Fair Isaac

Cash generation is robust with low capex and modest capitalized software. For the nine months ended June 30, 2025, operating cash flow was 555 million, capex 4.8 million, and capitalized internal-use software 21.8 million; adding Q4 FY24 yields TTM FCF of roughly 748 million.

Debt rose to about 2.8 billion after a 1.5 billion notes issuance and credit facility amendments, but interest is well covered and liquidity is adequate. The business carries a stockholders’ deficit from large buybacks, but this is supported by recurring, high-margin cash flows.

Risk is manageable, though leverage warrants monitoring through cycles.