FactSet Research Systems Inc. (FDS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+10.2%

$379.76

vs $344.52 price

Levered DCF

$385.13

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.36

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	21.43×	23.72×	29.97×	35.6×	41.35×	36.01×	35.65×	29.42×
P/B	5.71×	6.48×	8.41×	10.29×	12.32×	14.16×	14.8×	15.44×
P/S	4.62×	6.1×	7.3×	7.99×	8.9×	9.04×	8.9×	7.23×
EV / EBITDA	13.96×	15.92×	19.76×	22.95×	29.7×	25×	25.26×	21.25×
Gross margin	50.6%	52.7%	54.1%	53.3%	52.8%	50.6%	53.5%	53.8%
Operating margin	28.3%	32.2%	31.8%	30.2%	25.8%	29.8%	29.4%	30.5%
Net margin	21.5%	25.7%	24.4%	22.4%	21.5%	25.1%	25.0%	24.6%
Current ratio	0.6×	1.4×	1.25×	1.59×	1.99×	2.96×	3.05×	2.67×
Debt / equity	0.77×	0.71×	0.82×	1.14×	1.67×	0.85×	0.97×	0.85×
Interest coverage	12.8×	13.29×	10.66×	9.5×	13.32×	57.81×	44.73×	26.35×
Dividend yield	1.4%	1.1%	0.9%	0.8%	0.8%	0.8%	0.8%	1.0%
Payout ratio	30.8%	26.8%	28.1%	29.6%	31.7%	29.5%	29.6%	28.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	26.6%	27.3%	28.1%	28.9%	29.8%	39.3%	41.5%	52.5%
Return on invested capital	16.0%	16.2%	16.3%	14.4%	11.8%	20.9%	20.9%	27.5%
Return on assets	12.9%	13.9%	13.2%	11.8%	9.9%	18.0%	17.9%	22.6%
Free cash flow yield	6.2%	4.4%	3.8%	3.5%	3.0%	3.4%	3.2%	3.5%
Earnings yield	4.7%	4.2%	3.3%	2.8%	2.4%	2.8%	2.8%	3.4%
Enterprise value	$12.7B	$15.4B	$17.2B	$18.1B	$18.1B	$14.6B	$13.6B	$10.6B
Net debt / EBITDA	1.43×	1.26×	1.32×	1.8×	2.81×	0.32×	0.54×	0.43×
Cash conversion cycle (days)	4	-2	-27	-4	-5	1	-5	-5