A Business at a Glance
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FACTSET RESEARCH SYSTEMS INC
FDS
$9.8B
Mkt Cap
$254.36
+4.26%
FACTSET RESEARCH SYSTEMS INC (FDS) has a current P/E ratio of 16.1, compared to its historical median P/E of 29.9. The stock is currently considered Cheap based on its historical valuation range.
FACTSET RESEARCH SYSTEMS INC (FDS) has a 5-year average return on invested capital (ROIC) of 25.8%. This indicates strong capital allocation and a potential competitive advantage.
FACTSET RESEARCH SYSTEMS INC (FDS) has a market capitalization of $9.3B. It is classified as a mid-cap stock.
Yes, FACTSET RESEARCH SYSTEMS INC (FDS) pays a dividend with a trailing twelve-month yield of 1.75%. The company also returns capital through share buybacks, with a buyback yield of 5.26%.
Based on historical P/E analysis, FACTSET RESEARCH SYSTEMS INC (FDS) appears cheap. The current P/E of 16.1 is 46% below its historical median of 29.9. The estimated fair value CAGR (P/E method) is 9.4%.
FACTSET RESEARCH SYSTEMS INC (FDS) operates in the Services-Computer Programming, Data Processing, Etc. industry, within the Technology sector.
FactSet is a global financial digital platform and enterprise solutions provider delivering data, analytics, and AI-powered technologies to investment professionals worldwide. The company operates through three geographic segments—Americas (65% of revenues), EMEA (25%), and Asia Pacific (10%)—and serves clients across four firm types: Institutional Buyside (approximately 82% of organic ASV), Dealmakers, Wealth, and Partnerships/CGS. FactSet's business model is built on recurring subscription revenues from multi-asset class solutions accessed through workstations, data feeds, APIs, and cloud-based platforms; the company had approximately 9,000 clients and 237,000 investment professionals as of August 31, 2025, with annual ASV retention exceeding 95%. The platform integrates proprietary and third-party financial data with embedded AI workflows spanning the investment lifecycle—from research and portfolio construction through trade execution, performance measurement, and risk management—while the CUSIP Global Services business provides critical security master file and identifier services. FactSet's competitive moat derives from its connected data ecosystem, deep integration into client workflows, open and flexible technology architecture, and dedicated client service infrastructure; the company maintains relationships with multiple third-party data suppliers to avoid dependency on any single source, operates redundant data centers in the U.S. and leverages cloud providers for elasticity and resilience, and continues to invest in AI-ready data, agentic platforms, and productivity tools to deepen client relationships and drive operating leverage.
【AI-driven workflow transformation】 Management is advancing a pragmatic AI strategy embedded across client workflows for research analysts, portfolio managers, wealth advisors, and engineering teams, with clients already adopting multiple AI solutions and consolidating experimental efforts with FactSet's platform. The company expects these AI investments to accelerate productivity gains and operating margin improvement through 2026 and beyond, while simultaneously driving growth through higher-quality data consumption and expanded agentic capabilities. FactSet is executing targeted investments in data expansion (real-time feeds, pricing reference data, deep sector coverage), workflow deepening (portfolio lifecycle solutions, OMS, IBOR integration), and commercial excellence (new pricing and packaging, improved sales incentives, enhanced lead scoring), with early results showing over 50% of targeted productivity improvements already captured and strong pipeline momentum across all client types and geographies. Management expects these structural and growth investments to deliver operating leverage in the medium term while maintaining investment-grade credit ratings and disciplined capital allocation, with free cash flow growth and shareholder returns continuing as hallmarks of the business model.
