Equifax CEO Sells $6M Days After Touting Margin Power
Equifax CEO Mark Begor sold $6.14 million in shares three days after Q3 earnings beat and margin guidance, followed by CFO sales of $710K, with zero insider buys in the 90-day window. The stock has re
Equifax CEO Sells $6M Days After Touting Margin Power
NEW YORK, November 8 —
Four consecutive EPS beats and a stock rally framed as margin momentum, yet Equifax Inc. (EFX) CEO Mark Begor sold 37,792 shares for roughly $6.14 million just three days after the Q3 2026 earnings filing. CFO John Gamble followed with $710,720 in sales six days later. Total insider open-market purchases in the 90-day window: zero.
- Q3 2026 EPS $2.26 vs. estimated; four straight beats; trailing revenue $6.59B, up 9.6% year over year.
- CEO sold 37,792 shares ($6.14M) on Oct 23; CFO sold 4,000 shares ($710K) on Oct 29; $8.46M total, zero buys.
- Stock at $189.59 has recovered above all insider exit prices; analyst consensus target $200.35, implying 5.7% upside.
The Exercise-and-Sell Note Does Not Cancel the Pattern
CEO Begor's October 23 activity has a structural note: he exercised options on 37,792 shares at a $112.46 strike, paying $4.25 million, then sold the identical share count on the open market the same day, booking the spread between strike and market. What is harder to dismiss is CFO Gamble's October 29 sale of 4,000 shares at $177.68, unlinked to any disclosed option exercise, following his September 3 sale of 4,500 shares at $187.96. Six open-market transactions across two months, $8.46 million out, nothing in: the complete record per SEC filings.
The Business Generating the Beats Has Expensive Plumbing
Equifax sells credit data, employment verification, and fraud detection through three segments: Workforce Solutions, which verifies income, credentials, and sanctions across the U.S. employment lifecycle; USIS, which provides credit scoring and identity verification; and an International arm covering 21 countries including the U.K., Brazil, and Canada. Trailing revenue of $6.59 billion grew 9.6% year over year at a 55.2% gross margin. The balance sheet complicates the picture: $5.21 billion in total debt against $190 million in cash, leaving roughly $5 billion in net debt against $945 million in free cash flow; at 19.9x forward earnings, that leverage profile rewards stress-testing with a DCF model.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| EFX | $22.3B | 19.9x | -9.2% |
| FIS | $14.8B | 5.1x | -56.1% |
| AVY | $14.1B | 16.9x | +7.6% |
| VRSK | $26.2B | 23.5x | -3.9% |
| CTAS | $88.3B | 36.1x | +20.0% |
| DOV | $27.1B | 17.3x | +12.0% |
What Q4 Results Would Settle
The stock has reclaimed all insider exit prices since the transactions closed: CEO Begor sold between $182.52 and $186.73, CFO Gamble at $177.68, both below today's $189.59. The next test is Q4 2026 results: a fifth consecutive beat extending the margin narrative would reframe the selling as routine option monetization; guidance softness on Workforce Solutions would sharpen the alternative read. Analyst consensus stands at $200.35, 5.7% above current levels. Run the free Equifax Inc. deep-dive for the full financial picture.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
Why did Equifax CEO sell shares after earnings?
CEO Mark Begor sold 37,792 shares for $6.14 million on Oct 23, three days after the company filed Q3 2026 earnings with four consecutive EPS beats, reporting $2.26 vs. $2.198 estimated. The sales came as the company highlighted 55.2% gross margin. CFO John Gamble followed with $710K in sales six days later, with zero insider purchases in the 90-day window.
Was the CEO's stock sale an option exercise?
CEO Begor's October 23 activity involved exercising options at a $112.46 strike price, paying $4.25 million, then selling the identical share count on the open market the same day. However, the CFO's October 29 sale of 4,000 shares was unlinked to any disclosed option exercise, following his September 3 sale of 4,500 shares at $187.96.
What stock price did insiders sell at?
CEO Begor sold between $182.52 and $186.73 on October 23. CFO Gamble sold at $177.68 on October 29. The stock has since recovered to $189.59, trading above all insider exit prices.
What is the analyst price target?
Analyst consensus stands at $200.35, implying 5.7% upside from the current $189.59 stock price. At 19.9x forward earnings and $5 billion in net debt against $945 million in free cash flow, the valuation rewards stress-testing with a DCF model.
What would change the selling narrative?
Q4 2026 results are the next data point. A fifth consecutive EPS beat extending the margin narrative would reframe the selling as routine option monetization. Guidance softness on Workforce Solutions, which verifies income and credentials across the U.S. employment lifecycle, would sharpen concerns about growth.
Equifax filed its third-quarter 2026 earnings on October 20, extending a four-quarter streak of EPS beats that financial news characterized as showcasing margin power. Three days later, CEO Mark Begor sold 37,792 shares across multiple open-market transactions totaling $6.14 million — and not a single insider purchased a share in the entire 90-day period.
Sources & Filings