FactSet Research Systems (FDS) Financials

$425.93 +9.24 (+2.22%)

Closing price 03:59 PM Eastern

Extended Trading

$425.44 -0.49 (-0.11%)

As of 04:23 PM Eastern

Annual Income Statements for FactSet Research Systems

This table shows FactSet Research Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	241	339	258	267	353	373	400	397	468	537
Consolidated Net Income / (Loss)	241	339	258	267	353	373	400	397	468	537
Net Income / (Loss) Continuing Operations	241	339	258	267	353	373	400	397	468	537
Total Pre-Tax Income	334	461	344	352	422	427	468	444	584	652
Total Operating Income	332	350	352	366	438	440	474	475	629	701
Total Gross Profit	601	640	655	691	772	799	805	973	1,112	1,191
Total Revenue	1,007	1,127	1,221	1,350	1,435	1,494	1,591	1,844	2,086	2,203
Operating Revenue	1,007	1,127	1,221	1,350	1,435	1,494	1,591	1,844	2,086	2,203
Total Cost of Revenue	405	487	567	659	663	695	786	871	973	1,012
Operating Cost of Revenue	405	487	567	659	663	695	786	871	973	1,012
Total Operating Expenses	270	290	302	325	334	359	331	497	483	490
Selling, General & Admin Expense	270	290	302	325	334	343	331	433	457	485
Impairment Charge	-	-	-	-	-	17	0.00	64	26	4.68
Total Other Income / (Expense), net	1.84	111	-7.82	-14	-16	-13	-6.39	-32	-45	-50
Interest Expense	-	-	-	-	-	-	-	36	66	66
Interest & Investment Income	1.84	-1.14	-6.60	1.92	0.55	-9.83	-6.39	6.18	13	14
Other Income / (Expense), net	0.00	112	-1.22	-16	-17	-2.70	-	-2.37	8.26	1.54
Income Tax Expense	93	122	86	85	69	54	68	47	116	114
Basic Earnings per Share	$5.80	$8.29	$6.55	$6.90	$9.25	$9.83	$10.56	$10.48	$12.26	$14.11
Weighted Average Basic Shares Outstanding	41.57M	40.88M	39.44M	38.73M	38.14M	37.94M	37.86M	37.86M	38.19M	38.06M
Diluted Earnings per Share	$5.71	$8.19	$6.51	$6.78	$9.08	$9.65	$10.36	$10.25	$12.04	$13.91
Weighted Average Diluted Shares Outstanding	42.24M	41.37M	39.64M	39.38M	38.87M	38.65M	38.57M	38.74M	38.90M	38.62M
Weighted Average Basic & Diluted Shares Outstanding	41.60M	40.90M	39.40M	38.70M	37.94M	37.99M	37.64M	38.08M	37.99M	37.99M

This table shows FactSet Research Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Net Income / (Loss) Attributable to Common Shareholders	104	137	132	135	65	149	141	158	89	150	145
Consolidated Net Income / (Loss)	104	137	132	135	65	149	141	158	89	150	145
Net Income / (Loss) Continuing Operations	104	137	132	135	65	149	141	158	89	150	145
Total Pre-Tax Income	116	158	157	162	107	175	169	191	117	180	172
Total Operating Income	132	172	169	172	116	189	182	202	128	191	185
Total Gross Profit	257	278	274	288	272	291	291	306	304	310	301
Total Revenue	499	505	515	530	536	542	546	553	562	569	571
Operating Revenue	499	505	515	530	536	542	546	553	562	569	571
Total Cost of Revenue	242	227	241	242	264	252	255	247	258	259	270
Operating Cost of Revenue	242	227	241	242	264	252	255	247	258	259	270
Total Operating Expenses	125	106	105	116	156	102	109	103	176	119	116
Selling, General & Admin Expense	124	106	105	116	131	102	109	103	173	119	116
Total Other Income / (Expense), net	-16	-14	-12	-9.96	-8.79	-14	-13	-12	-11	-12	-13
Interest Expense	-	17	17	16	17	17	17	17	16	14	14
Interest & Investment Income	5.21	2.21	2.90	3.08	4.62	3.01	2.85	4.57	4.02	2.70	0.27
Other Income / (Expense), net	-1.49	0.32	1.35	3.31	3.28	-0.12	0.46	0.40	0.80	0.10	0.47
Income Tax Expense	12	21	25	27	42	27	28	32	28	30	27
Basic Earnings per Share	$2.74	$3.59	$3.44	$3.52	$1.71	$3.91	$3.70	$4.15	$2.35	$3.95	$3.81
Weighted Average Basic Shares Outstanding	37.86M	38.12M	38.28M	38.28M	38.19M	38.02M	38.10M	38.09M	38.06M	38.01M	38.02M
Diluted Earnings per Share	$2.69	$3.52	$3.38	$3.46	$1.68	$3.84	$3.65	$4.09	$2.33	$3.89	$3.76
Weighted Average Diluted Shares Outstanding	38.74M	38.91M	38.98M	38.91M	38.90M	38.64M	38.65M	38.64M	38.62M	38.52M	38.51M
Weighted Average Basic & Diluted Shares Outstanding	38.08M	38.25M	38.32M	38.15M	37.99M	38.09M	38.12M	38.04M	37.99M	38.03M	37.95M
Cash Dividends to Common per Share	-	-	-	-	-	$0.98	-	-	-	$1.04	$1.04

This table details how cash moves in and out of FactSet Research Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	43	69	-34	17	151	226	96	-179	-78	-2.47
Net Cash From Operating Activities	306	331	321	386	427	506	555	538	646	700
Net Cash From Continuing Operating Activities	306	331	321	386	427	506	555	538	646	700
Net Income / (Loss) Continuing Operations	241	339	258	267	353	373	400	397	468	537
Consolidated Net Income / (Loss)	241	339	258	267	353	373	400	397	468	537
Depreciation Expense	31	38	48	57	60	58	64	87	105	125
Amortization Expense	-	-	-	0.00	0.00	43	43	43	32	30
Non-Cash Adjustments To Reconcile Net Income	-2.61	-101	25	32	32	64	2.32	72	88	29
Changes in Operating Assets and Liabilities, net	37	55	-11	30	-19	-32	46	-60	-48	-21
Net Cash From Investing Activities	-65	-158	-347	-49	-56	-74	-136	-2,034	-95	-144
Net Cash From Continuing Investing Activities	-65	-158	-347	-49	-56	-74	-136	-2,034	-95	-144
Purchase of Property, Plant & Equipment	-26	-48	-37	-34	-59	-78	-61	-51	-61	-86
Acquisitions	-35	-263	-303	-15	0.00	0.00	-58	-1,982	-24	0.00
Purchase of Investments	-24	-18	-31	-12	-11	-2.74	-19	-0.88	-11	-59
Net Cash From Financing Activities	-187	-91	-8.16	-320	-214	-218	-323	1,339	-632	-561
Net Cash From Continuing Financing Activities	-187	-91	-8.16	-320	-214	-218	-323	1,339	-632	-561
Repayment of Debt	-0.03	-0.01	-367	0.00	-576	-3.53	-4.26	-841	-389	-267
Repurchase of Common Equity	-256	-357	-261	-304	-220	-200	-265	-19	-177	-235
Payment of Dividends	-67	-74	-81	-89	-100	-110	-118	-126	-139	-151
Issuance of Debt	35	265	640	1.72	575	0.00	0.00	2,238	0.00	0.00
Issuance of Common Equity	72	57	50	72	107	96	64	86	72	92
Effect of Exchange Rate Changes	-12	-12	1.26	-	-5.59	12	-0.26	-22	4.02	2.36
Cash Interest Paid	-	3.01	8.47	16	20	13	8.02	30	77	66
Cash Income Taxes Paid	65	88	75	69	90	69	47	76	91	157

