material customer agreement termination and renegotiation rights","excerpt":"Many of our material customer agreements can be terminated by the customer for convenience on limited advance written notice, which provides our customers with the opportunity to renegotiate their contracts with us or to award more business to our competitors."},{"id":"e8","sourceId":"filing-1","location":"Risk factors: dependence on intellectual property licensed from business partners","excerpt":"In addition, a significant portion of our revenue is derived from products and services that incorporate intellectual property licensed from key business partners."},{"id":"e9","sourceId":"filing-1","location":"Risk factors: long-standing customer relationships and unilateral termination exposure","excerpt":"We have long-standing relationships with a number of our customers and business partners, many of whom could unilaterally terminate their relationship with us or materially reduce the amount of business they conduct with us at any time."},{"id":"e10","sourceId":"filing-2","location":"MD&A: Workforce Solutions segment revenue, operating income and margins","excerpt":"Segment Financial Results Workforce Solutions Three Months Ended June 30, Change Six Months Ended June 30, Change Workforce Solutions 2026 2025 $ % 2026 2025 $ % (In millions) (In millions) Operating revenue: Verification Services $ 607.6 $ 567.1 $ 40.5 7 % $ 1,179.0 $ 1,069.3 $ 109.7 10 % Employer Services 97.8 95.0 2.8 3 % 209.5 211.4 (1.9) (1) % Total operating revenue $ 705.4 $ 662.1 $ 43.3 7 % $ 1,388.5 $ 1,280.7 $ 107.8 8 % % of consolidated revenue 41 % 43 % 41 % 43 % Total operating income $ 316.7 $ 307.3 $ 9.4 3 % $ 626.0 $ 571.4 $ 54.6 10 % Operating margin 44.9 % 46.4 % (1.5) pts 45.1 % 44.6 % 0.5 pts Workforce Solutions revenue increased by 7% and 8% for the second quarter and first six months of 2026, respectively, compared to the same periods in 2025."},{"id":"e11","sourceId":"filing-2","location":"MD&A: USIS revenue growth attributed to product pricing, volumes and diversified markets","excerpt":"The increase for both periods is due to growth in Online Information Solutions, which is due to growth in mortgage revenue, primarily due to product pricing and higher volumes, as well as growth in diversified markets revenue."},{"id":"e12","sourceId":"filing-2","location":"MD&A: USIS operating margin comparisons","excerpt":"USIS Operating Margin USIS operating margin decreased to 22.5% for the second quarter of 2026 from 22.6% for the second quarter of 2025 and decreased to 21.4% for the first six months of 2026 from 21.9% for the first six months of 2025."},{"id":"e13","sourceId":"filing-2","location":"MD&A: higher mortgage-related royalty costs","excerpt":"The margin decrease for both periods is primarily due to an increase in mortgage related royalty costs, partially offset by the aforementioned increases in revenue."},{"id":"e14","sourceId":"filing-2","location":"MD&A: consolidated operating performance and cash-flow indicators","excerpt":"The key performance indicators for the three and six months ended June 30, 2026 and 2025 were as follows: Key Performance Indicators Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions, except per share data) Operating revenue $ 1,700.1 $ 1,537.0 $ 3,349.0 $ 2,979.0 Operating revenue change 11 % 7 % 12 % 6 % Operating income $ 314.2 $ 310.8 $ 601.9 $ 546.7 Operating margin 18.5 % 20.2 % 18.0 % 18.4 % Net income attributable to Equifax $ 183.9 $ 191.3 $ 355.4 $ 324.3 Diluted earnings per share $ 1.54 $ 1.53 $ 2.96 $ 2.59 Cash provided by operating activities $ 339.8 $ 361.1 $ 581.7 $ 585.0 Capital expenditures* $ (129.8) $ (122.2) $ (246.5) $ (223.4) *Amounts include accruals for capital expenditures."},{"id":"e15","sourceId":"filing-2","location":"Consolidated statements of cash flows: first six months of 2026 and 2025","excerpt":"CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30, 2026 2025 (In millions) Operating activities: Consolidated net income $ 358.4 $ 326.4 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Depreciation and amortization 376.2 355.7 Stock-based compensation expense 60.5 46.6 Deferred income taxes 38.0 (7.3) Gain on sale of equity investment — (0.8) Changes in assets and liabilities, excluding effects of acquisitions: Accounts receivable, net (91.2) (69.0) Other assets, current and long-term (119.3) (24.8) Current and long term liabilities, excluding debt (40.9) (41.8) Cash provided by operating activities 581.7 585.0 Investing activities: Capital expenditures (255.4) (229.4) Cash received from divestitures — 0.8 Cash used in investing activities (255.4) (228.6) Financing activities: Net short-term borrowings (payments) 647.8 (115.9) Payments on long-term debt (276.4) — Treasury stock purchases (560.0) (127.4) Payment of share repurchase excise tax (8.3) — Dividends paid to Equifax shareholders (133.5) (110.5) Distributions paid to noncontrolling interests (5.6) (4.2) Proceeds from exercise of stock options and employee stock purchase plan 16.8 24.4 Payment of taxes related to settlement of equity awards (15.4) (13.2) Debt issuance costs (0.3) — Cash used in financing activities (334.9) (346.8) Effect of foreign currency exchange rates on cash and cash equivalents (2.1) 9.5 (Decrease) increase in cash and cash equivalents (10.7) 19.1 Cash and cash equivalents, beginning of period 180.8 169.9 Cash and cash equivalents, end of period $ 170.1 $ 189.0 See Notes to Consolidated Financial Statements."