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BUY
0
BUY 16
HOLD 3
SELL 0
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| PRICE TARGET: $1,593.56 DETAILS
HIGH: $1,950.00
LOW: $1,150.00
MEDIAN: $1,650.00
CONSENSUS: $1,593.56
UPSIDE: 28.52%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 1,990.9 1,717.5 1,513.6 1,377.3 1,316.5 1,294.6 1,160.1 1,032.5 932.2 881.4 838.8 789.0 743.4 676.4 619.7 605.6 630.7 744.8 822.2 825.4 798.7 706.2 629.3 392.4 329.1 298.0 276.9 245.5 199 148.7 113.9 90.3 66.7
Cost of Revenue 353.7 348.2 311.1 302.2 332.5 361.1 336.8 310.7 287.1 265.2 270.5 249.3 229.5 197.9 186.5 180.9 206.4 274.9 293.5 282.0 275.1 252.6 246.6 176.0 148.6 109.0 89.9 71.5 62.1 49.3 37.5 30 21.3
Gross Profit 1,637.1 1,369.3 1,202.5 1,075.1 984.1 933.4 823.2 721.8 645.0 616.2 568.2 539.7 514.0 478.5 433.2 424.7 424.3 469.9 528.8 543.4 523.6 453.6 382.7 216.4 180.6 189.0 187 174 136.9 99.4 76.4 60.3 45.4
Operating Expenses
R&D Expenses 188.3 171.9 159.9 146.8 171.2 166.5 149.5 128.4 110.9 103.7 98.8 83.4 67.0 59.5 62.1 73.6 73.6 77.8 70.6 85.0 81.3 71.1 67.6 74.0 28.3 29.8 29.7 29.1 17.6 7.8 4 4 0
SG&A Expenses 513.0 462.8 400.6 383.9 396.3 420.9 414.1 376.9 339.8 328.9 300.0 278.2 268.4 238.5 223.6 225.3 209.3 245.6 285.5 260.8 223.4 182.4 124.6 83.6 78.1 90.2 93.5 89.6 69.8 55.8 46.3 35.6 32.7
Other Expenses 10.9 0.9 (0.8) 2.1 (88.9) 50.0 6.1 6.6 17.2 14.0 31.9 16.2 17.0 12.1 20.1 12.5 24.6 24.2 24.1 44.9 25.9 20.3 16.3 11.6 2.1 5.0 1.8 14.9 11.8 0.1 2.2 4.9 4.5
Operating Expenses 712.3 635.7 559.7 532.7 478.6 637.5 569.7 511.9 465.2 446.6 430.7 377.8 352.4 310.1 305.9 311.4 307.5 347.6 380.3 390.7 330.6 273.8 208.5 169.3 108.5 125.1 125.1 133.6 99.2 75.8 59.1 44.5 37.2
Operating Income
Operating Income 924.9 733.6 642.8 542.4 505.5 296.0 253.5 175.4 182.2 169.6 137.5 161.9 161.6 168.4 127.3 113.3 116.7 122.3 148.5 152.7 193.0 179.9 174.2 47.1 72.1 44.6 46.4 40.4 37.7 29.6 19.9 15.8 8.2
Interest Expense 133.6 105.6 95.5 69.0 40.1 42.2 39.8 31.3 25.8 26.6 29.1 28.6 30.3 31.7 32.4 24.1 25.5 20.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0.1 0.3 2.2 1.7 4.7 8.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 951.2 761.5 663.8 560.7 538.8 329.5 287.4 218.4 218.3 202.8 172.3 194.3 195.4 189.2 154.0 147.3 161.5 172.8 200.1 221.1 247.5 231.0 230.3 87.2 97.2 69.0 63.8 55.3 49.5 37.5 26.1 20.7 12.7
EBIT 936.2 747.7 649.2 540.3 513.2 299.2 255.8 188.2 182.1 171.2 138.4 161.7 162.2 167.7 129.8 116.4 123.1 133.3 150.9 172.4 202.4 181.1 176.7 54.3 72.1 47.5 46.4 40.4 37.7 29.6 19.9 15.8 8.2
Income Before Tax 802.6 642.0 553.6 471.3 473.1 257 216.1 188.0 151.3 144.6 109.2 133.1 132.0 136.2 97.5 92.3 97.6 113.0 149.7 159.2 194.1 168.8 172.1 53.1 76.9 47.1 50.6 42.1 35.6 27.2 21.5 16.5 8.7