This table details how cash moves in and out of FactSet Research Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Net Change in Cash & Equivalents	-24	-66	8.18	41	-61	-14	-30	71	-30	-134	2.42
Net Cash From Operating Activities	151	107	165	219	156	155	144	238	163	86	174
Net Cash From Continuing Operating Activities	151	107	165	219	156	155	144	238	163	86	174
Net Income / (Loss) Continuing Operations	104	137	132	135	65	149	141	158	89	150	145
Consolidated Net Income / (Loss)	104	137	132	135	65	149	141	158	89	150	145
Depreciation Expense	27	26	26	26	27	27	32	33	34	36	38
Amortization Expense	10	9.70	9.90	9.65	3.10	7.62	7.65	7.58	7.56	7.57	7.61
Non-Cash Adjustments To Reconcile Net Income	4.02	1.22	27	17	42	8.39	6.65	4.06	13	4.72	29
Changes in Operating Assets and Liabilities, net	6.31	-67	-30	31	18	-36	-43	36	19	-112	-46
Net Cash From Investing Activities	-15	-28	-18	-26	-23	-25	-58	-21	-40	-145	-193
Net Cash From Continuing Investing Activities	-15	-28	-18	-26	-23	-25	-58	-21	-40	-145	-193
Purchase of Property, Plant & Equipment	-15	-18	-17	-26	0.64	-16	-22	-21	-26	-26	-24
Acquisitions	-	-	-	-	-	0.00	-	-	-	-115	-227
Purchase of Investments	-0.20	-9.89	-1.00	-	-0.13	-8.75	-36	-	-14	-3.99	-0.22
Net Cash From Financing Activities	-149	-146	-139	-152	-195	-145	-115	-144	-158	-70	25
Net Cash From Continuing Financing Activities	-149	-146	-139	-152	-195	-145	-115	-144	-158	-70	25
Repayment of Debt	-128	-136	-126	-63	-64	-76	-63	-64	-63	-76	-143
Repurchase of Common Equity	-	0.00	-	-67	-110	-60	-52	-60	-63	-49	-64
Payment of Dividends	-34	-34	-34	-34	-37	-37	-37	-37	-39	-39	-40
Issuance of Debt	-	-	-	-	-	0.00	-	-	-	55	250
Issuance of Common Equity	12	23	20	12	16	28	38	17	8.21	39	21
Effect of Exchange Rate Changes	-10	1.32	1.38	0.42	0.90	1.05	-1.18	-1.78	4.28	-5.05	-3.00

This table presents FactSet Research Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	737	1,019	1,413	1,419	1,560	2,083	2,225	4,014	3,963	4,055
Total Current Assets	304	369	409	431	584	842	934	870	770	836
Cash & Equivalents	159	228	195	209	360	586	682	503	425	423
Short-Term Investments	23	24	32	29	26	20	36	33	32	70
Accounts Receivable	95	98	148	157	146	155	151	204	238	228
Prepaid Expenses	20	16	24	30	37	44	51	91	51	60
Current Deferred & Refundable Income Taxes	6.91	3.16	9.74	6.27	15	38	14	39	24	55
Plant, Property, & Equipment, net	59	85	100	101	119	133	131	81	86	83
Total Noncurrent Assets	373	565	903	888	857	1,108	1,160	3,063	3,107	3,137
Goodwill	308	453	708	702	686	710	754	966	1,005	1,011
Intangible Assets	40	93	174	149	124	121	135	1,896	1,859	1,844
Noncurrent Deferred & Refundable Income Taxes	21	13	7.41	9.72	7.57	-	2.25	3.15	27	61
Other Noncurrent Operating Assets	4.30	5.78	15	28	39	278	269	198	216	220
Total Liabilities & Shareholders' Equity	737	1,019	1,413	1,419	1,560	2,083	2,225	4,014	3,963	4,055
Total Liabilities	205	502	854	894	888	1,187	1,209	2,683	2,343	2,143
Total Current Liabilities	140	158	201	221	219	276	316	438	484	667
Short-Term Debt	-	-	-	-	-	-	-	-	0.00	125
Accounts Payable	34	46	59	72	80	82	86	108	122	178
Dividends Payable	18	20	22	24	27	29	31	34	37	39
Current Deferred Revenue	38	33	47	50	48	54	63	152	152	160
Current Deferred & Payable Income Tax Liabilities	4.32	8.07	11	8.45	-	-	-	0.00	31	40
Current Employee Benefit Liabilities	45	51	61	66	64	82	104	115	113	93
Other Current Liabilities	-	-	-	-	0.00	29	32	29	29	31
Total Noncurrent Liabilities	65	344	652	672	669	911	893	2,245	1,859	1,476
Long-Term Debt	35	300	575	575	574	574	575	1,982	1,613	1,241
Noncurrent Deferred Revenue	6.78	8.78	15	30	36	37	39	41	34	42
Noncurrent Deferred & Payable Income Tax Liabilities	1.70	1.71	25	21	16	20	15	8.80	6.74	8.45
Other Noncurrent Operating Liabilities	22	33	37	47	42	280	265	212	205	184
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	532	517	560	526	672	896	1,016	1,331	1,620	1,912
Total Preferred & Common Equity	532	517	560	526	672	896	1,016	1,331	1,620	1,912
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	532	517	560	526	672	896	1,016	1,331	1,620	1,912
Common Stock	543	624	742	668	807	939	1,049	1,191	1,324	1,479
Retained Earnings	1,022	1,284	1,459	123	373	633	913	1,180	1,505	1,889
Treasury Stock	-989	-1,322	-1,607	-213	-434	-637	-906	-931	-1,122	-1,376
Accumulated Other Comprehensive Income / (Loss)	-44	-69	-35	-51	-75	-39	-39	-108	-87	-80

