FactSet Research Systems Inc. (FDS) Balance Sheet

Total assets have hovered around $4.0-4.3B over the past ten quarters, indicating a stable balance sheet with no significant expansion. Cash and bank balances increased from $268.3M in 2026Q2 to $288.1M in 2026Q3, while investment securities declined slightly to $16.1M. This suggests a conservative approach, with the company holding more liquidity rather than deploying into growth assets. The equity-to-assets ratio improved to 0.48, reflecting a slightly stronger capital position.

The equity-to-assets ratio has trended upward from 0.45 in 2024Q2 to 0.48 in 2026Q3, indicating a gradually strengthening capital base. This improvement is driven by retained earnings, as the company continues to generate positive net income despite negative NII. The higher equity cushion provides flexibility for continued capital return, though the elevated provision expense of $298.3M in 2026Q3 warrants monitoring as it could pressure future equity if sustained.

FactSet maintains a substantial cash position relative to its asset base, with cash and bank balances representing approximately 6.9% of total assets. The increase in cash from the prior quarter suggests a conservative liquidity stance, possibly to support ongoing buybacks and dividends. The investment securities portfolio is minimal at $16.1M, indicating that the company does not rely on securities for liquidity. Given the absence of a loan book, the liquidity profile appears robust, with no apparent reliance on wholesale funding.

FactSet's net interest income has been negative for ten consecutive quarters, with the latest quarter showing -$13.2M. This persistent negative spread suggests that the company's interest expense exceeds its interest income, likely due to low-yielding assets and higher funding costs. The NIM has been stable at -0.3% for the last nine quarters, indicating no improvement in interest rate dynamics. This trend may continue to drag on overall profitability, though the impact is mitigated by the company's fee-based revenue model.