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Annual financial statements as reported, going back as far as the data allows.
| $m | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,640 | 3,414 | 3,463 | 3,472 | 3,610 | 3,761 | 3,790 | 3,885 |
| Assisted tax prep | 1,533 | 2,035 | 2,095 | 2,167 | 2,275 | 2,413 | 2,430 | 2,520 |
| DIY tax prep | 209 | 313 | 319 | 315 | 350 | 384 | 390 | 410 |
| Royalties (franchise) | 193 | 226 | 225 | 211 | 205 | 193 | 188 | 180 |
| Refund transfers | 155 | 163 | 163 | 143 | 142 | 138 | 137 | 138 |
| Peace of Mind (ESP) | 105 | 99 | 95 | 95 | 93 | 87 | 85 | 84 |
| Tax Identity Shield | 32 | 41 | 39 | 38 | 33 | 30 | 29 | 28 |
| Emerald Card & Spruce | 93 | 137 | 125 | 85 | 76 | 73 | 73 | 74 |
| Emerald Advance int/fees | 61 | 53 | 44 | 48 | 41 | 29 | 28 | 27 |
| International | 180 | 250 | 231 | 235 | 247 | 247 | 248 | 250 |
| Wave (small business) | 37 | 58 | 81 | 90 | 97 | 109 | 117 | 130 |
| Other | 42 | 38 | 46 | 45 | 52 | 58 | 65 | 44 |
| Operating expenses | (2,422) | (2,622) | (2,718) | (2,702) | (2,796) | (2,934) | (2,955) | (3,015) |
| Compensation & benefits | (1,136) | (1,241) | (1,287) | (1,279) | (1,324) | (1,397) | (1,403) | (1,430) |
| Occupancy | (330) | (360) | (373) | (371) | (384) | (405) | (407) | (415) |
| Marketing & advertising | (264) | (288) | (299) | (297) | (307) | (323) | (325) | (332) |
| Depreciation & amortization | (150) | (140) | (145) | (145) | (149) | (149) | (150) | (155) |
| Bad debt | (64) | (70) | (72) | (72) | (74) | (78) | (79) | (80) |
| Other operating | (478) | (523) | (542) | (538) | (558) | (582) | (591) | (603) |
| Operating income (EBIT) | 218 | 792 | 745 | 770 | 814 | 827 | 835 | 870 |
| Operating margin | 8% | 23% | 22% | 22% | 23% | 22% | 22% | 22% |
| Interest expense | (75) | (90) | (86) | (86) | (84) | (86) | (95) | (100) |
| Other income / (expense) | (146) | (33) | 0 | 27 | 32 | 40 | 50 | 55 |
| Pretax income | (3) | 669 | 659 | 711 | 762 | 781 | 790 | 825 |
| Income tax | 9 | (79) | (105) | (149) | (164) | (171) | (179) | (205) |
| Net income | 6 | 590 | 554 | 562 | 598 | 610 | 611 | 620 |
| Diluted EPS ($) | 0.03 | 3.11 | 3.22 | 3.56 | 4.14 | 4.42 | 4.59 | 4.85 |
| Adjusted EPS ($) | 0.84 | 3.39 | 3.51 | 3.82 | 4.41 | 4.66 | 4.59 | 4.90 |
| Memo: EBITDA | 368 | 932 | 890 | 915 | 963 | 976 | 985 | 1,025 |
| Memo: EBITDA margin | 14% | 27% | 26% | 26% | 27% | 26% | 26% | 26% |
| $m | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | 2,662 | 934 | 885 | 987 | 1,053 | 983 | 520 | 700 |
| Receivables, net | 110 | 130 | 150 | 165 | 180 | 195 | 200 | 205 |
| Prepaid & other current | 200 | 220 | 210 | 205 | 210 | 215 | 215 | 220 |
| Total current assets | 2,972 | 1,284 | 1,245 | 1,357 | 1,443 | 1,393 | 935 | 1,125 |
| Property & equipment, net | 250 | 240 | 235 | 230 | 225 | 235 | 235 | 240 |
| Goodwill | 520 | 540 | 560 | 700 | 710 | 720 | 722 | 725 |
| Intangible assets, net | 100 | 100 | 120 | 76 | 80 | 82 | 83 | 85 |
| Other long-term assets | 1,271 | 1,490 | 1,109 | 709 | 655 | 834 | 1,325 | 1,175 |
| Total assets | 5,113 | 3,654 | 3,269 | 3,072 | 3,113 | 3,264 | 3,300 | 3,350 |
| Accounts payable & accrued | 350 | 380 | 360 | 350 | 370 | 390 | 395 | 400 |
| Accrued salaries & benefits | 180 | 200 | 190 | 185 | 195 | 205 | 205 | 210 |
| Deferred revenue & other current | 150 | 160 | 150 | 145 | 150 | 155 | 155 | 160 |
| Current portion of LT debt | 649 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total current liabilities | 1,329 | 740 | 700 | 680 | 715 | 750 | 755 | 770 |
| Long-term debt | 2,846 | 1,490 | 1,487 | 1,489 | 1,491 | 1,493 | 1,735 | 1,750 |
| Deferred tax & other LT liab. | 867 | 1,072 | 870 | 871 | 934 | 932 | 760 | 770 |
| Total liabilities | 5,042 | 3,302 | 3,057 | 3,040 | 3,140 | 3,175 | 3,250 | 3,290 |
| Total stockholders' equity | 71 | 352 | 212 | 32 | (27) | 89 | 50 | 60 |
| Memo: net debt | 833 | 556 | 602 | 502 | 438 | 510 | 1,359 | 1,400 |
| Memo: net debt / EBITDA | 2.3× | 0.6× | 0.7× | 0.5× | 0.5× | 0.5× | 1.4× | 1.4× |
