Fair Isaac Corp. (NYSE:FICO)

The analysis of the quarterly financial ratios reveals distinct patterns and trends over the observed periods.

Net Fixed Asset Turnover

The net fixed asset turnover ratio exhibits a strong upward trend from late 2018 through mid-2023, increasing from 21.88 to a peak of 149.02. This indicates a progressively more efficient use of fixed assets to generate revenue during this time frame. However, starting from late 2023, there is a noticeable decline in this ratio, falling to 31.96 by mid-2025. This reversal suggests a reduction in asset efficiency or potential changes in asset base or revenue recognition which merit further investigation.

Net Fixed Asset Turnover (including operating lease, right-of-use asset)

This adjusted measure also shows a gradual increase across the same period, starting at 21.88 and reaching a high of 52.89 in early 2024. The subsequent decline to 21.84 by mid-2025, although less steep than the unadjusted ratio, mirrors the downward trend observed in the net fixed asset turnover, indicating that lease-related assets are similarly affected in terms of turnover.

Total Asset Turnover

Total asset turnover remains relatively stable with minor fluctuations. It begins at 0.81 in late 2018 and modestly increases to around 1.04 by late 2024, signifying a gradual improvement in the company's ability to generate revenue from all assets. The ratio maintains values approximately between 0.77 and 1.04 throughout the observed timeline, suggesting steady operational efficiency in utilizing total assets.

Equity Turnover

The equity turnover ratio demonstrates higher volatility within the limited reported periods. Starting at 4 in late 2018, it peaks at 10.86 in late 2020 before data becomes unavailable. The initial rise points to improved revenue generation relative to shareholders' equity, but incomplete data for later periods restricts comprehensive trend analysis.

In summary, asset utilization ratios depict an overall trend of improved efficiency through mid-2023, followed by a downturn in fixed asset-related turnover metrics. Total asset turnover shows consistent moderate improvement, underpinning steady operational performance. Equity turnover data is insufficient for conclusive interpretation beyond initial positive momentum.

The quarterly financial data reveals several notable trends over the observed periods.

Revenues

Revenues exhibit a generally upward trend with some fluctuations. Starting at 262,256 thousand USD in December 2018, revenues increased steadily with occasional dips, reaching a peak of 536,415 thousand USD by June 2025. Notable increases occurred between March 2023 and March 2024, indicating accelerated growth in this phase. Some quarters displayed minor decreases, for example, between September 2020 and December 2020, and again between December 2021 and March 2022, but the overall trajectory remains positive.

Property and Equipment, Net

This asset category shows a declining trend from December 2018 (46,864 thousand USD) through March 2023 (10,966 thousand USD), followed by a reversal starting in June 2023, increasing steadily to 60,348 thousand USD by June 2025. The initial decrease suggests divestment or depreciation exceeding new investments during the first part of the timeline. The subsequent increase from mid-2023 onward indicates renewed capital expenditure or acquisitions of fixed assets.

Net Fixed Asset Turnover

The ratio shows a strong upward momentum initially, starting from approximately 21.88 in June 2019 and rising sharply to 149.02 by June 2024. This implies increasingly efficient use of fixed assets to generate revenues. However, from June 2024 onward, the ratio declines notably down to 31.96 by June 2025. This decline corresponds temporally with the growing property and equipment base, suggesting that asset expansion is outpacing revenue growth during the most recent periods, leading to reduced turnover efficiency.

In summary, the data illustrates consistent revenue growth alongside significant fluctuations in fixed asset investment and utilization. Initial periods show asset reductions and improvements in turnover ratios, indicating enhanced efficiency. Later periods reveal increased asset investment that correlates with a decline in turnover ratio efficiency, despite revenues continuing to rise. This pattern points to strategic asset additions that may support future revenue growth but currently impact asset utilization metrics.

Revenue Trends

The revenues demonstrate a generally increasing trend over the observed periods. Starting at $262,256 thousand in December 2018, revenues exhibit fluctuations with some periods of growth and slight decline but mostly maintaining an upward trajectory. From March 2023 onward, revenues show a marked increase, reaching $536,415 thousand by June 2025. This sustained growth in revenue in recent quarters indicates a strengthening sales performance or enhanced market penetration.

