# SS&C Technologies Holdings (SSNC.US)

Canonical: https://gigainvestors.com/s/SSNC

Analysis as of: 2026-10-16T07:32:06.278Z. Financial observations: FY2000–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $84.19 per share; close as of 2026-10-15.

Estimated value: low $70.51 per share, central $80.06 per share, high $92.76 per share. Buy at or below the central value $80.06 per share. Valuation as of 2026-10-16T07:32:06.278Z; scenarios are not confidence intervals.

Expected annual return: 9.6% at the stated quote. About 9.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.24×

- FY2018: 0.13×

- FY2019: 0.20×

- FY2020: 0.21×

- FY2021: 0.25×

- FY2022: 0.22×

- FY2023: 0.22×

- FY2024: 0.23×

- FY2025: 0.23×

- LTM to Jun 2026: 0.24×

### moat: pass

- ROIC, median of available years: 23.8%

- ROIC, second-lowest year: 16.7%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 47.7%

- Recent gross margin (lower of latest and 3-year median): 48.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 9.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 41.4%

- FY2018: 7.4%

- FY2019: 16.7%

- FY2020: 18.9%

- FY2021: 25.4%

- FY2022: 20.9%

- FY2023: 22.2%

- FY2024: 29.1%

- FY2025: >100%

- LTM to Jun 2026: 30.3%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.73×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $6.3B

- Net income, five-year total: $3.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 3.5 pp

- Working capital / revenue, change between three-year averages: 24.7 pp

- Working capital / revenue, final three-year average: 52.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.66×

- FY2022: 1.71×

- FY2023: 1.69×

- FY2024: 1.81×

- FY2025: 1.78×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 23.3% vs 29.1%

- Per-share earnings: 0.64 to 3.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.9%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: $15B

- Cumulative retained earnings: $3.7B

- Diluted shares, 10-year annual growth: 2.9%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 21.4%

- Per-share value change: $2.36

- Per-share value, starting three-year median: $0.64

- Per-share value, ending three-year median: $3.00

- Buybacks concentrated in cheaper years (correlation): 0.62

- Average buyback yield: 2.0%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $11B

- Cumulative net income, 10 years: $5.2B

- ROIC, first three-year median: 23.3%

- ROIC, last three-year median: 29.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.64

- FY2017: $1.55

- FY2018: $0.42

- FY2019: $1.66

- FY2020: $2.35

- FY2021: $2.99

- FY2022: $2.48

- FY2023: $2.39

- FY2024: $3.00

- FY2025: $3.15

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 0.39×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 14.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.19×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: -2.6%

- FY2018: -3.3%

- FY2019: -5.3%

- FY2020: -3.5%

- FY2021: -3.6%

- FY2022: -2.9%

- FY2023: -3.4%

- FY2024: -3.3%

- FY2025: -4.6%

## Holders

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Von Mueffling](https://gigainvestors.com/cc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 1.5% a year for ten years · sales +4.7%

Story as of 2026-10-16T09:59:37.812Z; price observation 2026-10-15.

Price needs cash profits to grow 1.5% a year for ten years

- 2025-05-12: SSNC Q1 Earnings Call: International Growth and AI Initiatives Drive Upbeat Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/ssnc-q1-earnings-call-international-114609419.html))

- 2026-04-25: SSNC Q1 Deep Dive: Technology-Enabled Services and AI Initiatives Drive Consistent Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ssnc-q1-deep-dive-technology-012523532.html))

### Sales · FY2025–2026

sales +4.7%; source https://www.sec.gov/Archives/edgar/data/1402436/000119312526076745/ssnc-20251231.htm; observed 2026-02-26.

- FY2017: $1.7B 

- FY2018: $3.4B 

- FY2019: $4.6B 

- FY2020: $4.7B 

- FY2021: $5.1B 

- FY2022: $5.3B 

- FY2023: $5.5B 

- FY2024: $5.9B 

- FY2025: $6.3B 

- FY2026: $6.6B 

### Gross margin · FY2026

gross margin 48.1%; source https://www.sec.gov/Archives/edgar/data/1402436/000119312526076745/ssnc-20251231.htm; observed 2026-02-26.