| $m | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E |
|---|---|---|---|---|---|---|---|---|
| Net income | 6 | 590 | 554 | 562 | 598 | 610 | 611 | 620 |
| Depreciation & amortization | 150 | 140 | 145 | 145 | 149 | 149 | 150 | 155 |
| Stock-based compensation | 28 | 28 | 34 | 31 | 34 | 33 | 32 | 33 |
| Deferred taxes & other non-cash | (20) | 30 | 40 | 50 | 30 | 20 | 25 | 30 |
| Change in working capital | (55) | (162) | 36 | 34 | (90) | (131) | (128) | (118) |
| Operating cash flow | 109 | 626 | 809 | 822 | 721 | 681 | 690 | 720 |
| Capital expenditure | (82) | (53) | (62) | (70) | (64) | (82) | (80) | (85) |
| Acquisitions, net | (5) | (10) | (15) | (43) | (36) | (20) | (15) | (20) |
| Other investing | 40 | (15) | (10) | 20 | 15 | 10 | 5 | 5 |
| Investing cash flow | (47) | (78) | (87) | (93) | (85) | (92) | (90) | (100) |
| Free cash flow | 27 | 573 | 747 | 752 | 657 | 599 | 610 | 640 |
| Dividends paid | (205) | (195) | (187) | (178) | (180) | (197) | (205) | (215) |
| Share repurchases | (247) | (188) | (563) | (569) | (350) | (400) | (450) | (500) |
| Net debt issued / (repaid) | 1,300 | (1,356) | (3) | 2 | 2 | 2 | 242 | 15 |
| Financing cash flow | 848 | (1,739) | (753) | (745) | (528) | (595) | (413) | (700) |
| Net change in cash | 910 | (1,191) | (31) | (16) | 108 | (6) | 187 | (80) |
| Total returned to holders | 452 | 383 | 750 | 747 | 530 | 597 | 655 | 715 |
| Total returned / FCF | NM | 67% | 100% | 99% | 81% | 100% | 107% | 112% |
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | |
|---|---|---|---|---|---|---|---|---|
| Revenue growth | (15%) | 29% | 2% | 0% | 4% | 4% | 5% | 3% |
| EBITDA margin | 14% | 27% | 26% | 26% | 27% | 26% | 26% | 26% |
| Net margin | 0% | 17% | 16% | 16% | 17% | 16% | 16% | 16% |
| FCF margin | 1% | 17% | 22% | 22% | 18% | 16% | 16% | 16% |
| ROIC | NM | 32% | 30% | 32% | 34% | 32% | 32% | 32% |
| Dividend / share ($) | 1.04 | 1.08 | 1.16 | 1.28 | 1.50 | 1.68 | 1.68 | 1.80 |
| Diluted shares (M) | 198 | 189 | 171 | 157 | 144 | 137 | 131 | 127 |
Who bought and sold, at what price, and how much of their own holding it was — from SEC Form 4, UK PDMR and EEA MAR Article 19 notifications, with each insider's last-reported position and disclosed major holders.
This company has been valued on Reinvestment-consistent DCF, with a year-by-year forecast, the cost of capital built up from the risk-free rate, a bear/base/bull scenario set and a sensitivity grid. The fair value and the scenario range are on the Overview; the workings behind them — every driver, rate and sensitivity — are Premium.
The 6 investable Personal Services industry peers closest in size, largest first. Market caps are shown in USD so the set compares like with like; the multiples are currency-neutral. The median is taken across the PEERS only — it is what this company is being compared to — and per column, over the peers that actually report each measure.
| Company | Mkt cap (USD) | P/E | EV/FCF | P/B | Op margin | Div yield |
|---|---|---|---|---|---|---|
| Rollins ROL | $17.2bn | 32.7× | 26.5× | 12.5× | 18.3% | 2.0% |
| Service Corporation International SCI | $10.6bn | 19.7× | 24.7× | 6.7× | 22.4% | 1.7% |
| Andersen ANDG | $7.3bn | — | 44.3× | — | -7.4% | 2.9% |
| H&R Block HRB | $6.5bn | 8.9× | 9.3× | 55.5× | 21.6% | 3.2% |
| Frontdoor FTDR | $6.2bn | 22.4× | 17.4× | 25.4× | 16.1% | 0.0% |
| Bright Horizons Family Solutions BFAM | $2.6bn | — | 16.5× | 2.0× | 0.1% | — |
| XPS Pensions XPS | $1.0bn | 28.9× | 15.4× | 4.4× | 16.5% | 3.3% |
| Peer median | $6.7bn | 25.6× | 21.0× | 6.7× | 16.3% | 2.0% |
A comparable set says what the market is paying for similar businesses today, not what any of them is worth. It is a cross-check on the model above, not a substitute for it.
A full deep-dive has been researched for this company: the business, the moat, the risks, the cost of capital and a bear/base/bull valuation, every figure tied back to the filings it came from.
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