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1. Company Snapshot

1.a. Company Description

SS&C Technologies Holdings, Inc., together with its subsidiaries, provides software products and software-enabled services to financial services and healthcare industries.The company owns and operates technology stack across securities accounting; front-office functions, such as trading and modeling; middle-office functions include portfolio management and reporting; back-office functions, such as accounting, performance measurement, reconciliation, reporting, processing and clearing, and compliance and tax reporting; and healthcare solutions comprising claims adjudication, benefit management, care management, and business intelligence solutions.Its products and services allow professionals in the financial services and healthcare industries to automate complex business processes and are instrumental in helping its clients to manage information processing requirements.


The company's software-enabled services include SS&C GlobeOp, Global Investor and Distribution Solutions, SS&C Retirement Solutions, Black Diamond Wealth Platform, Bluedoor, Advent Outsourcing Services, Advent Data Solutions, ALPS Advisors, and Virtual Data Rooms, as well as pharmacy, healthcare administration, and health outcomes optimization solutions.Its software products comprise portfolio/investment accounting and analytics software, portfolio management software, trading software, digital process automation product suite, and banking and lending solutions, as well as research, analytics, risk, and training solutions.The company also provides professional services, including consulting and implementation services to assist clients; and product support services.


It operates in the United States; the United Kingdom; Europe, the Middle East, and Africa; the Asia Pacific and Japan; Canada; and the Americas.The company was founded in 1986 and is headquartered in Windsor, Connecticut.

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1.b. Last Insights on SSNC

SS&C Technologies' recent performance was driven by strong Q2 earnings, beating estimates with $1.45 per share, a 14% increase year-over-year. The company's acquisition of Calastone and new product releases, such as SS&C Singularity, are expected to drive growth. Additionally, the company increased its dividend by 8% to $1.08 annually, demonstrating confidence in its financial position. Recent wins, including a partnership with Western & Southern and Wesleyan, showcase the company's expanding client base. Its wealth offerings unification under SS&C Black Diamond Wealth Solutions also positions the company for future growth.

1.c. Company Highlights

2. SS&C Technologies Delivers Strong Q3 Results with Revenue and EPS Growth

SS&C Technologies reported record adjusted revenue of $1.569 billion, up 7%, and adjusted diluted earnings per share of $1.57, a 17.2% increase, in Q3 2025. The company's adjusted consolidated EBITDA was $619 million, up 9.3%, with a quarterly adjusted consolidated EBITDA margin of 39.5%. The actual EPS of $1.57 was above estimates of $1.48, demonstrating the company's strong financial performance. The third quarter adjusted organic revenue growth was 5.2%, driven by GlobeOp with a 9.6% revenue growth and GIDS business with a 9% revenue growth.

Publication Date: Oct -26

📋 Highlights
  • Record Adjusted Revenue Growth:: Q3 2025 adjusted revenue reached $1.569 billion (+7%) with EPS of $1.57 (+17.2%).
  • Strong EBITDA Performance:: Adjusted consolidated EBITDA hit $619 million (+9.3%), reflecting a 39.5% margin.
  • Organic Revenue Growth Led by Key Units:: 5.2% organic growth driven by GlobeOp (+9.6%) and GIDS (+9%).
  • Shareholder Returns:: $305 million returned via share buybacks ($240 million) and dividends ($65.8 million) in Q3.
  • Operating Cash Flow Surge:: 22% Y/Y increase to $1.101 billion for 9 months ending September 2025.

Capital Return and Dividend Increase

In Q3, SS&C returned $305 million to shareholders, which included acquiring 2.8 million shares for $240 million and $65.8 million in common stock dividends. The company raised its common stock dividend to $1.08, an 8% increase, highlighting its commitment to returning value to shareholders. For the 9 months ended September 30, 2025, cash from operating activities was $1.101 billion, up 22% over the prior year, demonstrating the company's strong cash flow generation capabilities.

Balance Sheet and Leverage

SS&C ended the third quarter with $388 million in cash and cash equivalents and $6.6 billion in gross debt. The company's net debt was $6.2 billion, and its LTM consolidated EBITDA was $2.4 billion, resulting in a net leverage ratio of 2.59x. With a 'Net Debt / EBITDA' ratio of 3.01, as per our valuation metrics, the company's leverage is relatively high but manageable given its strong cash flow generation.

Guidance and Outlook

For Q4 2025, SS&C expects revenue to be in the range of $1.59 billion to $1.63 billion and 4.5% organic revenue growth at the midpoint. The company expects adjusted net income in the range of $394 million to $410 million and adjusted diluted EPS in the range of $1.56 to $1.62. For the full year 2025, SS&C raised its top-line guidance by $37 million at the midpoint, expecting revenue to be in the range of $6.21 billion to $6.25 billion and 4.6% revenue growth at the midpoint.

Strategic Acquisitions and Growth Prospects

SS&C's acquisition of Curo Fund Services deepens its relationship with two meaningful clients and gives the company a local presence in the African market. The acquisition of Calastone, which closed on October 14, brings a global team of 250 employees and a proprietary global funds network. With analysts estimating next year's revenue growth at 5.8%, the company's strategic acquisitions and growth prospects are expected to drive future performance. Given the current 'P/E Ratio' of 24.32 and 'P/S Ratio' of 3.36, the market is pricing in a certain level of growth, and it will be essential to monitor the company's ability to deliver on these expectations.

