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FactSet Research Systems Inc FDS

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Stock XNYS Rating as of
$450.11 +6.22 (1.40%)
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Company Report

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FactSet’s Recurring Revenue Model Fares Well but Is Not Immune to Macroenvironment Uncertainty

Rajiv Bhatia

FactSet has built an attractive subscription-based business providing data and analytics to the financial-services industry. FactSet is best known for its research solutions, which include its core desktop offering geared toward buy-side asset managers and sell-side investment bankers. Research is the largest component of the firm’s annual subscription value but is FactSet’s slowest-growing segment due to its maturity and pressures on asset managers. Beyond research, FactSet offers analytics and trading solutions (32% of firm ASV), which include portfolio analytics, risk management, performance reporting, trade execution, and order management.

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Price vs Fair Value

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FDS is trading at a 14% premium.
Price
$443.90
Fair Value
$913.00
Uncertainty
Medium
1-Star Price
$398.20
5-Star Price
$966.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

FactSet has done a good job of increasing organic annual subscription value and incrementally gaining market share.

Bears

FactSet's customer base of asset owners and asset managers could face pressure, and a drop in equity markets could weigh on customer budgets. In addition, investment banks face pressure from soft deal activity.

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Trading Information

Previous Close Price
$443.89
Day Range
$446.17–450.46
52-Week Range
$378.76–466.36
Bid/Ask
$449.06 / $450.27
Market Cap
$17.09 Bil
Volume/Avg
21,039 / 245,521

Key Statistics

Price/Earnings (Normalized)
30.59
Price/Sales
8.28
Dividend Yield
0.86%
Dividend Yield (Forward)
0.86%
Total Yield
1.91%

Company Profile

FactSet provides financial data and portfolio analytics to the global investment community. The company aggregates data from third-party data suppliers, news sources, exchanges, brokerages, and contributors into its workstations. In addition, it provides essential portfolio analytics that companies use to monitor portfolios and address reporting requirements. Buy-side clients account for 82% of FactSet's annual subscription value. In 2015, the company acquired Portware, a provider of trade execution software. In 2017, it acquired BISAM, a risk management and performance measurement provider. In 2022, it completed its purchase of CUSIP Global Services.
Sector
Financial Services
Industry
Financial Data & Stock Exchanges
Stock Style Box
Mid Growth
Total Number of Employees
12,237
Website
https://www.factset.com

Competitors

Valuation

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Metric
FDS
SPGI
MSCI
Price/Earnings (Normalized)
 30.5936.8439.93
Price/Book Value
 10.423.72—
Price/Sales
 8.2810.8816.80
Price/Cash Flow
 25.3037.3735.85
Price/Earnings
FDS
SPGI
MSCI

Financial Strength

Metric
FDS
SPGI
MSCI
Quick Ratio
 1.440.801.27
Current Ratio
 1.590.921.36
Interest Coverage
 9.6111.177.09
Quick Ratio
FDS
SPGI
MSCI

Profitability

Metric
FDS
SPGI
MSCI
Return on Assets (Normalized)
 14.28%6.29%20.76%
Return on Equity (Normalized)
 36.99%10.67%—
Return on Invested Capital (Normalized)
 17.29%8.02%31.64%
Return on Assets
FDS
SPGI
MSCI

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