Property and Equipment, Net

The net value of property and equipment, including the right-of-use assets, shows a variable pattern. After a relatively stable range around $44,000 to $53,000 thousand up to September 2019, there is a significant jump to approximately $144,631 thousand in December 2019. Subsequently, a downward trend emerges, falling steadily from early 2020 through to March 2024, reaching a low of $29,322 thousand. In the following periods, there is a reversal with asset values rising again, culminating at $88,317 thousand by June 2025. This pattern suggests a considerable asset revaluation, disposals, or changes in lease capitalization, followed by reinvestment or acquisition activities toward the end of the period.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio exhibits significant variability and overall improvement over time. Data is missing in early periods but from June 2019 onward, the ratio starts at 21.88 and then decreases sharply to a range between 8.27 and 8.48 over the subsequent three quarters in late 2019 and 2020. After this drop, there is a generally rising trend, peaking at 52.89 in March 2024. However, after this peak, the ratio declines steadily to 21.84 by June 2025. The initial decline may correspond to the sharp increase in property and equipment value while revenue growth was moderate, causing turnover to fall. The subsequent increase in turnover ratio implies improved utilization efficiency or better revenue generation relative to asset base, while the decline after the peak suggests asset growth outpacing revenue increases once again or changes in asset management.

Overall Insights

The data reflects a company undergoing significant asset portfolio changes while maintaining and improving revenue generation capabilities. The fluctuations in the property and equipment net value and the corresponding shifts in asset turnover ratio indicate operational adjustments, possibly in capital expenditure, lease accounting, or asset management strategies. The strong upward trend in revenues, particularly in the last quarters, denotes positive sales momentum. The patterns suggest increasing efficiency in asset utilization during periods of revenue growth, with intermittent adjustments impacting fixed asset turnover.

The revenue figures demonstrate a generally upward trend over the observed periods, with some fluctuations. Starting from approximately 262 million US dollars at the end of 2018, revenues increased notably, reaching peaks near 536 million US dollars by mid-2025. Noteworthy is the significant jump between late 2023 and mid-2025, indicating a phase of strong sales growth.

Total assets similarly exhibit an increasing pattern from about 1.3 billion US dollars in late 2018 to over 1.8 billion US dollars by mid-2025. Despite some interim variability, the overall accumulation of assets suggests ongoing investment or asset acquisition to support expanding operations.

The total asset turnover ratio, available from mid-2019 onward, indicates how efficiently the company generates revenue from its assets. The ratio generally increased from around 0.77 to slightly above 1.00 towards 2025, reflecting improving asset utilization over time. Periods with ratios approaching or exceeding 1.00 suggest enhanced efficiency in asset deployment, possibly due to operational optimizations or improved sales performance relative to asset base size.

Revenue trends

Consistent growth with intermittent fluctuations, overall increasing from 262 million to over 536 million US dollars, pointing to expanding sales capacity.

Total assets trends

Gradual increase with minor variability, moving from approximately 1.3 billion to over 1.8 billion US dollars, indicative of asset growth accompanying business expansion.

Total asset turnover evolution

Improving from 0.77 to levels around or above 1.00, demonstrating enhanced efficiency in generating revenue from the asset base over time.

The revenue data over the examined quarterly periods indicates an overall upward trajectory marked by periodic fluctuations. From the initial figure of approximately 262 million US dollars at the end of 2018, revenues progressively increase with notable peaks, reaching over 536 million US dollars by the middle of 2025. This reflects considerable growth in the company’s sales or service income over the period. Despite some short-term dips, such as those observed near late 2019 and late 2022, the trend remains positive, underscoring robust operational performance.

In contrast, stockholders' equity exhibits a markedly different pattern characterized by initial growth followed by considerable decline. Starting around 228 million US dollars at the end of 2018, equity increased steadily until late 2019, peaking above 331 million US dollars. However, from the first quarter of 2021 onward, there is a pronounced and persistent downward trend, with equity turning negative and progressively deteriorating to nearly -1.4 billion US dollars by the middle of 2025. This substantial erosion of equity could indicate accumulating losses, significant liabilities, or other financial pressures affecting the company’s net worth.

The equity turnover ratio presents limited data points but reveals a generally elevated level in the periods where it is reported, ranging from approximately 3.91 to 10.86. The ratio spikes notably in mid-2021, suggesting a high level of revenue generation relative to shareholder equity during that time, which may be due to the sharp decrease in equity rather than a surge in revenue alone. This elevated ratio could signal increased financial leverage or operational efficiency but may also reflect the equity base shrinkage.