# TransUnion (TRU.US)

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

Analysis as of: 2026-10-16T07:32:32.142Z. Financial observations: FY2012–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: $74.12 per share; close as of 2026-10-15.

Estimated value: low $40.54 per share, central $45.60 per share, high $52.33 per share. Buy at or below the central value $45.60 per share. Valuation as of 2026-10-16T07:32:32.142Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% 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: 1

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.24×

- FY2018: 0.22×

- FY2019: 0.22×

- FY2020: 0.20×

- FY2021: 0.22×

- FY2022: 0.17×

- FY2023: 0.03×

- FY2024: 0.16×

- FY2025: 0.19×

- LTM to Jun 2026: 0.22×

### moat: fail

- Recent gross margin fell 6.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.3%

- ROIC, second-lowest year: 11.3%

- Typical minus recent gross margin: 6.6 pp

- Typical gross margin (annual median): 65.7%

- Recent gross margin (lower of latest and 3-year median): 59.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.7%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.5%

- FY2017: 27.5%

- FY2018: 17.7%

- FY2019: 17.4%

- FY2020: 16.8%

- FY2021: 15.7%

- FY2022: 11.3%

- FY2023: 2.7%

- FY2024: 14.0%

- FY2025: 18.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.48×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.2B

- Net income, five-year total: $2.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.2 pp

- Working capital / revenue, final three-year average: 12.9%

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

- FY2021: 1.11×

- FY2022: 1.83×

- FY2023: -0.04×

- FY2024: 1.78×

- FY2025: 1.55×

### 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: 17.7% vs 14.0%

- Per-share earnings: 0.65 to 1.45 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.7%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: $11B

- Cumulative retained earnings: $3.0B

- Diluted shares, 10-year annual growth: 1.7%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.4%

- Per-share value change: $0.79

- Per-share value, starting three-year median: $0.65

- Per-share value, ending three-year median: $1.45

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 0.8%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: $6.6B

- Cumulative net income, 10 years: $3.7B

- ROIC, first three-year median: 17.7%

- ROIC, last three-year median: 14.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.65

- FY2017: $2.32

- FY2018: $1.45

- FY2019: $1.81

- FY2020: $1.79

- FY2021: $7.20

- FY2022: $1.38

- FY2023: -$1.07

- FY2024: $1.45

- FY2025: $2.32

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 14.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.17×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.88×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.6%

- FY2017: -0.5%

- FY2018: -4.0%

- FY2019: -6.0%

- FY2020: -6.1%

- FY2021: 4.6%

- FY2022: -0.3%

- FY2023: -7.7%

- FY2024: -5.0%

- FY2025: -4.8%

## Holders

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

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

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 37% since Dec 2021 · "TransUnion (TRU) Flags A Surge In Auto Loan Fraud Losses" (finance.yahoo.com, Jul 2026) · sales +7%

Story as of 2026-10-16T09:59:43.552Z; price observation 2026-10-15.

Price needs cash profits to grow 7.4% a year for ten years

- 2025-05-12: TRU Q1 Earnings Call: Revenue Outpaces Expectations Amid Strategic Transformation and Cautious Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/tru-q1-earnings-call-revenue-093110463.html))

- 2025-07-25: TRU Q2 Deep Dive: Broad-Based Growth, New Product Momentum, and Guidance Raised ([finance.yahoo.com](https://finance.yahoo.com/news/tru-q2-deep-dive-broad-053128324.html))

- 2025-10-24: TransUnion (TRU): $139.6M One-Off Loss Clouds Profit Recovery Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/transunion-tru-139-6m-one-112549083.html))

- 2026-01-06: Equifax, TransUnion shares fall as Pulte targets credit pricing ([finance.yahoo.com](https://finance.yahoo.com/news/equifax-transunion-shares-fall-pulte-165748111.html))

- 2026-07-28: TransUnion Tops Second-Quarter Expectations and Increases Full-Year Forecast ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/transunion-tops-second-quarter-expectations-121712815.html))

### Sales · FY2025–2026

sales +7%; source https://www.sec.gov/Archives/edgar/data/1552033/000155203326000012/tru-20251231.htm; observed 2026-02-27.

- FY2017: $1.9B 

- FY2018: $2.3B 

- FY2019: $2.5B 

- FY2020: $2.5B 

- FY2021: $3.0B 

- FY2022: $3.7B 

- FY2023: $3.8B 

- FY2024: $4.2B 

- FY2025: $4.6B 

- FY2026: $4.9B 

### Gross margin · FY2025

gross margin 59.1%; source https://www.sec.gov/Archives/edgar/data/1552033/000155203326000012/tru-20251231.htm; observed 2026-02-27.

