At a glance
Fair Isaac Corporation is worth $15.64B, about 27 times its fiscal 2025 earnings. Revenue grew 15.9% to $1.99B in fiscal 2025, with 32.7% kept as profit; over 5 years it has grown 9.0% a year. It pays no dividend; it spent $4.62B buying back its shares over FY2021–FY2025. The stock returned −56.4% over the past year with dividends reinvested and +13.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 50.9% in the 2020 crash (S&P 500: 33.7%) and 34.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 6 months after the lows.
The business in plain English
Fair Isaac (FICO), founded in 1956, sells two things: credit scores and software that helps businesses make decisions. Its signature product is the FICO Score, a three-digit number from 300 to 850 that estimates how likely a person is to pay debts on time. FICO says the score is used in most US credit decisions, by nearly all major banks, card issuers, mortgage lenders and auto lenders.
Scores made up 58.7% of the $1.99 billion in revenue for the fiscal year ended September 30, 2025. FICO doesn't gather the credit data itself. Its formulas run on files kept by the three national credit bureaus, Experian, TransUnion and Equifax. Lenders generally pay a bureau for each score, and the bureau pays FICO a fee. FICO also sells scores to consumers through its myFICO.com website.
The Software segment, 41.3% of revenue, sells tools for approving new accounts, managing customers and spotting fraud, plus consulting (4.1% of revenue). The software is usually sold as multi-year subscriptions, with fees tied to usage such as accounts or transactions, often with minimum payments. Clients can run it in the cloud or on their own servers. A growing share runs on FICO Platform, a modular system. The Americas produced 87% of revenue, Europe, the Middle East and Africa 8%, and Asia Pacific 5%.
Price history
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FICO -56.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Scores | $1.17B | 58.7% |
| On-premises and SaaS software | $740.1M | 37.2% |
| Professional services | $82.1M | 4.1% |
By business segment
| Scores | $1.17B | 58.7% |
| Software | $822.3M | 41.3% |
By geography
| Americas | $1.73B | 87% |
| EMEA | $159.8M | 8% |
| Asia Pacific | $98.7M | 5% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $674.2M, up 25.7% from a year earlier, and net income was $237.2M (+30.5%).
- For fiscal 2025, revenue was $1.99B (+15.9% year over year; +9.0% a year from FY2020 to FY2025) with a 32.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.0% good |
|---|---|
| Operating margin | 46.5% good |
| Free cash flow margin | 38.7% good |
| Return on assets (FY2025) | 34.9% good |
| Net cash (cash minus debt) | $-5.28B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.29B | $236.4M | $342.9M |
| FY2021 | $1.32B | $392.1M | $416.2M |
| FY2022 | $1.38B | $373.5M | $503.4M |
| FY2023 | $1.51B | $429.4M | $464.7M |
| FY2024 | $1.72B | $512.8M | $624.1M |
| FY2025 | $1.99B | $651.9M | $769.9M |
Valuation snapshot
| Market value | $15.64B |
|---|---|
| P/E ratio | 27.3 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Fair Isaac’s market value went from $3.69B at the end of 2016 to $15.64B on Nov 2, 2026, about 4.2 times as much; since the end of 2025 it is down 61%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $15.64B | -61.0% |
| 2025 | $40.08B | -17.3% |
| 2024 | $48.47B | +68.5% |
| 2023 | $28.77B | +92.4% |
| 2022 | $14.95B | +26.0% |
| 2021 | $11.86B | -20.2% |
| 2020 | $14.87B | +37.0% |
| 2019 | $10.85B | +100.4% |
| 2018 | $5.41B | +17.8% |
| 2017 | $4.59B | +24.6% |
| 2016 | $3.69B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FICO price data to Nov 2, 2026 | -57.2% | -56.4% | -7.0% | +13.1% | +20.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -57.2% |
| 2025 | -15.1% |
| 2024 | +71.0% |
| 2023 | +94.5% |
| 2022 | +38.0% |
| 2021 | -15.1% |
| 2020 | +36.4% |
| 2019 | +100.4% |
| 2018 | +22.1% |
| 2017 | +28.5% |
| 2016 | +26.7% |
| 2015 | +30.4% |
| 2014 | +15.2% |
| 2013 | +49.8% |
| 2012 | +17.5% |
| 2011 | +53.8% |
| 2010 | +10.1% |
| 2009 | +27.0% |
| 2008 | -47.3% |
| 2007 | -20.7% |
| 2006 | -7.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 69.8% over that stretch · deepest drop along the way 75.1%, back to its old high 35.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.5% over that stretch · deepest drop along the way 50.9%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.5% over that stretch · deepest drop along the way 34.8%, back to its old high 6.1 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 5 sales ($6.0M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Dec 17, 2025 | Steven P. Weber Executive Vice President & CFO | sell | $2.6M |
| Jul 29, 2026 | Eva Manolis Director | sell (plan) | $1.4M |
| Dec 12, 2025 | Eva Manolis Director | sell (plan) | $951K |
| Feb 25, 2026 | Eva Manolis Director | sell (plan) | $638K |
| Feb 13, 2026 | Joanna Rees Director | sell | $487K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.6% | Mar 31, 2025 |
| Vanguard Capital Management | 7.31% | Mar 31, 2026 |
| Capital Research Global Investors | 5.6% | Jun 30, 2026 |
| Capital International Investors | 5.4% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.31% | Mar 31, 2026 |
ETFs with the most weight in FICO
| FCTE SMI 3Fourteen Full-Cycle Trend ETF | 5.12% |
| USSE Segall Bryant & Hamill Select Equity ETF | 4.06% |
| CWS AdvisorShares Focused Equity ETF | 3.59% |
| AMID Argent Mid Cap ETF | 3.4% |
| TOLL Tema Monopolies and Oligopolies ETF | 3.14% |
| KMID Virtus KAR Mid-Cap ETF | 2.83% |
| XDAT Franklin Exponential Data ETF | 2.74% |
| ABFL Abacus FCF Leaders ETF | 2.57% |
What could go wrong
- Mortgage giants could reduce use of FICO Scores. If Fannie Mae and Freddie Mac, which buy and guarantee many US home loans, stopped or reduced using the FICO Score, FICO warns its revenue, profits and stock price could be seriously harmed.
