# FactSet Research Systems (FDS.US)

Canonical: https://gigainvestors.com/s/FDS

Analysis as of: 2026-10-16T07:28:29.448Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $301.83 per share; close as of 2026-10-15.

Estimated value: low $256.46 per share, central $352.20 per share, high $412.06 per share. Buy at or below the central value $352.20 per share. Valuation as of 2026-10-16T07:28:29.448Z; scenarios are not confidence intervals.

Expected annual return: 11.1% at the stated quote. About 11.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.29×

- FY2018: 0.27×

- FY2019: 0.31×

- FY2020: 0.29×

- FY2021: 0.30×

- FY2022: 0.26×

- FY2023: 0.30×

- FY2024: 0.32×

- FY2025: 0.32×

- FY2026: 0.28×

### moat: pass

- ROIC, median of available years: 56.7%

- ROIC, second-lowest year: 25.2%

- Typical minus recent gross margin: 2.4 pp

- Typical gross margin (annual median): 53.0%

- Recent gross margin (lower of latest and 3-year median): 50.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.9%

- ROIC including acquisitions, ten-year median: 23.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: 84.0%

- FY2021: 98.7%

- FY2022: 20.8%

- FY2023: 25.2%

- FY2024: 29.2%

- FY2025: 29.4%

- FY2026: 28.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.16×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.9B

- Net income, five-year total: $2.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.3 pp

- Working capital / revenue, final three-year average: 5.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.20×

- FY2023: 1.16×

- FY2024: 1.13×

- FY2025: 1.13×

- FY2026: 1.18×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 132.0% vs 29.2%

- Per-share earnings: 6.78 to 15.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.5%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: $5.0B

- Cumulative retained earnings: $1.2B

- Diluted shares, 10-year annual growth: -1.5%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.4%

- Per-share value change: $8.21

- Per-share value, starting three-year median: $6.78

- Per-share value, ending three-year median: $15.00

- Buybacks concentrated in cheaper years (correlation): 0.77

- Average buyback yield: 2.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.7B

- Cumulative net income, 10 years: $4.2B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 29.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: $6.51

- FY2018: $6.78

- FY2019: $9.08

- FY2020: $9.65

- FY2021: $10.36

- FY2022: $10.25

- FY2023: $12.04

- FY2024: $13.91

- FY2025: $15.55

- FY2026: $15.00

### accounting: pass

- Sloan accruals: -7.0%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 10.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.54×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.56×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.4%

- FY2018: -8.4%

- FY2019: -4.8%

- FY2020: -6.4%

- FY2021: -7.0%

- FY2022: -3.5%

- FY2023: -4.5%

- FY2024: -4.0%

- FY2025: -3.0%

- FY2026: -7.0%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 38% since Nov 2024 · "FactSet stock falls over 3% on disappointing guidance" (finance.yahoo.com, Sep 2026) · sales +6.7%

Story as of 2026-10-16T09:58:44.911Z; price observation 2026-10-15.

Price needs cash profits to grow 4.2% a year for ten years

- 2025-09-18: Financial data firm FactSet profit forecast misses estimates amid cautious spending ([finance.yahoo.com](https://finance.yahoo.com/news/financial-data-firm-factset-profit-113835238.html))

- 2025-12-18: Financial data firm FactSet's quarterly profit climbs on steady subscription growth ([finance.yahoo.com](https://finance.yahoo.com/news/financial-data-firm-factsets-quarterly-130010931.html))

- 2026-02-04: FactSet Faces New AI Pressure As Investors Reassess Data Platform Value ([finance.yahoo.com](https://finance.yahoo.com/news/factset-faces-ai-pressure-investors-111103196.html))

- 2026-04-01: FDS Q1 Deep Dive: AI, Data Expansion, and Enterprise Contracts Drive Outperformance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fds-q1-deep-dive-ai-100726113.html))

- 2026-07-01: FDS Q3 Earnings Beat Estimates on Organic Revenue Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fds-q3-earnings-beat-estimates-134000421.html))

- 2026-08-27: FactSet Poised to Deliver Fiscal Q4 Revenue Beat, Better Fiscal 2027 Guidance, RBC Says ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/factset-poised-deliver-fiscal-q4-150941291.html))

### Sales · FY2025–2026

sales +6.7%; source https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831.htm; observed 2025-10-22.

- FY2017: $1.2B 

- FY2018: $1.4B 

- FY2019: $1.4B 

- FY2020: $1.5B 

- FY2021: $1.6B 

- FY2022: $1.8B 

- FY2023: $2.1B 

- FY2024: $2.2B 

- FY2025: $2.3B 

- FY2026: $2.5B 

### Gross margin · FY2026

gross margin 50.6%; source https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831.htm; observed 2025-10-22.

