Detailed financial statements for Jack Henry & Associates, Inc. (JKHY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Jack Henry & Associates, Inc. operates as a financial technology company that connects people and financial institutions through technology solutions and payment processing services. It operates through four segments: Core, Payments, Complementary, and Corporate and Other.
Analysis Summary
Jack Henry & Associates, Inc. reported revenue of $2.50B in the most recent fiscal year, growing at a 5-year CAGR of 7.3%. Net income reached $502.8M, with a 10.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 43.6%, operating margin 24.9%, net margin 19.8%. Free cash flow grew at 17.3% CAGR over 5 years.
At the current price of $142.54, JKHY trades at a P/E of 20.45 and an ROE of 23.49%. Market capitalisation stands at $10.1B, placing it among large-cap names.
Balance sheet quality for JKHY: current ratio of 1.2, net debt of $27.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $694.9M represents 138% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.43B | $1.54B | $1.55B | $1.70B | $1.76B | $1.94B | $2.08B | $2.22B | $2.38B | $2.50B |
| Cost of Revenue | $819.0M | $873.6M | $923.0M | $1.01B | $1.06B | $1.13B | $1.22B | $1.30B | $1.36B | $1.42B |
| Gross Profit | $612.1M | $663.0M | $629.7M | $688.6M | $694.8M | $814.3M | $858.6M | $916.1M | $1.01B | $1.08B |
| Research & Development | $84.8M | $90.3M | $96.4M | $110.0M | $109.0M | $121.4M | $142.7M | $148.3M | $162.8M | $176.4M |
| Selling, General & Admin | $162.9M | $182.1M | $186.0M | $198.0M | $187.1M | $218.3M | $235.3M | $278.4M | $283.1M | $299.2M |
| Operating Expenses | $247.7M | $272.5M | $282.4M | $308.0M | $296.1M | $339.7M | $378.0M | $426.7M | $445.8M | $470.1M |
| Operating Income | $367.7M | $392.4M | $347.2M | $380.6M | $398.7M | $474.6M | $480.7M | $489.4M | $568.7M | $606.2M |
| EBITDA | $507.7M | $604.4M | $619.7M | $553.6M | $696.8M | $652.3M | $680.4M | $714.3M | $801.2M | $819.5M |
| Interest Expense | $996,000 | $1.9M | $926,000 | $688,000 | $1.1M | $2.4M | $15.1M | $16.4M | $10.4M | $5.4M |
| Pre-tax Income | $367.0M | $391.0M | $347.2M | $381.1M | $397.7M | $472.3M | $474.6M | $498.0M | $586.0M | $652.8M |
| Income Tax | $121.2M | $14.4M | $75.3M | $84.4M | $86.3M | $109.4M | $107.9M | $116.2M | $130.3M | $150.0M |
| Net Income | $245.8M | $376.7M | $271.9M | $296.7M | $311.5M | $362.9M | $366.6M | $381.8M | $455.7M | $502.8M |
| EPS | $3.17 | $4.88 | $3.52 | $3.86 | $4.12 | $4.95 | $5.03 | $5.24 | $6.24 | $6.98 |
| EPS (Diluted) | $3.14 | $4.85 | $3.52 | $3.86 | $4.12 | $4.94 | $5.02 | $5.23 | $6.24 | $6.98 |
| Shares Outstanding (Diluted) | $78.3M | $77.6M | $77.3M | $76.9M | $75.7M | $73.5M | $73.1M | $73.0M | $73.0M | $72.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $644.7M | $619.3M | $636.2M | $633.1M |
| Gross Profit | $296.2M | $268.3M | $272.3M | $267.8M |
| Operating Income | $184.1M | $159.1M | $155.0M | $132.7M |
| EBITDA | $243.1M | $218.5M | $213.6M | $187.2M |
| Net Income | $144.0M | $124.7M | $122.9M | $111.2M |
| EPS | $1.98 | $1.72 | $1.71 | $1.57 |
