Fair Isaac Corporation (0TIQ.L) reported QQ2 2025 revenue of $498.7 million, a YoY increase of 14.97% and QoQ increase of 13.36%. Gross profit reached $411.1 million for a gross margin of 82.43%, while operating income was $245.65 million (operating margin 49.25%), yielding net income of $162.62 million and basic EPS of $6.67 (diluted $6.59). The company generated $74.92 million of operating cash flow and $65.49 million of free cash flow in the quarter, with a cash balance of $146.64 million. However, the balance sheet shows heightened leverage and negative shareholders’ equity: total debt $2.5489 billion, long-term debt $2.5339 billion, net debt $2.4024 billion, and negative equity of -$1.1241 billion. Trailing four-quarter revenue approximates $1.820 billion with gross profit around $1.487 billion and EBITDA near $0.833 billion, suggesting durable profitability even as balance sheet risk persists. Valuation multiples are elevated relative to peers (P/S ~90x, P/E ~69x, EV/EBITDA ~191x), indicating high-growth expectations or strategic value priced into the stock. Investors should weigh robust profitability and cash flow against significant leverage and negative book value when assessing risk and upside potential.