Experian plc (EXPN) — Company Research
Last Updated: 7 June 2026
Experian plc is a FTSE 100 global data and technology company best known as one of the world’s largest credit bureaux. It combines proprietary data, analytics and software to help businesses lend, prevent fraud and market more effectively (its B2B business) and helps over 215 million consumers manage their financial lives (Consumer Services). Although London-listed, Experian reports in US dollars and runs a 31 March financial year. On 14 May 2026 it reported record results for the year to 31 March 2026 (FY26), with revenue of US$8,445m and Benchmark EBIT of US$2,397m. Despite the beat, the shares fell as investors weighed whether generative artificial intelligence could disrupt demand for traditional credit and data services. This report draws on Experian’s own filings and the public record. Follow the price on our Live Charts and scheduled catalysts on the Economic Calendar.
1. Company Snapshot
| Field | Value |
|---|---|
| Company | Experian plc |
| Primary listing / ticker | London Stock Exchange (EXPN) |
| Index | FTSE 100 |
| Sector | Data & technology / credit information & analytics |
| CEO / Leadership | Brian Cassin (Chief Executive Officer); Lloyd Pitchford (Chief Financial Officer) |
| Headquarters | Dublin, Ireland (corporate); reporting currency US dollars |
| Employees | ~23,300 across 32 countries |
| Financial year end | 31 March |
| Market cap | ~£23.5bn (~US$30bn), June 2026 |
| FY26 revenue | US$8,445m |
| FY26 net income (statutory, attributable) | ~US$1.48bn (basic EPS USc164.5) |
| FY26 dividend per share | USc69.25 |
| Share price (June 2026) | ~2,620p |
Experian is led by Chief Executive Brian Cassin, with Lloyd Pitchford as Chief Financial Officer. The company employs around 23,300 people, is headquartered in Dublin and generated about two-thirds of FY26 revenue in North America.
2. Bull & Bear Case
Bull Case
- Proprietary-data moat: Over 90% of revenue is derived from proprietary data, a foundation Experian argues is hard to replicate and well suited to embedding AI across its solutions.
- Consistent high-single-digit organic growth: FY26 delivered 8% organic and 13% total revenue growth, with Benchmark EBIT up 15% and margin expanding 50bps to 28.6%.
- Scaling Consumer Services: Now over 215 million free members globally, with FY26 organic growth of 9% and 220bps of margin expansion as marketplaces and new revenue streams scale.
- Strong returns and capital return: Post-tax ROCE of 17.2%, a fresh US$1bn buyback to June 2027 and an 11% dividend increase to USc69.25.
- AI as a productivity lever: Management cites a c.10–15% uplift in coding productivity and an identified US$15bn-plus of AI-enabled addressable market across Health, agentic commerce and embedded marketplaces.
Bear Case
- AI disruption fears: Investors worry generative AI could weaken demand for traditional credit checking and data services; the shares fell roughly 19% in the first months of 2026 and slid further on the FY26 print.
- Premium valuation: Experian still trades at a premium earnings multiple, leaving scope for de-rating if growth or sentiment weakens.
- Regulatory and data-security exposure: As a credit bureau handling highly sensitive data, Experian faces stringent regulation and the ever-present risk of a costly data breach.
- Macro and credit-cycle sensitivity: Demand for credit decisioning, marketing and lending data is linked to the health of consumer and business credit markets.
- Currency and emerging-market exposure: Reporting in US dollars with a sizeable Brazilian business introduces translation and macro volatility (FY26 finance results included large non-cash FX swings on Brazilian funding).
3. Business Segments
Experian reports by geographic region, spanning two business lines (B2B and Consumer Services). Percentages are of FY26 ongoing-activities revenue (US$8,425m).
| Segment | % of revenue | What it is |
|---|---|---|
| North America | 66% | Largest region; credit, fraud, analytics, Health and Automotive data plus Consumer Services marketplaces (FY26 revenue US$5,587m, Benchmark EBIT margin 34.2%). |
| Latin America | 15% | Brazil-led credit, fraud and consumer services including Limpa Nome debt renegotiation (FY26 revenue US$1,297m, margin 30.8%). |
| UK and Ireland | 11% | Credit, marketing and decisioning data plus consumer credit services (FY26 revenue US$942m, margin 23.4%). |
| EMEA and Asia Pacific | 7% | Emerging and developed-market bureaux and analytics, including the integrated illion business in Australia/New Zealand (FY26 revenue ~US$599m, margin 6.7%). |
4. Business Model & Moat
How it makes money. Experian operates two business lines. B2B (around two-thirds of revenue) combines differentiated proprietary datasets with analytics and software (platforms such as Ascend) to address client workflows in lending, fraud prevention and marketing; Financial Services is its largest vertical at just over half of group revenue. Consumer Services monetises a large free-membership base through credit marketplaces, premium subscriptions and partner solutions.