This table presents FactSet Research Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Total Assets	4,014	3,978	4,001	3,998	3,963	3,951	3,991	4,040	4,055	4,049	4,241
Total Current Assets	870	829	859	844	770	766	823	858	836	751	708
Cash & Equivalents	503	437	445	487	425	412	382	453	423	289	279
Short-Term Investments	33	33	32	32	32	32	69	69	70	70	8.47
Accounts Receivable	204	227	257	238	238	245	272	240	228	253	278
Prepaid Expenses	91	100	82	66	51	51	58	52	60	61	67
Current Deferred & Refundable Income Taxes	39	32	42	22	24	26	43	44	55	79	76
Plant, Property, & Equipment, net	81	79	82	82	86	83	81	81	83	82	80
Total Noncurrent Assets	3,063	3,069	3,061	3,072	3,107	3,102	3,087	3,101	3,137	3,216	3,454
Goodwill	966	975	977	982	1,005	1,005	1,004	1,005	1,011	1,092	1,245
Intangible Assets	1,896	1,883	1,870	1,859	1,859	1,848	1,861	1,851	1,844	1,870	1,935
Noncurrent Deferred & Refundable Income Taxes	3.15	3.65	5.66	12	27	24	24	37	61	40	54
Other Noncurrent Operating Assets	198	208	208	218	216	225	198	208	220	214	220
Total Liabilities & Shareholders' Equity	4,014	3,978	4,001	3,998	3,963	3,951	3,991	4,040	4,055	4,049	4,241
Total Liabilities	2,683	2,503	2,394	2,329	2,343	2,250	2,189	2,149	2,143	2,057	2,185
Total Current Liabilities	438	384	411	401	484	456	460	672	667	538	482
Short-Term Debt	-	-	-	-	0.00	-	29	187	125	62	0.00
Accounts Payable	108	123	120	110	122	150	128	138	178	151	131
Dividends Payable	34	34	34	37	37	37	37	40	39	40	40
Current Deferred Revenue	152	150	164	148	152	150	175	168	160	157	177
Current Deferred & Payable Income Tax Liabilities	0.00	-	-	-	31	37	18	29	40	45	30
Current Employee Benefit Liabilities	115	48	64	76	113	52	72	79	93	52	71
Other Current Liabilities	29	29	29	30	29	29	-	30	31	31	33
Total Noncurrent Liabilities	2,245	2,119	1,983	1,928	1,859	1,795	1,729	1,478	1,476	1,519	1,703
Long-Term Debt	1,982	1,859	1,736	1,674	1,613	1,551	1,489	1,241	1,241	1,297	1,472
Noncurrent Deferred Revenue	41	44	41	44	34	35	39	39	42	43	47
Noncurrent Deferred & Payable Income Tax Liabilities	8.80	11	6.60	6.07	6.74	9.33	8.23	7.94	8.45	15	15
Other Noncurrent Operating Liabilities	212	205	200	204	205	199	6.97	191	184	164	169
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,331	1,474	1,607	1,669	1,620	1,701	1,802	1,890	1,912	1,992	2,057
Total Preferred & Common Equity	1,331	1,474	1,607	1,669	1,620	1,701	1,802	1,890	1,912	1,992	2,057
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,331	1,474	1,607	1,669	1,620	1,701	1,802	1,890	1,912	1,992	2,057
Common Stock	1,191	1,226	1,262	1,291	1,324	1,367	1,422	1,454	1,479	1,532	1,570
Retained Earnings	1,180	1,283	1,380	1,477	1,505	1,616	1,720	1,838	1,889	1,999	2,104
Treasury Stock	-931	-942	-942	-1,010	-1,122	-1,195	-1,249	-1,310	-1,376	-1,439	-1,504
Accumulated Other Comprehensive Income / (Loss)	-108	-93	-92	-89	-87	-87	-91	-93	-80	-100	-113

