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Thesis: SS&C Technologies: the story is balanced — Organic revenue growth rate (excluding acquisitions): Market focuses on 4-6% organic growth as indicator of client…
★ Analysts see FY2026 revenue reaching $6.8B — +7.7% growth in a single year.
What Moves the Stock
1Organic revenue growth rate (excluding acquisitions): Market focuses on 4-6% organic growth as indicator of client retention, AUM growth at existing clients, and new client wins
2Adjusted EBITDA margin expansion: Investors track progress toward 42-44% target margins as DST integration completes and operational efficiency initiatives scale
3Free cash flow conversion and capital allocation: With 27% FCF margins and minimal capex needs, market watches M&A pipeline, debt paydown pace, and potential for dividend increases or buybacks
4Alternative investment industry fundraising trends: Private equity, hedge fund, and private credit AUM growth directly drives SS&C's fund administration and software demand
5Large deal wins and client losses: Multi-year outsourcing contracts with asset managers or insurance companies (typically $10-50M annual value) materially impact growth trajectory
6Software-enabled services (~65% of revenue): Outsourced fund administration, accounting, transfer agency, and middle-office operations with recurring monthly fees based on AUM/transaction volumes
7Software licenses and maintenance (~25% of revenue): On-premise and cloud-based software licenses for portfolio management, trading, compliance, and reporting with annual maintenance contracts
8Professional services (~10% of revenue): Implementation, consulting, and customization services for software deployments
value - The stock trades at 8.9x EV/EBITDA and 2.8x sales with 9.4% FCF yield…
Rising interest rates have mixed effects: (1) Negative impact on valuation multiples as software stocks typically compress from 25-30x…
Watch on earnings: Global hedge fund industry AUM and net asset flows (HFR, Preqin data): Leading indicator for fund administration demand, Private equity and private credit fundraising volumes (Pitchbook, Preqin): Drives alternative investment software and services revenue growth, Asset management industry operating margins and cost-cutting initiatives: Indicates propensity to outsource middle/back-office functions.
One Sentence Summary:
SS&C Technologies: the story is balanced — organic revenue growth rate (excluding acquisitions): market focuses on 4-6% organic growth as indicator of client retention.
Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.