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FactSet Research Systems Inc FDS Stock Quote

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Morningstar‘s Stock Analysis FDS

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FactSet Revenue Trajectory Intact, but Operating Margin Outlook Underwhelms Investors

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Narrow-moat-rated FactSet reported a mixed end to its fiscal 2022. On the one hand, revenue grew 10% organically to $499 million, which beat the FactSet consensus estimate of $487 million. On the other hand, adjusted EPS of $3.13 missed the consensus estimate of $3.21 as operating margins were flat from the year-ago period despite the inclusion of the higher-margin CUSIP business in the quarter. Shares of FactSet were down about 7% after the firm’s earnings call, which we attribute to the margin outlook disappointing some investors and investors being less forgiving at the firm’s current valuation. However, we are increasing our fair value estimate to $365 from $340 due to a higher revenue outlook and time value of money partially offset by tempering our operating margin expansion expectations.

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Key Statistics FDS

Company Profile FDS

Business Description

FactSet provides financial data and portfolio analytics to the global investment community. The company aggregates data from third-party data suppliers, news sources, exchanges, brokerages, and contributors into its workstations. In addition, it provides essential portfolio analytics that companies use to monitor portfolios and address reporting requirements. Buy-side clients account for 84% of FactSet's annual subscription value. In 2015, the company acquired Portware, a provider of trade execution software and in 2017 the company acquired BISAM, a risk management and performance measurement provider.

45 Glover Avenue, 7th Floor
Norwalk, CT, 06850
T +1 203 810-1000
Industry Financial Data & Stock Exchanges
Most Recent Earnings May 31, 2022
Fiscal Year End Aug 31, 2022
Employees 10,691