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SS&C Technologies Holdings, Inc. (SSNC)

Fair Value
TechnologySoftware - ApplicationUnited States

Fundamental

68

Price

$82.96

Market Cap

$19.73B

Part 1 · What the company is worth

Overview

SS&C sells software and back-office outsourcing services that run the administrative plumbing of the financial and healthcare industries: fund accounting and investor reporting for hedge funds and private equity, portfolio and trading systems for asset managers and insurers, and claims and benefits processing for healthcare payers. Much of its growth has come from acquiring smaller specialist software firms and folding their clients onto SS&C's platforms.

How it makes money

Clients pay recurring fees, often for multi-year contracts, to run their fund administration, recordkeeping or claims processing on SS&C's systems, so revenue is largely subscription- and outsourcing-based rather than one-off software sales. Because these functions are central to a client's daily operations, contracts tend to be sticky, and SS&C has repeatedly used acquisitions to add both new clients and new product lines to this recurring base.

Competitive moat

Switching costs · Narrow

Once a fund manager or insurer runs its books and client reporting through SS&C's systems, moving to another provider means migrating years of records and retraining staff during a period of regulatory scrutiny, which discourages switching. The advantage is narrow because the market for financial and healthcare back-office software includes both large-scale competitors and smaller niche specialists.

What drives demand

Moderately cyclical

Recurring contract fees provide a stable base, but some revenue tied to assets under administration rises and falls with financial market levels, while healthcare-related revenue is more insulated from the economic cycle. Overall demand is moderately sensitive to how much fund and asset managers are willing to spend on outsourcing and technology.

Key risks

  • Acquisition integration risk — SS&C's growth strategy relies heavily on acquiring other companies; failing to integrate their systems and clients smoothly can hurt client satisfaction and the company's reputation.
  • Cybersecurity and data protection — SS&C's systems hold confidential financial and health information for clients and their end customers; a breach could disrupt operations and expose the company to liability and reputational harm.
  • Fragmented, competitive market — The company faces competition from both large-scale providers with broad offerings and smaller niche players focused on specific market segments, limiting pricing power.
  • Regulatory compliance burden — Operating critical infrastructure for regulated financial and healthcare clients means SS&C itself must meet a wide range of industry regulations, and compliance failures could disrupt client operations.

The case for

Buyers argue that deeply embedded, recurring outsourcing contracts across financial services and healthcare give SS&C a resilient revenue base, and that a long history of successfully absorbing acquisitions shows a repeatable way to keep adding scale.

The case against

Sellers fear that a growth strategy built on continuous acquisitions eventually runs into integration problems or pricier targets, and that competition from both large and niche software providers limits how much SS&C can raise prices on its core recurring contracts.

Written by the editors, published on August 18, 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Balance Sheet & Liquidity

Revenue

$6.56B

Trailing 12 months (through 6/30/2026)

Net Income

$864M

Trailing 12 months (through 6/30/2026)

Free Cash Flow

$1.66B

Total Equity

$6.89B

Total Liabilities

$13.77B

Current Ratio

1.06

Interest Coverage

3.55

Debt/EBITDA

3.63

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

General caseFairly Valued

Fair Value

$78.00

Current Price

$82.96

Margin of Safety

-6.4%

Fair Value Range

$50.70 - $105.30

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$93.56
Discounted cash flow (DCF):$113.42
Earnings multiple (P/E):$36.48
Graham growth formula:$63.03
Earnings power value (EPV):$49.05
Justified P/B:$39.27
Dividend discount (Gordon):$17.27
P/FFO, funds from operations:$102.33
Mid-cycle earnings:$144.33
Revenue multiple:$146.25
Last Earnings Surprise:+2.77%

Valuation Metrics

P/E Ratio

23.91

ROE

11.6%

P/B Ratio

2.93

P/FCF

11.11

Gross Margin

48.1%

ROIC

8.0%

Profitability Radar

Value Creation (Economic Moat)

ROIC

8.0%

WACC

8.6%

ROIC − WACC

-0.6 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

Fundamental Analysis Criteria

Passed (20)

  • EPS shows upward trend
  • EPS CAGR 15.83%
  • Price CAGR 10.80%
  • ROIC 8.0%
  • Gross margin 48.1%
  • P/FCF 11.11
  • P/B ratio 2.93
  • Debt/equity ratio
  • Operating margin 23.6%
  • Positive free cash flow
  • CapEx intensity
  • Current ratio
  • Interest coverage
  • Debt/EBITDA
  • Return on tangible assets
  • ROE 12.7%
  • Revenue growth 5Y 6.1%
  • Earnings surprise, average 2.7%
  • Earnings quality (operating cash flow / net income) 2.10
  • Share dilution -0.2%

