What kind of growth can you reasonably underwrite for $FICO?

To make sure I don't miss anything crucial, let me walk you through my initial thinking:

✅ 2-3% volume growth

✅ 2-3% per share growth driven by repurchases

✅ 2-4% from operating leverage (mainly on the software side)

✅ 5-10% pricing power (in both segments)

Underwriting the final driver (price hikes; especially in Scores) is the hardest part for me. In fact, I believe management would be wise not to do further price increases in the next few years before then adopting the “Netflix playbook” of consistent, but much smaller price hikes.

FICO's management is guiding for 18% revenue growth in FY26. Is this sustainable?

Given the regulatory headwinds, you absolutely have to think in scenarios here (you always should, fwiw) as the exit multiple could probably be anywhere from the high teens to 40x+.