},{"id":"e16","sourceId":"filing-2","location":"Statements of shareholders' equity: actual share repurchases, issuance and outstanding shares","excerpt":"CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Unaudited) For the Six Months Ended June 30, 2026 Equifax Shareholders Accumulated Other Comprehensive Loss Stock Held By Employee Benefits Trusts Common Stock Shares Outstanding Amount Paid-In Capital Retained Earnings Treasury Stock Noncontrolling Interests Total Shareholders' Equity (In millions, except per share amounts) Balance, December 31, 2025 120.4 $ 236.6 $ 2,023.4 $ 6,445.1 $ (517.1) $ (3,577.8) $ (5.9) $ 19.5 $ 4,623.8 Net income — — — 355.4 — — — 3.3 358.7 Other comprehensive income — — — — 57.0 — — 1.0 58.0 Shares issued under stock and benefit plans, net of minimum tax withholdings 0.3 — (1.9) — — 3.4 — — 1.5 Treasury stock purchased under share repurchase program, including brokerage commissions and excise taxes* (3.1) — — — — (565.0) — — (565.0) Cash dividends ($1.12 per share) — — — (134.2) — — — — (134.2) Dividends paid to employee benefits trusts — — 0.7 — — — — — 0.7 Stock-based compensation expense — — 60.5 — — — — 60.5 Dividends paid to noncontrolling interests — — — — — — — (5.6) (5.6) Balance, June 30, 2026 117.6 $ 236.6 $ 2,082.7 $ 6,666.3 $ (460.1) $ (4,139.4) $ (5.9) $ 18.2 $ 4,398.4 * At June 30, 2026, approximately $1.5 billion was available for future purchases of common stock under our share repurchase authorization."},{"id":"e17","sourceId":"filing-3","location":"Proxy business discussion: patents secured or pending and free score-access offering","excerpt":"Equifax now hasmore than 400 AI patents either secured or pendingand added more than 40 new AI patents in 2025.We have led the market in supporting credit scoringcompetition and lowering mortgage costs in theU.S., offering free VantageScore access for customerspurchasing FICO scores through the end of 2026."},{"id":"e18","sourceId":"filing-3","location":"Proxy business discussion: March 2026 mortgage credit-score price offering","excerpt":"InMarch 2026, we made VantageScore® 4.0 mortgagecredit scores available for $1 – reducing loan acquisitioncosts for consumers to make the path to homeownershipmore affordable."},{"id":"e19","sourceId":"filing-1","location":"Business: Competition and low barriers in U.S. Employer Services","excerpt":"Competition in the U.S. Employer Services business is also highly competitive with low barriers to entry and includes in-house management of such services or the outsourcing of one or more of such services to numerous online and offline third-party outsourced providers; human resources consulting firms; human resources management services providers; payroll processors; accounting firms; and hundreds of smaller companies that provide one or multiple offerings that compete with our Employer Services business."},{"id":"e20","sourceId":"filing-2","location":"Legal proceedings: CFPB investigation into Workforce Solutions data accuracy and dispute handling","excerpt":"CFPB Matters In July 2023, we received a Civil Investigative Demand (a “CID”) from the Consumer Financial Protection Bureau (the “CFPB”) as part of its investigation into data accuracy and dispute handling at our Workforce Solutions business unit in order to determine whether we have followed the Fair Credit Reporting Act's requirements."},{"id":"e21","sourceId":"filing-2","location":"Legal proceedings: uncertainty about the CFPB investigation outcome","excerpt":"At this time, we are unable to predict the outcome of the CFPB's investigation, including whether the investigation will result in any actions or proceedings against us."},{"id":"e22","sourceId":"filing-1","location":"Stock compensation notes: granted executive performance shares linked to three-year relative shareholder return","excerpt":"Pursuant to the Omnibus Plans, certain executives have been granted performance shares pursuant to which the number of shares earned is dependent upon the Company’s three-year total shareholder return relative to the three-year total shareholder return of the companies in the S&P 500 stock index, as comprised on the grant date, subject to adjustment."},{"id":"e23","sourceId":"filing-1","location":"Stock compensation notes: granted executive performance shares linked to three-year adjusted EBITDA growth","excerpt":"In addition, certain executives have been granted performance shares pursuant to which the number of shares earned is dependent upon the Company's adjusted EBITDA growth over the three-year performance period."