| Metric | Target | Period |
|---|---|---|
| Organic ASV growth | $100 million–$150 million | FY2026 |
| GAAP Revenue | $2.42 billion–$2.45 billion | FY2026 |
| GAAP Operating Margin | 29.5%–31% | FY2026 |
| Adjusted Operating Margin | 34%–35.5% | FY2026 |
| GAAP EPS | $14.55–$15.25 | FY2026 |
| Adjusted EPS | $16.90–$17.60 | FY2026 |
| Net Interest Expense | $43 million–$48 million | FY2026 |
| Capital Expenditures | $110 million–$120 million | FY2026 |
Organic ASV growth (FY2026): “we're guiding to organic ASV growth of $100 million- $150 million, representing approximately 5% growth at the midpoint”
GAAP Revenue (FY2026): “GAAP revenues are expected to be in the range of $2.42 billion- $2.45 billion”
GAAP Operating Margin (FY2026): “We expect GAAP operating margin range of 29.5%- 31%”
“adjusted operating margin of 34%- 35.5%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.4B | 2.3B | 2.2B | 2.1B | 1.8B | 1.6B |
| Net Income | 588M | 597M | 537M | 468M | 397M | 400M |
| EPS | $15.73 | $15.55 | $13.91 | $12.04 | $10.25 | $10.36 |
| Free Cash Flow | 683M | 617M | 615M | 585M | 487M | 494M |
| ROIC | 19.0% | 20.9% | 20.7% | 18.1% | 23.1% | 46.1% |
| Gross Margin | - | 52.7% | 54.1% | 53.3% | 52.8% | 50.6% |
| Debt/Equity | 0.64 | 0.63 | 0.71 | 1.00 | 1.49 | 0.57 |
| Dividends/Share | $4.46 | $4.17 | $3.90 | $3.56 | $3.25 | $3.06 |
| Operating Income | 749M | 748M | 701M | 629M | 475M | 474M |
| Operating Margin | 31.2% | 32.2% | 31.8% | 30.2% | 25.8% | 29.8% |
| ROE | 27.6% | 29.1% | 30.4% | 31.7% | 33.8% | 41.8% |
| Shares Outstanding | 37M | 38M | 39M | 39M | 39M | 39M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 920M | 1.0B | 1.1B | 1.2B | 1.4B | 1.4B | 1.5B | 1.6B | 1.8B | 2.1B | 2.2B | 2.3B | 2.4B |
| Gross Margin | 61.6% | 59.7% | 56.8% | 53.6% | 51.2% | 53.8% | 53.5% | 50.6% | 52.8% | 53.3% | 54.1% | 52.7% | N/A |
| R&D | N/A | N/A | N/A | 215M | 217M | 215M | 224M | 250M | 255M | 267M | 265M | 301M | 301M |
| SG&A | 264M | 270M | 290M | 302M | 325M | 334M | 343M | 331M | 433M | 483M | 490M | 476M | 498M |
| EBIT | 302M | 332M | 350M | 352M | 366M | 438M | 440M | 474M | 475M | 629M | 701M | 748M | 749M |
| Op. Margin | 32.8% | 33.0% | 31.0% | 28.8% | 27.1% | 30.5% | 29.4% | 29.8% | 25.8% | 30.2% | 31.8% | 32.2% | 31.2% |
| Net Income | 212M | 241M | 339M | 258M | 267M | 353M | 373M | 400M | 397M | 468M | 537M | 597M | 588M |
| Net Margin | 23.0% | 23.9% | 30.1% | 21.1% | 19.8% | 24.6% | 25.0% | 25.1% | 21.5% | 22.4% | 24.4% | 25.7% | 24.5% |
| Non-Recurring | 62K | 34K | -8K | -1.3M | 17M | -196K | 16M | -6.4M | 0 | 0 | 0 | 23M | 23M |