- FY2017: 53.6% 

- FY2018: 51.2% 

- FY2019: 53.8% 

- FY2020: 53.5% 

- FY2021: 50.6% 

- FY2022: 52.8% 

- FY2023: 53.3% 

- FY2024: 54.1% 

- FY2025: 52.7% 

- FY2026: 50.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in financial data & stock exchanges; annual sales are USD 2.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2026: revenue 2476256000; grossProfit 1253110000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FDS.US: FactSet Research Systems Inc., together with its subsidiaries, operates as a financial digital platform and enterprise solutions provider for the investment community. It offers data, products, and analytical applications; and workstations, portfolio analytics, and enterprise data solutions, as well as managed services for supporting data, performance, risk, and reporting workflows. The company also provides subscription-based financial data and market intelligence on securities, companies, industries, and people that enable clients to research investment ideas, as well as analyze, monitor, and manage portfolios; and solutions covering investment lifecycle of investment research, portfolio construction and analysis, trade execution, performance measurement, risk management, and reporting. In addition, it offers services through configurable desktop and mobile platform, data feeds, cloud-based digital solutions, and application programming interfaces. It operates in Europe, the Middle East, Africa, the Americas, the Asia Pacific, and internationally. The company serves investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals. It has a strategic partnership with Google Cloud to create a new generation of AI-powered solutions for the financial industry. FactSet Research Systems Inc. was founded in 1978 and is headquartered in Norwalk, Connecticut.

### Why customers stay

Margins ranged from 50.6% to 54.1% during 2024–26; it earns 56.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2024: grossProfit / revenue = 54.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831.htm (filed 2025-10-22); FY2025: grossProfit / revenue = 52.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2026: grossProfit / revenue = 50.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); 10-year return on capital observations [[2017,1.0673903844268107],[2018,1.3196165647809395],[2019,1.6441471555474054],[2020,0.8396686268520248],[2021,0.9866823113368103],[2022,0.2076073808860269],[2023,0.25249534953017294],[2024,0.2915241670360082],[2025,0.2943706487241608],[2026,0.2879539053611808]]; median 0.5670196377880928. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 644 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2017: growth capex 0; upkeep 36862000; owner earnings 269691000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2018: growth capex 0; upkeep 33520000; owner earnings 290850000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2019: growth capex 0; upkeep 59370000; owner earnings 353883000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2020: growth capex 0; upkeep 77641000; owner earnings 396096000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2021: growth capex 0; upkeep 61325000; owner earnings 445587000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2022: growth capex 0; upkeep 51156000; owner earnings 475476000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2023: growth capex 0; upkeep 60786000; owner earnings 545115000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2024: growth capex 0; upkeep 85681000; owner earnings 607039000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831.htm (filed 2025-10-22); FY2025: growth capex 0; upkeep 108806000; owner earnings 676907000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2026: growth capex 0; upkeep 114720000; owner earnings 631859000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); Dividend observations: [[2017,80898000],[2018,89408000],[2019,100052000],[2020,110439000],[2021,117927000],[2022,125934000],[2023,138601000],[2024,150667000],[2025,159973000],[2026,164184000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); FY2026: cash repurchases 643961000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FDS.US SharesStats.PercentInsiders = 0.439 percentage points; cache date 2026-10-16.

### What could break it

"Clients are seeking additional contractual protections that may create additional liabilities for us" (SEC filing, Oct 2025)

- Source: https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831.htm (filed 2025-10-22); Clients are seeking additional contractual protections that may create additional liabilities for us

### What the price says

The price assumes cash profits grow 4.2% yearly over ten years; actual growth was 8.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-22); Ten-year compound average after fade. Initial solved rate 0.05429899200090482. Price 301.83; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 8.170587885981329 → FY2026 17.762819071179578. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $154.72 per share