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation: approved 2026 non-CEO long-term incentive structure","excerpt":"This structure is broadly aligned with that of the 2026 LTI approved by the Committee for our NEOs other than the CEO, which consists of Adjusted EBITDA performance shares with a TSR modifier (weighted 50%) and time-based RSUs (weighted 50%), both subject to three-year cliff vesting and a two-year post-vesting holding period."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation: 2026 annual incentive revenue adjustment for mortgage score pricing differences","excerpt":"In order to avoid penalizing our leaders for negative impacts on operating revenue growth, the Committee determined that, under the 2026 AIP, corporate operating revenue will be increased by an amount calculated based on the total number of VantageScore mortgage credit scores sold in 2026 multiplied by the difference between the average price charged by Equifax for a FICO mortgage credit score and a VantageScore mortgage credit score."},{"id":"e26","sourceId":"filing-3","location":"Board governance: independent membership of standing committees","excerpt":"All of our standing Committees are comprised solely of independent directors."},{"id":"e27","sourceId":"filing-3","location":"Shareholder engagement: board actions and proposed advisory reduction of special-meeting threshold","excerpt":"Key Themes Discussed Equifax Actions Board Oversight of Artificial Intelligence Innovation • Enhanced our proxy statement disclosure to describe how the Board oversees AI-related risks and opportunities (see pages 53–57) • Enhanced our proxy statement disclosure to describe the evolution of our AI governance program, including AI risk management, controls and Board oversight (see “Responsible AI at Equifax” on pages 55–57) Executive Compensation • Approved a new compensation arrangement for our CEO, in consideration of shareholder feedback and the competitive environment (see “2025 CEO Compensation Arrangement” on pages 71–73) • Evaluated the design of our long-term incentive program for 2026 to strengthen retention and reinforce long-term equity ownership aligned with shareholder interests and feedback (see “Actions Taken With Respect to 2026 Compensation” on pages 87–88) Shareholder Rights • At the 2026 Annual Meeting, we are asking shareholders to approve a non-binding, advisory resolution calling on the Board to lower the ownership threshold to call a special meeting of shareholders from 100% to 25% (see Proposal 4 on page 128) • We recommend that shareholders vote “FOR” Proposal 4 Initiatives Related to Consumers • Published new proxy statement disclosure to explain how we are leveraging AI to responsibly expand access to credit (see “Responsible AI Innovation” on pages 56–57) • Published a reimagined U.S."},{"id":"e28","sourceId":"filing-1","location":"Cybersecurity: Audit and Technology Committee oversight and recurring reporting","excerpt":"In addition, the Audit and Technology Committees of the Board coordinate on risk management oversight with respect to cybersecurity, including through quarterly joint meetings that cover the following topics: •Regular reports from the internal audit department regarding the security and technology portions of the internal audit plan •Regular reports from our CISO and CTO regarding the cybersecurity control environment, including remediation updates, control posture analyses and other recurring items The Technology Committee of the Board oversees our information security program, including: •Reviewing with management our technology investments and infrastructure associated with risk management, including policies relating to information security, disaster recovery and business continuity •Receiving quarterly reports directly from our CISO, including updates on our enterprise cybersecurity threat level •Overseeing the engagement of outside advisors to review our cybersecurity program •Reviewing the results of our annual information security program maturity assessment performed by a third party •Reviewing the results of our annual security program risk assessment prepared by management The Audit Committee of the Board discusses with management our risk management policies and procedures, including: •Receiving regular quarterly reports from our Chief Risk, Privacy and Compliance Officer regarding our global privacy, risk management and compliance programs, which includes the results of second line testing of our security controls Management Oversight of Cybersecurity Risk Our information security program is managed through implementation, monitoring and continuous improvement of the security program with active participation of management as described below."},{"id":"e29","sourceId":"filing-1","location":"Independent auditor report: unqualified internal-control opinion as of December 31, 2025","excerpt":"We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 19, 2026 expressed an unqualified opinion thereon."},{"id":"e30","sourceId":"filing-3","location":"AI governance program: cumulative Equifax Cloud investment since 2018","excerpt":"AI Governance Program Since 2018, we have invested approximately $3 billion in building the Equifax Cloud, our cloud-native security and technology infrastructure."