- FY2017: 47.1% 

- FY2018: 40.0% 

- FY2019: 43.6% 

- FY2020: 44.9% 

- FY2021: 47.7% 

- FY2022: 47.6% 

- FY2023: 48.2% 

- FY2024: 48.7% 

- FY2025: 48.2% 

- FY2026: 48.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 6.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1402436/000119312526076745/ssnc-20251231.htm (filed 2026-02-26); FY2025: revenue 6272200000; grossProfit 3021600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SSNC.US: SS&C Technologies Holdings, Inc., together with its subsidiaries, provides software products and software-enabled services to financial services and healthcare industries in the Americas, Europe, the Middle East, Africa, and Asia Pacific. The company owns and operates technology stack across securities accounting; front-office functions, such as trading and modeling; middle-office functions comprising portfolio management and reporting; back-office functions, such as accounting, performance measurement, reconciliation, reporting, processing and clearing, and compliance and tax reporting; and healthcare solutions consisting of claims adjudication, benefit management, care management, and business intelligence solutions. It also offers software-enabled services, such as SS&C GlobeOp, Global Investor and Distribution Solutions, SS&C Retirement Solutions, Calastone, Managed Services, Data Solutions, ALPS Advisors, and Virtual Data Rooms, as well as pharmacy, healthcare administration, and health outcomes optimization solutions. In addition, the company provides portfolio management, operations, and accounting software; trading software; intelligent automation solutions; banking and lending solutions, as well as research, analytics, risk, and training solutions. The company also provides professional services that includes consulting and implementation services consisting of initial system installation, conversion of historical data, and ongoing training and support, as well as product support services. SS&C Technologies Holdings, Inc. was founded in 1986 and is headquartered in Windsor, Connecticut.

### Why customers stay

Margins ranged from 48.2% to 48.7% during 2023–25; it earns 23.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 48.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 48.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1402436/000119312526076745/ssnc-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 48.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2017,0.4135667396061269],[2018,0.07357299993355969],[2019,0.16735486020398313],[2020,0.18939905560784354],[2021,0.2542005637681941],[2022,0.20865044448137635],[2023,0.2224012770404621],[2024,0.29103911227037144],[2025,1.2146905760591529],[2026,0.3033858422859592]]; median 0.2383009204043281. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 48% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1402436/000119312526076745/ssnc-20251231.htm (filed 2026-02-26); Gross margin observations: [[2021,0.47699465452385664],[2022,0.47611205754306263],[2023,0.4819001235734535]]; range within 2 percentage points.

### Where the cash goes

Reinvests 74.1% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 37547000; cash acquisitions 457500000; owner earnings 322132000. Growth capex plus acquisitions / owner earnings = 1.420225249276694.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 45974000; cash acquisitions 17400000; owner earnings 520090000. Growth capex plus acquisitions / owner earnings = 0.03345574804360784.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 89100000; cash acquisitions 7066700000; owner earnings 532600000. Growth capex plus acquisitions / owner earnings = 13.268306421329328.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 130400000; cash acquisitions 94100000; owner earnings 1083300000. Growth capex plus acquisitions / owner earnings = 0.08686421120649866.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 106400000; cash acquisitions 116000000; owner earnings 1244100000. Growth capex plus acquisitions / owner earnings = 0.09324009324009325.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 136600000; cash acquisitions 7300000; owner earnings 1330800000. Growth capex plus acquisitions / owner earnings = 0.005485422302374512.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 208300000; cash acquisitions 1636200000; owner earnings 1113500000. Growth capex plus acquisitions / owner earnings = 1.4694207453973955.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 251500000; cash acquisitions 34100000; owner earnings 1026000000. Growth capex plus acquisitions / owner earnings = 0.033235867446393765.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 61400000; cash acquisitions 647100000; owner earnings 1379200000. Growth capex plus acquisitions / owner earnings = 0.46918503480278423.

- Source: https://www.sec.gov/Archives/edgar/data/1402436/000119312526076745/ssnc-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 80800000; cash acquisitions 1052000000; owner earnings 1419900000. Growth capex plus acquisitions / owner earnings = 0.7408972462849497.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,50140000],[2017,54357000],[2018,70900000],[2019,107700000],[2020,136100000],[2021,174000000],[2022,203100000],[2023,220900000],[2024,244900000],[2025,253800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1402436/000119312526076745/ssnc-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 1036000000 USD.

### Are managers owners

Insiders own 14.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SSNC.US SharesStats.PercentInsiders = 14.427000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.5% yearly over ten years; actual growth was 19.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.009108465531480703. Price 84.19; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9210407761294108 → FY2025 5.610035559067562. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $31.93 per share

