Latest Ratios: P/E Ratio 16.2x · EV/EBITDA 10.9x · ROE 29.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.0B | $14.3B | $16.3B | $17.0B | $16.8B | $14.7B | $13.5B | $10.6B | $9.0B | $6.2B | $7.4B |
| Enterprise Value | $10.2B | $15.6B | $17.5B | $18.4B | $18.5B | $14.8B | $13.8B | $10.8B | $9.4B | $6.6B | $7.4B |
| P/E Ratio → | 16.22 | 24.01 | 30.40 | 36.25 | 42.28 | 36.70 | 36.31 | 29.97 | 33.83 | 24.14 | 21.74 |
| P/S Ratio | 3.86 | 6.17 | 7.41 | 8.14 | 9.10 | 9.21 | 9.06 | 7.37 | 6.69 | 5.10 | 6.53 |
| P/B Ratio | 4.43 | 6.55 | 8.54 | 10.48 | 12.61 | 14.43 | 15.08 | 15.73 | 17.18 | 11.13 | 14.23 |
| P/FCF | 14.53 | 23.21 | 26.57 | 29.03 | 34.46 | 29.69 | 31.62 | 28.76 | 25.65 | 21.97 | 25.99 |
| P/OCF | 12.35 | 19.73 | 23.32 | 26.30 | 31.18 | 26.41 | 26.77 | 24.76 | 23.42 | 19.44 | 22.24 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.70 | 7.93 | 8.82 | 10.03 | 9.33 | 9.26 | 7.52 | 6.96 | 5.41 | 6.60 |
| EV / EBITDA | 10.88 | 16.60 | 20.40 | 23.95 | 30.57 | 25.54 | 25.59 | 21.65 | 22.19 | 16.51 | 19.18 |
| EV / EBIT | 13.62 | 20.01 | 24.37 | 28.28 | 38.60 | 31.21 | 31.65 | 24.60 | 25.53 | 18.77 | 21.26 |
| EV / FCF | — | 25.19 | 28.44 | 31.45 | 37.98 | 30.07 | 32.30 | 29.34 | 26.69 | 23.31 | 26.24 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.7% | 52.7% | 54.1% | 53.3% | 52.8% | 50.6% | 53.5% | 53.8% | 51.2% | 53.6% | 56.8% |
| Operating Margin | 32.2% | 32.2% | 31.8% | 30.2% | 25.8% | 29.8% | 29.4% | 30.5% | 27.1% | 28.8% | 31.0% |
| Net Profit Margin | 25.7% | 25.7% | 24.4% | 22.4% | 21.5% | 25.1% | 25.0% | 24.6% | 19.8% | 21.1% | 30.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.1% | 29.1% | 30.4% | 31.7% | 33.8% | 41.7% | 47.5% | 58.9% | 49.2% | 48.0% | 64.6% |
| ROA | 14.3% | 14.3% | 13.4% | 11.7% | 12.7% | 18.6% | 20.5% | 23.7% | 18.9% | 21.2% | 38.6% |
| ROIC | 15.5% | 15.5% | 15.1% | 13.5% | 13.1% | 19.4% | 21.8% | 28.0% | 24.6% | 27.1% | 37.9% |
| ROCE | 20.9% | 20.9% | 20.4% | 17.9% | 17.3% | 25.5% | 27.9% | 34.5% | 30.4% | 34.0% | 48.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.71 | 0.71 | 0.82 | 1.14 | 1.67 | 0.85 | 0.97 | 0.85 | 1.09 | 1.03 | 0.58 |
| Debt / EBITDA | 1.66 | 1.66 | 1.84 | 2.40 | 3.67 | 1.49 | 1.62 | 1.15 | 1.36 | 1.44 | 0.77 |
| Net Debt / Equity | — | 0.56 | 0.60 | 0.87 | 1.29 | 0.18 | 0.32 | 0.32 | 0.70 | 0.68 | 0.14 |
| Net Debt / EBITDA | 1.30 | 1.30 | 1.34 | 1.84 | 2.84 | 0.32 | 0.54 | 0.43 | 0.86 | 0.95 | 0.18 |
| Debt / FCF | — | 1.98 | 1.87 | 2.42 | 3.52 | 0.37 | 0.68 | 0.58 | 1.04 | 1.34 | 0.25 |
| Interest Coverage | 13.80 | 13.80 | 10.90 | 9.81 | 13.43 | 58.03 | 44.46 | 26.38 | 22.60 | 42.94 | 127.81 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.40 | 1.40 | 1.25 | 1.59 | 1.99 | 2.96 | 3.05 | 2.67 | 1.95 | 2.04 | 2.33 |
| Quick Ratio | 1.40 | 1.40 | 1.25 | 1.59 | 1.99 | 2.96 | 3.05 | 2.67 | 1.95 | 2.04 | 2.33 |
| Cash Ratio | 0.65 | 0.65 | 0.63 | 0.88 | 1.15 | 2.16 | 2.12 | 1.64 | 0.94 | 0.97 | 1.44 |
| Asset Turnover | — | 0.54 | 0.54 | 0.53 | 0.46 | 0.72 | 0.72 | 0.92 | 0.95 | 0.86 | 1.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | 1.1% | 0.9% | 0.8% | 0.8% | 0.8% | 0.8% | 0.9% | 1.0% | 1.3% | 1.0% |
| Payout Ratio | 26.8% | 26.8% | 28.1% | 29.6% | 31.7% | 29.5% | 29.6% | 28.4% | 33.5% | 31.3% | 21.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 4.2% | 3.3% | 2.8% | 2.4% | 2.7% | 2.8% | 3.3% | 3.0% | 4.1% | 4.6% |
| FCF Yield | 6.9% | 4.3% | 3.8% | 3.4% | 2.9% | 3.4% | 3.2% | 3.5% | 3.9% | 4.6% | 3.8% |
| Buyback Yield | 3.3% | 2.1% | 1.4% | 1.0% | 0.1% | 1.8% | 1.5% | 2.1% | 3.4% | 4.2% | 4.8% |
| Total Shareholder Yield | 5.0% | 3.2% | 2.4% | 1.9% | 0.9% | 2.6% | 2.3% | 3.0% | 4.4% | 5.5% | 5.9% |
| Shares Outstanding | — | $38M | $39M | $39M | $39M | $39M | $39M | $39M | $39M | $40M | $41M |
Data royalty margin pressure
