银行业专题报告金融科技系列：FICO：信用评分机构到数字决策管理服务商

Investment Rating - The report maintains an "Outperform" rating for the banking industry [5] Core Viewpoints - FICO has established itself as a global leader in credit scoring and decision management, with a strong focus on data analysis to optimize business decisions [10][12] - The company's dual business model, combining credit scoring and software services, creates a robust ecosystem that enhances customer retention and increases switching costs [2][52] - FICO's scoring business is characterized by a high operating profit margin exceeding 85%, with significant revenue growth projected in the coming years [45][95] Summary by Sections Company Overview - FICO, founded in 1956, is a benchmark enterprise in the credit scoring and decision management field, with its FICO Score becoming the industry standard in the U.S. [10][12] - The company operates in over 100 countries, achieving total revenue of $1.72 billion and a net profit of $510 million in fiscal year 2024 [21][10] Business Model - FICO's business model integrates scoring and software services, creating a closed-loop ecosystem that enhances customer loyalty and increases switching costs [2][52] - The company leverages its algorithmic capabilities to establish industry standards, making it difficult for competitors to displace its offerings [2][52] FICO Score - The FICO Score business generated $920 million in revenue for fiscal year 2024, with an operating profit of $813 million, reflecting a compound annual growth rate of 16.9% over the past five years [95][29] - The scoring model is based on five key dimensions and hundreds of variables, with its core algorithms protected by patents, ensuring a competitive edge [37][95] Software Business - FICO's software business, focused on decision management and predictive analytics, achieved revenue of $798 million in fiscal year 2024, with an operating profit margin of 32.3% [4][56] - The company has implemented a platform strategy to enhance its core barriers, transitioning to a subscription-based revenue model [74][56] Capital Market Performance - FICO's market capitalization has significantly increased from $13.4 billion in early 2022 to approximately $60 billion by the end of 2024, driven by its platform strategy [85][87] - Despite regulatory changes impacting the credit scoring landscape, FICO's valuation remains robust, with a current market cap of $39.1 billion as of September 2025 [85][87] Summary - FICO has evolved from a credit scoring agency to a digital decision management service provider, establishing formidable competitive barriers through its technology, customer ecosystem, and comprehensive capabilities [91][90] - The integration of FICO Score and FICO Platform is expected to further solidify its market position and enhance its core advantages [91][90]