- 2016-11: $30.01 per share

- 2016-12: $28.60 per share

- 2017-01: $32.13 per share

- 2017-02: $35.02 per share

- 2017-03: $35.40 per share

- 2017-04: $36.74 per share

- 2017-05: $37.58 per share

- 2017-06: $38.41 per share

- 2017-07: $38.76 per share

- 2017-08: $38.71 per share

- 2017-09: $40.15 per share

- 2017-10: $40.20 per share

- 2017-11: $41.29 per share

- 2017-12: $40.48 per share

- 2018-01: $50.28 per share

- 2018-02: $49.52 per share

- 2018-03: $53.64 per share

- 2018-04: $49.65 per share

- 2018-05: $50.91 per share

- 2018-06: $51.90 per share

- 2018-07: $53.07 per share

- 2018-08: $59.34 per share

- 2018-09: $56.83 per share

- 2018-10: $51.16 per share

- 2018-11: $48.15 per share

- 2018-12: $45.11 per share

- 2019-01: $51.49 per share

- 2019-02: $61.58 per share

- 2019-03: $63.69 per share

- 2019-04: $67.66 per share

- 2019-05: $55.65 per share

- 2019-06: $57.61 per share

- 2019-07: $47.95 per share

- 2019-08: $46.61 per share

- 2019-09: $51.57 per share

- 2019-10: $52.01 per share

- 2019-11: $60.05 per share

- 2019-12: $61.40 per share

- 2020-01: $63.01 per share

- 2020-02: $55.50 per share

- 2020-03: $43.82 per share

- 2020-04: $55.16 per share

- 2020-05: $57.90 per share

- 2020-06: $56.48 per share

- 2020-07: $57.50 per share

- 2020-08: $63.72 per share

- 2020-09: $60.52 per share

- 2020-10: $59.22 per share

- 2020-11: $68.89 per share

- 2020-12: $72.75 per share

- 2021-01: $62.88 per share

- 2021-02: $66.28 per share

- 2021-03: $69.87 per share

- 2021-04: $74.22 per share

- 2021-05: $73.87 per share

- 2021-06: $72.06 per share

- 2021-07: $78.39 per share

- 2021-08: $75.66 per share

- 2021-09: $69.40 per share

- 2021-10: $79.47 per share

- 2021-11: $76.33 per share

- 2021-12: $81.98 per share

- 2022-01: $79.87 per share

- 2022-02: $74.97 per share

- 2022-03: $75.02 per share

- 2022-04: $64.66 per share

- 2022-05: $63.99 per share

- 2022-06: $58.07 per share

- 2022-07: $59.17 per share

- 2022-08: $55.76 per share

- 2022-09: $47.75 per share

- 2022-10: $51.42 per share

- 2022-11: $53.76 per share

- 2022-12: $52.06 per share

- 2023-01: $60.35 per share

- 2023-02: $58.70 per share

- 2023-03: $56.47 per share

- 2023-04: $58.54 per share

- 2023-05: $54.96 per share

- 2023-06: $60.60 per share

- 2023-07: $58.25 per share

- 2023-08: $57.42 per share

- 2023-09: $52.54 per share

- 2023-10: $50.25 per share

- 2023-11: $56.26 per share

- 2023-12: $61.11 per share

- 2024-01: $61.02 per share

- 2024-02: $63.76 per share

- 2024-03: $64.37 per share

- 2024-04: $61.89 per share

- 2024-05: $62.05 per share

- 2024-06: $62.67 per share

- 2024-07: $72.95 per share

- 2024-08: $75.09 per share

- 2024-09: $74.21 per share

- 2024-10: $69.93 per share

- 2024-11: $77.34 per share

- 2024-12: $75.78 per share

- 2025-01: $80.95 per share

- 2025-02: $89.05 per share

- 2025-03: $83.53 per share

- 2025-04: $75.60 per share

- 2025-05: $80.81 per share

- 2025-06: $82.80 per share

- 2025-07: $85.48 per share

- 2025-08: $88.66 per share

- 2025-09: $88.76 per share

- 2025-10: $84.92 per share

- 2025-11: $85.94 per share

- 2025-12: $87.42 per share

- 2026-01: $81.89 per share

- 2026-02: $75.29 per share

- 2026-03: $67.57 per share

- 2026-04: $69.30 per share

- 2026-05: $67.52 per share

- 2026-06: $62.05 per share

- 2026-07: $77.05 per share

- 2026-08: $82.97 per share

- 2026-09: $77.07 per share

- 2026-10: $84.19 per share

## Annual estimated value (USD per share)

- FY2016: low $17.54 per share, central $19.89 per share, high $23.04 per share

- FY2017: low $24.08 per share, central $27.38 per share, high $31.78 per share

- FY2018: low $38.72 per share, central $50.82 per share, high $59.39 per share

- FY2019: low $50.13 per share, central $68.78 per share, high $80.60 per share

- FY2020: low $45.18 per share, central $51.35 per share, high $59.57 per share

- FY2021: low $69.06 per share, central $97.38 per share, high $114.06 per share

- FY2022: low $52.81 per share, central $59.92 per share, high $69.38 per share

- FY2023: low $56.53 per share, central $64.15 per share, high $74.29 per share

- FY2024: low $61.17 per share, central $69.36 per share, high $80.26 per share

- FY2025: low $74.94 per share, central $83.40 per share, high $94.65 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1402436/000119312526076745/ssnc-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.