FactSet

FDS · NYSE · Financials · Financials, fiscal 2017 to 2026

FDS · Last close · October 26, 2026

$323.39

FactSet's revenue rose 6.7% to $2.5 billion in fiscal 2026. Its operating margin was 28.3%, down from 32.2% a year earlier. Free cash flow was $707 million, up 14.6%. It paid out $808 million in dividends and buybacks, 114% of free cash flow. The diluted share count fell 4.6%.

FACTSET RESEARCH SYSTEMS INC Latest fiscal year ended August 31, 2026 10-K filed October 20, 2026 · 0001628280-26-066391 Updated October 26, 2026

Revenue

$2.5B

6.7%

Operating margin

28.3%

4.0 pts

Net income

$534M

10.7%

Free cash flow

$707M

14.6%

Return on capital

18.2%

2.5 pts

Market cap

$11.8B

Oct 26 close

P/E

22.2x

On $14.57 EPS, FY26

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 9.4% a year and net income 8.4% a year, as buybacks cut the share count by 8%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value FactSet yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from FactSet's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from FactSet's fiscal 2026 free cash flow of $707M, net cash of −$1.1B at August 31, 2026 and 37 million diluted shares, from its filings. The scenarios are fitted to FactSet: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 5.9% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Financial Exchanges & Data); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at August 31, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to FactSet's own revenue growth, as above. Cautious: growth of 3% then 2.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 6% then 4% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 9% then 6% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $323.39
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from FactSet's earnings per share of $14.57 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 22.2×, the middle of FactSet's own P/E today, its peers' median and its sector's median (FactSet's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Morningstar, MSCI, Cboe Global Markets, CME Group.

Earnings growth in the years ahead (% a year) Starts at FactSet's revenue growth over the last 3 years, 5.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $323.39
Value at this multiple, against the last close: —
FactSet's P/E at the last close: 22.2×

Company	Last close	Earnings per share	P/E today
MSCIMSCI	$617.67	$18.90	32.7×
Cboe Global MarketsCBOE	$335.25	$12.83	26.1×
CME GroupCME	$308.06	$12.19	25.3×
FactSetFDS	$323.39	$14.57	22.2×
MorningstarMORN	$225.29	$10.52	21.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	536	458	493	355	265
Debt incl. finance leases	1,982	1,613	1,366	1,368	1,370
Net debt (negative means net cash)	1,446	1,155	873	1,013	1,105
Net debt to EBITDA	2.6x	1.6x	1.1x	1.1x	1.2x
Debt to equity	1.5x	1.0x	0.7x	0.6x	0.7x
Interest coverage	13.3x	9.5x	10.7x	13.3x	12.8x
Current ratio	2.0x	1.6x	1.2x	1.4x	0.6x
Quick ratio	2.0x	1.6x	1.2x	1.4x	0.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $126,465 of FactSet shares on the open market, and 2 insiders sold $1.5 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jan 12, 2026	Malcolm FrankDirector	Sold	2,572	$295.70	$760,547	Form 4
Jan 8, 2026	Laurie SiegelDirector	Sold	2,572	$296.25	$761,944	Form 4
Nov 6, 2025	Goran SkokoEVP, Chief Revenue Officer	Bought	500	$252.93	$126,465	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	8 of 9	8 of 9	6 of 9
Accruals ratio	−4.1%	−3.1%	−6.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put FactSet side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
FactSet	FY26	6.7%	28.3%	28.6%	18.2%	1.2x	6
Morningstar	FY25	7.5%	21.5%	18.1%	22.5%	0.8x	6	Compare
MSCI	FY25	9.8%	54.7%	49.4%	44.5%	3.3x	7	Compare
Cboe Global Markets	FY25	15.1%	31.1%	35.7%	22.8%	−0.5x	9	Compare
CME Group	FY25	6.4%	64.9%	64.3%	11.8%	−0.3x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	1,221	1,350	1,435	1,494	1,591	1,844	2,086	2,203	2,322	2,476
Revenue growth	8.3%	10.6%	6.3%	4.1%	6.5%	15.9%	13.1%	5.6%	5.4%	6.7%
Gross profit	655	691	772	799	805	973	1,112	1,191	1,224	1,253
Research and development	215	217	215	224	250	255	267	265	301	346
Operating income	352	366	438	440	474	476	629	701	748	700
Net income	258	267	353	373	400	397	468	537	597	534
Diluted EPS (US$)	6.51	6.78	9.08	9.65	10.36	10.25	12.04	13.91	15.55	14.57
Diluted shares (millions)	40	39	39	39	39	39	39	39	38	37
Cash flow
Cash from operations	320	386	427	506	555	538	646	700	726	822
Capital expenditure	37	34	59	78	61	51	61	86	109	115
Free cash flow	284	352	368	428	494	487	585	615	617	707
Dividends paid	81	89	100	110	118	126	139	151	160	164
Share buybacks	261	304	220	200	265	19	177	235	300	644
Acquisitions	303	15	0	0	58	1,982	24	0	348	0
Stock-based compensation	34	32	32	37	45	56	62	64	61	84
Balance sheet at fiscal year end
Cash and short-term investments	227	238	386	605	718	536	458	493	355	265
Debt incl. finance leases	575	575	574	574	574	1,982	1,613	1,366	1,368	1,370
Total assets	1,413	1,419	1,560	2,083	2,225	4,014	3,963	4,055	4,304	4,140
Total liabilities	854	894	888	1,187	1,209	2,683	2,343	2,143	2,118	2,138
Shareholders' equity	560	526	672	896	1,016	1,331	1,620	1,912	2,186	2,002
Margins and ratios
Gross margin	53.6%	51.2%	53.8%	53.5%	50.6%	52.8%	53.3%	54.1%	52.7%	50.6%
Operating margin	28.8%	27.1%	30.5%	29.4%	29.8%	25.8%	30.2%	31.8%	32.2%	28.3%
Net margin	21.1%	19.8%	24.6%	25.0%	25.1%	21.5%	22.4%	24.4%	25.7%	21.5%
Free cash flow margin	23.2%	26.1%	25.6%	28.7%	31.0%	26.4%	28.0%	27.9%	26.6%	28.6%
Return on capital	35.9%	31.4%	42.5%	44.5%	46.6%	23.3%	18.2%	20.8%	20.7%	18.2%
Return on equity	48.0%	49.2%	58.9%	47.5%	41.8%	33.8%	31.7%	30.4%	29.1%	25.5%
Return on assets	21.2%	18.9%	23.7%	20.5%	18.6%	12.7%	11.7%	13.4%	14.3%	12.6%
Net debt to EBITDA	0.9x	0.8x	0.4x	−0.1x	−0.3x	2.6x	1.6x	1.1x	1.1x	1.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: FactSet's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with FactSet.