- FY2016: 66.0% 

- FY2017: 66.6% 

- FY2018: 65.9% 

- FY2019: 67.3% 

- FY2020: 66.3% 

- FY2021: 65.5% 

- FY2022: 62.7% 

- FY2023: 60.4% 

- FY2024: 60.0% 

- FY2025: 59.1% 

## Owner memo

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

### How it makes money

Operates in financial data & stock exchanges; annual sales are USD 4.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1552033/000155203326000012/tru-20251231.htm#000155203326000012 (filed 2026-02-27); FY2025: revenue 4576300000; grossProfit 2704300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRU.US: TransUnion operates as a global consumer credit reporting agency that provides risk and information solutions. The company operates in two segments, U.S. Markets and International. The U.S. Markets segment provides credit reporting, credit marketing, analytics and consulting, identity verification, and authentication and debt recovery solutions for financial services industry; and onboarding and transaction processing products, scoring and analytic products, marketing solutions, fraud and identity management solutions, and customer retention solutions, as well select market-specific solutions for insurance, technology, retail and e-commerce, telecommunications, media, tenant and employment screening, collections, and public sectors. It also offers credit reports, scores, and freezes credit monitoring, identity protection and resolution, and financial management for consumers, as well as helps businesses respond to data breach events through its own websites, as well as channels. The International segment offers credit reports, analytics, technology solutions, and other value-added risk management services; consumer services, which helps consumers to manage their personal finances; credit bureaus; and consumer and business credit reporting, insurance and auto information solutions, and commercial credit information services. This segment serves customers in financial services, retail credit, insurance, automotive, collections, public sector, and communications industries through direct and indirect channels. The company was formerly known as TransUnion Holding Company, Inc. and changed its name to TransUnion in March 2015. TransUnion was founded in 1968 and is headquartered in Chicago, Illinois.

### Why customers stay

Margins ranged from 59.1% to 60.4% during 2023–25; it earns 16.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 60.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 60%.

- Source: https://www.sec.gov/Archives/edgar/data/1552033/000155203326000012/tru-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 59.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.14473879214523896],[2017,0.2754430679864857],[2018,0.17742102510870614],[2019,0.17387284799397745],[2020,0.16801697743981236],[2021,0.1574465001879935],[2022,0.11257142316570175],[2023,0.026702527816503143],[2024,0.13952260621880377],[2025,0.1800431874719883]]; median 0.16273173881390293. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 11.5% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 124000000; owner earnings 261800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 135300000; owner earnings 543900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 0; upkeep 180100000; owner earnings 403400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 198500000; owner earnings 487000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 214100000; owner earnings 475900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 224200000; owner earnings 1543100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 298200000; cash acquisitions 524300000; owner earnings 487100000. Growth capex plus acquisitions / owner earnings = 1.076370355163211.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 310700000; cash acquisitions 36900000; owner earnings 7500000. Growth capex plus acquisitions / owner earnings = 4.92.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 315800000; cash acquisitions 0; owner earnings 506400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1552033/000155203326000012/tru-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 326000000; cash acquisitions 81300000; owner earnings 704200000. Growth capex plus acquisitions / owner earnings = 0.1154501562056234.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,350000000],[2017,248400000],[2018,41600000],[2019,56800000],[2020,57600000],[2021,69800000],[2022,77800000],[2023,81800000],[2024,82700000],[2025,90500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1552033/000155203326000012/tru-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 302000000 USD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRU.US SharesStats.PercentInsiders = 0.492 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.4% yearly over ten years; actual growth was 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.09367740561990778. Price 74.12; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9118705035971223 → FY2025 3.581892166836216. Closing-price date 2026-10-15.

