Company Reports

We recently cut our fair value estimates for EML Payments and GQG Partners after we self-identified a valuation error in our treatment of share-based compensation. We've now reviewed our diversified financials coverage for the same issue and identified 10 affected companies.

Fineos is a core software vendor to the global life, accident, and health, or LA&H, insurance industry. Customers are primarily large multinationals and midmarket insurers. The firm generates revenue mainly from subscriptions and product implementation services. About 80% of revenue is generated from the US, the rest from the Asia-Pacific and Europe.

Fineos is a core software vendor to the global life, accident, and health, or LA&H, insurance industry. Customers are primarily large multinationals and midmarket insurers. The firm generates revenue mainly from subscriptions and product implementation services. About 80% of revenue is generated from the US, the rest from the Asia-Pacific and Europe.

Fineos' first-half 2026 NPAT rose to EUR 1.9 million from a small loss last year. Subscription revenue grew 15%, and EBITDA margins expanded to 24%. Medium-term guidance provided two years ago is reaffirmed, based on a rapid improvement in subscription fee growth and bigger profit margins.

Fineos is a core software vendor to the global life, accident, and health, or LA&H, insurance industry. Customers are primarily large multinationals and midmarket insurers. The firm generates revenue mainly from subscriptions and product implementation services. About 80% of revenue is generated from the US, the rest from the Asia-Pacific and Europe.

Shares in Fineos are down around 18% from their one-year high of AUD 3.34 per share, amid investor concerns about artificial intelligence's impact on software stocks.

Fineos' March-quarter 2026 cash flow update showed an 82% year-on-year improvement in trailing 12-month free cash flows. It also announced two new client wins, both of which will adopt AdminSuite—representing Fineos' most comprehensive platform offering.

Fineos is a core software vendor to the global life, accident, and health, or LA&H, insurance industry. Customers are primarily large multinationals and midmarket insurers. The firm generates revenue mainly from subscriptions and product implementation services. About 80% of revenue is generated from the US, the rest from the Asia-Pacific and Europe.

Fineos is a core software vendor to the global life, accident, and health, or LA&H, insurance industry. Customers are primarily large multinationals and midmarket insurers. The firm generates revenue mainly from subscriptions and product implementation services. About 80% of revenue is generated from the US, the rest from the Asia-Pacific and Europe.

Shares in Fineos are down almost 20% since the start of 2026, amid investor concerns about the potential impact of artificial intelligence on software stocks. The sheer pace of AI development and its disruptive implications warrant a reassessment of Fineos' longer-term competitive positioning.

Fineos saw a 50% rise in 2025 EBITDA, and its first year of aftertax profits. Revenue grew 4%. EBITDA margins grew to 22% from 15%. Revenue guidance of EUR 147 million-EUR 152 million for 2026 marks 8% growth at the midpoint. Shares are still down 18% year to date.

Fineos is a core software vendor to the global life, accident, and health, or LA&H, insurance industry. Customers are primarily large multinationals and midmarket insurers. The firm generates revenue mainly from subscriptions and product implementation services. About 80% of revenue is generated from the US, the rest from the Asia-Pacific and Europe.

Fineos is a core software vendor to the global life, accident, and health, or LA&H, insurance industry. Customers are primarily large multinationals and midmarket insurers. The firm generates revenue mainly from subscriptions and product implementation services. About 80% of revenue is generated from the US, the rest from the Asia-Pacific and Europe.

Fineos' cash balance for September 2025 was around EUR 33 million. While slightly down from June 2025, this is 12% above the same period last year. Cash receipts for the September quarter were also down 11% from the same period last year. The firm reiterated its prior revenue guidance, however.

Fineos is a core software vendor to the global life, accident, and health, or LA&H, insurance industry. Customers are primarily large multinationals and midmarket insurers. The firm generates revenue mainly from subscriptions and product implementation services. About 80% of revenue is generated from the US, the rest from the Asia-Pacific and Europe.

Fineos' first-half 2025 EBITDA—its preferred profitability measure—increased 80% to EUR 13 million, with the margin expanding 8% to approximately 20%. Loss after tax narrowed to EUR 1 million, from EUR 5 million a year ago.

Fineos is a core software vendor to the global life, accident, and health, or LA&H, insurance industry. Customers are primarily large multinationals and midmarket insurers. The firm generates revenue mainly from subscriptions and product implementation services. About 80% of revenue is generated from the US, the rest from the Asia-Pacific and Europe.

Fineos has seen an improvement in cash flow generation, a higher frequency of client wins, and more advanced-stage business proposals. Its most comprehensive offering, AdminSuite, has been adopted by large marquee clients.

Fineos is a core software vendor to the global life, accident, and health, or LA&H, insurance industry. Customers are primarily large multinationals and midmarket insurers. The firm generates revenue mainly from subscriptions and product implementation services. About 80% of revenue is generated from the US, the rest from the Asia-Pacific and Europe.

Fineos' cash balance rose to EUR 35 million at March 31, up from EUR 20 million at the end of 2024. The firm attributes this growth to seasonal cash collections and underlying business expansion.