Based on current market data, FactSet trades at a forward P/E of 13.11, which appears to discount the company's mid-single-digit organic growth expectations relative to higher-multiple peers like MSCI and Moody's, suggesting investors remain cautious regarding the sustainability of its current terminal value.
The valuation gap between FactSet and its peers suggests that the market views the company as a mature, seat-based provider rather than a high-growth data infrastructure firm. Investors should monitor whether the current P/FCF of 13.91 provides a sufficient margin of safety given the ongoing volatility in operating margins and the reliance on third-party data.
As reported in financial statements, FactSet's ROIC has trended downward from 4.3% in 2024Q3 to 3.7% in 2026Q2, indicating that the company is struggling to generate efficient returns on its growing base of acquired intangible assets and goodwill.
The compression in ROIC suggests that recent inorganic growth initiatives have yet to yield the expected operational synergies. This trend warrants further investigation into whether the company's capital allocation strategy is effectively compounding value or merely maintaining the existing asset base.
According to recent SEC filings, FactSet's asset turnover has remained flat at 0.14 over the last ten quarters, reflecting a lack of improvement in the company's ability to generate incremental revenue from its existing asset base despite ongoing investments in technology and platform integration.
The persistent asset turnover figure suggests that the company's revenue growth is largely tied to its existing subscription base rather than significant gains in operational efficiency. Investors should monitor whether the company can improve its asset utilization as it pivots toward a more scalable data-as-a-service model.
Based on reported figures, FactSet has successfully reduced its debt-to-equity ratio from 1.04 in 2024Q1 to 0.73 in 2026Q2, signaling a disciplined approach to managing the financial obligations incurred during the CUSIP Global Services acquisition to restore balance sheet flexibility.
While the deleveraging trend is positive, the interest coverage ratio of 4.64 in 2026Q2 remains lower than historical peaks, suggesting that the company's debt service capacity remains sensitive to fluctuations in operating income. Continued monitoring of this ratio is essential to ensure that the company maintains its financial stability.
The most commonly misapplied metric for FactSet is the desktop seat count, which obscures the company's evolving role as a data infrastructure provider and fails to capture the value of its growing API and cloud-based data feed revenue streams.
Focusing solely on seat counts ignores the shift toward high-margin, recurring data-as-a-service revenue that is less sensitive to headcount-driven budget cuts. Analysts should instead prioritize ASV growth and proprietary content penetration as more accurate indicators of the company's long-term competitive positioning and pricing power.
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Quick answers to the most common questions about buying FDS stock.
FactSet Research Systems Inc.'s current P/E ratio is 16.2x. The historical average is 29.7x.
FactSet Research Systems Inc.'s current EV/EBITDA is 10.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.0x.
FactSet Research Systems Inc.'s return on equity (ROE) is 29.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 35.0%.
Based on historical data, FactSet Research Systems Inc. is trading at a P/E of 16.2x. Compare with industry peers and growth rates for a complete picture.
FactSet Research Systems Inc.'s current dividend yield is 1.65% with a payout ratio of 26.8%.
FactSet Research Systems Inc. has 52.7% gross margin and 32.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
FactSet Research Systems Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.