| Returns on Capital | |||||||||||||
| ROIC | 52.2% | 55.2% | 41.1% | 28.5% | 24.4% | 41.8% | 43.8% | 46.1% | 23.1% | 18.1% | 20.7% | 20.9% | 19.0% |
| ROE | 40.2% | 46.2% | 64.6% | 48.0% | 49.2% | 58.9% | 47.5% | 41.8% | 33.8% | 31.7% | 30.4% | 29.1% | 27.6% |
| ROA | 31.3% | 34.4% | 38.6% | 21.2% | 18.9% | 23.7% | 20.5% | 18.5% | 12.7% | 11.7% | 13.4% | 14.3% | 13.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 265M | 306M | 331M | 321M | 386M | 427M | 506M | 555M | 538M | 646M | 700M | 726M | 799M |
| Free Cash Flow | 247M | 281M | 283M | 284M | 352M | 368M | 428M | 494M | 487M | 585M | 615M | 617M | 683M |
| Owner Earnings | 208M | 249M | 263M | 238M | 297M | 334M | 412M | 446M | 396M | 478M | 512M | 507M | 557M |
| CapEx | 18M | 26M | 48M | 37M | 34M | 59M | 78M | 61M | 51M | 61M | 86M | 109M | 116M |
| Maint. CapEx | 34M | 31M | 38M | 48M | 57M | 60M | 58M | 64M | 87M | 105M | 125M | 158M | 171M |
| Growth CapEx | 0 | 0 | 9.7M | 0 | 0 | 0 | 20M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 34M | 31M | 38M | 48M | 57M | 60M | 58M | 64M | 87M | 105M | 125M | 158M | 171M |
| CapEx/OCF | 6.7% | 8.4% | 14.4% | 11.5% | 8.7% | 13.9% | 15.3% | 11.0% | 9.5% | 9.4% | 12.2% | 15.0% | 14.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 61M | 67M | 74M | 81M | 89M | 100M | 110M | 118M | 126M | 139M | 151M | 160M | 164M |
| Dividend Yield | 1.5% | 1.2% | 1.3% | 1.3% | 1.3% | 1.1% | 1.1% | 1.0% | 0.8% | 0.9% | 0.9% | 0.9% | 1.8% |
| Share Buybacks | 280M | 256M | 357M | 261M | 304M | 220M | 200M | 265M | 19M | 177M | 235M | 300M | 490M |
| Buyback Yield | 5.8% | 4.2% | 5.4% | 4.6% | 3.7% | 2.2% | 1.5% | 1.9% | 0.1% | 1.1% | 1.5% | 2.1% | 5.3% |
| Stock-Based Comp | 23M | 26M | 30M | 34M | 32M | 32M | 37M | 45M | 56M | 62M | 64M | 61M | 70M |
| Debt Repayment | 0 | 32K | 12K | 365M | 0 | 575M | 0 | 0 | 825M | 375M | 250M | 805M | 805M |
| Balance Sheet | |||||||||||||
| Net Debt | -136M | -147M | 47M | 348M | 337M | 189M | -31M | -143M | 1.4B | 1.2B | 873M | 1.0B | 1.1B |
| Cash & Equiv. | 116M | 159M | 228M | 195M | 209M | 360M | 586M | 682M | 503M | 425M | 423M | 338M | 285M |
| Long-Term Debt | 0 | 35M | 300M | 575M | 575M | 574M | 574M | 575M | 2.0B | 1.6B | 1.2B | 1.4B | 1.4B |
| Debt/Equity | 0.00 | 0.07 | 0.58 | 1.03 | 1.09 | 0.85 | 0.64 | 0.57 | 1.49 | 1.00 | 0.71 | 0.63 | 0.64 |
| Interest Coverage | N/A | N/A | 116.6 | 41.9 | 23.0 | 22.1 | 34.1 | 58.8 | 13.5 | 9.5 | 10.7 | 13.0 | 13.4 |
| Equity | 511M | 532M | 517M | 560M | 526M | 672M | 896M | 1.0B | 1.3B | 1.6B | 1.9B | 2.2B | 2.1B |
