Equifax

Equifax completed a heavy multi‑year cloud migration; capex is trending down from 2022–2024 levels, improving FCF conversion. 2024 operating cash flow was 1,324.5 million dollars with 511.5 million dollars of capex; H1 2025 capex declined versus H1 2024. The firm resumed significant capital returns: in April 2025 it authorized a new 3 billion dollar buyback and raised the dividend 28 percent; 127 million dollars was repurchased in Q2 2025. M&A has focused on bolt‑ons that deepen data moats (e.g., Boa Vista Serviços in Brazil).

SBC runs at about 82 million dollars per year, manageable versus cash generation, and share count is relatively stable. We view capital deployment as disciplined with a clear priority order: reinvest for product/data, then buybacks/dividends when leverage is appropriate.