Income Tax Expense 150.6 129.2 124.2 97.8 81.1 20.6 23.9 45.6 23.1 35.1 22.7 38.3 41.9 44.2 25.9 27.8 32.1 31.8 45.0 55.7 59.5 66.0 65.0 35.2 30.7 19.4 20.6 17.8 14.9 11 8.8 6.5 3.4
Net Income 651.9 512.8 429.4 373.5 392.1 236.4 192.1 142.4 128.3 109.4 86.5 94.9 90.1 92.0 71.6 64.5 65.1 84.0 104.7 103.5 134.5 102.8 107.2 17.9 46.1 27.6 29.1 24.3 20.7 16.2 12.7 10 5.3
Per Share Data
EPS (Basic) 26.90 20.78 17.18 14.34 13.65 8.13 6.63 4.79 4.16 3.52 2.75 2.80 2.55 2.64 1.82 1.44 1.34 1.72 1.87 1.63 2.02 1.47 1.48 0.33 0.93 0.57 0.63 0.52 0.43 0.37 0.28 0.25 0.13
EPS (Diluted) 26.54 20.45 16.93 14.18 13.40 7.90 6.34 4.57 3.98 3.39 2.65 2.72 2.48 2.55 1.79 1.42 1.33 1.70 1.82 1.59 1.86 1.31 1.40 0.32 0.89 0.56 0.62 0.50 0.43 0.37 0.28 0.23 0.13
Shares Outstanding 24.2 24.7 25.0 26.0 28.7 29.1 29.0 29.7 30.9 31.1 31.4 33.9 35.3 34.9 39.4 44.9 48.7 48.9 56.1 63.6 66.6 69.9 72.4 54.8 49.5 48.1 47.5 46.5 47.9 46.9 46.4 39.6 40.6
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 134.1 150.7 136.8 133.2 195.4 157.4 106.4 90.0 105.6 75.9 178.2 129.7 159.9 249.5 96.8 24.6 39.5 20.7 14.2 13.2 8.2 8.3 11 5.2
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 139.7 57.0 139.4 255.9 184.4 13.8 19.1 5.2 0 0 0 0 0 0
Net Receivables 529.1 426.6 387.9 322.4 312.1 334.2 297.4 266.7 168.6 167.8 101.7 141.6 140.8 138.7 121.5 80.1 41.6 62.9 61 54.3 38.8 30.4 14.2 11
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8.0 0 0 0 22 0 0 0 0 0
Other Current Assets 41.9 40.1 31.7 0 0 0 0 0 0 0 0 0 10.9 6.8 8.0 5.2 37.0 12.5 5.4 14.3 15.1 8.3 13.1 15.8
Total Current Assets 705.2 617.4 556.4 484.7 551.0 534.1 455.7 338.5 310.9 267.6 442.6 351.7 466.1 667.9 428.2 134.3 137.2 101.3 102.6 81.8 61.5 47.8 38.3 32
Non-Current Assets
Property, Plant & Equipment 93.9 68.0 36.7 54.3 75.2 104.1 53.0 48.8 40.7 45.1 34.3 46.4 53.3 50.7 63.9 49.4 48.6 39.4 36.9 34.5 23.2 16.8 12.3 7.9
Goodwill 783.3 782.8 773.3 761.1 788.2 812.4 803.5 800.9 804.4 798.4 667.6 686.1 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 0 0 0.9 2.0 4.1 9.2 14.1 14.5 21.2 33.6 38.3 52.5 825.1 551.8 520.1 6.5 8.6 10.7 10.5 8.4 9.6 5 3.4 3.8
Long-Term Investments 54.6 45.3 33.0 25.6 33.2 26.6 21.9 19.8 25.5 21.9 72.4 84.5 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 112.5 117.9 115.8 102.5 95.6 105.3 79.2 36.3 5.7 6.3 10.6 8.4 79.2 184.1 156.4 121.3 46.9 59 39.6 20.5 19.3 18.7 16.9 10.5
Total Non-Current Assets 1,163.0 1,100.5 1,018.8 957.3 1,016.8 1,072.2 977.7 916.6 944.7 953.4 861.3 923.6 978.7 827.3 784.3 182.8 104.1 109.1 87 63.4 51.6 40.5 32.6 22.2