Where the moat comes from. The durable advantage rests on proprietary data accumulated over decades (over 90% of revenue is proprietary-data driven), deep integration into regulated lending and decisioning workflows where accuracy, explainability and compliance are critical, and scale that funds continuous data and product investment. In FY26 a top-account renewal cohort in North America renewed at a 100% rate with longer durations and double-digit value uplifts.
Capital allocation. Experian funds bolt-on acquisitions (US$792m in FY26, including AtData, KYC360 and ClearSale), a progressive dividend (USc69.25, +11%) and buybacks (US$725m executed in FY26 plus a new US$1bn programme), within a 2–2.5x net-debt-to-EBITDA framework.
5. Financial Health
All figures below are taken from Experian’s results announcements. The group reports in US dollars; the most recent reported period is the year to 31 March 2026 (FY26). Revenue is shown on a statutory basis.
| Year | Revenue (US$m) | YoY % | GAAP EPS | Adjusted EPS (Benchmark, USc) | Dividend/share | Net debt (US$bn, YE) |
|---|---|---|---|---|---|---|
| FY22 (Mar 2022) | 6,288 | — | — | 124.5 | USc51.75 | — |
| FY23 (Mar 2023) | 6,619 | +5.3% | USc84.2 | 135.1 | USc54.75 | — |
| FY24 (Mar 2024) | 7,097 | +7.2% | USc131.3 | 145.5 | USc58.50 | — |
| FY25 (Mar 2025) | 7,523 | +6.0% | USc127.6 | 156.9 | USc62.50 | ~4.6 |
| FY26 (Mar 2026) | 8,445 | +12.3% | USc164.5 | 179.8 | USc69.25 | ~5.1 |
Experian reports half-yearly rather than quarterly. The table below shows the two halves of FY26 (ongoing-activities revenue) with the full-year total in bold, most recent half first.
| Quarter / Half | Revenue (US$m) | Adjusted EPS (Benchmark, USc) | GAAP EPS |
|---|---|---|---|
| H2 FY26 | 4,367 | 94.8 | — |
| H1 FY26 | 4,058 | 85.0 | — |
| FY26 total | 8,425 | 179.8 | USc164.5 |
FY26 Benchmark EBIT was US$2,397m at a 28.6% margin, Benchmark EBITDA was US$3,010m, and statutory profit before tax rose 26% to US$1,951m. Cash generated from operations was US$2,875m and Benchmark free cash flow was US$1,583m. Net debt to Benchmark EBITDA finished the year at 1.7x and post-tax ROCE was 17.2%.
6. Valuation
Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Market cap | ~£23.5bn (~US$30bn); ~896m shares at ~2,620p |
| Enterprise value | ~US$35bn (market cap ~US$30bn + net debt ~US$5.1bn per FY26 balance sheet) |
| Trailing P/E (GAAP) | ~20.5x (price ~US$33.8 / basic EPS US$1.645, at GBP/USD ~1.29); ~18.8x on Benchmark EPS US$1.798 |
| P/E (forward) | ~16.8x (on FY27 consensus; management guiding double-digit Benchmark EPS growth) |
| P/S (TTM) | ~3.6x (market cap ~US$30bn / revenue US$8,445m) |
| EV/EBITDA (TTM) | ~11.8x (EV ~US$35bn / Benchmark EBITDA US$3,010m) |
| P/FCF | ~19x (market cap ~US$30bn / Benchmark FCF US$1,583m; operating cash flow US$2,239m − capex US$726m ≈ US$1.51bn per FY26 cash flow statement) |
| 52-week high | 4,101p |
| 52-week low | 2,353p |
| Dividend yield | ~2.0% (USc69.25 ≈ 53.6p / ~2,620p) |
| Short interest (% of float) | — not separately published for this period; no individual net short position at or above the FCA 0.5% disclosure threshold is recorded on the UK short-position register |
| Days to cover | — not applicable (no disclosed short position) |
7. Growth Drivers
Experian’s growth strategy centres on expanding its addressable markets and embedding new products into client and consumer workflows. Management highlights several drivers: continued scaling of Consumer Services and marketplaces (now 215 million-plus members); B2B platform expansion through Ascend, alternative data, fraud prevention and the Health vertical (Patient Access Curator); new product revenue, with US$2bn generated from new and scaling products in FY26; AI-enabled productivity gains lowering labour costs as a share of revenue; and bolt-on acquisitions adding data and capabilities (AtData, KYC360, ClearSale and, after year-end, the AI mortgage platform Own Up). Experian also cites over US$15bn of identified AI-enabled addressable market across Health, agentic commerce, Ascend expansion and embedded consumer marketplaces, and is distributing data through new channels such as ChatGPT and Snapchat.