This table displays calculated financial ratios and metrics derived from FactSet Research Systems' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.39%	11.95%	8.35%	10.56%	6.31%	4.09%	6.51%	15.86%	13.10%	5.64%
EBITDA Growth	7.51%	37.69%	-20.19%	2.00%	18.34%	11.60%	8.11%	3.69%	28.59%	10.74%
EBIT Growth	9.38%	39.23%	-24.07%	-0.28%	20.43%	3.69%	8.49%	-0.20%	34.74%	10.25%
NOPAT Growth	13.79%	7.21%	2.77%	5.25%	31.74%	4.82%	5.52%	5.03%	18.57%	14.62%
Net Income Growth	13.95%	40.56%	-23.78%	3.42%	32.09%	5.71%	7.15%	-0.67%	17.95%	14.73%
EPS Growth	16.06%	43.43%	-20.51%	4.15%	33.92%	6.28%	7.36%	-1.06%	17.46%	15.53%
Operating Cash Flow Growth	15.63%	8.06%	-3.21%	20.32%	10.75%	18.43%	9.76%	-3.05%	19.93%	8.48%
Free Cash Flow Firm Growth	36.53%	-67.34%	-207.90%	497.83%	14.08%	3.31%	4.96%	-474.18%	133.97%	12.26%
Invested Capital Growth	2.90%	45.34%	58.93%	-4.53%	0.12%	0.74%	1.01%	211.01%	0.04%	0.46%
Revenue Q/Q Growth	2.35%	2.32%	3.33%	1.44%	1.30%	1.31%	1.81%	4.98%	1.78%	1.21%
EBITDA Q/Q Growth	0.87%	31.37%	-22.11%	-2.50%	1.83%	5.34%	3.95%	3.50%	-1.86%	2.52%
EBIT Q/Q Growth	1.40%	33.80%	-25.17%	-2.88%	1.59%	-3.47%	4.92%	2.31%	-1.22%	1.34%
NOPAT Q/Q Growth	2.85%	0.01%	0.03%	4.05%	6.35%	-0.76%	2.64%	4.17%	-8.64%	4.93%
Net Income Q/Q Growth	2.89%	31.99%	-24.71%	3.60%	6.88%	-0.65%	3.09%	0.85%	-7.74%	4.75%
EPS Q/Q Growth	3.26%	32.95%	-23.50%	3.99%	6.82%	-0.62%	3.29%	0.69%	-7.74%	4.90%
Operating Cash Flow Q/Q Growth	4.18%	-3.94%	10.39%	1.61%	3.76%	8.03%	4.82%	-5.88%	0.67%	1.08%
Free Cash Flow Firm Q/Q Growth	0.20%	78.82%	-64.95%	4.31%	10.75%	0.24%	12.91%	-0.29%	-6.19%	-2.05%
Invested Capital Q/Q Growth	-0.09%	-5.38%	-0.16%	-0.43%	-1.93%	-2.33%	-5.85%	-1.23%	-1.73%	-0.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.74%	56.76%	53.60%	51.17%	53.78%	53.45%	50.59%	52.76%	53.33%	54.07%
EBITDA Margin	36.08%	44.38%	32.69%	30.16%	33.57%	35.99%	36.53%	32.69%	37.17%	38.97%
Operating Margin	32.97%	31.02%	28.84%	27.12%	30.52%	29.43%	29.79%	25.79%	30.17%	31.83%
EBIT Margin	32.97%	41.00%	28.74%	25.92%	29.36%	29.25%	29.79%	25.66%	30.57%	31.90%
Profit (Net Income) Margin	23.94%	30.06%	21.15%	19.78%	24.58%	24.96%	25.11%	21.53%	22.45%	24.38%
Tax Burden Percent	72.22%	73.50%	75.01%	75.91%	83.61%	87.31%	85.45%	89.48%	80.17%	82.44%
Interest Burden Percent	100.55%	99.75%	98.12%	100.55%	100.13%	97.75%	98.64%	93.76%	91.61%	92.70%
Effective Tax Rate	27.78%	26.50%	24.99%	24.09%	16.39%	12.69%	14.55%	10.52%	19.83%	17.56%
Return on Invested Capital (ROIC)	60.43%	52.07%	34.89%	30.61%	41.25%	43.06%	45.04%	22.90%	17.94%	20.51%
ROIC Less NNEP Spread (ROIC-NNEP)	59.37%	-212.54%	32.20%	27.62%	36.60%	32.86%	54.67%	18.73%	15.23%	16.61%
Return on Net Nonoperating Assets (RNNOA)	-14.20%	12.53%	13.07%	18.60%	17.64%	4.49%	-3.26%	10.91%	13.79%	9.90%
Return on Equity (ROE)	46.24%	64.60%	47.96%	49.21%	58.89%	47.55%	41.78%	33.81%	31.73%	30.41%
Cash Return on Invested Capital (CROIC)	57.57%	15.11%	-10.63%	35.24%	41.14%	42.32%	44.03%	-79.78%	17.90%	20.05%
Operating Return on Assets (OROA)	47.42%	52.64%	28.85%	24.71%	28.29%	23.99%	22.01%	15.17%	15.98%	17.53%
Return on Assets (ROA)	34.44%	38.59%	21.23%	18.86%	23.68%	20.47%	18.55%	12.72%	11.74%	13.40%
Return on Common Equity (ROCE)	46.24%	64.60%	47.96%	49.21%	58.89%	47.55%	41.78%	33.81%	31.73%	30.41%
Return on Equity Simple (ROE_SIMPLE)	45.35%	65.49%	46.14%	50.79%	52.48%	41.61%	39.32%	29.81%	28.90%	28.09%
Net Operating Profit after Tax (NOPAT)	240	257	264	278	366	384	405	425	504	578
NOPAT Margin	23.81%	22.80%	21.63%	20.59%	25.51%	25.69%	25.45%	23.07%	24.19%	26.24%
Net Nonoperating Expense Percent (NNEP)	1.06%	264.61%	2.69%	2.98%	4.65%	10.20%	-9.63%	4.17%	2.72%	3.90%
Cost of Revenue to Revenue	40.26%	43.24%	46.40%	48.83%	46.22%	46.55%	49.41%	47.24%	46.67%	45.93%
SG&A Expenses to Revenue	26.77%	25.73%	24.77%	24.05%	23.26%	22.92%	20.80%	23.48%	21.92%	22.02%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.77%	25.73%	24.77%	24.05%	23.26%	24.03%	20.80%	26.97%	23.16%	22.23%
Earnings before Interest and Taxes (EBIT)	332	462	351	350	421	437	474	473	637	703
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	363	500	399	407	482	538	581	603	775	858
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	12.93	10.31	15.85	14.82	14.36	13.80	12.14	10.18	8.41
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	196.31	110.29	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	5.94	4.73	6.17	6.94	8.62	8.81	8.76	7.91	7.30
Price to Earnings (P/E)	0.00	19.74	22.35	31.20	28.25	34.52	35.10	40.72	35.23	29.95
Dividend Yield	1.15%	1.14%	1.44%	1.10%	1.04%	0.88%	0.86%	0.80%	0.87%	0.96%
Earnings Yield	0.00%	5.06%	4.47%	3.20%	3.54%	2.90%	2.85%	2.46%	2.84%	3.34%
Enterprise Value to Invested Capital (EV/IC)	0.00	11.52	6.59	9.77	11.43	14.35	15.36	6.26	6.28	6.00
Enterprise Value to Revenue (EV/Rev)	0.00	5.98	5.01	6.42	7.07	8.60	8.72	9.55	8.46	7.70
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.47	15.33	21.29	21.07	23.88	23.88	29.21	22.77	19.76
Enterprise Value to EBIT (EV/EBIT)	0.00	14.58	17.44	24.78	24.10	29.39	29.28	37.21	27.68	24.13
Enterprise Value to NOPAT (EV/NOPAT)	0.00	26.21	23.17	31.19	27.73	33.45	34.27	41.38	34.98	29.33
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	20.34	19.10	22.48	23.77	25.39	25.00	32.71	27.34	24.21
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	90.33	0.00	27.09	27.80	34.04	35.05	0.00	35.06	30.01
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.07	0.58	1.03	1.09	0.85	0.64	0.57	1.49	1.00	0.71
