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SSNC · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is SS&C Technologies Holdings, Inc. (SSNC) stock moving?
SS&C reported a solid Q3 2026 on Oct 22: GAAP revenue up 7.8%, adjusted organic growth of 5.2%, record adjusted EBITDA of $674.8M at a 39.9% margin, adjusted EPS up 14.8% to $1.78, and full-year goals kept on track. The stock fell about 7% the next day (from $89.54 to $82.96 on 2.5M shares) and kept drifting to roughly $80 through Oct 30. Early November brought a financing sequence: Nov 2 term loans and a revolver upsize, Nov 4 a $1B convertible notes launch with up to $100M of concurrent buybacks, Nov 5 pricing upsized to $1.05B of 2.75% notes due 2031, and Nov 9 completion of the $1.2B convertible offering plus $1.39B of new credit facilities to refinance $2B of 5.5% notes due 2027. Refinancing removes a near-term maturity and the new converts carry a coupon well below the notes being retired, which supports the balance sheet and the 2027 refinancing risk. The offset is dilution risk from convertible notes and a volume-heavy selloff: 4.9M shares on Nov 4 and 8.5M on Nov 5 as the price slid to $78.31. Price has since stabilized in the $77–$82 range, with a 1.4% rise to $78.82 on Nov 10 on 2.1M shares, roughly in line with recent average volume. The stock remains well below its Oct 22 pre-results level of $89.54.
News behind the analysis
- SS&C Technologies Completes $1.2 Billion Convertible Notes Offering and Secures $1.39 Billion in New Credit FacilitiesSS&C finalized a $1.2 billion private offering of convertible senior notes and amended its credit agreements to add term loans and revolving commitments for debt refinancing.
- SS&C Announces Pricing of Upsized Offering of $1.05 Billion of 2.75% Convertible Senior Notes Due 2031SS&C priced an upsized $1.05 billion offering of 2.75% convertible senior notes due 2031, part of its plan to refinance the 2027 notes.
- SS&C Technologies Prices Upsized $1.05B Convertible Notes Offering Due 2031The upsized convertible notes offering was priced at $1.05 billion, with maturity in 2031.
- SS&C Technologies Announces $1 Billion Convertible Senior Notes OfferingSS&C planned a $1 billion convertible notes offering to refinance existing debt and fund share repurchases.
- SS&C Technologies Announces Private Placement Of $1B Of Convertible Senior Notes Due 2031; Intends To Use Proceeds To Repurchase Up To $100M Of Stock In Private TransactionSS&C announced a $1 billion private placement of convertible senior notes due 2031, with up to $100 million of proceeds planned for a concurrent share repurchase.
- SS&C Technologies Announces $240 Million Term Loan Allocation, $400 Million Revolver Upsize, and $500 Million Term B-8 Loan LaunchSS&C announced $240 million in incremental Term A-9 loans, a $400 million revolver increase, and a $500 million Term B-8 loan launch.
- SS&C Technologies Announces $240M And $500M Additional Term Loans, $400M Revolver Upsize; Plans To Refinance $2B Notes Due 2027SS&C announced new term loans and a revolver upsize, with the stated aim of refinancing $2 billion of notes due 2027.
- Chesnara Announces Acquisition of MLUK Portfolio Administered by SS&CChesnara agreed to acquire a closed-book UK life insurance portfolio from MetLife UK that is already administered by SS&C, with consideration not expected to be material.
- SS&C Technologies Releases Q3 2026 Financial ResultsQ3 GAAP revenue rose 7.8% to $1,690.0M and adjusted diluted EPS rose 14.8% to $1.78, with record adjusted EBITDA of $674.8M and net leverage of 2.63x.
About SS&C Technologies Inc
SS&C Technologies sells software and outsourced back-office services, mainly to asset managers, hedge funds, private-equity firms, banks, insurers and healthcare organisations. It is one of the biggest fund administrators in the world. It grew largely by buying other companies, such as DST Systems and Advent, and expects about $6.75 billion in revenue for 2026.
How it makes money
Most of its revenue is recurring. It earns ongoing fees for software-enabled services, such as fund administration, investor and transfer-agency services and alternative-asset accounting, and it also sells software licences and maintenance. Most revenue comes from financial-services clients. A smaller part comes from healthcare, mainly pharmacy and health-plan administration. Many fees are tied to client assets or account volumes. Its adjusted EBITDA margins are high, at roughly 40%. It uses its cash to pay down debt, buy back shares and pay a dividend, which is now about $1.20 a year.
What usually moves SSNC
- Organic revenue growth and client retention
- Fund flows and market levels in alternative and traditional asset management
- Acquisitions and debt levels (net debt roughly $6 billion)
- Margin gains from automation and AI
- Share buybacks and interest rates