- 2016-11: $160.17 per share

- 2016-12: $163.43 per share

- 2017-01: $173.05 per share

- 2017-02: $177.90 per share

- 2017-03: $164.91 per share

- 2017-04: $163.26 per share

- 2017-05: $165.69 per share

- 2017-06: $166.18 per share

- 2017-07: $167.22 per share

- 2017-08: $157.18 per share

- 2017-09: $180.11 per share

- 2017-10: $189.87 per share

- 2017-11: $199.88 per share

- 2017-12: $192.76 per share

- 2018-01: $200.69 per share

- 2018-02: $203.18 per share

- 2018-03: $199.42 per share

- 2018-04: $189.11 per share

- 2018-05: $201.01 per share

- 2018-06: $198.10 per share

- 2018-07: $201.36 per share

- 2018-08: $229.39 per share

- 2018-09: $223.71 per share

- 2018-10: $223.76 per share

- 2018-11: $234.49 per share

- 2018-12: $200.13 per share

- 2019-01: $218.63 per share

- 2019-02: $235.17 per share

- 2019-03: $248.27 per share

- 2019-04: $275.87 per share

- 2019-05: $278.20 per share

- 2019-06: $286.56 per share

- 2019-07: $277.30 per share

- 2019-08: $272.09 per share

- 2019-09: $242.97 per share

- 2019-10: $253.52 per share

- 2019-11: $259.65 per share

- 2019-12: $268.30 per share

- 2020-01: $286.11 per share

- 2020-02: $265.99 per share

- 2020-03: $260.68 per share

- 2020-04: $275.00 per share

- 2020-05: $307.51 per share

- 2020-06: $328.47 per share

- 2020-07: $346.30 per share

- 2020-08: $350.40 per share

- 2020-09: $334.88 per share

- 2020-10: $306.50 per share

- 2020-11: $333.76 per share

- 2020-12: $332.50 per share

- 2021-01: $302.34 per share

- 2021-02: $303.91 per share

- 2021-03: $308.59 per share

- 2021-04: $336.22 per share

- 2021-05: $334.36 per share

- 2021-06: $335.61 per share

- 2021-07: $357.28 per share

- 2021-08: $380.22 per share

- 2021-09: $394.78 per share

- 2021-10: $443.89 per share

- 2021-11: $468.57 per share

- 2021-12: $486.01 per share

- 2022-01: $421.89 per share

- 2022-02: $406.09 per share

- 2022-03: $434.15 per share

- 2022-04: $403.49 per share

- 2022-05: $381.78 per share

- 2022-06: $384.57 per share

- 2022-07: $429.68 per share

- 2022-08: $433.34 per share

- 2022-09: $400.11 per share

- 2022-10: $425.49 per share

- 2022-11: $461.29 per share

- 2022-12: $401.21 per share

- 2023-01: $422.94 per share

- 2023-02: $414.55 per share

- 2023-03: $415.09 per share

- 2023-04: $411.69 per share

- 2023-05: $384.89 per share

- 2023-06: $400.65 per share

- 2023-07: $435.04 per share

- 2023-08: $436.41 per share

- 2023-09: $437.26 per share

- 2023-10: $431.89 per share

- 2023-11: $453.46 per share

- 2023-12: $477.05 per share

- 2024-01: $475.92 per share

- 2024-02: $462.58 per share

- 2024-03: $454.39 per share

- 2024-04: $416.89 per share

- 2024-05: $404.26 per share

- 2024-06: $408.27 per share

- 2024-07: $413.09 per share

- 2024-08: $422.84 per share

- 2024-09: $459.85 per share

- 2024-10: $454.06 per share

- 2024-11: $490.67 per share

- 2024-12: $480.28 per share

- 2025-01: $474.41 per share

- 2025-02: $461.74 per share

- 2025-03: $454.64 per share

- 2025-04: $432.22 per share

- 2025-05: $458.26 per share

- 2025-06: $447.28 per share

- 2025-07: $402.90 per share

- 2025-08: $373.32 per share

- 2025-09: $286.49 per share

- 2025-10: $266.80 per share

- 2025-11: $277.27 per share

- 2025-12: $290.19 per share

- 2026-01: $254.36 per share

- 2026-02: $216.81 per share

- 2026-03: $216.99 per share

- 2026-04: $227.58 per share

- 2026-05: $245.47 per share

- 2026-06: $230.08 per share

- 2026-07: $263.20 per share

- 2026-08: $313.55 per share

- 2026-09: $269.95 per share

- 2026-10: $301.83 per share

## Annual estimated value (USD per share)

- FY2017: low $88.62 per share, central $100.13 per share, high $115.45 per share

- FY2018: low $97.20 per share, central $109.86 per share, high $126.72 per share

- FY2019: low $108.08 per share, central $121.72 per share, high $139.87 per share

- FY2020: low $119.07 per share, central $133.44 per share, high $152.56 per share

- FY2021: low $128.98 per share, central $144.31 per share, high $164.72 per share

- FY2022: low $191.14 per share, central $272.91 per share, high $318.51 per share

- FY2023: low $214.18 per share, central $307.54 per share, high $359.61 per share

- FY2024: low $231.22 per share, central $331.97 per share, high $388.16 per share

- FY2025: low $250.05 per share, central $361.08 per share, high $423.00 per share

- FY2026: low $256.46 per share, central $352.20 per share, high $412.06 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:11.204Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831.htm); period 2025-08-31, filed 2025-10-22.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.