Business Segment Performance

The healthcare business reported 2 consecutive quarters of positive year-over-year growth, with a confidence level that it has positively inflected in a sustainable way. The business runs at 30-35% margins and has opportunities with large clients like Humana and Centene. The company's strong Q3 results, with EPS $0.07 above the high end of the range, were driven by a lift out in Australia that boosted the GIDS business and strong performance from GlobeOp.

3. NewsRoom

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SS&C Technologies Holdings, Inc. (SSNC) Presents at UBS Global Technology and AI Conference 2025 Transcript

Dec -03

Source: seekingalpha.com

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Voss Capital Chooses SS&C for Fund Administration

Dec -03

Source: businesswire.com

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Brandes Investment Partners LP Cuts Stock Holdings in SS&C Technologies Holdings, Inc. $SSNC

Dec -02

Source: defenseworld.net

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SS&C Expands European Wealth Management Capabilities with New MiFID License in Ireland

Nov -25

Source: businesswire.com

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SS&C Blue Prism Recognized as an Everest Group IPAP PEAK Matrix® Leader

Nov -20

Source: businesswire.com

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SS&C Announces Common Stock Dividend of $0.27 Per Share

Nov -19

Source: businesswire.com

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SS&C ALPS Advisors and TIFIN Unveil Innovative Donor-advised Fund Program

Nov -19

Source: businesswire.com

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SS&C Technologies Holdings, Inc. (SSNC) Presents at Citi's 14th Annual FinTech Conference Transcript

Nov -19

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.65%)

6. Segments

Software-enabled Services

Expected Growth: 5%

SS&C Technologies Holdings' Software-enabled Services segment growth is driven by increasing demand for cloud-based solutions, expansion into new markets, strategic acquisitions, and growing adoption of digital transformation in the financial services industry. Additionally, the company's investments in innovation, customer relationships, and operational efficiency contribute to its growth momentum.

Maintenance and Term Licenses

Expected Growth: 3%

SS&C Technologies Holdings, Inc.'s 3% growth in Maintenance and Term Licenses is driven by increasing adoption of cloud-based financial solutions, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on digital transformation, regulatory compliance, and customer experience enhancements also contribute to this growth.

Professional Services

Expected Growth: 4%

SS&C Technologies Holdings' Professional Services segment growth is driven by increasing demand for cloud-based solutions, expansion into new markets, and strategic acquisitions. The company's expertise in investment management and financial services technology also contributes to its growth. Additionally, the rising need for outsourcing and consulting services in the financial industry further fuels the segment's growth.

Perpetual Licenses

Expected Growth: 2%

SS&C Technologies Holdings' Perpetual Licenses growth is driven by increasing demand for cloud-based financial technology solutions, expansion into new markets, and strategic acquisitions. The company's strong brand reputation, innovative products, and high customer retention rates also contribute to its growth. Additionally, the shift towards digital transformation in the financial industry fuels the adoption of perpetual licenses, further boosting growth.

7. Detailed Products

SS&C Advent

A comprehensive portfolio management and accounting solution for investment managers, hedge funds, and family offices.

SS&C GlobeOp

A comprehensive platform for fund administration, providing net asset value (NAV) calculation, accounting, and reporting.

SS&C Intralinks

A secure platform for virtual data rooms, enabling secure collaboration and file sharing for M&A, capital markets, and other transactions.

SS&C Eze

A comprehensive platform for investment management, providing order management, execution, and portfolio management capabilities.

SS&C DST

A comprehensive platform for wealth management, providing account servicing, trading, and reporting capabilities.

SS&C Alternative Investments

A comprehensive platform for alternative investment management, providing portfolio management, accounting, and reporting capabilities.

8. SS&C Technologies Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

SS&C Technologies Holdings, Inc. operates in a niche market with limited substitutes, reducing the threat of substitutes.

Bargaining Power Of Customers

SS&C Technologies Holdings, Inc. has a diverse customer base, reducing the bargaining power of individual customers.

Bargaining Power Of Suppliers

SS&C Technologies Holdings, Inc. relies on a few key suppliers, giving them some bargaining power, but the company's scale and diversification mitigate this risk.

Threat Of New Entrants

The financial technology industry has high barriers to entry, making it difficult for new entrants to compete with SS&C Technologies Holdings, Inc.

Intensity Of Rivalry

The financial technology industry is highly competitive, with many established players competing for market share, increasing the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 51.46%
Debt Cost 9.70%
Equity Weight 48.54%
Equity Cost 10.97%
WACC 10.32%
Leverage 106.00%

11. Quality Control: SS&C Technologies Holdings, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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InterDigital

A-Score: 6.6/10

Value: 3.0

Growth: 8.8

Quality: 9.0

Yield: 3.0

Momentum: 10.0

Volatility: 6.0

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SS&C Technologies Holdings

A-Score: 5.9/10

Value: 3.9

Growth: 6.1

Quality: 6.8

Yield: 2.0

Momentum: 7.0

Volatility: 9.7

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A-Score: 5.7/10

Value: 3.2

Growth: 8.1

Quality: 8.5

Yield: 0.0

Momentum: 7.5

Volatility: 6.7

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Quality: 6.8

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Growth: 6.9

Quality: 6.6

Yield: 0.0

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A-Score: 3.4/10

Value: 4.4

Growth: 7.1

Quality: 3.8

Yield: 0.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

87.82$

Current Price

87.82$

Potential

-0.00%

Expected Cash-Flows