8. Peer Comparison
Experian competes with other credit-bureau and decision-analytics groups. Market caps are approximate, June 2026.
| Peer | Market cap (Jun 2026) | Key 2025 metric |
|---|---|---|
| Equifax (EFX) | ~US$21bn | FY2025 revenue ~US$6.07bn (US-centric credit & workforce data) |
| TransUnion (TRU) | ~US$15bn | FY2025 revenue US$4.57bn (consumer credit & risk information) |
| Fair Isaac / FICO (FICO) | ~US$24bn | FY2025 revenue US$2.06bn (credit scores & decision software) |
9. Insider Activity
Experian directors and senior managers (PDMRs) file dealings via the London Stock Exchange’s RNS service. The most recent named transactions identified relate to the 9 June 2025 vesting of 2022 Co-Investment Plan and Performance Share Plan awards, with part of the shares sold to cover tax.
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| Brian Cassin (CEO) | 09 Jun 2025 | Acquisition (award vesting) | 228,297 | Nil | Nil-cost | Co-Investment Plan & Performance Share Plan (2022) |
| Brian Cassin (CEO) | 09 Jun 2025 | Sale (tax cover) | 88,649 | 3,743.9969p | ~£3.32m | Sale to cover tax / social security |
| Lloyd Pitchford (CFO) | 09 Jun 2025 | Acquisition (award vesting) | 141,051 | Nil | Nil-cost | Co-Investment Plan & Performance Share Plan (2022) |
| Lloyd Pitchford (CFO) | 09 Jun 2025 | Sale (tax cover) | 54,770 | 3,743.9969p | ~£2.05m | Sale to cover tax / social security |
Both executives retained the majority of the vested shares (139,648 for Cassin and 86,281 for Pitchford), with a portion subject to a post-vesting holding period.
10. Key Risks
- Technology / AI disruption (Operational): Generative AI could weaken or commoditise demand for traditional credit checking, data and analytics services.
- Valuation de-rating (Market): A premium earnings multiple leaves room for compression if growth or sentiment deteriorates.
- Regulatory (Regulatory): Credit reporting is heavily regulated (e.g. FCRA/CFPB in the US, GDPR/FCA in the UK and EU); rule changes could raise costs or restrict data use.
- Data security (Operational): Handling highly sensitive consumer data exposes Experian to material breach, remediation and reputational risk.
- Macro / credit cycle (Macro): Demand for lending, marketing and decisioning data is sensitive to consumer and business credit conditions.
- Currency and emerging markets (Financial): US-dollar reporting with a large Brazilian business creates translation and macro volatility, including non-cash FX swings on intercompany funding.
11. Recent Developments
- 14 May 2026 — Record FY26 results, shares dip. Revenue US$8,445m (+12%), Benchmark EBIT US$2,397m (+15%) and Benchmark EPS USc179.8 (+15%); the shares fell as AI-disruption fears outweighed the beat.
- 14 May 2026 — New buyback and dividend rise. Experian announced a fresh US$1bn share repurchase programme valid to 30 June 2027 and lifted the full-year dividend 11% to USc69.25.
- 12 Nov 2025 — H1 FY26 results. Half-year revenue grew about 12% with 8% organic growth, and the company raised its full-year guidance.
- 11 Jun 2025 — Executive share awards vested. CEO Brian Cassin and CFO Lloyd Pitchford acquired shares on the vesting of 2022 long-term incentive awards, selling part to cover tax.
12. Key Dates
- 26 Jun 2026 — record date for the FY26 second interim dividend (USc48.00)
- 16 Jul 2026 — expected Q1 FY27 trading update (provisional)
- 24 Jul 2026 — FY26 second interim dividend payment date
- 12 Nov 2026 — expected H1 FY27 half-year results (provisional; FY26 interim was reported on 12 November 2025)
Trading-update and results dates are indicative and subject to confirmation by Experian in its financial calendar. Join the discussion on the ChartsView Forum.
Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.
Loading research report… The central thesis. Experian is a global data and technology company and one of the largest credit bureaux, monetising proprietary data through B2B analytics and software (over half of revenue from Financial Services) and a Consumer Services business serving 215 million-plus members. In the year to 31 March 2026 it reported revenue of US$8,445m (+12%), Benchmark EBIT of US$2,397m (a 28.6% margin) and Benchmark EPS of USc179.8 (+15%), with management guiding to double-digit Benchmark EPS growth in FY27. The principal driver is continued expansion of its addressable markets, with AI positioned as both a productivity lever and a route into new verticals such as Health and embedded marketplaces. What would confirm or break it. Sustained high-single-digit organic growth, further margin expansion and strong free cash flow in subsequent results would confirm the thesis. It would be invalidated by signs that generative AI is weakening demand for traditional credit and data services, by a material regulatory or data-security event, or by any disclosure that fundamentally changes the capital-return or growth profile stated by management.
Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice. Generated 7 Jun 2026.
13. Thesis Verdict
Watchpoints
Diagnostic grid