Failed (6)

  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • PEG ratio 3.76
  • Net margin trend 13.2% vs 13.3%
  • Piotroski F-Score 4/9

Unavailable (1)

  • Dividend payout –

Piotroski F-Score

4/9

Mixed signals: some areas need attention

ROA > 0
Operating cash flow > 0
ΔROA > 0
Cash flow > net income
Leverage ↓
Current ratio ↑
No dilution
Gross margin ↑
Asset turnover ↑

Earnings Quality

2.10

High quality: earnings backed by cash

Share Dilution

-0.2%

Buying back shares. Shareholder friendly

Institutional Holdings

Governance

Executive Team

NameTitleAge
Mr. William C. StoneFounder, Chairman of the Board & CEO70
Mr. Rahul Kanwar CPAPresident & COO50
Mr. Brian Norman SchellExecutive VP & CFO60
Mr. Jason Douglas WhiteSenior VP, General Counsel, Chief Legal Officer & Corporate Secretary55
Mr. Anthony CaiafaChief Technology Officer-
Ms. Justine StoneHead of Investor Relations-
Mr. Eamonn GreavesGlobal Head of Sales-
Mr. Ezra BaylinSenior Vice President & Global Head of Corporate Development-
Ms. Meghan RochaMD & Head of Global Marketing-
Ms. Darpan BhargavaSenior Vice President & Global Head of Human Resources-

Audit Risk

1

Board Risk

5

Compensation Risk

3

Shareholder Rights Risk

4

Documents

  • Annual Report (10-K)

    A yearly overview of the business, its financial results, and the risks it faces.

    Filed on 2026-02-26

    View document
  • Quarterly Report (10-Q)

    A snapshot of financial performance for the most recent three-month period.

    Filed on 2026-07-30

    View document
  • Current Report (8-K)

    An announcement of a major event, such as a leadership change or big news.

    Filed on 2026-10-22

    View document

via SEC EDGAR

Income History

via SEC EDGAR

Part 2 · The price and its context

This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Market Reaction Profile

How much SSNC moves, measured on its daily prices.

VolatilityMedium

More volatile than 38% of the tracked stocks (90-day volatility).

Volatility 30d
26.6%
Volatility 90d
31.7%
Beta vs S&P 500 (1y)
0.46Correlation 0.21
Max drawdown (12m)
-30.8%
ATR (14d, % of price)
2.45%

Earnings reactions

How SSNC moved around its past quarterly results.

Next earnings release

No upcoming release on the calendar.

What usually happens

  • Over the last 12 releases the stock moved a median of 5.4% the next day, up or down.
  • Next-day moves: up 7, down 5 (out of 12).
  • Of the 5 releases that beat estimates, the stock fell the next day after 2.

Release history

DateWhen EPS est.EPS actualSurprise Gap 1 day5 days
Oct 22, 2026After the close1.771.78+0.7% -3.6% -6.0% n/a
Jul 23, 2026After the close1.711.76+2.8% +7.9% +10.4% +15.3%
Apr 23, 2026After the close1.681.69+0.3% -1.8% -4.0% -1.1%
Feb 5, 2026After the close1.641.69+3.1% +2.4% +3.2% -5.1%
Oct 23, 2025After the close1.501.57+4.5% +5.6% +4.6% +3.4%
Jul 23, 2025After the closen/an/an/a+1.6% +2.6% +2.1%
Apr 24, 2025After the closen/an/an/a-8.0% -6.1% -2.3%
Feb 6, 2025After the closen/an/an/a+5.8% +6.0% +8.3%
Oct 24, 2024After the closen/an/an/a-9.4% -6.8% -6.9%
Jul 25, 2024After the closen/an/an/a+4.4% +6.3% +6.1%
Apr 25, 2024After the closen/an/an/a+1.9% -0.1% +0.3%
Feb 13, 2024After the closen/an/an/a+4.5% +4.9% +6.1%

Release dates from SEC 8-K filings.

Updated 10/24/2026

Historical statistics for educational purposes only. They are not forecasts and not investment advice.

Price reaction to the news

Latest news on SSNC and what the price did next.

No positive or negative news on SSNC has been archived yet.

Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.

Latest News

Recent headlines for SSNC.

No recent news for SSNC.