| EPS (Diluted) | $1.97 | $1.72 | $1.71 | $1.57 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $114.8M | $31.4M | $93.6M | $213.3M | $48.8M | $12.2M | $38.3M | $102.0M | $102.0M | $12.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $297.1M | $311.3M | $310.1M | $322.0M | $361.9M | $368.8M | $339.2M | $318.0M | $318.0M | $356.0M |
| Inventory | $41.3M | $40.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $520.0M | $468.5M | $569.4M | $669.1M | $613.5M | $628.0M | $632.0M | $681.5M | $681.5M | $649.1M |
| Property, Plant & Equipment | $282.9M | $286.9M | $272.5M | $273.4M | $211.7M | $205.7M | $215.1M | $221.0M | $221.0M | $220.5M |
| Goodwill | $552.5M | $649.9M | $666.9M | $686.3M | $687.5M | $804.8M | $804.8M | $804.8M | $804.8M | $827.7M |
| Intangible Assets | $374.1M | $441.7M | $451.1M | $465.5M | $505.6M | $651.2M | $671.7M | $685.3M | $685.3M | $716.7M |
| Total Assets | $1.91B | $2.05B | $2.03B | $2.43B | $2.46B | $2.77B | $2.92B | $3.04B | $3.04B | $3.15B |
| Accounts Payable | $6.8M | $30.4M | $9.8M | $9.9M | $21.0M | $19.2M | $25.3M | $28.2M | $28.2M | $34.9M |
| Short-term Debt | 0 | 0 | 0 | $115,000 | $67,000 | 0 | $90.0M | 0 | 0 | 0 |
| Total Current Liabilities | $471.2M | $487.9M | $470.0M | $494.8M | $543.8M | $523.8M | $633.8M | $535.8M | $535.8M | $556.2M |
| Long-term Debt | $50.0M | 0 | 0 | $208,000 | $115.0M | $275.0M | $60.0M | 0 | 0 | $40.0M |
| Total Liabilities | $876.9M | $783.5M | $710.2M | $878.8M | $1.07B | $1.17B | $1.08B | $913.1M | $913.1M | $1.09B |
| Retained Earnings | $1.59B | $1.86B | $2.07B | $2.24B | $2.64B | $2.86B | $3.08B | $3.37B | $3.37B | $3.71B |
| Total Equity | $1.03B | $1.32B | $1.43B | $1.55B | $1.38B | $1.61B | $1.84B | $2.13B | $2.13B | $2.05B |
| Total Debt | $50.0M | 0 | 0 | $646,000 | $115.1M | $275.0M | $150.0M | 0 | 0 | $40.0M |
| Net Debt | -$64.8M | -$31.4M | -$93.6M | -$212.7M | $66.3M | $262.8M | $111.7M | -$102.0M | -$102.0M | $27.9M |
| Working Capital | $48.8M | -$19.4M | $99.5M | $174.3M | $69.7M | $104.2M | -$1.8M | $145.7M | $145.7M | $92.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $36.2M | $28.2M | $20.6M | $12.1M |
| Total Assets | $3.05B | $3.06B | $3.05B | $3.15B |
| Total Liabilities | $874.2M | $857.0M | $915.7M | $1.09B |
| Total Equity | $2.17B | $2.20B | $2.13B | $2.05B |
| Total Debt | $108.4M | $107.4M | $90.0M | $40.0M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $245.8M | $365.0M | $271.9M | $296.7M | $362.9M | $362.9M | $366.6M | $381.8M | $455.7M | $502.8M |
| Depreciation & Amortization | $139.8M | $246.3M | $271.5M | $171.8M | $177.6M | $177.6M | $190.7M | $199.9M | $204.8M | $213.2M |
| Stock-based Compensation | $11.1M | $11.8M | $12.6M | $16.9M | $24.8M | $24.8M | $28.6M | $28.9M | $28.4M | $32.5M |
| Change in Working Capital | -$75.1M | -$40.8M | -$21.7M | -$4.1M | -$93.0M | -$93.0M | -$151.7M | -$45.5M | -$45.9M | -$115.1M |
| Operating Cash Flow | $357.3M | $412.1M | $431.1M | $510.5M | $504.6M | $504.6M | $381.6M | $568.0M | $641.5M | $762.0M |
| Capital Expenditure | -$41.9M | -$40.1M | -$53.6M | -$177.5M | -$191.4M | -$34.7M | -$39.2M | -$58.1M | -$53.4M | -$67.1M |
| Acquisitions | $6.6M | -$136.9M | -$19.9M | -$30.4M | 0 | $45,000 | -$201.7M | $904,000 | $3,000 | -$42.4M |
