FDS
FactSet
Content / Subscription
★ Quality 59/100Price today
$246.48
what the market pays
Worth
$298.75
calculated cycle value
Price is 17% below its value
charlieapp.co
Price vs Intrinsic Value
The line is the price month by month; the green band marks when it's undervalued (−20% off value). When the price drops in there, the discount is real, not opinion.
Where does the value come from?
Content and entertainment
$325.60
per share
How it's calculated
FactSet — high via assistant (2026-06-07). Review note.
Net cash in the bank
cash minus financial debt, per share
Total calculated value
business + cash
How many times the cash flow
Content / Subscription · vs 6 peers
You pay 17x times this business's cash flow; its sector median is 18x.
19% below what Charlie thinks it's worth (20.2x) — that gap is your safety margin.
Why Discounted?
Its free cash flow is $16.09/share × 20.2x multiplier minus $26.85 in negative net cash = $298.75 in intrinsic value. Today's price of $246.48 is 21% below value — a moderate discount, a good spot to enter gradually.
The price is 17% off the calculated value. Close, but without the ideal discount.
It's fine to buy in pieces. Monthly DCA works well here.
For a bigger safety margin, wait for $239.00 or less.
At what price would buying make sense?
Entry zones
🟢 Undervalued
≤$239.00
-20% off Value
🟡 Discounted
≤$283.81
-5% off Value
🟡 Today
$246.48
+21% Valor
Discounted
The price is close to value. There's no big discount, but it's reasonable to invest in pieces.
“The market is a device for transferring money from the impatient to the patient.”
— Warren Buffett
Model updated · July 2026
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
So when would be a good price for FactSet?
Today it trades below what we calculate. If you want us to tell you when that changes —or when the value itself moves because the company reported— we will email you.
🔔 Email meFree · no card
Charlie informs, it doesn't advise. No information should be taken as a recommendation to buy or sell.