Latest Ratios: P/E Ratio 18.0x · EV/EBITDA 11.9x · 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 | $9.9B | $14.3B | $16.3B | $17.0B | $16.8B | $14.7B | $13.5B | $10.6B | $9.0B | $6.2B | $7.4B |
| Enterprise Value | $11.2B | $15.6B | $17.5B | $18.4B | $18.5B | $14.8B | $13.8B | $10.8B | $9.4B | $6.6B | $7.4B |
| P/E Ratio → | 17.97 | 24.01 | 30.40 | 36.25 | 42.28 | 36.70 | 36.31 | 29.97 | 33.83 | 24.14 | 21.74 |
| P/S Ratio | 4.39 | 6.33 | 7.64 | 8.41 | 9.28 | 9.26 | 9.12 | 7.46 | 6.77 | 5.14 | 6.55 |
| P/B Ratio | 4.91 | 6.55 | 8.54 | 10.48 | 12.61 | 14.43 | 15.08 | 15.73 | 17.18 | 11.13 | 14.23 |
| P/FCF | 16.10 | 23.21 | 26.57 | 29.03 | 34.46 | 29.69 | 31.62 | 28.76 | 25.65 | 21.97 | 25.99 |
| P/OCF | 13.68 | 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 | — | 6.86 | 8.18 | 9.11 | 10.23 | 9.38 | 9.32 | 7.61 | 7.05 | 5.45 | 6.61 |
| EV / EBITDA | 11.91 | 16.60 | 20.40 | 23.95 | 30.57 | 25.54 | 25.59 | 21.65 | 22.19 | 16.51 | 19.18 |
| EV / EBIT | 14.91 | 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 | 1.5% | 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 | 5.6% | 4.2% | 3.3% | 2.8% | 2.4% | 2.7% | 2.8% | 3.3% | 3.0% | 4.1% | 4.6% |
| FCF Yield | 6.2% | 4.3% | 3.8% | 3.4% | 2.9% | 3.4% | 3.2% | 3.5% | 3.9% | 4.6% | 3.8% |
| Buyback Yield | 3.0% | 2.1% | 1.4% | 1.0% | 0.1% | 1.8% | 1.5% | 2.1% | 3.4% | 4.2% | 4.8% |
| Total Shareholder Yield | 4.5% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FDS stock.
FactSet Research Systems Inc.'s current P/E ratio is 18.0x. The historical average is 29.7x.
FactSet Research Systems Inc.'s current EV/EBITDA is 11.9x. 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 18.0x. Compare with industry peers and growth rates for a complete picture.
FactSet Research Systems Inc.'s current dividend yield is 1.49% 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.
Key Metrics
Top Statement Risk
Elevated provision expense trend
Metrics are mathematically derived from official filings.
Premium Multiple, Modest Growth
FactSet trades at 4.99x book and 18.3x trailing earnings, a premium to peers like ICE and SPGI, reflecting its high-margin subscription model. According to the latest quarterly data, the forward P/E of 15.97 suggests market expectations of sustained earnings growth.
The P/B of 4.99 is well above the peer average, indicating the market prices FactSet as a premium franchise rather than a commodity balance sheet. However, the PEG of 1.82 implies that the growth premium is not excessive, given expected earnings expansion. The tangible book value per share is negative, which is unusual for a bank but typical for asset-light data providers, making P/B less meaningful and warranting a focus on P/E and P/S.
ROE Stability Masks Provision Drag
FactSet's ROE has hovered between 6.1% and 8.6% over the past ten quarters, with a dip to 4.7% in 2024Q4. As reported in the income statement, the elevated provision expense of $298.3M in 2026Q3 appears to be a non-cash charge that suppresses reported profitability.
DuPont decomposition reveals that ROE is driven by high asset utilization (ROA of 3.0%) and minimal leverage (equity-to-assets of 0.48), but the negative NIM of -0.3% and the provision expense create a persistent drag. The efficiency ratio of 23.2% indicates strong cost control, yet the provision expense, which is not offset by credit losses, suggests that reported ROE may understate the underlying earnings power. Investors should monitor whether this provision is a recurring item or a one-time adjustment.
Negative NIM, Efficient Operations
FactSet's net interest margin has been consistently negative at -0.3% for nine consecutive quarters, reflecting a structural mismatch between interest income and funding costs. Based on the latest financials, the efficiency ratio improved to 23.2% in 2026Q3 from 31.3% in 2024Q4, indicating strong operating leverage.
The negative NIM is atypical for a financial institution but is explained by FactSet's business model, which relies on subscription fees rather than interest income. The efficiency ratio improvement suggests that revenue growth is outpacing cost growth, a positive sign for profitability. However, the persistent negative NIM, though small in absolute terms, may indicate that the company is not effectively managing its interest-bearing assets and liabilities, though this is likely immaterial given the fee-based revenue stream.
Equity Buffer Strengthens
FactSet's equity-to-assets ratio rose to 0.48 in 2026Q3, up from 0.45 in 2024Q2, indicating a strengthening capital position. As per the balance sheet data, total equity reached $2.0B, providing a solid buffer for continued capital return.
The equity-to-assets ratio of 0.48 is high compared to traditional banks, reflecting FactSet's asset-light model with minimal debt. This strong capital position supports the company's aggressive buyback program, which totaled $586.7M over the last four quarters. However, the negative tangible book value per share suggests that intangible assets, likely from acquisitions, are significant, and investors should consider the quality of capital beyond the regulatory ratios.
No Loan Book, Provision Questions
FactSet does not have a traditional loan portfolio, yet it reports a provision expense of $298.3M in 2026Q3, a 12.3% increase from the prior quarter. According to the income statement, this non-cash charge is not offset by actual credit losses, raising questions about its nature.
Given the absence of lending activities, the provision expense is likely related to non-credit items such as tax or legal contingencies, but the lack of disclosure limits analysis. The steady increase in provisions from $230.1M in 2024Q3 to $298.3M in 2026Q3 warrants further investigation, as it may indicate underlying balance sheet issues. Investors should monitor whether these provisions are recurring and whether they will continue to pressure earnings.
P/E Misleads Due to Provisions
The most commonly misapplied ratio for FactSet is P/E, as the volatile provision expense distorts earnings. Based on reported figures, the trailing P/E of 18.27 may understate the company's true earnings power, and investors should consider adjusting for non-recurring provisions.
FactSet's provision expense, which is not related to credit losses, creates volatility in net income, making P/E less reliable. For example, the 2024Q4 earnings dip of 43% was likely due to a spike in provisions, which would distort the P/E. Instead, investors should use P/B or P/S, or adjust earnings to exclude the provision expense, to get a clearer picture of valuation. The negative tangible book value also makes P/B less meaningful, so a combination of P/E (adjusted) and P/S may be more appropriate.