- Regulators may limit mortgage score pricing. Regulators are paying closer attention to US home-loan closing costs. FICO says this may limit its ability to change prices for scores used in mortgages, and new laws or rules could hurt results.
- Heavy reliance on credit bureaus for distribution. FICO's business scores are mainly sold through the major credit bureaus, such as Experian, TransUnion and Equifax. FICO warns that strained relationships with distribution partners, including competition from them, could reduce revenue.
- Revenue concentrated in a few products. Scores alone were 58.7% of fiscal 2025 revenue. Free or cheap credit scores, including AI-based tools, the loss of key customers or industry consolidation could weaken demand for FICO's main products.
- Software strategy may not pay off. FICO is investing significant resources to move substantially all its software onto FICO Platform. Customers may resist cloud products or buying several products, and the shift could make software revenue and profits uneven.
- Tied to the health of lending. FICO's revenue depends largely on banking and consumer credit. Because lenders pay per score, a slowdown in lending or uncertainty in the banking industry would likely hurt results.
Recent events
- Restructuring or exit costs
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
FICO pays no dividend, so the stock produces no income. Retirees wanting cash from it would need to sell shares, possibly at low prices in a slump. The company returns cash by buying back its stock instead: $4.62 billion over fiscal 2021 to 2025, including $1.41 billion in fiscal 2025, well above that year's $770 million of free cash flow (cash left after costs and investment). The share count fell 23.9% between July 2021 and July 2026. FICO carried $5.58 billion of debt against $305 million of cash and investments as of June 30, 2026.
The stock has fallen hard in downturns. It dropped 75% in the 2008 financial crisis and took until February 2012 to recover. It fell 51% in the 2020 COVID crash and 35% in the 2022 bear market, recovering within months. As of October 28, 2026, it was down 58.7% year to date. Like any single stock, FICO carries more risk than a diversified fund.
Questions investors ask
How does FICO make money?
FICO makes most of its money from credit scores, with business software second. Scores brought in 58.7% of FICO's $1.99 billion revenue in the fiscal year ended September 30, 2025. Lenders generally pay a credit bureau for each FICO Score they pull, and the bureau pays FICO a fee. Consumers can also buy scores on myFICO.com. The Software segment, 41.3% of revenue, sells tools for approving accounts, managing customers and spotting fraud, usually as multi-year subscriptions priced on usage.
Is FICO a credit bureau?
No. FICO builds the scoring formulas, but it doesn't collect or store the consumer credit data behind them, apart from de-personalized data used for product development. That data is held by the three national credit bureaus: Experian, TransUnion and Equifax. FICO's algorithms run on their files to produce the FICO Score, a number from 300 to 850. In most cases FICO doesn't sell scores directly to lenders. The bureaus sell them and pay FICO a fee for each score.
Does Fair Isaac pay a dividend?
No. Fair Isaac paid no dividends in fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. Instead, the company returns cash by buying back its own shares. It spent $4.62 billion on buybacks over those five fiscal years. The share count fell 23.9% between July 2021 and July 2026. For an income investor, that means no cash payments: any return comes only from changes in the share price.
How much debt does FICO have?
FICO had about $5.58 billion of total debt as of June 30, 2026, against $305 million of cash and investments. That left net debt (debt minus cash) of roughly $5.28 billion. Shareholders' equity was negative $4.10 billion, meaning recorded liabilities exceeded recorded assets. Negative equity often follows years of large buybacks, and FICO spent $4.62 billion on them over fiscal 2021 to 2025. For scale, FICO produced $770 million of free cash flow in fiscal 2025. It also reported new debt obligations in March and June 2026.
How much has FICO stock fallen?
FICO shares were down 58.7% year to date as of October 28, 2026, and down 58.1% over the prior year. Within that year they dropped 67.9% from peak to trough. Sales were still growing: revenue for the quarter ended June 30, 2026 rose 25.7% from a year earlier. Longer-term returns look better, at an average of 12% a year over five years and 19.3% a year over 10 years. On October 28, 2026, the stock traded at 26.3 times fiscal 2025 earnings.