FDSFACTSET RESEARCH SYSTEMS INC

Services-Computer Programming, Data Processing, Etc.

Revenue: $2.5B; 6.7% YoY
Operating margin: 28.3%; 12% YoY
EBITDA: $881M; 2.8% YoY
Market cap: $11.6B
Employees: 12,444; $199K revenue each
Net debt / EBITDA: 1.3×; $1.1B net debt
AI in 10-K: 17.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
154% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
98% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$199K · 12th pct
Bottom quartile of its SIC industry
Quiet on AINo
17.9 per 10K words · 98th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1.8B	$2.1B	$2.2B	$2.3B	$2.5B	6.7%
Operating income	$475M	$629M	$701M	$748M	$700M	6.5%
Net income	$397M	$468M	$537M	$597M	$533M	11%
Operating cash flow	$538M	$646M	$700M	$726M	$822M	13%
Capex	$51M	$61M	$86M	$109M	$115M	5.4%
Stock-based comp	$56M	$62M	$64M	$61M	$84M	37%
Buybacks	$19M	$177M	$235M	$300M	$644M	114%
Dividends	$126M	$139M	$151M	$160M	$164M	2.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $126K · 1
Open-market sells, 12 mo: $2M · 4
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	87	168
FY2025	—	—	102	153
FY2024	—	—	114	120
FY2023	—	—	117	88
FY2022	—	—	115	84