FactSet Research Systems Inc. FDS
FactSet remains a buy as FY2025 fundamentals reinforce the thesis: revenue of $2.32B grew 5.4% YoY alongside operating margin expansion to 32.2% (from 25.8% in FY2022), driving diluted EPS of $15.55 up 11.8% YoY and $617M in free cash flow. At 20.2x trailing earnings and 12.8x EV/EBITDA, the valuation is defensible for a high-FCF-margin data franchise, and the balance sheet continues to de-lever with total debt down to $1.56B from $2.22B in FY2022.
Major institutional inflows — Bamco's new $966.5M position and BlackRock's $657.7M stake as of Q2 2026 13Fs — alongside a smart money score improving to 0.035 from negative readings earlier in 2025, confirm institutional conviction, though the stock's 58% six-month surge and RSI near 66 warrant patience on entry timing.
What could go wrong
- Extended technicals. Stock at $308.98 as of 2026-08-28 is well above its 50-day MA of $263.6 and 200-day MA of $248.9, with RSI at 66.3 approaching overbought after a 58% six-month rally, increasing near-term pullback risk.
- Analyst consensus bearish. Eighteen brokerages assign an average 'Reduce' rating with six sell ratings and ten holds as of late August 2026, suggesting Street expectations may be below current price momentum.
- Decelerating revenue growth. Revenue growth has slowed from 15.9% in FY2022 and 13.1% in FY2023 to 5.4% in FY2025; further deceleration could compress the multiple.
- Gross margin compression. Gross margin declined from 54.1% in FY2024 to 52.7% in FY2025, a trend that could signal rising content/data costs eroding the franchise economics.
What would change my mind
Where this comes from: FMP annual fundamentals FY2025 + derived_metrics · FMP annual fundamentals FY2025 + derived_metrics · FMP annual fundamentals FY2022 and FY2025 · peer_relative as of latest data. Orin's read on FDS; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All FDS filings| Form | Filed | What it says | Read |
|---|---|---|---|
| 8-K | 31 Aug | FactSet Research Systems Inc. | read |
| 13G/A | 14 Aug | — | on file |
| 10-Q | 1 Jul | FactSet Research Systems Inc. | read |
| 8-K | 1 Jul | FactSet Research Systems Inc. | read |
| 13G | 29 Apr | — | on file |
| 8-K | 8 Apr | Helen Shan ceases as CFO on April 13, 2026, triggering Item 5.02; she will stay on payroll through a transition period, keep FY 2026 bonus and benefits, but forfeit FY 2027 bonus and new equity. | read |
| 10-Q | 1 Apr | Q2 2026 Financial Summary (Three Months Ended February 28, 2026 vs. | read |
| 8-K | 31 Mar | FactSet Research Systems Inc. | read |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Bamco /Ny/ | $966.5M | 1.5% of fund |
| Vanguard Capital Management | $547.5M | 0.0% of fund |
| State Street | $431.1M | 0.0% of fund |
| Vanguard Portfolio Management | $409.8M | 0.0% of fund |
| Aqr Capital Management | $385.5M | 0.1% of fund |
| Geode Capital Management | $317.3M | 0.0% of fund |
78 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 121 Form 4 filings, net $97.6M. Of the 50 on hand, 1 was an open-market purchase and 4 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about FDS
Orin answers questions about FDS from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 18.3× | 35.6× | 21.6× |
| EV/EBITDA | 11.7× | 22.9× | — |
| P/S | 4.08× | 7.99× | — |
| P/B | 5.1× | 10.3× | — |
Its P/E sits below all 5 of the last 5 years (−2.50σ from its own mean).
4.7%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.6B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$257
$210 – $304 · −9% against today's price
- 3 buy or overweight
- 20 hold
- 7 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| FDSFactSet Research Systems Inc. | $10B | 18.3× | 11.7× | 51.4% | 23.2% | 27% |
| AIZAssurant, Inc. | $13B | 12.6× | 8.1× | 78.1% | 7.9% | 18% |
| IVZInvesco Ltd. | $14B | — | 9.6× | 67.4% | -0.9% | -1% |
The median is of the 1 peers listed above and nothing else — check it against the column. This company trades 45.7% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $440 | $247.31 · +78% | 2026-06-10 |
| Levered DCF | $310 | $247.31 · +26% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.