Long-Term Debt to Equity	0.07	0.58	1.03	1.09	0.85	0.64	0.57	1.49	1.00	0.65
Financial Leverage	-0.24	-0.06	0.41	0.67	0.48	0.14	-0.06	0.58	0.91	0.60
Leverage Ratio	1.34	1.67	2.26	2.61	2.49	2.32	2.25	2.66	2.70	2.27
Compound Leverage Factor	1.35	1.67	2.22	2.62	2.49	2.27	2.22	2.49	2.48	2.10
Debt to Total Capital	6.18%	36.70%	50.67%	52.22%	46.07%	39.05%	36.11%	59.82%	49.89%	41.67%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.81%
Long-Term Debt to Total Capital	6.18%	36.70%	50.67%	52.22%	46.07%	39.05%	36.11%	59.82%	49.89%	37.86%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	93.82%	63.30%	49.33%	47.78%	53.93%	60.95%	63.89%	40.18%	50.11%	58.33%
Debt to EBITDA	0.10	0.60	1.44	1.41	1.19	1.07	0.99	3.29	2.08	1.59
Net Debt to EBITDA	-0.41	0.09	0.87	0.83	0.39	-0.06	-0.25	2.40	1.49	1.02
Long-Term Debt to EBITDA	0.10	0.60	1.44	1.41	1.19	1.07	0.99	3.29	2.08	1.45
Debt to NOPAT	0.15	1.17	2.18	2.07	1.57	1.50	1.42	4.66	3.20	2.36
Net Debt to NOPAT	-0.61	0.18	1.32	1.21	0.51	-0.08	-0.35	3.40	2.29	1.51
Long-Term Debt to NOPAT	0.15	1.17	2.18	2.07	1.57	1.50	1.42	4.66	3.20	2.15
Altman Z-Score	0.00	12.61	7.36	7.66	9.16	8.67	9.29	5.00	5.90	6.32
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.18	2.33	2.04	1.95	2.67	3.05	2.96	1.99	1.59	1.25
Quick Ratio	1.99	2.21	1.87	1.78	2.43	2.75	2.75	1.69	1.44	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	228	75	-80	320	365	377	396	-1,482	503	565
Operating Cash Flow to CapEx	1,193.22%	693.63%	869.53%	1,150.56%	719.45%	651.50%	905.38%	1,052.23%	1,062.04%	817.38%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-41.51	7.59	8.59
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.08	9.73	10.65
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.65	8.82	9.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.44	1.28	1.00	0.95	0.96	0.82	0.74	0.59	0.52	0.55
Accounts Receivable Turnover	10.86	11.69	9.92	8.85	9.48	9.92	10.39	10.38	9.44	9.46
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	17.22	15.67	13.20	13.43	13.05	11.84	12.03	17.38	24.98	26.13
Accounts Payable Turnover	13.32	12.23	10.79	10.04	8.75	8.60	9.37	8.97	8.46	6.74
Days Sales Outstanding (DSO)	33.61	31.23	36.78	41.22	38.52	36.81	35.11	35.16	38.66	38.58
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	27.40	29.85	33.84	36.34	41.72	42.44	38.96	40.68	43.17	54.12
Cash Conversion Cycle (CCC)	6.21	1.38	2.95	4.89	-3.20	-5.63	-3.84	-5.51	-4.51	-15.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	402	585	929	887	888	895	904	2,811	2,812	2,825
Invested Capital Turnover	2.54	2.28	1.61	1.49	1.62	1.68	1.77	0.99	0.74	0.78
Increase / (Decrease) in Invested Capital	11	182	345	-42	1.03	6.57	9.05	1,907	1.04	13
Enterprise Value (EV)	0.00	6,737	6,121	8,671	10,154	12,842	13,881	17,607	17,648	16,958
Market Capitalization	0.00	6,689	5,773	8,334	9,965	12,873	14,024	16,161	16,493	16,085
Book Value per Share	$12.79	$12.73	$14.27	$13.71	$17.57	$23.59	$26.90	$35.06	$42.47	$50.28
Tangible Book Value per Share	$4.41	($0.71)	($8.19)	($8.47)	($3.61)	$1.73	$3.37	($40.29)	($32.61)	($24.78)
Total Capital	567	817	1,135	1,101	1,246	1,471	1,591	3,314	3,233	3,278
Total Debt	35	300	575	575	574	574	575	1,982	1,613	1,366
Total Long-Term Debt	35	300	575	575	574	574	575	1,982	1,613	1,241
Net Debt	-147	47	348	337	189	-31	-143	1,446	1,155	873
Capital Expenditures (CapEx)	26	48	37	34	59	78	61	51	61	86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-18	-42	-19	-28	-21	-40	-100	-104	-172	-199
Debt-free Net Working Capital (DFNWC)	164	211	208	210	365	566	618	432	286	294
Net Working Capital (NWC)	164	211	208	210	365	566	618	432	286	169
Net Nonoperating Expense (NNE)	-1.33	-82	5.87	11	13	11	5.49	29	36	41
Net Nonoperating Obligations (NNO)	-129	67	370	361	216	-1.54	-112	1,480	1,192	913
Total Depreciation and Amortization (D&A)	31	38	48	57	60	101	107	130	138	156
Debt-free, Cash-free Net Working Capital to Revenue	-1.79%	-3.69%	-1.55%	-2.08%	-1.44%	-2.65%	-6.28%	-5.66%	-8.24%	-9.03%
Debt-free Net Working Capital to Revenue	16.33%	18.73%	17.05%	15.54%	25.42%	37.86%	38.82%	23.43%	13.71%	13.33%
Net Working Capital to Revenue	16.33%	18.73%	17.05%	15.54%	25.42%	37.86%	38.82%	23.43%	13.71%	7.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.80	$8.29	$6.55	$6.90	$9.25	$9.83	$10.56	$10.48	$12.26	$14.11
Adjusted Weighted Average Basic Shares Outstanding	41.57M	40.88M	39.44M	38.73M	38.14M	37.94M	37.86M	37.86M	38.19M	38.06M
Adjusted Diluted Earnings per Share	$5.71	$8.19	$6.51	$6.78	$9.08	$9.65	$10.36	$10.25	$12.04	$13.91
Adjusted Weighted Average Diluted Shares Outstanding	42.24M	41.37M	39.64M	39.38M	38.87M	38.65M	38.57M	38.74M	38.90M	38.62M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.45M	39.94M	39.11M	38.04M	37.94M	37.99M	37.64M	38.08M	37.99M	37.99M
Normalized Net Operating Profit after Tax (NOPAT)	240	257	264	278	366	398	405	483	525	582
Normalized NOPAT Margin	23.81%	22.80%	21.63%	20.59%	25.51%	26.66%	25.45%	26.19%	25.19%	26.42%
Pre Tax Income Margin	33.15%	40.90%	28.20%	26.06%	29.40%	28.59%	29.38%	24.06%	28.00%	29.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.25	9.61	10.68
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.92	7.61	8.79
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.82	8.70	9.38
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.49	6.69	7.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.61%	21.91%	31.32%	33.48%	28.36%	29.61%	29.51%	31.73%	29.60%	28.05%
Augmented Payout Ratio	133.90%	127.22%	132.38%	147.28%	90.83%	83.14%	95.76%	36.42%	67.35%	71.85%