Total Assets 1,868.1 1,717.9 1,575.3 1,442.0 1,567.8 1,606.2 1,433.4 1,255.1 1,255.6 1,221.1 1,303.9 1,275.3 1,444.8 1,495.2 1,212.5 317.0 241.3 210.4 189.6 145.2 113.1 88.3 70.9 54.2
Current Liabilities
Account Payables 32.3 22.5 19.0 17.3 20.7 23.0 23.1 20.3 19.5 23.0 8.6 11.2 13.1 15.3 7.6 1.4 1.6 3.3 17.4 8.2 7.9 5.8 6 4.5
Short-Term Debt 399.5 15 50 30 250 95 218 235 142 77 0 0 0 0 0 0 0.4 0.4 0.4 0.4 0.4 0 0 0
Deferred Revenue 187.4 156.9 136.7 120.0 105.4 115.2 111.0 52.2 55.4 47.1 39.7 38.2 41.0 31.6 17.9 14.4 0 0 0 0 0 0 0 0
Other Current Liabilities 115.4 106.1 102.5 97.9 103.5 118.0 106.2 84.3 77.6 71.2 28.1 0 0 0 0 10.0 34.5 41.7 30 25.5 22.4 17.6 15.8 12.8
Total Current Liabilities 849.2 380.3 367.7 331.5 559.2 414.5 490.8 422.2 326.7 246.1 114.6 122.6 120.3 98.4 90.2 39.6 36.5 45.4 47.8 34.1 28.2 23.4 21.8 17.3
Non-Current Liabilities
Long-Term Debt 2,656.2 2,194.0 1,811.7 1,823.7 1,009.0 739.4 606.8 528.9 462.8 493.6 570 570 400 541.4 139.9 0 0 0.4 0.8 1.2 1.6 1.9 2.3 2.7
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2.7
Other Non-Current Liabilities 89.4 84.3 60.0 49.7 56.8 48.0 42.2 40.2 39.6 34.1 19.0 20.7 8.0 5.9 8.9 5.6 5.8 8.1 7.5 6.7 6 6.9 3.9 0
Total Non-Current Liabilities 2,764.7 2,300.3 1,895.6 1,912.5 1,119.5 860.6 652.9 569.1 502.4 528.1 589.0 590.7 408.0 547.3 148.8 5.6 5.8 8.5 8.3 7.9 6.6 8.8 6.2 5.4
Total Liabilities 3,613.9 2,680.6 2,263.3 2,244.0 1,678.7 1,275.2 1,143.7 991.3 829.1 774.2 703.6 713.3 528.3 645.6 239.0 45.2 42.3 53.9 56.1 42 34.8 32.2 28 22.7
Stockholders' Equity
Common Stock 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.5 0.5 0.7 0.5 0.5 0.2 0.2 0.1 0 0 0 0 0 0
Retained Earnings 4,552.8 3,900.9 3,388.1 2,958.7 2,585.1 2,193.1 1,956.6 1,764.5 1,598.4 1,471.4 886.3 825.1 417.2 319.3 216.0 200.7 155.9 129.5 100.7 77.5 58 42 30 20.8
Accumulated Other Comprehensive Income (92.0) (91.6) (102.1) (124.7) (75.9) (83.0) (90.1) (76.4) (66.5) (77.0) (17.4) 0.6 (3.9) (3.6) (7.2) 1.4 (0.6) (0.2) 0 0 0 0 0 0
Total Stockholders' Equity (1,745.8) (962.7) (688.0) (801.9) (110.9) 331.1 289.8 263.7 426.5 446.8 600.3 561.9 916.5 849.5 973.5 271.8 199.0 156.5 133.5 103.2 78.3 56.1 42.9 31.5
Total Liabilities & Equity 1,868.1 1,717.9 1,575.3 1,442.0 1,567.8 1,606.2 1,433.4 1,255.1 1,255.6 1,221.1 1,303.9 1,275.3 1,444.8 1,495.2 1,212.5 317.0 241.3 210.4 189.6 145.2 113.1 88.3 70.9 54.2
Debt Metrics
Total Debt 3,074.9 2,242.5 1,901.9 1,912.2 1,334.8 907.6 824.8 763.9 604.8 570.6 570 570 400 541.4 139.9 0 0.4 0.8 1.2 1.6 2 1.9 2.3 2.7
Net Debt 2,940.7 2,091.9 1,765.1 1,779.0 1,139.4 750.2 718.4 673.9 499.2 494.7 391.8 440.3 240.1 291.9 43.1 (24.6) (39.1) (19.9) (13) (11.6) (9.5) (7.2) (8.7) (2.5)
