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Ray DalioNew position
Bridgewater Associates · Q2 2026
$7.93M
34.49K shares · 0.0% of portfolio
Factset Research Systems Inc
Factset Research Systems Inc (FDS) is listed on NYSE and classified in Financial Data & Stock Exchanges, part of the Financial Services sector. It is headquartered in Norwalk, United States and has 12,694 employees. The company is worth $11.93B and trades at 22.0x its earnings of the last twelve months; the median for its sector is 13.2x. Revenue was $2.32B in fiscal 2025, up 5.4% from the year before. Net income was $597.04M. The share price is within 3% of its 52-week high. It pays a dividend yielding 1.38%, and has raised its annual dividend for 25 years in a row in our records. 6 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Cliff Asness (AQR Capital Management), at $385.55M. In that quarter, 3 of them opened or added to the position and 2 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▼ -35.6% over 5Y.
today you would have $717.26▼ -28.3%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 17 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $290.19 | $480.28 | $477.05 | $401.21 | $486.01 | $332.50 | $268.30 | $200.13 | $192.76 | $163.43 | $162.57 | $140.75 | $108.58 | $88.06 | $87.28 | $93.76 | $65.87 | |
| P/E |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 10.0% a year plus a 1.4% dividend yield. Growth capped at 25%.
Median P/E of 13.2 among peers in the sector.
Median P/E of 29.5 across this company’s own years on record.
Cash flow growing 10.0% a year for 10 years, discounted at 10%, then 2.5% forever.
Sector median of 12.4x operating profit, less net debt. Banks have no EBITDA.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| ALLYAlly Financial Inc. | $39.31 | 9.1x | 0.9x | 3.05% | 9.68% | $11.96B |
| AEGAegon Ltd | $8.21 | 12.3x | 1.2x | 5.97% | 11.07% | $12.15B |
| RYANRYAN Specialty Holdings Inc | $44.49 | 62.7x | 10.6x | 1.17% | 22.09% | $11.4B |
| SEICSei Investments Co | $104.50 |
| 29.5x |
| 18.7x |
| 34.5x |
| 39.6x |
| 39.1x |
| 46.9x |
| 34.5x |
| 29.5x |
| 29.5x |
| 29.6x |
| 20.0x |
| 28.5x |
| 28.6x |
| 24.4x |
| 21.4x |
| 24.2x |
| 30.0x |
| 22.2x |
| P/S | 6.4x | 4.7x | 8.3x | 8.7x | 8.3x | 11.5x | 8.5x | 7.1x | 5.6x | 6.2x | 5.8x | 6.7x | 6.4x | 5.5x | 4.8x | 5.4x | 6.7x | 4.9x |
| P/B | 11.5x | 5.0x | 9.5x | 11.2x | 11.5x | 18.0x | 14.1x | 15.1x | 14.5x | 13.5x | 12.6x | 12.7x | 11.5x | 8.6x | 7.1x | 7.7x | 8.6x | 6.1x |
| EPS | $15.55 | $13.91 | $12.04 | $10.25 | $10.36 | $9.65 | $9.08 | $6.78 | $6.51 | $8.19 | $5.71 | $4.92 | $4.45 | $4.12 | $3.61 | $3.13 | $2.97 |
| Dividend yield | 1.08% | 1.50% | 0.85% | 0.80% | 0.87% | 0.66% | 0.91% | 1.04% | 1.24% | 1.13% | 1.19% | 1.05% | 1.08% | 1.25% | 1.36% | 1.19% | 0.95% | 1.18% |
| Payout | 30.56% | 27.91% | 29.48% | 31.81% | 34.05% | 31.18% | 31.40% | 30.84% | 36.58% | 33.49% | 23.69% | 29.95% | 30.89% | 30.56% | 29.13% | 28.81% | 28.43% | 26.26% |
| Profit margin | 23.43% | 25.72% | 24.38% | 22.45% | 21.53% | 25.11% | 24.96% | 24.58% | 19.78% | 21.15% | 30.06% | 23.94% | 22.99% | 23.15% | 23.43% | 23.54% | 23.43% | 23.30% |
| ROE | 36.66% | 27.31% | 28.09% | 28.90% | 29.81% | 39.32% | 41.61% | 52.48% | 50.79% | 46.14% | 65.49% | 45.35% | 41.39% | 36.66% | 34.19% | 33.20% | 29.90% | 28.94% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
6 methods answered, across 3 families.
Room for errors in the reported numbers.
-12.9% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| 18.4x |
| 5.2x |
| 1.00% |
| 27.59% |
| $12.54B |
| IVZInvesco Ltd. | $28.79 | — | 1.3x | 2.99% | -0.57% | $12.71B |
| AFGAmerican Financial Group Inc | $153.46 | 13.1x | 2.6x | 4.63% | 20.41% | $12.73B |
