VOL. XCIV, NO. 247
WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES
TransUnion TRU
NYSEInformation servicesFinancials to Jun 30, 2026 · Updated Oct 6, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 0.9 | 0.8 |
| Securities | 0.0 | 0.0 |
| Debt | 5.1 | 5.6 |
| Net cash | -4.2 | -4.7 |
| Equity | 4.4 | 4.8 |
- Debt / EBITDA
- 3.67×
- Debt / equity
- 1.15×
- Leases (6/30/26)
- $74M
- Diluted shares
- 194M
- Book value / share
- $25.00
- Price / book
- 2.5×
- Net cash / share
- −$24.50
- Market cap
- $12.2B
- Enterprise value
- $17.0B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 14.9% | +5.4 pts | |
| Operating margin | 19.7% | +2.8 pts | |
| FCF margin | 23.3% | +4.5 pts | |
| Capex / revenue | 5.3% | -1.5 pts | |
| Financial Services revenue | $496M | – | |
| Emerging Verticals revenue | $354M | – | |
| India revenue | $65M | – | |
| Canada revenue | $46M | – | |
| Mortgage lenders adopting VantageScore 4.0 · 9/29/26 | ≥1,100 | – | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About TRU
TransUnion supplies consumer credit files, risk decisions, identity checks and marketing data. In 2025, Financial Services supplied about 37% of gross revenue, Emerging Verticals 29%, Consumer Interactive 13% and International 22%.
- Standards Registry
Nationwide consumer credit file registry; incumbency reinforced by the small number of nationwide bureaus and the need for broad, longitudinal credit histories for underwriting.
- Data Network Effects
Contributory credit data model and massive file scale: more participating furnishers and richer histories improve matching and analytic performance.
- Data Workflow Lockin
Embedded in lender decision workflows (origination, account management, fraud/ID).
- Scope Economies
Shared data assets and platform capabilities reused across multiple industry verticals; product and model development can be amortized over a broader base.
- Sep 29, 2026
TransUnion extended $0.99 standalone VantageScore 4.0 mortgage pricing through 2028, encouraging adoption while limiting score pricing upside.
- Sep 28, 2026
Malte Bernholz joined TransUnion as strategy and corporate development chief, placing platform expansion and capital deployment under a new leader.
- Sep 23, 2026
TransUnion announced CFO Todd Cello will step down on December 31, 2026; it began a successor search and reaffirmed guidance.
- Sep 9, 2026
FHFA opened VantageScore 4.0 use to all approved Fannie Mae and Freddie Mac lenders, widening the route for a competing mortgage score.
- Apr 1, 2026
TransUnion bought the mobile division of RealNetworks, adding telecom technology for detecting fraud and improving communications.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 9.24 | 10.18 | 12.14 | 12.84 | 13.17 | 15.34 | 19.21 | 19.81 | 21.27 | 23.28 | 25.28 | +10.8%/yr | |
| Cash flow | 2.11 | 2.45 | 2.93 | 3.71 | 3.73 | 3.93 | 1.56 | 3.34 | 4.23 | 5.02 | 5.69 | +10.1%/yr | |
| Earnings | 0.65 | 2.32 | 1.46 | 1.56 | 1.53 | 1.86 | 1.29 | -1.06 | 1.45 | 2.32 | 3.81 | +15.1%/yr | |
| Free cash flow | 1.44 | 1.74 | 1.99 | 2.72 | 2.66 | 2.77 | 0.01 | 1.73 | 2.63 | 3.37 | 4.07 | +9.9%/yr | |
| Capex | 0.67 | 0.71 | 0.94 | 0.98 | 1.07 | 1.16 | 1.54 | 1.61 | 1.61 | 1.66 | 1.63 | +10.6%/yr | |
| Dividends | 0.00 | 0.00 | 0.22 | 0.30 | 0.30 | 0.36 | 0.40 | 0.42 | 0.42 | 0.46 | 0.49 | – | |