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income 651.9 512.8 429.4 373.5 392.1 236.4 192.1 126.5 133.4 109.4 134.5 102.8 107.2 17.9 46.1 27.6 30.0 24.3 20.7 17.4 12.8 10 5.3
Depreciation & Amortization 15.0 13.8 14.6 20.5 25.6 30.4 31.6 30.2 36.2 31.6 54.4 49.9 53.6 32.9 25.1 21.5 17.4 14.9 11.8 7.9 6.2 4.9 4.5
Stock-Based Compensation 156.7 149.4 123.8 115.4 112.5 93.7 83.0 74.8 61.2 55.5 1.6 1.6 3.0 1.4 0 0 0 0 0 0 0 0 0
Change in Working Capital (18.5) (20.5) (63.4) (35.9) (12.7) (41.3) (55.5) (8.4) (0.6) 13.5 (5.1) 14.4 (18.0) (8.5) (13.8) (15.9) (6.1) 5.4 (6.2) (3.8) (4.2) 3.2 (3.7)
Other Non-Cash Items 6.3 4.7 11.9 28.2 (87.6) 54.4 1.4 (10.6) 1.7 2.0 16.9 20.1 29.3 55.5 10.7 6.0 1.3 0.5 2.6 2.3 0 1.4 1.1
Operating Cash Flow 778.8 633.0 468.9 509.4 423.8 364.9 260.4 223.1 225.6 185.2 214.1 199.1 174.6 103.1 70.5 36.7 42.5 41.3 26.1 19.7 13.3 17.7 5.7
Investing Activities
Capital Expenditure (8.9) (25.6) (4.2) (6.0) (7.6) (22.0) (24.0) (31.3) (19.8) (22.0) (16.4) (23.2) (18.3) (23.4) (24.0) (22.6) (16.8) (15.7) (21.7) (13.5) (10.9) (5.3) (5.7)
Acquisitions 0 0 0 0 (0.2) 0 (15.9) 20 0 (5.6) (41.3) (284.7) (48.6) 0 0 0 (1.5) 0 0 0 0 0 0
Purchases of Investments (6.5) (18.4) (10.6) (10.0) (9.0) (6.1) (6.4) (6.0) (0.8) 0 (241.3) (738.2) (642.3) (189.9) (125.2) (14.4) (80.3) (33.5) (9.7) (10.8) (9.2) (15.8) (2.2)
Sales/Maturities of Investments 2.2 15.9 5.0 8.1 7.2 3.5 3.5 3.2 0 0 273.3 1,051.4 462.6 165.2 51.1 9.4 73.1 11 7.6 5.9 7.1 9.9 5
Other Investing Activities (30.5) (16.7) (6.1) 2.3 147.4 0.1 0 0 0 0 22.8 2.2 3.1 140.5 0 0 0 (3.3) 0.3 (2.8) (2.2) 0 (3.4)
Investing Cash Flow (43.7) (28.0) (16.0) (5.7) 137.8 (24.6) (42.8) (14.1) (20.6) (27.6) (2.9) (82.9) (153.9) 92.5 (98.1) (27.6) (25.5) (41.5) (23.5) (19.3) (15.3) (11.2) (6.3)
Financing Activities
Net Debt Issuance 856.2 343.0 5 591.9 421.3 6.4 59.1 157.2 34 (37) 0 (153.9) 391.5 0 (0.4) (0.4) (0.4) (0.4) (0.4) (0.4) (0.5) (0.5) (0.4)
Stock Repurchased (1,414.5) (821.7) (405.5) (1,104.2) (874.2) (235.2) (228.9) (342.6) (187.6) (138.4) (328.5) (101.1) (331.6) (144.4) (19.9) (0.0) (12.2) (0.1) (0.5) 0 (0.1) 0 0
Dividends Paid 0 0 0 0 0 0 0 0 (1.2) (2.5) (5.3) (4.7) (3.9) (2.6) (1.3) (1.1) (1.1) (1.1) (1) (1) (0.7) (0.8) (0.8)
Other Financing Activities (224.9) (139.2) (76.7) (50.9) (91.6) (102.9) (53.0) (44.2) (40.2) (30.0) 0 (0.2) 0 (0.1) (0.0) 0 0 0 0 0 0 (0.1) (0.1)
Financing Cash Flow (750.3) (592.9) (455.0) (547.2) (523.6) (289.4) (200.0) (218.6) (180.6) (165.0) (262.0) (206.4) 132.0 (123.4) 12.7 9.7 (10.5) 1.2 (0.9) (0.5) (0.7) (0.8) (0.4)
Cash Position
Net Change in Cash (16.5) 13.9 3.6 (62.2) 38.0 51.0 16.4 (15.6) 29.7 (10.2) (51.2) (89.6) 152.6 72.2 (14.9) 18.8 6.5 1 (0.9) (0.5) (2.7) (0.8) (0.4)
