FactSet (FDS)

NYSEFinancialsFinancial - Data & Stock ExchangesSnapshot 2026-10-15

$301.67-0.05%

Close 2026-10-16 · 1-day change

Read the published Living FV report summary

Investment OutlookAs of Oct 15, 2026

What could strengthen or challenge FactSet’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.9%

+10% or more+5%0%−5%−10% or less

21.89 → 21.69 EPS · FY ending Aug 31, 2028 · 11 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 15, 2026 to Oct 15, 2026: (new ÷ prior − 1). Contributor count changed from 8 to 11; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Living FV™

Living Fair Value by QuarterlyIQ

A valuation that evolves as the business changes.

A published Living FV snapshot is not available yet. The valuation workflow remains discoverable; a market target cannot supply the missing evidence.

View Living FV report and workflow

What the Thesis Depends On

4 key conditions need to be met for the investment thesis to play out.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Return Capital to Shareholders of at least $629M in Fiscal YTD 2026	A supporting condition in FactSet's published investment case. The stated target is Return at least $629 million in capital in fiscal YTD 2026.	Intact	Capital returned falls below $629 million in fiscal YTD 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. FactSet returned $808 million to shareholders in fiscal 2026, up from $460.4 million in fiscal 2025, including dividends and share repurchases. Management has consistently emphasized capital returns, and the financial data shows delivery and acceleration in capital returned. Delivery assessment Oct 15, 2026
Maintain Adjusted Operating Margin between 34.0% and 35.5% in FY 2026	A primary condition in FactSet's published investment case. The stated target is Operating margin between 34.0% and 35.5% in FY 2026.	Under Pressure	Operating margin falls below 34.0% in FY 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Adjusted operating margin declined from 36.3% in fiscal 2025 to 34.5% in fiscal 2026, slightly below the prior year but within the guided range of 34.0% to 35.5%. Management has consistently reaffirmed this margin target, indicating mixed delivery with some margin compression. Delivery assessment Oct 15, 2026
Increase Organic Annual Subscription Value by $130M to $160M in FY 2026	Organic subscription value rose $165 million, beating the $130M-$160M target.	Intact	Organic ASV growth falls below $130M in FY 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Organic ASV grew from $2,370.9 million at 2025-Q4 to $2,568.2 million at 2026-Q3, an increase of $168.2 million year over year. Management has consistently reaffirmed the $130M-$160M organic ASV growth target for fiscal 2026, and the trajectory is delivering against this commitment. Delivery assessment Oct 15, 2026
Grow GAAP Revenue to $2,450M to $2,470M in FY 2026	A primary condition in FactSet's published investment case. The stated target is Revenue between $2,450M and $2,470M in FY 2026.	Intact	Revenue falls below $2,450M in FY 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. GAAP revenues increased from $2,321.7 million at 2025-Q4 to $2,476.3 million at 2026-Q3, a 6.7% increase year over year. Management has consistently reaffirmed the $2,450M-$2,470M revenue range for fiscal 2026, and the actual revenue growth is delivering on this guidance. Delivery assessment Oct 15, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2028 · fiscal year ending 2028-08-31 · fmp

