Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have always said we like businesses a bright ten-year-old could understand, and Equifax passes that test in about two sentences. The company keeps two enormous filing cabinets: one holds the credit histories of most American adults (plus consumers in 20-odd other countries), and the other — The Work Number — holds payroll records contributed by millions of employers. Every time somebody applies for a mortgage, a car loan, a credit card, an apartment, or a job, a lender or employer pays Equifax a few dollars to peek inside those cabinets. The data comes in mostly free; it goes out for a fee, millions of times a day. The company reports in three segments. In the second quarter of 2026 (10-Q filed July 2026): First-half 2026 revenue was $3,349.0M, up 12%. This is a transparent, understandable toll-road model.
Recent filings analysed: 8-K (2026-07-29), FWP (2026-07-22), 10-Q (2026-07-21), 8-K (2026-06-16).
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