1、CrispIdea|R E S E A R C HFair Isaac CorporationE Q U I T Y R E S E A R C H Technology|Software Application|Jul 03,2025Fair Isaac CorporationHigh-Margin Growth with a Moat in MotionWe maintain our recommendation of“BUY”for Fair Isaac Corporation and upgrade our TP to$2144.18 for FY26.This TP provides

2、 an upside potential of 13.24%over the CMP of$1893.45.Our TP is based on non-GAAP EPS of$36.29 for FY26,respectively,along with a forward P/E of 59.08x and adjusted EV/EBITDA of 46.5x for FY26.Our estimates are based on 1)Resurgent Scores Segment Anchored by Structural Leadership 2)Superior Profitab

3、ility,Cash Generation,and Shareholder Returns and 3)Software Platform Strategy Repositioning for Scalable GrowthResurgent Scores Segment Anchored by Structural Leadership:FICOs Scores segment continues to serve as the engine of the companys financial strength,offering both rapid growth and high-marg

4、in profitability.In the most recent quarter,Scores revenue climbed over 25%Y/Y,with business-to-business Scores revenue growing more than 30%.This performance was largely driven by a resurgence in U.S.mortgage originations,which saw a dramatic 48%rebound from the prior year.With mortgage scores typi

5、cally embedded into every home loan file,FICO benefits directly from increases in lending activity.The company is also gaining traction with its next-generation credit scoring model,FICO Score 10 T,which incorporates trended credit data to improve predictive power.Several top lenders have already en

6、rolled in the adoption program,covering a significant portion of U.S.mortgage origination volume.As regulatory agencies and government-sponsored enterprises move toward mandating the use of newer models,adoption of 10 T is expected to rise materially.FICO is actively expanding its footprint internat