FY2028 EPS$21.69

$21.85 → $21.69 · observed estimates

FY2028 revenue$2.78B

$2.77B → $2.78B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2028 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-09-01	$21.85	$2,773,013,028	8 / 13
2026-09-02	$21.85	$2,773,013,028	8 / 13
2026-09-03	$21.85	$2,773,013,028	8 / 13
2026-09-04	$21.85	$2,773,013,028	8 / 13
2026-09-05	$21.85	$2,773,013,028	8 / 13
2026-09-06	$21.85	$2,773,013,028	8 / 13
2026-09-07	$21.85	$2,773,013,028	8 / 13
2026-09-08	$21.85	$2,773,013,028	8 / 13
2026-09-09	$21.85	$2,773,013,028	8 / 13
2026-09-10	$21.85	$2,773,013,028	8 / 13
2026-09-11	$21.86	$2,774,335,423	8 / 13
2026-09-12	$21.89	$2,774,656,164	8 / 13
2026-09-13	$21.89	$2,774,656,164	8 / 13
2026-09-14	$21.89	$2,774,656,164	8 / 13
2026-09-15	$21.89	$2,774,656,164	8 / 13
2026-09-16	$21.89	$2,774,656,164	8 / 13
2026-09-17	$21.89	$2,774,656,164	8 / 13
2026-09-18	$21.89	$2,774,656,164	8 / 13
2026-09-19	$21.89	$2,774,656,164	8 / 13
2026-09-20	$21.89	$2,774,656,164	8 / 13
2026-09-21	$21.89	$2,774,656,164	8 / 13
2026-09-22	$21.89	$2,774,656,164	8 / 13
2026-09-23	$21.89	$2,774,656,164	8 / 13
2026-09-24	$21.88	$2,774,656,164	8 / 13
2026-09-25	$21.87	$2,774,656,164	8 / 13
2026-09-26	$21.87	$2,774,656,164	8 / 13
2026-09-27	$21.87	$2,774,656,164	8 / 13
2026-09-28	$21.87	$2,774,656,164	8 / 13
2026-09-29	$21.87	$2,774,656,164	8 / 13
2026-09-30	$21.87	$2,774,656,164	8 / 13
2026-10-01	$21.69	$2,779,031,470	12 / 13
2026-10-02	$21.69	$2,776,757,793	11 / 12
2026-10-03	$21.69	$2,776,757,793	11 / 12
2026-10-04	$21.69	$2,776,757,793	11 / 12
2026-10-05	$21.69	$2,776,757,793	11 / 12
2026-10-06	$21.69	$2,776,757,793	11 / 12
2026-10-07	$21.69	$2,776,757,793	11 / 12
2026-10-08	$21.69	$2,776,757,793	11 / 12
2026-10-09	$21.69	$2,776,757,793	11 / 12
2026-10-10	$21.69	$2,776,753,433	11 / 12
2026-10-11	$21.69	$2,776,753,433	11 / 12
2026-10-12	$21.69	$2,776,753,433	11 / 12
2026-10-13	$21.69	$2,776,753,433	11 / 12
2026-10-14	$21.69	$2,776,750,568	11 / 12
2026-10-15	$21.69	$2,776,750,568	11 / 12

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	3	10	5
2026-06-01	3	11	6
2026-07-01	3	10	6
2026-08-01	2	10	6
2026-09-01	3	10	6
2026-10-01	3	9	6

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 3 Buy / Strong Buy · 9 Hold · 6 Sell / Strong Sell

0 upgrades0 downgrades3 maintains

Recent actions · Sep 16–Oct 15 · 3 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Wells FargoOct 1 · prior Jul 2

$210.00 → $250.00+19.0%

Deutsche BankOct 1 · prior Sep 11

$299.00 → $301.00+0.7%

BMO CapitalOct 1 · prior Jul 2

$275.00 → $300.00+9.1%

UBSSep 30 · prior Aug 27

$304.00 → $237.00-22.0%

$0$167.20$334.40

3 raises · 1 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 16, 2026–Oct 15, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Return Capital to Shareholders of at least $629M in Fiscal YTD 2026Direct metric needs a verified mapping
Maintain Adjusted Operating Margin between 34.0% and 35.5% in FY 2026Published status: Under Pressure
Increase Organic Annual Subscription Value by $130M to $160M in FY 2026Direct metric needs a verified mapping
Grow GAAP Revenue to $2,450M to $2,470M in FY 2026Direct metric needs a verified mapping

Next proof point

Next earnings date unavailable

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.9%Typical daily move · historical

Downside history

-36.0%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

FactSet outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 10, 2026

What kind of bet this is

This investment represents a durable compounder with a focus on steady growth. The current thesis state is cautious, reflecting mixed execution and sector headwinds.

What's priced into FactSet

The market seems to expect a durable premium for FDS, which is currently valued higher than its peers. However, there is a noted expectations gap, indicating that some investors may be anticipating better performance than what has been delivered recently.

What the fundamentals likely do

Management is on track with key priorities, including organic annual service value (ASV) and revenue growth. However, the operating margin has shown mixed results, which could impact overall performance in the near term.

What FactSet hinges on

The future performance of FDS hinges on its ability to meet guidance and the broader financial sector's momentum. Key triggers include potential guidance cuts and the Fed's interest rate decisions, which could significantly influence investor sentiment.