FICO · CIK 0000814547
What Fair Isaac Corporation told the SEC could break it.
FICO's disclosures lead with how tied it is to one industry: 92% of fiscal 2025 revenue came from the banking sector, so credit-market stress, banking uncertainty or financial-institution failures would land directly on its results. The rest of the register reflects its international footprint. Roughly a third of its workforce — much of its product-development staff — is in India, exposing it to political risk there, including heightened India-Pakistan tensions, and with 23% of revenue earned abroad it is sensitive to currency swings against the dollar. As a vendor of products delivered overseas and to foreign nationals, it is also subject to export controls and OFAC sanctions.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- banking-industry revenue concentration (92% of revenue)high
FICO's revenues are heavily concentrated in the banking/consumer-credit industry — 92% of fiscal 2025 revenue — so banking-sector uncertainty, credit-market stress, or financial-institution failures would likely harm its business.
“During fiscal 2025, 92% of our revenues were derived from sales of products and services to the banking industry. Periods of global economic uncertainty experienced in the past have produced substantial stress, volatility, illiquidity and disruption of global credit and other financial markets, resulting in the bankruptcy or acquisition of, or government assistance to, several major domestic and international financial institutions.”
SEC filing →As of 2025
Currency (FX)
- foreign currency exposure (23% of revenue international)medium
With 23% of fiscal 2025 revenue from outside the U.S. and significant international R&D operations, substantial movements in foreign exchange rates against the U.S. dollar could adversely affect FICO's cash flows and results.
“Substantial movements in foreign exchange rates relative to the dollar could adversely impact our cash flows, results of operations and financial position.”
SEC filing →As of 2025
Geographic concentration
- India workforce concentration (~40% of employees; India-Pakistan tension)medium
A substantial portion of FICO's product-development staff is in India (≈one-third to 40% of its workforce), exposing it to political/developmental risk including heightened India-Pakistan tensions.
“We currently have a substantial portion of our product development staff in international locations, some of which have political and developmental risks. For example, approximately one-third of our workforce is located in India, which could be negatively impacted by heightened tensions between India and Pakistan.”
Regulatory & policy
- export controls and OFAC sanctions on products delivered abroadlow
FICO is subject to laws restricting transactions with sanctioned parties and to export controls (OFAC sanctions, Export Administration Regulations) as they apply to FICO products delivered in non-U.S. countries or to foreign nationals.
“Laws and regulations restricting transactions with sanctioned parties and regarding export controls as they apply to FICO products delivered in non-U.S. countries or to foreign nationals (e.g., Office of Foreign Asset Control sanctions and Export Administration Regulations).”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“uncertainty related to Fair Isaac Corporation's (“FICO”) new Mortgage Direct License Program; our ability to maintain our access to data sources; government regulation and changes in the regulatory environment;”
Cited →
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