| Total Assets | 663M | 737M | 1.0B | 1.4B | 1.4B | 1.6B | 2.1B | 2.2B | 4.0B | 4.0B | 4.1B | 4.3B | 4.2B |
| Total Liabilities | 152M | 205M | 502M | 854M | 894M | 888M | 1.2B | 1.2B | 2.7B | 2.3B | 2.1B | 2.1B | 2.1B |
| Intangibles | 42M | 40M | 93M | 174M | 149M | 124M | 121M | 135M | 1.9B | 1.9B | 1.8B | 1.9B | 1.9B |
| Retained Earnings | 850M | 1.0B | 1.3B | 1.5B | 123M | 373M | 633M | 913M | 1.2B | 1.5B | 1.9B | 2.3B | 2.5B |
| Working Capital | 122M | 164M | 211M | 208M | 210M | 365M | 566M | 618M | 432M | 286M | 169M | 208M | 218M |
| Current Assets | 250M | 304M | 369M | 409M | 431M | 584M | 842M | 934M | 870M | 770M | 836M | 730M | 724M |
| Current Liabilities | 127M | 140M | 158M | 201M | 221M | 219M | 276M | 316M | 438M | 484M | 667M | 521M | 506M |
| Per Share Data | |||||||||||||
| EPS | 4.92 | 5.71 | 8.19 | 6.51 | 6.78 | 9.08 | 9.65 | 10.36 | 10.25 | 12.04 | 13.91 | 15.55 | 15.73 |
| Owner EPS | 4.83 | 5.89 | 6.36 | 6.00 | 7.54 | 8.60 | 10.65 | 11.56 | 10.22 | 12.30 | 13.25 | 13.21 | 15.20 |
| Book Value | 11.89 | 12.59 | 12.51 | 14.11 | 13.35 | 17.30 | 23.19 | 26.35 | 34.38 | 41.66 | 49.53 | 56.95 | 58.11 |
| Cash Flow/Share | 6.16 | 7.26 | 8.00 | 8.08 | 9.79 | 10.99 | 13.09 | 14.40 | 13.90 | 16.60 | 18.14 | 18.92 | 20.72 |
| Dividends/Share | 1.42 | 1.58 | 1.79 | 2.04 | 2.27 | 2.58 | 2.86 | 3.06 | 3.25 | 3.56 | 3.90 | 4.17 | 4.46 |
| Shares Out. | 43.0M | 42.2M | 41.4M | 39.7M | 39.4M | 38.9M | 38.6M | 38.6M | 38.7M | 38.9M | 38.6M | 38.4M | 36.6M |
| Valuation | |||||||||||||
| P/E Ratio | 22.8 | 25.1 | 19.6 | 22.1 | 30.8 | 28.4 | 34.6 | 34.7 | 41.8 | 34.6 | 29.1 | 23.9 | 16.2 |
| P/FCF | 19.5 | 21.6 | 23.4 | 20.1 | 23.4 | 27.3 | 30.2 | 28.0 | 34.0 | 27.7 | 25.4 | 23.1 | 13.6 |
| EV/EBIT | 15.5 | 17.8 | 19.1 | 17.2 | 23.4 | 23.3 | 30.0 | 29.5 | 38.4 | 27.9 | 24.0 | 20.7 | 13.9 |
| Price/Book | 9.4 | 11.4 | 12.8 | 10.2 | 15.6 | 14.9 | 14.4 | 13.6 | 12.5 | 10.0 | 8.2 | 6.5 | 4.4 |
| Price/Sales | 4.5 | 5.6 | 5.3 | 4.9 | 5.3 | 6.2 | 6.9 | 7.6 | 8.4 | 7.5 | 7.5 | 7.3 | 3.9 |
| FCF Yield | 5.1% | 4.6% | 4.3% | 5.0% | 4.3% | 3.7% | 3.3% | 3.6% | 2.9% | 3.6% | 3.9% | 4.3% | 7.3% |
| Market Cap | 4.8B | 6.1B | 6.6B | 5.7B | 8.2B | 10.0B | 12.9B | 13.9B | 16.6B | 16.2B | 15.6B | 14.3B | 9.3B |
| Avg. Price | 97.26 | 132.41 | 143.51 | 151.18 | 180.94 | 229.30 | 268.61 | 314.10 | 399.84 | 403.82 | 429.14 | 440.08 | 254.36 |
| Year-End Price | 112.28 | 143.34 | 160.30 | 143.57 | 208.75 | 257.95 | 334.06 | 359.12 | 428.06 | 416.19 | 404.54 | 371.27 | 254.36 |
FACTSET RESEARCH SYSTEMS INC passes 8 of 9 quality checks, indicating strong fundamentals.