Cash at Beginning 150.7 136.8 133.2 195.4 157.4 106.4 90.0 105.6 75.9 86.1 134.1 249.5 96.8 24.6 39.5 20.7 14.2 13.2 11.5 8.3 11 5.2 6.1
Cash at End 134.1 150.7 136.8 133.2 195.4 157.4 106.4 90.0 105.6 75.9 82.9 159.9 249.5 96.8 24.6 39.5 20.7 14.2 10.6 7.8 8.3 4.4 5.7
Free Cash Flow 769.9 607.4 464.7 503.4 416.2 342.9 236.4 191.8 205.8 188.3 197.7 175.9 156.3 79.7 46.5 14.1 25.7 25.6 4.4 10.4 2.2 12.4 0
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 1,990.9 1,717.5 1,513.6 1,377.3 1,316.5 1,294.6 1,160.1 1,032.5 932.2 881.4 838.8 789.0 743.4 676.4 619.7 605.6 630.7 744.8 822.2 825.4 798.7 706.2 629.3 392.4 329.1 298.0 276.9 245.5 199 148.7 113.9 90.3 66.7
Gross Profit 1,637.1 1,369.3 1,202.5 1,075.1 984.1 933.4 823.2 721.8 645.0 616.2 568.2 539.7 514.0 478.5 433.2 424.7 424.3 469.9 528.8 543.4 523.6 453.6 382.7 216.4 180.6 189.0 187 174 136.9 99.4 76.4 60.3 45.4
Operating Income 924.9 733.6 642.8 542.4 505.5 296.0 253.5 175.4 182.2 169.6 137.5 161.9 161.6 168.4 127.3 113.3 116.7 122.3 148.5 152.7 193.0 179.9 174.2 47.1 72.1 44.6 46.4 40.4 37.7 29.6 19.9 15.8 8.2
Net Income 651.9 512.8 429.4 373.5 392.1 236.4 192.1 142.4 128.3 109.4 86.5 94.9 90.1 92.0 71.6 64.5 65.1 84.0 104.7 103.5 134.5 102.8 107.2 17.9 46.1 27.6 29.1 24.3 20.7 16.2 12.7 10 5.3
EPS (Diluted) 26.54 20.45 16.93 14.18 13.40 7.90 6.34 4.57 3.98 3.39 2.65 2.72 2.48 2.55 1.79 1.42 1.33 1.70 1.82 1.59 1.86 1.31 1.40 0.32 0.89 0.56 0.62 0.50 0.43 0.37 0.28 0.23 0.13
Balance Sheet
Cash & Equivalents 134.1 150.7 136.8 133.2 195.4 157.4 106.4 90.0 105.6 75.9 178.2 129.7 159.9 249.5 96.8 24.6 39.5 20.7 14.2 13.2 8.2 8.3 11 5.2
Total Assets 1,868.1 1,717.9 1,575.3 1,442.0 1,567.8 1,606.2 1,433.4 1,255.1 1,255.6 1,221.1 1,303.9 1,275.3 1,444.8 1,495.2 1,212.5 317.0 241.3 210.4 189.6 145.2 113.1 88.3 70.9 54.2
Total Debt 3,074.9 2,242.5 1,901.9 1,912.2 1,334.8 907.6 824.8 763.9 604.8 570.6 570 570 400 541.4 139.9 0 0.4 0.8 1.2 1.6 2 1.9 2.3 2.7
Stockholders' Equity (1,745.8) (962.7) (688.0) (801.9) (110.9) 331.1 289.8 263.7 426.5 446.8 600.3 561.9 916.5 849.5 973.5 271.8 199.0 156.5 133.5 103.2 78.3 56.1 42.9 31.5
Cash Flow
Operating Cash Flow 778.8 633.0 468.9 509.4 423.8 364.9 260.4 223.1 225.6 185.2 214.1 199.1 174.6 103.1 70.5 36.7 42.5 41.3 26.1 19.7 13.3 17.7 5.7
Capital Expenditure (8.9) (25.6) (4.2) (6.0) (7.6) (22.0) (24.0) (31.3) (19.8) (22.0) (16.4) (23.2) (18.3) (23.4) (24.0) (22.6) (16.8) (15.7) (21.7) (13.5) (10.9) (5.3) (5.7)
Free Cash Flow 769.9 607.4 464.7 503.4 416.2 342.9 236.4 191.8 205.8 188.3 197.7 175.9 156.3 79.7 46.5 14.1 25.7 25.6 4.4 10.4 2.2 12.4 0