| Stock Repurchased | -$130.1M | -$49.0M | -$54.9M | -$71.5M | -$193.9M | -$193.9M | -$25.0M | -$28.1M | -$35.1M | -$448.2M |
| Dividends Paid | -$91.7M | -$105.0M | -$118.7M | -$127.4M | -$139.1M | -$139.1M | -$147.2M | -$155.9M | -$164.6M | -$170.4M |
| Free Cash Flow | $315.4M | $372.0M | $377.5M | $333.0M | $313.2M | $470.0M | $342.4M | $509.9M | $588.1M | $694.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $120.6M | $152.7M | $186.0M | $302.7M |
| Capital Expenditure | -$8.9M | -$21.2M | -$16.5M | -$20.5M |
| Free Cash Flow | $111.7M | $131.4M | $169.5M | $282.2M |
| Dividends Paid | -$42.1M | -$41.8M | -$43.5M | -$42.9M |
| Stock-based Compensation | $6.3M | 0 | $8.2M | $9.5M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.4% | +1.0% | +9.3% | +3.6% | +10.5% | +6.9% | +6.6% | +7.2% | +5.1% | |
| Net Income Growth (YoY) | +53.2% | -27.8% | +9.1% | +5.0% | +16.5% | +1.0% | +4.1% | +19.4% | +10.3% | |
| EPS Growth (YoY) | +53.9% | -27.9% | +9.7% | +6.7% | +20.1% | +1.6% | +4.2% | +19.1% | +11.9% | |
| Shares Change (YoY) | -0.9% | -0.3% | -0.5% | -1.7% | -2.9% | -0.5% | -0.1% | +0.0% | -1.4% | |
| FCF Growth (YoY) | +18.0% | +1.5% | -11.8% | -5.9% | +50.0% | -27.1% | +48.9% | +15.3% | +18.1% | |
| Gross Margin | 42.8% | 43.1% | 40.6% | 40.6% | 39.5% | 41.9% | 41.3% | 41.3% | 42.7% | 43.1% |
| Operating Margin | 25.7% | 25.5% | 22.4% | 22.4% | 22.7% | 24.4% | 23.1% | 22.1% | 23.9% | 24.3% |
| EBITDA Margin | 35.5% | 39.3% | 39.9% | 32.6% | 39.6% | 33.6% | 32.7% | 32.2% | 33.7% | 32.8% |
| Net Margin | 17.2% | 24.5% | 17.5% | 17.5% | 17.7% | 18.7% | 17.6% | 17.2% | 19.2% | 20.1% |
| FCF Margin | 22.0% | 24.2% | 24.3% | 19.6% | 17.8% | 24.2% | 16.5% | 23.0% | 24.8% | 27.8% |
| Effective Tax Rate | 33.0% | 3.7% | 21.7% | 22.1% | 21.7% | 23.2% | 22.7% | 23.3% | 22.2% | 23.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.03 | $4.79 | $4.88 | $4.33 | $4.14 | $6.40 | $4.68 | $6.98 | $8.05 | $9.65 |
| Dividends Per Share | $1.17 | $1.35 | $1.54 | $1.66 | $1.84 | $1.89 | $2.01 | $2.13 | $2.25 | $2.37 |
| Shares Outstanding (Basic) | $77.4M | $77.2M | $77.2M | $76.8M | $75.6M | $72.9M | $72.9M | $72.9M | $73.0M | $72.0M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 23.49% |
| Return on Invested Capital | 18.77% |
| Return on Assets | 15.98% |
| Gross Margin | 43.60% |
| Operating Margin | 24.91% |
| Net Margin | 19.85% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 1.17 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 8.56 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 32.77 | 26.71 | 38.76 | 47.68 | 39.69 | 36.37 | 33.27 | 31.20 | 28.87 | 19.73 |
| P/B | 7.79 | 7.60 | 7.37 | 9.12 | 8.95 | 8.16 | 6.62 | 5.59 | 6.18 | 4.84 |
| P/S | 5.62 | 6.55 | 6.78 | 8.33 | 7.03 | 6.75 | 5.87 | 5.38 | 5.54 | 3.98 |
| Gross Margin | 42.8% | 43.1% | 40.6% | 40.6% | 39.5% | 41.9% | 41.3% | 41.3% | 42.7% | 43.1% |
| Operating Margin | 25.7% | 25.5% | 22.4% | 22.4% | 22.7% | 24.4% | 23.1% | 22.1% | 23.9% | 24.3% |
| Net Margin | 17.2% | 24.5% | 17.5% | 17.5% | 17.7% | 18.7% | 17.6% | 17.2% | 19.2% | 20.1% |
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Explore sector: Technology · Information Technology Services
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