Equifax vs FTI Consulting

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KIRA’s take AI analyst

I put Equifax and FTI Consulting side by side, using each one’s latest annual report. Here is what stands out:

Equifax is the larger business, with $6.1B of revenue in fiscal 2025 against $3.8B for FTI Consulting, about 1.6 times as much.
Equifax grew revenue faster (6.9%, against 2.4%).
Equifax kept more of each dollar of sales as operating profit (18.0% operating margin, against 10.3%).
Equifax turned more of its sales into free cash flow (18.7% FCF margin, against 2.5%).
FTI Consulting earned a higher return on the capital invested in it (16.6%, against 8.5%).
Investors pay more for each dollar of Equifax’s earnings: a P/E of 28.4x against 19.1x for FTI Consulting.

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

Equifax

EFX

6/10

Revenue growthOperating marginNet marginFCF marginReturn on equityPiotroski F-score

FTI Consulting

FCN

4/10

5-year growthReturn on capitalNet debt / EBITDAShare count change

Side by side

Best in the row

Latest fiscal year	EFX FY25	FCN FY25
Size
Market cap	$20.8B	$4.6B
Revenue	$6.1B	$3.8B
Free cash flow	$1.1B	$93.6M
Net income	$660M	$271M
Growth
Revenue growth	6.9%	2.4%
5-year growth	8.0%	9.0%
Share count change	−0.6%	−8.3%
Profitability
Gross margin	—	32.1%
Operating margin	18.0%	10.3%
Net margin	10.9%	7.2%
FCF margin	18.7%	2.5%
Return on capital	8.5%	16.6%
Return on equity	14.1%	13.6%
Balance sheet
Net debt	$4.9B	$99.9M
Net debt / EBITDA	2.7x	0.2x
Dividends and buybacks	$1.2B	$859M
Valuation & quality
P/E	28.4x	19.1x
Piotroski F-score	6	4

Ten years

Revenue

FY16

EFX $3.1B

FCN $1.8B

FY17

EFX $3.4B

FCN $1.8B

FY18

EFX $3.4B

FCN $2.0B

FY19

EFX $3.5B

FCN $2.4B

FY20

EFX $4.1B

FCN $2.5B

FY21

EFX $4.9B

FCN $2.8B

FY22

EFX $5.1B

FCN $3.0B

FY23

EFX $5.3B

FCN $3.5B

FY24

EFX $5.7B

FCN $3.7B

FY25

EFX $6.1B

FCN $3.8B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

EFX FCN

Operating margin

FY16

EFX 26.2%

FCN 7.9%

FY17

EFX 24.7%

FCN 6.0%

FY18

EFX 13.1%

FCN 11.1%

FY19

EFX −9.6%

FCN 13.0%

FY20

EFX 16.4%

FCN 11.5%

FY21

EFX 23.1%

FCN 11.2%

FY22

EFX 20.6%

FCN 10.0%

FY23

EFX 17.7%

FCN 10.8%

FY24

EFX 18.3%

FCN 9.4%

FY25

EFX 18.0%

FCN 10.3%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

EFX FCN

Free cash flow

FY16

EFX $650M

FCN $205M

FY17

EFX $598M

FCN $116M

FY18

EFX $350M

FCN $198M

FY19

EFX −$85.8M

FCN $176M

FY20

EFX $525M

FCN $292M

FY21

EFX $866M

FCN $287M

FY22

EFX $133M

FCN $135M

FY23

EFX $516M

FCN $175M

FY24

EFX $813M

FCN $360M

FY25

EFX $1.1B

FCN $93.6M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

EFX FCN

Return on capital

FY16

EFX 12.9%

FCN 6.7%

FY17

EFX 12.2%

FCN 7.9%

FY18

EFX 6.8%

FCN 12.1%

FY19

EFX −4.7%

FCN 17.0%

FY20

EFX 9.0%

FCN 16.3%

FY21

EFX 12.3%

FCN 17.7%

FY22

EFX 8.7%

FCN 16.6%

FY23

EFX 7.3%

FCN 18.3%

FY24

EFX 7.9%

FCN 17.1%

FY25

EFX 8.5%

FCN 16.6%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

EFX FCN

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.