This table displays calculated financial ratios and metrics derived from FactSet Research Systems' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.22%	18.86%	19.48%	8.40%	7.31%	7.41%	5.99%	4.32%	4.93%	4.88%	4.53%
EBITDA Growth	14.56%	38.84%	37.53%	56.07%	-10.85%	7.55%	7.22%	14.93%	14.12%	4.97%	4.67%
EBIT Growth	9.70%	41.83%	37.99%	80.08%	-8.68%	9.70%	6.92%	15.74%	7.77%	1.33%	1.96%
NOPAT Growth	16.62%	35.28%	27.77%	67.33%	-40.59%	7.63%	7.02%	17.55%	38.66%	-0.37%	2.55%
Net Income Growth	3.32%	27.08%	19.70%	79.77%	-37.64%	8.59%	7.10%	17.43%	37.43%	0.99%	2.78%
EPS Growth	2.67%	26.16%	19.01%	79.27%	-37.55%	9.09%	7.99%	18.21%	38.69%	1.30%	3.01%
Operating Cash Flow Growth	-18.18%	46.24%	34.94%	13.87%	2.85%	45.49%	-12.68%	8.99%	4.81%	-44.33%	20.97%
Free Cash Flow Firm Growth	-2,030.89%	-1,973.09%	-2,955.17%	107.07%	103.88%	112.13%	97.62%	52.31%	21.92%	-112.47%	21.65%
Invested Capital Growth	211.01%	191.05%	186.04%	0.55%	0.04%	-1.80%	6.68%	-0.91%	0.46%	6.54%	6.09%
Revenue Q/Q Growth	2.16%	1.11%	2.03%	2.86%	1.13%	1.20%	0.69%	1.24%	1.72%	1.15%	0.35%
EBITDA Q/Q Growth	23.55%	23.15%	-0.58%	2.27%	-29.43%	49.89%	-0.89%	9.62%	-29.92%	37.87%	-1.17%
EBIT Q/Q Growth	34.32%	30.25%	-0.94%	2.74%	-31.89%	58.25%	-3.45%	11.22%	-36.58%	48.80%	-2.86%
NOPAT Q/Q Growth	38.81%	25.60%	-4.61%	0.61%	-50.71%	127.51%	-5.14%	10.51%	-41.86%	63.47%	-2.36%
Net Income Q/Q Growth	39.40%	31.01%	-3.80%	2.33%	-51.64%	128.13%	-5.13%	12.20%	-43.41%	67.63%	-3.44%
EPS Q/Q Growth	39.38%	30.86%	-3.98%	2.37%	-51.45%	128.57%	-4.95%	12.05%	-43.03%	66.95%	-3.34%
Operating Cash Flow Q/Q Growth	-21.16%	-29.54%	54.43%	32.74%	-28.78%	-0.34%	-7.31%	65.67%	-31.51%	-47.06%	101.40%
Free Cash Flow Firm Q/Q Growth	0.66%	2.00%	0.53%	107.30%	-45.50%	206.23%	-119.54%	567.10%	-56.38%	-131.31%	-22.80%
Invested Capital Q/Q Growth	-1.23%	3.07%	0.07%	-1.30%	-1.73%	1.17%	8.71%	-8.32%	-0.37%	7.30%	8.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.54%	55.02%	53.25%	54.38%	50.79%	53.59%	53.27%	55.31%	54.07%	54.49%	52.76%
EBITDA Margin	33.51%	41.19%	40.13%	39.90%	27.84%	41.24%	40.59%	43.96%	30.28%	41.28%	40.65%
Operating Margin	26.48%	34.05%	32.86%	32.46%	21.67%	34.86%	33.33%	36.63%	22.74%	33.65%	32.50%
EBIT Margin	26.18%	34.11%	33.12%	33.08%	22.28%	34.84%	33.41%	36.70%	22.89%	33.66%	32.59%
Profit (Net Income) Margin	20.91%	27.10%	25.55%	25.42%	12.15%	27.40%	25.82%	28.61%	15.92%	26.38%	25.38%
Tax Burden Percent	89.69%	86.64%	83.94%	83.13%	60.68%	84.79%	83.57%	83.00%	76.41%	83.47%	84.06%
Interest Burden Percent	89.06%	91.68%	91.89%	92.43%	89.89%	92.73%	92.46%	93.92%	91.04%	93.89%	92.66%
Effective Tax Rate	10.31%	13.36%	16.06%	16.87%	39.32%	15.21%	16.43%	17.00%	23.59%	16.53%	15.94%
Return on Invested Capital (ROIC)	23.58%	29.16%	28.31%	19.37%	9.75%	21.86%	20.02%	23.23%	13.58%	21.31%	19.33%
ROIC Less NNEP Spread (ROIC-NNEP)	21.50%	27.32%	26.38%	18.77%	9.35%	20.94%	19.16%	22.30%	12.80%	20.42%	18.45%
Return on Net Nonoperating Assets (RNNOA)	12.52%	14.02%	10.19%	17.72%	8.47%	16.94%	14.52%	13.40%	7.63%	12.08%	12.03%
Return on Equity (ROE)	36.10%	43.18%	38.49%	37.09%	18.22%	38.80%	34.54%	36.63%	21.21%	33.39%	31.35%
Cash Return on Invested Capital (CROIC)	-79.78%	-73.86%	-71.10%	18.80%	17.90%	19.79%	11.09%	20.25%	20.05%	13.32%	12.33%
Operating Return on Assets (OROA)	15.48%	21.06%	20.86%	16.81%	11.65%	18.66%	18.01%	19.88%	12.58%	18.76%	17.85%
Return on Assets (ROA)	12.36%	16.73%	16.09%	12.91%	6.35%	14.67%	13.91%	15.50%	8.75%	14.70%	13.90%
Return on Common Equity (ROCE)	36.10%	43.18%	38.49%	37.09%	18.22%	38.80%	34.54%	36.63%	21.21%	33.39%	31.35%
Return on Equity Simple (ROE_SIMPLE)	0.00%	28.90%	27.86%	30.41%	0.00%	28.22%	27.16%	27.12%	0.00%	27.04%	26.38%
Net Operating Profit after Tax (NOPAT)	119	149	142	143	70	160	152	168	98	160	156
NOPAT Margin	23.75%	29.50%	27.58%	26.98%	13.15%	29.56%	27.85%	30.40%	17.38%	28.08%	27.33%
Net Nonoperating Expense Percent (NNEP)	2.07%	1.84%	1.92%	0.60%	0.40%	0.91%	0.86%	0.93%	0.78%	0.89%	0.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	4.93%	-	-	-	4.77%	4.42%
Cost of Revenue to Revenue	48.46%	44.98%	46.75%	45.62%	49.21%	46.41%	46.73%	44.69%	45.93%	45.51%	47.24%
SG&A Expenses to Revenue	24.80%	20.92%	20.30%	21.84%	24.49%	18.73%	19.93%	18.65%	30.69%	20.85%	20.25%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.06%	20.97%	20.39%	21.93%	29.12%	18.73%	19.94%	18.68%	31.33%	20.85%	20.25%
Earnings before Interest and Taxes (EBIT)	131	172	171	175	119	189	182	203	129	191	186
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	167	208	207	211	149	224	222	243	170	235	232
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	12.14	11.75	9.75	8.76	10.18	10.03	9.75	8.15	8.41	9.36	8.54
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	8.76	9.01	7.81	7.13	7.91	8.04	8.16	7.08	7.30	8.36	7.79
Price to Earnings (P/E)	40.72	40.66	35.01	28.80	35.23	35.56	35.92	30.05	29.95	34.61	32.37
Dividend Yield	0.80%	0.77%	0.87%	0.96%	0.87%	0.85%	0.85%	0.98%	0.96%	0.84%	0.90%
Earnings Yield	2.46%	2.46%	2.86%	3.47%	2.84%	2.81%	2.78%	3.33%	3.34%	2.89%	3.09%
Enterprise Value to Invested Capital (EV/IC)	6.26	6.46	5.84	5.51	6.28	6.39	6.09	5.75	6.00	6.48	5.71
Enterprise Value to Revenue (EV/Rev)	9.55	9.73	8.43	7.70	8.46	8.56	8.74	7.50	7.70	8.81	8.32
Enterprise Value to EBITDA (EV/EBITDA)	29.21	28.28	23.61	19.97	22.77	22.98	23.36	19.48	19.76	22.59	21.30
Enterprise Value to EBIT (EV/EBIT)	37.21	35.67	29.67	24.44	27.68	27.78	28.27	23.52	24.13	27.84	26.44
Enterprise Value to NOPAT (EV/NOPAT)	41.38	40.31	34.22	28.56	34.98	35.23	35.80	29.61	29.33	34.00	32.24
Enterprise Value to Operating Cash Flow (EV/OCF)	32.71	32.72	27.55	24.59	27.34	26.18	27.97	23.55	24.21	31.10	28.33
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	29.39	35.06	31.99	56.65	28.28	30.01	50.18	47.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.49	1.26	1.08	1.00	1.00	0.91	0.95	0.76	0.71	0.68	0.72
Long-Term Debt to Equity	1.49	1.26	1.08	1.00	1.00	0.91	0.93	0.66	0.65	0.65	0.72
Financial Leverage	0.58	0.51	0.39	0.94	0.91	0.81	0.76	0.60	0.60	0.59	0.65