| Book value | 7.38 | 9.10 | 9.90 | 11.71 | 13.22 | 20.25 | 21.59 | 20.72 | 21.44 | 22.58 | 25.00 | +13.2%/yr | |
| Diluted shares (M) | 185 | 190 | 191 | 192 | 192 | 193 | 193 | 193 | 197 | 197 | 194 | +0.7%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 1.7 | 1.9 | 2.3 | 2.5 | 2.5 | 3.0 | 3.7 | 3.8 | 4.2 | 4.6 | 4.9 | +11.6%/yr | |
| Operating income | 0.3 | 0.5 | 0.5 | 0.5 | 0.5 | 0.7 | 0.6 | 0.1 | 0.7 | 0.9 | 0.9 | +12.4%/yr | |
| Net income | 0.1 | 0.4 | 0.3 | 0.3 | 0.3 | 0.4 | 0.2 | -0.2 | 0.3 | 0.5 | 0.7 | +15.9%/yr | |
| Free cash flow | 0.3 | 0.3 | 0.4 | 0.5 | 0.5 | 0.5 | 0.0 | 0.3 | 0.5 | 0.7 | 0.8 | +10.7%/yr | |
| Buybacks | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.4 | +96.2%/yr | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | – | |
| Net cash | -2.2 | -2.3 | -3.9 | -3.4 | -3.0 | -4.5 | -5.1 | -4.9 | -4.5 | -4.2 | -4.7 | −$2.1B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 66.0 | 66.6 | 65.9 | 67.3 | 66.3 | 65.5 | 62.7 | 60.4 | 60.0 | 59.1 | 58.7 | -6.9 pts | |
| Operating margin | 17.6 | 24.0 | 22.1 | 22.0 | 19.8 | 22.0 | 16.9 | 3.4 | 15.9 | 18.7 | 18.7 | +1.1 pts | |
| Net margin | 7.1 | 22.8 | 12.0 | 12.1 | 11.6 | 12.1 | 6.7 | -5.4 | 6.8 | 10.0 | 15.1 | +2.9 pts | |
| FCF margin | 15.6 | 17.1 | 16.4 | 21.2 | 20.2 | 18.1 | 0.1 | 8.7 | 12.4 | 14.5 | 16.1 | -1.1 pts | |
| ROIC | 6.3 | 8.5 | 6.7 | 7.2 | 6.8 | 5.8 | 5.1 | 1.1 | 5.7 | 7.4 | 7.1 | +1.1 pts | |
| Return on equity | 8.8 | 25.5 | 14.7 | 13.3 | 11.6 | 9.2 | 6.0 | -5.1 | 6.7 | 10.3 | 15.2 | +1.4 pts | |
| Stock pay % of revenue | 1.4 | 1.7 | 2.5 | 2.0 | 1.8 | 2.3 | 2.2 | 2.6 | 2.9 | 3.2 | 3.1 | +1.8 pts | |
| Capex % of revenue | 7.3 | 7.0 | 7.8 | 7.6 | 8.1 | 7.6 | 8.0 | 8.1 | 7.5 | 7.1 | 6.4 | -0.1 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- U.S. Markets - Financial Services36.7%3 claims
- U.S. Markets - Emerging Verticals28.7%2 claims
- U.S. Markets - Consumer Interactive12.5%No moat
- International22.0%2 claims
Moat claims
- Applies to
- U.S. Markets - Financial Services
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Nationwide consumer credit file registry; incumbency reinforced by the small number of nationwide bureaus and the need for broad, longitudinal credit histories for underwriting.
Three nationwide bureaus remain central to U.S. lending; Financial Services reported $496.3 million Q2 2026 revenue, but score-price competition does not establish a stronger registry position.
- Financial Services revenue$496M
- Mortgage lenders adopting VantageScore 4.0≥1,100
- Regulatory reform reduces allowable uses of traditional credit reports
- Open banking / alternative data reduces reliance on bureau files
- Large-scale data breach or accuracy failures reduce trust and raise compliance costs
- SourceCFPB - List of consumer reporting companies (nationwide bureaus)Jan 30, 2025
- FilingTransUnion FY2025 Form 10-K (fiscal year ended Dec 31, 2025)Feb 27, 2026
- Applies to
- U.S. Markets - Financial Services
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Contributory credit data model and massive file scale: more participating furnishers and richer histories improve matching and analytic performance.
Financial Services Q2 2026 revenue reached $496.3 million, yet no updated file-match, predictive-performance or exclusive furnisher figures demonstrate a stronger data network.