FACTSET RESEARCH SYSTEMS INC trades at 16.1x trailing earnings, compared to its 15-year median P/E of 29.9x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 13.6x vs a median of 26.3x. The company's 5-year average ROIC is 25.8% with a gross margin of 52.7%. Total shareholder yield (dividends + buybacks) is 7.0%. At current prices, the estimated annualized return to fair value is +9.3%.
FACTSET RESEARCH SYSTEMS INC (FDS) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
FACTSET RESEARCH SYSTEMS INC (FDS) has a net profit margin of 25.7%. This is a strong margin indicating high profitability.
FACTSET RESEARCH SYSTEMS INC (FDS) generated $617 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FACTSET RESEARCH SYSTEMS INC (FDS) has a debt-to-equity ratio of 0.63. This indicates moderate leverage.
FACTSET RESEARCH SYSTEMS INC (FDS) reported earnings per share (EPS) of $15.55 in its most recent fiscal year.
FACTSET RESEARCH SYSTEMS INC (FDS) has a return on equity (ROE) of 29.1%. This indicates the company generates strong returns for shareholders.
FACTSET RESEARCH SYSTEMS INC (FDS) has a 5-year average gross margin of 52.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for FACTSET RESEARCH SYSTEMS INC (FDS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FACTSET RESEARCH SYSTEMS INC (FDS) has a book value per share of $56.95, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is advancing a pragmatic AI strategy embedded across client workflows for research analysts, portfolio managers, wealth advisors, and engineering teams, with clients already adopting multiple AI solutions and consolidating experimental efforts with FactSet's platform. The company expects these AI investments to accelerate productivity gains and operating margin improvement through 2026 and beyond, while simultaneously driving growth through higher-quality data consumption and expanded agentic capabilities. FactSet is executing targeted investments in data expansion (real-time feeds, pricing reference data, deep sector coverage), workflow deepening (portfolio lifecycle solutions, OMS, IBOR integration), and commercial excellence (new pricing and packaging, improved sales incentives, enhanced lead scoring), with early results showing over 50% of targeted productivity improvements already captured and strong pipeline momentum across all client types and geographies. Management expects these structural and growth investments to deliver operating leverage in the medium term while maintaining investment-grade credit ratings and disciplined capital allocation, with free cash flow growth and shareholder returns continuing as hallmarks of the business model.
Based on recent SEC filings and earnings calls, FACTSET RESEARCH SYSTEMS INC (FDS) has provided the following forward guidance: Organic ASV growth: $100 million–$150 million (FY2026); GAAP Revenue: $2.42 billion–$2.45 billion (FY2026); GAAP Operating Margin: 29.5%–31% (FY2026); Adjusted Operating Margin: 34%–35.5% (FY2026); GAAP EPS: $14.55–$15.25 (FY2026), plus 3 additional metrics.
GAAP EPS (FY2026): “Our GAAP EPS guidance range is from $14.55- $15.25”
Adjusted EPS (FY2026): “Our adjusted EPS guidance range is from $16.90- $17.60”
Net Interest Expense (FY2026): “net interest expense is expected between $43 million- $48 million”
Capital Expenditures (FY2026): “Capital expenditures are projected at $110 million- $120 million”