FDS
FactSet
Content / Subscription
★ Quality 60/100Price today
$301.96
This company value is already calculated
We know what it is worth from its audited numbers, and whether it trades above or below that today. Create your free account to see it.
See what it is worthcharlieapp.co
What this business is made of
The business
The analyst's nervous system: once it's wired in, ripping it out hurts.
FactSet sells financial terminals and data by subscription to asset managers, investment banks, and wealth firms. It charges per user and per module, with recurring annual contracts — ~$2.3B in revenue, almost all renewable ASV (annual subscription value). The client pays so its analysts don't have to hunt for data across ten sites.
The moat is switching costs: once it's built into the client's workflows and models, migrating is expensive and painful. But it competes against Bloomberg and S&P/Capital IQ, which are bigger and have more proprietary data. It's a good business, not a toll with no rival.
Revenue history
From $1.6B to $2.3B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $2.3B · FY2025
Of every $100 in sales, $74 goes to costs and operations; $26 is left as net profit (26% margin).
Catalysts and risks
Price expansion: annual ASV increases of 4-6% without losing clients.
Data and analytics products with generative AI launched in FY2025-2026 to raise ARPU.
Growth in wealth management and corporate clients, segments less saturated than sell-side.
Bloomberg dominates the sell-side; FactSet fights for second place in many accounts.
Gross margin of 53% is modest for software — the content is expensive to maintain.
Debt of $1.4B against $0.3B in cash; less room for error than its size suggests.
Charlie's note
“A decent toll collecting rent from the financial industry, but with two giants breathing down its neck. I'd buy it cheap, not at a monopoly price — because it isn't a monopoly.”
Analysis · June 2026
Want to follow FactSet?
We do not calculate a value here: FactSet does not generate cash flows you can project, and putting a number on it would be making it up. What you can do is follow it and tell us the price you care about — we will email you when it gets there.
🔔 Email meFree · no card
Charlie informs, it doesn't advise. No information should be taken as a recommendation to buy or sell.