- Financial Services revenue$496M
- Data furnishers reduce reporting cadence/coverage
- Regulators mandate greater portability/sharing that reduces differentiation
- Analytic model performance converges as datasets commoditize
- FilingTransUnion FY2025 Form 10-K (Business Overview)Feb 27, 2026
- FilingTransUnion FY2025 Form 10-K (Risk Factors - cybersecurity)Feb 27, 2026
- Applies to
- U.S. Markets - Financial Services
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Embedded in lender decision workflows (origination, account management, fraud/ID). Bundled suites and integration depth raise switching costs and support retention.
Substantial credit-customer migrations to OneTru were reported in Q2 2026; adoption by more than 1,100 mortgage lenders of VantageScore 4.0 adds a route into workflows, while multi-bureau sourcing still limits lock-in.
- Financial Services revenue$496M
- Mortgage lenders adopting VantageScore 4.0≥1,100
- Standardized decisioning platforms and APIs lower switching friction
- Large customers renegotiate aggressively and maintain multi-bureau sourcing
- Value capture shifts toward score providers and aggregators/resellers
- FilingTransUnion FY2025 Form 10-K (Business Overview)Feb 27, 2026
- NewsTransUnion Q2 2026 results (OneTru customer migrations)Jul 28, 2026
- Applies to
- U.S. Markets - Emerging Verticals
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Shared data assets and platform capabilities reused across multiple industry verticals; product and model development can be amortized over a broader base.
Emerging Verticals reported $353.9 million Q2 2026 revenue and the platform expanded into prescreen campaigns; no measured cross-sell or unit-cost series proves the scope advantage has widened.
- Emerging Verticals revenue$354M
- Vertical-specific specialists out-innovate generalist platforms
- Commoditization of identity and fraud tooling
- Regulatory constraints reduce reusability of data across use cases
- FilingTransUnion FY2025 Form 10-K (Business model / platform leverage)Feb 27, 2026
- FilingTransUnion FY2025 Form 10-K (Competition)Feb 27, 2026
- NewsTransUnion expands TruIQ Data Enrichment on Snowflake AI Data CloudJun 3, 2026
- Applies to
- U.S. Markets - Emerging Verticals
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
SaaS and real-time decisioning services integrate into customer processes (fraud, identity, screening) and can increase switching costs once embedded.
Emerging Verticals reported $353.9 million Q2 2026 revenue, but product renewal and retention rates are not disclosed, leaving no evidence of a material change in switching costs.
- Emerging Verticals revenue$354M
- API standardization reduces integration switching costs
- Customers bring decisioning in-house or consolidate vendors
- Price competition pushes buyers to rebid frequently
- FilingTransUnion FY2025 Form 10-K (Delivery models / SaaS)Feb 27, 2026
- Applies to
- International
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
In many countries, credit reporting functions as a national registry with few scaled participants; TransUnion holds top positions in several regions (e.g., Canada duopoly).
Canada Q2 2026 revenue reached $46.4 million and Mexico is now controlled; country-level bureau concentration remains, but acquisitions alone do not widen its existing registry advantage.
- Canada revenue$46M
- Country-level regulation changes or data localization requirements
- Macro volatility and FX moves reduce reported growth and pricing flexibility
- Open banking and new data sources change credit decision inputs
- FilingTransUnion FY2025 Form 10-K (Canada market position)Feb 27, 2026
- Applies to
- International
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
India: CIBIL brand and score is widely used in the Indian financial services industry, reinforcing a standard-setting position.
India Q2 2026 revenue was $65.1 million; management reported high-single-digit organic constant-currency growth, while currency reduced reported revenue. CIBIL remains widely used, with no new score-share evidence.
- India revenue$65M
- Regulators or industry adopt alternative scoring models
- Increased competition from other bureaus or fintech data platforms
- Changes to credit reporting standards or governance in India
- FilingTransUnion FY2025 Form 10-K (India / CIBIL)Feb 27, 2026
Profile change log
- Oct 6, 2026 · business change
TransUnion extended $0.99 standalone VantageScore 4.0 mortgage pricing through 2028, encouraging adoption while limiting score pricing upside.
