# Factset Research Systems (FDS) — Stock CV

Factset Research Systems is a $10.2B technology company. Revenue grew 6.7% over the last year, it keeps 22¢ of every dollar of sales as profit, and its net debt equals ~1.8 years of free cash flow. It trades at 19.1× earnings — in the cheapest third of its own history.

> 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.

## Identity

- **Ticker**: FDS
- **Sector**: Technology
- **Industry**: Services-Computer Programming, Data Processing, Etc.
- **Headquarters**: NORWALK, CT
- **Employees**: 12 694
- **Website**: https://www.factset.com
- **Market cap**: $10.2B
- **Last price**: $287.18
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $2.48B
- **Net income**: $533M
- **Free cash flow**: $707M
- **Net debt**: $1.28B
- **P/E**: 19.1
- **Revenue growth (YoY)**: 6.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 85 |
| Growth | 61 |
| Profitability | 95 |
| Health | 55 |
| Quality | 90 |
| Moat | 95 |

## Qualifications (beginner checklist) — 11 of 11 passed

- [x] Revenue growing — +6.7% YoY
- [x] Profitable — $533M TTM
- [x] Profit growing — +6.6% YoY
- [x] Generates cash — $707M TTM
- [x] Debt under control — ~1.8y of cash flow to repay
- [x] Established company — $10.2B market cap
- [x] Not printing shares — -5.1% shares over ~5y
- [x] Proven track record — 11/11 profitable years
- [x] Financially stable — Altman Z 4.0 — safe
- [x] Pays a dividend — yield 1.61%
- [x] Valuation not extreme — P/E 19.1

## Experience (career milestones)

- **FY2025** — Best year on record: $597M net income
- **Dec 27, 2021** — FactSet announced its plans to acquire CUSIP Global Services, the exclusive provider of CUSIP…
- **FY2020** — Became debt-free: cash now exceeds total debt
- **FY2016** — Profitable every year on record: 11 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $1.13B in first reported year
- **FY2016** — Positive free cash flow every year since: 11-year streak
- **Feb 9, 2015** — FactSet acquired Code Red Inc, a provider of Research Management technology to the financial…
- **2013** — FactSet acquired Revere Data, a provider of a line-of-business industry taxonomy, now branded FactSet Revere
- **2012** — FactSet acquired StreetAccount, which provides real-time company updates, portfolio and sector…
- **2010** — FactSet acquired Market Metrics, a market research firm situated in the United States that is solely…
- **2008** — FactSet acquired a copy of the Thomson Reuters WorldScope database
- **1999** — FactSet introduced 24-hour live telephone support in 1999
- **1995** — The company changed its name in June 1995 to FactSet Research Systems Inc
- **1990** — FactSet for Windows was released
- **1978** — FactSet was founded by Howard Wille and Chuck Snyder in 1978

## Strengths

- High gross margin (50.6%)
- Strongly profitable — 21.5% net margin
- Strong cash conversion — FCF is 28.6% of revenue
- Could repay net debt from ~1.8 years of free cash flow
- Interest covered 13.8× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $1.84B | $397M | $487M |
| FY2023 | $2.09B | $468M | $585M |
| FY2024 | $2.20B | $537M | $615M |
| FY2025 | $2.32B | $597M | $617M |
| FY2026 | $2.48B | $533M | $707M |

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Source: https://stockcv.com/FDS — derived from company filings; may be delayed or incomplete. Information, not investment advice.