},{"id":"e31","sourceId":"filing-3","location":"Non-GAAP reconciliation: 2025 restructuring charges and headcount reduction","excerpt":"Charge related to the realignment of resources and other costs - During the year ended December 31, 2025, we recorded $49.9 million ($37.4 million, net of tax) of restructuring charges for the realignment of resources and other costs, which predominantly relate to the reduction of headcount to support the Company’s global strategic objectives."},{"id":"e32","sourceId":"filing-3","location":"Proxy technology discussion: planned full production release of Agentic AI Platform","excerpt":"Our Agentic AI Platform, slated for full production release in2026, is accelerating and standardizing the development, deployment, monitoring, andgovernance of AI agents across our business."}],"changes":["No comparable previous version."],"limitations":["The assessment uses only the supplied passages from filings dated February 19, March 27 and July 21, 2026; each date has dateKind filed. No retrieval date is treated as a publication date.","The competitor passages identify generic categories rather than named competitors for the data-asset advantage. FICO and VantageScore are named in score-offering passages, but those passages do not establish competitor coverage of payroll or NCTUE data; the advantage's competitors array is therefore empty.","Database scale and growth are reported operating achievements, while product uniqueness, security superiority and anticipated AI benefits remain issuer assertions. No comparative coverage study or independently verified customer-value measure is supplied.","The passages do not establish a network effect, superior unit costs, an efficient-scale market structure or substantial customer switching costs. Accounting values for purchased databases do not independently prove a moat.","Pricing contributions are described without a price-volume decomposition, royalty pass-through analysis or company-wide realized price series. The $1 offering establishes an available price, not realized sales or adoption.","Customer retention is assessed indirectly from long-standing relationships and segment demand. Renewal rates, churn, same-customer spending and customer-level switching costs are absent.","Actual executive equity grants and approved compensation structures are disclosed, but detailed management ownership and compliance with ownership requirements are not supplied. The special-meeting threshold change is an advisory proposal, not an established adopted change.","The evidence supports a current narrow advantage but does not establish exceptional durability or guaranteed protection against competition, regulation or loss of data access."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Reported payroll-record scale, millions of contributing employers and explicit NCTUE exclusive operating rights establish a meaningful current data advantage. The commercial indicator provides a concrete application. Comparative superiority and network effects remain unverified.","evidenceIds":["e1","e2","e3","e4"]},{"criterion":"durability","grade":2,"rationale":"Growing records and contributor relationships support persistence, but exclusivity duration is undisclosed. Low verification entry barriers and customer termination rights limit the demonstrated protection period.","evidenceIds":["e1","e2","e3","e5","e7"]},{"criterion":"customer_dependency","grade":2,"rationale":"Long-standing relationships, a workflow-specific information product and growing Verification Services revenue suggest continuing customer usefulness. This is indirect evidence of dependency; customers can often terminate on limited notice, and material switching costs are not demonstrated.","evidenceIds":["e4","e9","e10","e7"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Database expansion and Verification Services growth show continuing demand despite competition. Historical unit-price declines, low entry barriers, royalty pressure and an unresolved data-accuracy investigation provide meaningful offsets. The investigation is not treated as an established violation.","evidenceIds":["e1","e2","e10","e5","e6","e13","e20","e21"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Management attributes recent mortgage revenue growth partly to product pricing, providing observed positive pricing evidence alongside volumes. Historical per-unit declines establish adverse pricing outcomes elsewhere. Free score access and the $1 mortgage-score offering indicate competitive price positioning, but their realized sales impact is undisclosed.","evidenceIds":["e11","e6","e17","e18"]},{"criterion":"retention","grade":2,"rationale":"Long-standing customer relationships and rising Verification Services revenue support repeat demand indirectly. Growth does not isolate retention from new business, price or transaction volumes, and termination-for-convenience rights weaken contractual