- Oct 6, 2026 · business change
Malte Bernholz joined TransUnion as strategy and corporate development chief, placing platform expansion and capital deployment under a new leader.
- Oct 6, 2026 · business change
TransUnion announced CFO Todd Cello will step down on December 31, 2026; it began a successor search and reaffirmed guidance.
- Oct 6, 2026 · business change
FHFA opened VantageScore 4.0 use to all approved Fannie Mae and Freddie Mac lenders, widening the route for a competing mortgage score.
- Oct 6, 2026 · business change
TransUnion bought the mobile division of RealNetworks, adding telecom technology for detecting fraud and improving communications.
- Oct 6, 2026 · business change
TransUnion acquired an additional 68% of Buró de Crédito for about $662 million, taking ownership to about 94% and adding Mexico to consolidated revenue.
- Oct 6, 2026 · business change
The CFPB terminated the 2023 security-freeze and prescreen consent order after TransUnion fulfilled its obligations, closing that enforcement order.
- Oct 6, 2026 · business change
TransUnion acquired the remaining 70% of Monevo, gaining control of credit-offer matching and recognizing a $12.3 million remeasurement gain.
- Oct 6, 2026 · business change
The court dismissed the CFPB consumer-marketing lawsuit with prejudice, allowing TransUnion to release its $56 million reserve.
- Oct 6, 2026 · business change
TransUnion announced a UK goodwill impairment after weaker growth and outlook; it later restated the charge from $495 million to $414 million, showing lower expected returns on the UK business.
- Oct 6, 2026 · business change
TransUnion sold its healthcare business for $1.7 billion, removing healthcare operations from continuing earnings and helping fund debt repayment.
- Oct 6, 2026 · business change
TransUnion bought Sontiq for $638 million, expanding consumer identity protection beyond credit monitoring.
- Oct 6, 2026 · business change
TransUnion bought Neustar for $3.1 billion, extending identity resolution, fraud and marketing capabilities while increasing acquisition funding needs.
- Oct 6, 2026 · analyst revision
Seven existing moat claims now have sourced trajectories, a balanced investment debate, management facts and shared market profiles. Annual revenue weights replace quarter weights; no claim strength or consumer moat-status judgment changed.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
U.S. nationwide consumer credit reporting
Nationwide U.S. consumer credit files and reports supplied to lenders for underwriting, account management and prescreen marketing. Excludes independent credit-score licensing, standalone decision software, business credit databases and direct consumer monitoring.
- TransUnion
- Equifax
- Experian
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| TRU | 70 | 58.7% | 18.7% | |
| Industry median | 8 | 78 | 62.6% | 24.2% |
| Sector median | 49 | 73 | 61.3% | 34.1% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Mortgage and consumer-loan originations drive bureau pulls; lower borrowing rates can support applications and refinancing.
- Account management, fraud detection and prescreen marketing create demand beyond new lending, cushioning but not removing credit-cycle exposure.
- Trended files and alternative data can improve coverage of borrowers with thin histories.
- VantageScore 4.0 eligibility at Fannie Mae and Freddie Mac gives lenders a competing score and expands adoption opportunities.
- FICO royalty increases and lower-priced competing scores can compress the bureau share of mortgage economics.
- Lenders often source several bureaus and can move inquiry volume or renegotiate contracts.
- Credit tightening, weak housing affordability and lower originations reduce transactional demand.
- Reporting errors, cyber breaches, privacy rules and FCRA disputes impose costs and can weaken trust.
- Bi-merge policy changes could reduce bureau pulls per mortgage if implemented; the implementation date is still undetermined.
Bulls & bears
Can TransUnion turn its bureau data and OneTru platform into recurring cash growth faster than score royalties, debt costs and low-cost rivals absorb the gains?
Arguments
What to watch
- 1Financial Services revenue and U.S. product-and-fulfillment costs
- 2India and Canada revenue on reported and organic constant-currency bases
- 3Operating cash flow, cash capex and total debt
Next check: October 27, 2026 Q3 results, followed by the CFO successor appointment before the announced December 31 transition.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 70/100 by <a href="https://www.findmymoat.com/stocks/XNYS:TRU">Find My Moat</a> (as of September 2026)Request update
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