Equifax Inc.

Equifax Inc. is an American data, analytics, and technology company that operates the largest employment-income verification database in the United States and one of the three major U.S. consumer credit bureaus, generating $6,074.5 million in revenue in fiscal 2025. The company serves financial institutions, employers, government agencies, and consumers across 21 countries, with its Workforce Solutions segment — anchored by the Work Number database of over 209 million active employment records — functioning as a deeply embedded utility in the American lending and employment ecosystem.

This is a story about data moats and the price the market pays for them. Equifax spent the decade after its 2017 cybersecurity breach rebuilding trust, modernizing infrastructure, and pivoting toward higher-value verification and analytics products. The cloud transformation is now in its final stages, the balance sheet carries $5.1 billion in gross debt, and the company is buying back stock at an aggressive pace. The market recognizes the franchise quality — at roughly 30 times trailing earnings, the multiple prices in durability — but the file turns on whether Workforce Solutions' data advantage proves as defensible over the next decade as it has been over the last one.