retention.","evidenceIds":["e9","e10","e7"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half Workforce Solutions margin improved from 44.6% to 45.1%, while its second-quarter margin declined. Consolidated first-half margin fell from 18.4% to 18.0%, and USIS margins declined because of higher mortgage royalties despite revenue growth. The combined evidence shows mixed resilience, not a moat inferred from margin levels.","evidenceIds":["e10","e12","e13","e14"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Many material customers can terminate for convenience on limited notice and use that right to renegotiate or shift business. Dependence on licensed intellectual property further constrains economic discretion. Actual score offerings show some ability to choose prices, but broad unilateral pricing rights or protected escalators are not disclosed.","evidenceIds":["e7","e8","e17","e18"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half operating cash flow of $581.7 million funded $255.4 million of cash capital expenditure, leaving $326.3 million before other uses. Buybacks and dividends totaled $693.5 million while net short-term borrowing less long-term repayments increased debt financing by $371.4 million. Shares outstanding declined, but cash conversion was flat and returns on the approximately $3 billion cloud investment are not isolated. These outcomes support a mixed assessment rather than assuming repurchases create value.","evidenceIds":["e15","e16","e30"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual executive grants use three-year relative shareholder return and adjusted EBITDA growth. The approved 2026 non-CEO structure combines performance shares and time-based shares with cliff vesting and holding requirements. However, adjusted metrics and a revenue adjustment insulating annual incentives from score-price differences weaken a simple alignment claim. Approval is not evidence of subsequent vesting or realized ownership.","evidenceIds":["e22","e23","e24","e25"]},{"criterion":"execution","grade":2,"rationale":"Payroll-record expansion, contributor growth and first-half revenue growth of 12% demonstrate operating progress. Operating income grew more slowly, operating cash flow was approximately flat and restructuring costs continued. Execution is assessed from these operating outcomes; planned AI-platform deployment is potential rather than a completed achievement.","evidenceIds":["e1","e2","e14","e15","e31","e32"]},{"criterion":"governance","grade":2,"rationale":"Independent standing committees, specified recurring cyber-risk oversight and an unqualified internal-control opinion support functioning governance processes. The disclosed 100% special-meeting ownership threshold limits shareholder rights; its proposed advisory reduction is not treated as adopted. The unresolved CFPB investigation warrants scrutiny without establishing misconduct or ineffective governance.","evidenceIds":["e26","e27","e28","e29","e20","e21"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"c411213bcbdd5c1c36e28ea0aac22b84d10c00bc6af9fe8e6763d054bced8fea","updatedAt":"2026-10-18T00:45:42.607Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/33185/000003318526000010/efx-20251231.htm","publishedAt":"2026-02-19","sha256":"4660f0d138b4ba667bfbf7a77c1a449274ee4b1ad5a70dd5c98fc5a4335043eb","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/33185/000003318526000028/efx-20260630.htm","publishedAt":"2026-07-21","sha256":"c1b501a53391771170d0884e3fe71c211ac6da12ca746ba0e336679e9a8f7bd7","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/33185/000119312526127556/d947238ddef14a.htm","publishedAt":"2026-03-27","sha256":"92ed657cda92c4bbfa73ad2368d1c66cf72bd10a139f14a8066fa0675cccce1a","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:3596cbcea9fc6c76fe55130758ad922a2bdf0efc779855439990932ef837ad9c","usage":{"input_tokens":53655,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":4075,"reasoning_output_tokens":197}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":59.76969475415829,"operating_margin":23.111761002457403,"roic":12.313538456481078,"fcf_margin":17.58362273807348,"sbc_revenue":1.1149698409797113},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":57.4948264417633,"operating_margin":20.61614150169849,"roic":8.765428197282992,"fcf_margin":2.58873140447464,"sbc_revenue":1.222131115536293},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":55.65030768061992,"operating_margin":17.731520170173972,"roic":7.350233090256269,"fcf_margin":9.790701207931322,"sbc_revenue":1.3636708956924715},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":55.6652760908979,"operating_margin":18.343278590413824,"roic":7.926541676557871,"fcf_margin":14.310608860960025,"sbc_revenue":1.4363415535723714},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":56.447444234093346,"operating_margin":18.02946744588032,"roic":8.472445438816592,"fcf_margin":18.673141822372212,"sbc_revenue":1.2906412050374518},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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