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

- 2016-10: $31.24 per share

- 2016-11: $29.83 per share

- 2016-12: $30.93 per share

- 2017-01: $31.53 per share

- 2017-02: $37.09 per share

- 2017-03: $38.35 per share

- 2017-04: $40.03 per share

- 2017-05: $43.71 per share

- 2017-06: $43.31 per share

- 2017-07: $45.83 per share

- 2017-08: $47.86 per share

- 2017-09: $47.26 per share

- 2017-10: $52.49 per share

- 2017-11: $55.52 per share

- 2017-12: $54.96 per share

- 2018-01: $59.36 per share

- 2018-02: $57.07 per share

- 2018-03: $56.78 per share

- 2018-04: $64.91 per share

- 2018-05: $68.60 per share

- 2018-06: $71.64 per share

- 2018-07: $72.40 per share

- 2018-08: $75.30 per share

- 2018-09: $73.58 per share

- 2018-10: $65.75 per share

- 2018-11: $64.57 per share

- 2018-12: $56.80 per share

- 2019-01: $60.82 per share

- 2019-02: $64.56 per share

- 2019-03: $66.84 per share

- 2019-04: $69.65 per share

- 2019-05: $65.54 per share

- 2019-06: $73.51 per share

- 2019-07: $82.79 per share

- 2019-08: $83.65 per share

- 2019-09: $81.11 per share

- 2019-10: $82.62 per share

- 2019-11: $86.31 per share

- 2019-12: $85.61 per share

- 2020-01: $91.70 per share

- 2020-02: $88.92 per share

- 2020-03: $66.18 per share

- 2020-04: $78.79 per share

- 2020-05: $86.29 per share

- 2020-06: $87.04 per share

- 2020-07: $89.57 per share

- 2020-08: $86.72 per share

- 2020-09: $84.13 per share

- 2020-10: $79.66 per share

- 2020-11: $91.09 per share

- 2020-12: $99.22 per share

- 2021-01: $87.04 per share

- 2021-02: $84.21 per share

- 2021-03: $90.00 per share

- 2021-04: $104.59 per share

- 2021-05: $107.00 per share

- 2021-06: $109.81 per share

- 2021-07: $120.06 per share

- 2021-08: $121.53 per share

- 2021-09: $112.31 per share

- 2021-10: $115.29 per share

- 2021-11: $111.19 per share

- 2021-12: $118.58 per share

- 2022-01: $103.12 per share

- 2022-02: $90.76 per share

- 2022-03: $103.34 per share

- 2022-04: $87.52 per share

- 2022-05: $86.81 per share

- 2022-06: $79.99 per share

- 2022-07: $79.23 per share

- 2022-08: $73.87 per share

- 2022-09: $59.49 per share

- 2022-10: $59.27 per share

- 2022-11: $63.08 per share

- 2022-12: $56.75 per share

- 2023-01: $71.75 per share

- 2023-02: $65.43 per share

- 2023-03: $62.14 per share

- 2023-04: $68.81 per share

- 2023-05: $71.98 per share

- 2023-06: $78.33 per share

- 2023-07: $79.69 per share

- 2023-08: $81.22 per share

- 2023-09: $71.79 per share

- 2023-10: $43.88 per share

- 2023-11: $58.72 per share

- 2023-12: $68.71 per share

- 2024-01: $69.19 per share

- 2024-02: $77.63 per share

- 2024-03: $79.80 per share

- 2024-04: $73.00 per share

- 2024-05: $71.92 per share

- 2024-06: $74.16 per share

- 2024-07: $90.26 per share

- 2024-08: $96.81 per share

- 2024-09: $104.70 per share

- 2024-10: $101.30 per share

- 2024-11: $101.50 per share

- 2024-12: $92.71 per share

- 2025-01: $99.25 per share

- 2025-02: $92.43 per share

- 2025-03: $82.99 per share

- 2025-04: $82.96 per share

- 2025-05: $85.63 per share

- 2025-06: $88.00 per share

- 2025-07: $95.19 per share

- 2025-08: $88.40 per share

- 2025-09: $83.78 per share

- 2025-10: $81.18 per share

- 2025-11: $85.05 per share

- 2025-12: $85.75 per share

- 2026-01: $79.02 per share

- 2026-02: $78.55 per share

- 2026-03: $69.19 per share

- 2026-04: $71.00 per share

- 2026-05: $71.56 per share

- 2026-06: $72.14 per share

- 2026-07: $78.62 per share

- 2026-08: $84.91 per share

- 2026-09: $61.12 per share

- 2026-10: $74.12 per share

## Annual estimated value (USD per share)

- FY2016: low $6.95 per share, central $7.78 per share, high $8.87 per share

- FY2017: low $11.76 per share, central $13.30 per share, high $15.37 per share

- FY2018: low $21.25 per share, central $24.06 per share, high $27.80 per share

- FY2019: low $25.78 per share, central $29.15 per share, high $33.64 per share

- FY2020: low $29.38 per share, central $33.11 per share, high $38.08 per share

- FY2021: low $42.40 per share, central $46.97 per share, high $53.05 per share

- FY2022: low $42.15 per share, central $47.60 per share, high $54.85 per share

- FY2023: low $42.80 per share, central $48.41 per share, high $55.89 per share

- FY2024: low $33.57 per share, central $37.78 per share, high $43.38 per share

- FY2025: low $37.30 per share, central $41.90 per share, high $48.03 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/1552033/000155203326000012/tru-20251231.htm); period 2025-12-31, filed 2026-02-27.

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.