FactSet Research Systems Inc.

FactSet Research Systems Inc. is an American financial data and analytics company that provides a digital platform delivering expansive datasets, sophisticated analytics, and AI-powered workflow tools to investment professionals worldwide, generating $2.32 billion in revenue in fiscal 2025. Founded in 1978 and publicly traded since 1996, the company serves approximately 9,100 clients across institutional asset management, investment banking, wealth management, and corporate segments, with annual subscription value of $2.45 billion as of its second quarter of fiscal 2026.

This is a story about an entrenched financial infrastructure business at an inflection point. A new CEO arrived in September 2025, ASV growth has accelerated for four consecutive quarters to 6.7%, and the company is making an aggressive bet that its connected data and embedded workflows become more valuable — not less — as artificial intelligence reshapes institutional finance. The market is paying roughly 17 times trailing earnings for that proposition, a multiple that embeds neither disaster nor euphoria.

The file turns on a single question: whether FactSet's open-architecture platform and deep workflow integration prove to be a durable moat in an AI-intensive world, or whether the same technology that the company is rushing to embrace eventually unbundles the very aggregation model that built the franchise.