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what it is
SS&C sells the software and back-office plumbing that investment firms, brokers, and healthcare companies use to keep records and move money.
how it gets paid
Last year Ss&C Technologies made $6.3B in revenue. institutional and wealth management was the main engine at $1.76B, or 28% of sales.
why it's growing
Revenue grew 6.6% last year. The quarter was helped by stronger software-enabled services and a pickup in global investor distribution services.
what just happened
SS&C posted Q4 revenue of $1.65B and EPS of $1.69, beating the $1.61 consensus.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
90/100 earnings predictability — you can trust these numbers
14.2x trailing p/e — the market's not buying it — or you found a deal
1.3% dividend yield — cash in your pocket every quarter
13.5% return on capital — nothing to write home about
xvary composite: 82/100 — above average
What they do
SS&C sells the software and back-office plumbing that investment firms, brokers, and healthcare companies use to keep records and move money.
Switching costs → changing fund accounting, investor records, and compliance systems is painful → clients stay. SS&C gets 69% of sales from North America and no client is more than 5% of revenue, so you are not betting on one whale. The quiet part: once a customer runs core operations on your software, ripping it out becomes a career risk.
How they make money
$6.3B
annual revenue · their business grew +6.6% last year
institutional and wealth management
$1.76B
alternative investment management
$1.51B
healthcare
$1.01B
brokerage and trading
$0.76B
real estate
$0.63B
retirement
$0.63B
The products that matter
financial and healthcare administration software
Enterprise Software
$6.3B revenue
it is the whole $6.3B revenue engine, and a 25.4% net margin tells you this is not commodity software.
core platform
investor distribution and servicing tools
Global Investor Distribution Services
9% growth in the quarter
this business grew 9% in the quarter versus 2% in the prior period. That acceleration matters because management pointed to alternatives and private credit as the next growth lever.
growth watch
international wealth and fund infrastructure
Calastone + overseas expansion
$1.03B acquisition · $6T supported assets
the $1.03B Calastone deal and support for over $6T in private wealth assets show why expansion matters here. It widens the footprint, but it also raises integration pressure.
expansion bet
Key numbers
$6.6B
long-term debt
Debt is the bill from the acquisition strategy. It works while margins stay strong and refinancing stays sane.
22.9%
operating margin
Operating margin → money left after running the business → proof this software still throws off real profit.
13.5%
return on capital
Return on capital → profit from each dollar invested → better than average, but not a license to overpay.
$8.0B
2028 revenue goal
That is the line in the sand. From $6.3B today, management needs about $1.7B more revenue to get there.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 90 / 100
- long-term debt $6.6B (24% of capital)
- net profit margin 26.9% — keeps 27 cents of every dollar in revenue
- return on equity 22% — $0.22 profit for every $1 investors have put in
B++ with risk rank and net profit margin standing out. your money faces less risk here than at most public companies.
Total return vs. market
You invested $10,000 in SSNC 3 years ago → it's now worth $16,070.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
SS&C posted Q4 revenue of $1.65B and EPS of $1.69, beating the $1.61 consensus.
The quarter was helped by stronger software-enabled services and a pickup in global investor distribution services. Full-year revenue reached $6.3B, up 6.6%, while gross margin was 48.3%.
$1.65B
revenue
$1.69
eps
48.3%
gross margin
the number that mattered
The beat was only $0.08 a share, but with the stock at about 13.0x forward earnings, even a small beat helps defend the cheap multiple.
-
we have lowered our fourth quarter estimate by $0.05 per share, but boosted our march-quarter and june-quarter outlooks by $0.10 and $0.05, respectively.the core globeops business, which caters to institutional wealth management through fund administration solutions, continues to produce steady profits.
-
a pickup in the global investor distribution services (gids) business (revenues were up 9% in the quarter versus 2% in prior period) is also helping.strength in alternatives and private credit will play a big role in determining the degree of earnings growth in the new year, too.
-
efforts to broaden overseas operations continue.the $1.03 billion purchase of calastone closed in the fourth quarter, boosting its presence in australia. and last month, ss&c was granted a license under the markets in financial instruments directive by the central bank of ireland, allowing it to expand its u.k. business. ss&c currently supports over $6 trillion in private wealth assets worldwide by providing more modern technology and regulatory expertise.
-
another acquisition of a south african fund administrator granted a toehold in that market.
-
the intralinks business may be critical to near-term results.
source: company earnings report, 2026
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What could go wrong
the #1 risk is regulatory delay around the Intralinks transaction, because management already tied near-term results to that business.
med
Intralinks antitrust review
a delayed or blocked review would hit more than sentiment. It would interrupt a transaction management says may be critical to near-term results.
with the stock already near the top of its $59–$91 range, the market has less patience for merger uncertainty than it did a year ago.
med
expansion execution
the $1.03B Calastone deal, the Ireland license, and the South Africa foothold all expand the map. They also add integration work, regulatory complexity, and more ways for costs to creep.
if overseas expansion adds complexity faster than revenue, a 25.4% net margin can compress before the growth payoff shows up.
med
client activity cooling in alternatives and private credit
GIDS grew 9% in the quarter after growing 2% in the prior period. Great. It also means the recent improvement is now something investors will expect to continue.
if that business falls back toward the prior 2% pace, the case for moving from $6.3B revenue to a $7B estimate gets harder to defend.
this is a $6.3B business carrying $6.6B of long-term debt. If deal timing slips and client activity cools, a 14.2x earnings multiple stops looking cheap and starts looking accurate.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
march 4 conference commentary
listen for whether management spends more time on ai and cloud packaging or on Intralinks timing. One is optional narrative. The other is immediate.
risk
Intralinks approval status
this is the cleanest near-term swing factor on the page. If the review moves, the story moves with it.
metric
quarterly revenue versus the $1.6B run rate
you want the next reports to hold at or above the current quarterly revenue base. That is the easiest reality check on the $7B estimate.
trend
GIDS momentum after the 9% jump
going from 2% to 9% in one quarter is the kind of improvement you verify, not celebrate once and forget.
Analyst rankings
short-term outlook
top 5%
momentum score 1 — the highest rating. in human-speak, analysts think SSNC has better near-term odds than almost everything else they cover.
risk profile
above average
stability score 2 — safer than roughly 80% of stocks. Not risk-free, just steadier than most.
chart momentum
average
technical score 3 — the stock is moving more or less with the market. No special signal from the chart.
earnings predictability
90 / 100
management tends to deliver what the market expects. That is a useful trait when the story depends on consistency.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 324 buyers vs. 302 sellers in 3q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$72
$125
$86
current price
$99
target midpoint · +15% from current · 3-5yr high: $155 (+80% · 17% ann'l return)
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