Leverage Ratio	2.66	2.42	2.26	2.75	2.70	2.50	2.34	2.26	2.27	2.17	2.13
Compound Leverage Factor	2.37	2.22	2.08	2.54	2.43	2.32	2.17	2.12	2.07	2.03	1.98
Debt to Total Capital	59.82%	55.77%	51.92%	50.08%	49.89%	47.70%	48.61%	43.03%	41.67%	40.56%	41.72%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%	5.64%	3.81%	1.86%	0.00%
Long-Term Debt to Total Capital	59.82%	55.77%	51.92%	50.08%	49.89%	47.70%	47.78%	37.39%	37.86%	38.70%	41.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	40.18%	44.23%	48.08%	49.92%	50.11%	52.30%	51.39%	56.97%	58.33%	59.44%	58.28%
Debt to EBITDA	3.29	2.81	2.42	2.12	2.08	1.96	2.11	1.71	1.59	1.56	1.67
Net Debt to EBITDA	2.40	2.10	1.75	1.46	1.49	1.40	1.56	1.08	1.02	1.15	1.35
Long-Term Debt to EBITDA	3.29	2.81	2.42	2.12	2.08	1.96	2.08	1.48	1.45	1.49	1.67
Debt to NOPAT	4.66	4.00	3.51	3.03	3.20	3.01	3.24	2.59	2.36	2.35	2.53
Net Debt to NOPAT	3.40	2.99	2.54	2.09	2.29	2.15	2.38	1.64	1.51	1.73	2.04
Long-Term Debt to NOPAT	4.66	4.00	3.51	3.03	3.20	3.01	3.19	2.25	2.15	2.24	2.53
Altman Z-Score	4.72	5.36	5.19	5.07	5.47	5.91	6.22	5.70	5.85	6.90	6.26
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.99	2.16	2.09	2.11	1.59	1.68	1.79	1.28	1.25	1.40	1.47
Quick Ratio	1.69	1.82	1.79	1.89	1.44	1.51	1.57	1.14	1.08	1.14	1.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,789	-1,753	-1,744	127	69	213	-42	194	85	-26	-33
Operating Cash Flow to CapEx	995.35%	593.74%	943.39%	840.57%	0.00%	942.21%	656.10%	1,116.43%	628.53%	333.82%	732.87%
Free Cash Flow to Firm to Interest Expense	0.00	-106.01	-104.19	7.79	4.16	12.70	-2.50	11.48	5.44	-1.84	-2.34
Operating Cash Flow to Interest Expense	0.00	6.45	9.84	13.37	9.33	9.27	8.66	14.10	10.49	6.00	12.50
Operating Cash Flow Less CapEx to Interest Expense	0.00	5.36	8.80	11.78	9.36	8.29	7.34	12.84	8.83	4.20	10.79
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.62	0.63	0.51	0.52	0.54	0.54	0.54	0.55	0.56	0.55
Accounts Receivable Turnover	10.38	10.00	9.01	8.83	9.44	8.98	8.13	9.11	9.46	8.96	8.20
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	17.38	19.08	20.43	24.46	24.98	26.13	26.47	26.75	26.13	27.07	28.05
Accounts Payable Turnover	8.97	7.81	8.86	9.04	8.46	7.31	8.15	8.18	6.74	6.76	7.97
Days Sales Outstanding (DSO)	35.16	36.51	40.51	41.35	38.66	40.65	44.87	40.07	38.58	40.75	44.51
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	40.68	46.74	41.20	40.39	43.17	49.91	44.79	44.60	54.12	53.99	45.78
Cash Conversion Cycle (CCC)	-5.51	-10.23	-0.69	0.96	-4.51	-9.27	0.09	-4.54	-15.54	-13.24	-1.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,811	2,898	2,900	2,862	2,812	2,845	3,093	2,836	2,825	3,031	3,282
Invested Capital Turnover	0.99	0.99	1.03	0.72	0.74	0.74	0.72	0.76	0.78	0.76	0.71
Increase / (Decrease) in Invested Capital	1,907	1,902	1,886	16	1.04	-52	194	-26	13	186	188
Enterprise Value (EV)	17,607	18,715	16,932	15,770	17,648	18,174	18,827	16,314	16,958	19,640	18,745
Market Capitalization	16,161	17,326	15,674	14,615	16,493	17,067	17,573	15,409	16,085	18,640	17,560
Book Value per Share	$35.06	$38.71	$42.02	$43.55	$42.47	$44.77	$47.31	$49.60	$50.28	$52.42	$54.09
Tangible Book Value per Share	($40.29)	($36.34)	($32.42)	($30.60)	($32.61)	($30.34)	($27.90)	($25.34)	($24.78)	($25.56)	($29.55)
Total Capital	3,314	3,333	3,343	3,343	3,233	3,252	3,506	3,318	3,278	3,351	3,529
Total Debt	1,982	1,859	1,736	1,674	1,613	1,551	1,704	1,428	1,366	1,359	1,472
Total Long-Term Debt	1,982	1,859	1,736	1,674	1,613	1,551	1,675	1,241	1,241	1,297	1,472
Net Debt	1,446	1,389	1,258	1,155	1,155	1,107	1,254	906	873	1,000	1,185
Capital Expenditures (CapEx)	15	18	17	26	-0.64	16	22	21	26	26	24
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-104	-25	-29	-75	-172	-134	-58	-148	-199	-84	-61
Debt-free Net Working Capital (DFNWC)	432	445	448	443	286	310	392	374	294	275	226
Net Working Capital (NWC)	432	445	448	443	286	310	363	187	169	213	226
Net Nonoperating Expense (NNE)	14	12	10	8.28	5.34	12	11	9.90	8.20	9.68	11
Net Nonoperating Obligations (NNO)	1,480	1,423	1,292	1,193	1,192	1,145	1,291	945	913	1,040	1,225
Total Depreciation and Amortization (D&A)	37	36	36	36	30	35	39	40	42	43	46
Debt-free, Cash-free Net Working Capital to Revenue	-5.66%	-1.27%	-1.47%	-3.68%	-8.24%	-6.31%	-2.69%	-6.80%	-9.03%	-3.76%	-2.72%
Debt-free Net Working Capital to Revenue	23.43%	23.14%	22.30%	21.64%	13.71%	14.60%	18.21%	17.18%	13.33%	12.34%	10.02%
Net Working Capital to Revenue	23.43%	23.14%	22.30%	21.64%	13.71%	14.60%	16.87%	8.58%	7.66%	9.53%	10.02%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.74	$3.59	$3.44	$3.52	$1.71	$3.91	$3.70	$4.15	$2.35	$3.95	$3.81
Adjusted Weighted Average Basic Shares Outstanding	37.86M	38.12M	38.28M	38.28M	38.19M	38.02M	38.10M	38.09M	38.06M	38.01M	38.02M
Adjusted Diluted Earnings per Share	$2.69	$3.52	$3.38	$3.46	$1.68	$3.84	$3.65	$4.09	$2.33	$3.89	$3.76
Adjusted Weighted Average Diluted Shares Outstanding	38.74M	38.91M	38.98M	38.91M	38.90M	38.64M	38.65M	38.64M	38.62M	38.52M	38.51M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	38.08M	38.25M	38.32M	38.15M	37.99M	38.09M	38.12M	38.04M	37.99M	38.03M	37.95M
Normalized Net Operating Profit after Tax (NOPAT)	120	149	142	143	85	160	152	168	100	160	156
Normalized NOPAT Margin	23.98%	29.55%	27.66%	27.05%	15.96%	29.56%	27.86%	30.43%	17.87%	28.08%	27.33%
Pre Tax Income Margin	23.32%	31.28%	30.43%	30.58%	20.03%	32.31%	30.89%	34.47%	20.83%	31.61%	30.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	10.41	10.19	10.72	7.15	11.29	10.99	12.01	8.28	13.29	13.36
NOPAT to Interest Expense	0.00	9.01	8.49	8.74	4.22	9.58	9.16	9.95	6.28	11.09	11.21
EBIT Less CapEx to Interest Expense	0.00	9.33	9.15	9.13	7.19	10.30	9.67	10.74	6.61	11.50	11.66
NOPAT Less CapEx to Interest Expense	0.00	7.92	7.45	7.15	4.26	8.59	7.84	8.68	4.61	9.29	9.50
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.73%	30.26%	29.47%	26.60%	29.60%	29.59%	29.69%	28.97%	28.05%	28.38%	28.63%
Augmented Payout Ratio	36.42%	30.26%	29.47%	39.82%	67.35%	78.89%	88.73%	83.87%	71.85%	69.99%	72.17%

