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Equifax Inc

EFXAbove value

Held by 10 superinvestors.

Price$190.56
Holders10
Total value$1.53B

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+6.9%
Net margin
10.9%
ROE
14.3%
FCF margin
18.7%
Revenue $4.13B → $6.07B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$72/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$191
cheaperpricier

Zero-growth floor

$61

Central IV

$72

Optimistic top

$85

Equifax Inc (EFX): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $61–$85 / sh. Today’s price sits above both (price $191 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Recent earnings are below the multi-year average, so the band uses the lower run-rate.

Revenue growth 0% (history declining, capped at zero) · moat 10 yr · discount 11.7% · Zero-growth downside $61

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $64.31 – $82.06 · Greenwald $84.72 – $84.72 (neutral $84.72) · zero-growth base $84.72 · reproduction $3.12

Moat Franchise (moat) · terminal value 33% of present value · owner-earnings yield 4% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$61.24 – $84.72 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 205% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$69.61 – $83.35 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 10.1–12.1% band (9–11% base + 1.1pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 205% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 1.1pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 5.3 years of owner earnings, adding 1.1pp of cost-of-equity risk premium.

Asset floor: Reproduction value = tangible net assets + acquired-intangible reset proxy, ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value: if the moat holds for 10 yr at ROIIC ≈ 1%, $0.00–$0.00 / sh (neutral $0.00). Conservative, not a forecast.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 5.3 years of owner earnings → +1.1pp cost-of-equity premium → effective 10.1%–12.1%.

Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 10.29%–13.13% (DGS10 +4.5% to a 12% strict end, each +1.13pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 16%.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 19.2% a year in owner-earnings for the next few years. Revenue actually grew 7.1% a year.

The market wants it well ahead of its own track record.

Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

10 holders · $1.53B combined · this quarter +2 opened / -1 exited

This quarter2 opened3 added3 trimmed1 exited
Holders 9 → 9 · last 8q
Exited this quarter (1)
William von Mueffling

SEC 13F · notes

Written summary

Equifax Inc (EFX) is held by 10 of the superinvestors tracked on Compounder, with a combined $1.53B in reported 13F value. The largest position belongs to Bill Nygren, where it makes up 1.6% of the portfolio.

Other notable holders by value include John Armitage (2.3% of its book), Wallace Weitz (2.1% of its book) and Nathaniel Simons (0.9% of its book).

Over the latest quarter, 2 of the tracked filers opened a new position in EFX, 3 added to existing ones, 3 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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