FactSet Research Systems Inc.

FDS
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$607.6M
Q1 FY2026 · +6.9% YoY
TTM ROIC
22%
FY2025 · NOPAT / Invested Capital; NOPAT = Adj Operating Income × (1 - 17% tax); Invested Capital = Total Equity + Total Debt - Cash · WACC ~8% · Moat spread +14pp

Financial Snapshot

ticker: FDS step: 04 generated: 2026-05-13 source: quick-research

FactSet Research Systems Inc. (FDS) — Financial Snapshot

Note: FactSet's fiscal year ends August 31.

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$1.84B $2.086B $2.203B +5.6%
Operating Margin — ~32% ~31% stable
GAAP EPS (diluted) — — — —
FY2025 GAAP EPS — — $15.55 +11.8%

FY2025 (ending Aug 31, 2025): Revenue $2.322B (+5.4%); GAAP diluted EPS $15.55 (+11.8%); GAAP operating margin 32.2%; Organic ASV $2,370.9M (+5.7% YoY). 46th consecutive year of revenue growth. Key metrics: Q1 FY2026 (Sept–Nov 2025) showed net margin strength. Barclays multiyear platform deal announced January 2026. Stock declined ~54.5% from March 2025 highs due to AI disruption concerns. Recent acquisitions: LiquidityBook (Feb 2025, cloud-native EMS), LogoIntern (March 2025, productivity tools). FY2025 guidance delivered: GAAP revenues $2,285–2,305M achieved; adj. diluted EPS $16.80–17.40 range.

Cash Flow & Balance Sheet

Metric Value
Organic ASV $2,370.9M (Aug 2025)
Revenue Streak 46 consecutive years of growth
Operating Margin 32.2% (FY2025 GAAP)
Recent Acquisitions LiquidityBook, LogoIntern (2025)
Leverage Elevated (funded acquisitions via debt)

FactSet's subscription model generates highly predictable cash flows; capital allocation historically included buybacks + dividends + acquisitions. Recent acquisitions expanding into execution management (LiquidityBook) and productivity tools (LogoIntern) reflect the AI-era pivot — adding workflow capabilities beyond pure data access.

Key Ratios (approximate)

  • P/E: ~17–22x (GAAP EPS $15.55; stock ~$270–340 post-selloff)
  • Revenue Growth (FY2025): +5.4%; 3-year CAGR: ~11%
  • Operating Margin: 32.2%
  • ASV Growth: 5.7% organic (decelerating from prior ~8–10%)

Growth Profile

FactSet had 13% revenue growth in FY2023 (driven by Cobalt/CUSIP revenue and organic ASV gains) that decelerated to 5–6% in FY2024–2025. ASV growth at 5.7% reflects: (1) lower price increases as CPI decelerated (historically CPI-linked pricing); (2) buy-side client budget pressure; (3) AI disruption concerns dampening expansion sales. The 46-year revenue streak is unbroken but investors question whether AI (Bloomberg AI, LLMs replacing equity research workflows) will structurally impair future growth.

Forward Estimates

  • FY2026 (ending Aug 2026): Revenue ~$2.4–2.5B; adj. EPS ~$17–18 (5–8% growth)
  • Analyst consensus PT: $292.40 avg (range $195 BofA Underperform to $425 bull); Hold consensus
  • Current price: ~$270–330 (post -54.5% selloff)
  • BofA Underperform at $195 — most bearish analyst
  • Key metric to watch: ASV organic growth rate — recovering or decelerating?

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $FDS.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
GET /api/v1/research/FDS/fundamental$1.00 · Bearer token required
Markdown: /stocks/fds/financials/md · → thesis · → memo