Frequently Asked Questions About FactSet Research Systems' Financials

When does FactSet Research Systems's fiscal year end?

According to the most recent income statement we have on file, FactSet Research Systems' financial year ends in August. Their financial year 2024 ended on August 31, 2024.

How has FactSet Research Systems' net income changed over the last 9 years?

FactSet Research Systems' net income appears to be on an upward trend, with a most recent value of $537.13 million in 2024, rising from $241.05 million in 2015. The previous period was $468.17 million in 2023.

What is FactSet Research Systems's operating income?

FactSet Research Systems's total operating income in 2024 was $701.30 million, based on the following breakdown:

Total Gross Profit: $1.19 billion
Total Operating Expenses: $489.81 million

How has FactSet Research Systems revenue changed over the last 9 years?

Over the last 9 years, FactSet Research Systems' total revenue changed from $1.01 billion in 2015 to $2.20 billion in 2024, a change of 118.8%.

How much debt does FactSet Research Systems have?

FactSet Research Systems' total liabilities were at $2.14 billion at the end of 2024, a 8.6% decrease from 2023, and a 944.7% increase since 2015.

How much cash does FactSet Research Systems have?

In the past 9 years, FactSet Research Systems' cash and equivalents has ranged from $158.91 million in 2015 to $681.87 million in 2021, and is currently $422.98 million as of their latest financial filing in 2024.

How has FactSet Research Systems' book value per share changed over the last 9 years?

Over the last 9 years, FactSet Research Systems' book value per share changed from 12.79 in 2015 to 50.28 in 2024, a change of 293.2%.

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This page (NYSE:FDS) was last updated on 4/11/2025 by MarketBeat.com Staff

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FactSet Research Systems (FDS) Financials

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