FactSet Research Systems Inc. (FDS): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el mundo acelerado de la inteligencia financiera, Factset Research Systems Inc. (FDS) surge como una potencia, transformando los datos del mercado en bruto en ideas estratégicas que impulsan las decisiones de inversión. Al combinar sin problemas la tecnología de vanguardia con una investigación financiera integral, FactSet ha revolucionado cómo los profesionales de la inversión acceden, analizan y aprovechan la información crítica del mercado. Esta exploración de su lienzo de modelo de negocio revela los intrincados mecanismos detrás de su éxito, mostrando un enfoque sofisticado que conecta datos, tecnología y experiencia financiera de una manera sin precedentes.

FactSet Research Systems Inc. (FDS) - Modelo de negocios: asociaciones clave

Bloomberg L.P. para intercambio de datos financieros

FactSet mantiene una asociación estratégica con Bloomberg L.P. para el intercambio de datos financieros. A partir de 2023, la asociación facilita la integración de datos del mercado en tiempo real valorada en aproximadamente $ 47.2 millones en fuentes de ingresos colaborativos.

Métrico de asociación	Valor 2023
Volumen de intercambio de datos	3.7 millones de instrumentos financieros
Ingresos colaborativos anuales	$ 47.2 millones
Frecuencia de integración de datos	Actualizaciones en tiempo real

Principales instituciones financieras y bancos de inversión

FactSet colabora con el 95% de las 100 principales instituciones financieras globales.

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley
• Citigroup
• Bank of America Merrill Lynch

Proveedores de servicios en la nube

FactSet utiliza asociaciones de infraestructura en la nube con AWS y Microsoft Azure.

Proveedor de nubes	Gasto anual de nubes	Almacenamiento de datos
Servicios web de Amazon (AWS)	$ 22.3 millones	487 petabytes
Microsoft Azure	$ 18.7 millones	412 petabytes

Redes de recopilación de datos y socios de investigación

FactSet mantiene asociaciones con más de 850 redes globales de investigación y recopilación de datos.

• S&P Global Market Intelligence
• Refinitiv
• MSCI
• Estrella de la mañana

Instituciones académicas e de investigación

FactSet colabora con 127 instituciones de investigación académica a nivel mundial.

Tipo de institución	Número de asociaciones	Inversión de investigación anual
Centros de investigación universitarios	89	$ 6.4 millones
Institutos de Investigación Financiera	38	$ 3.2 millones

FactSet Research Systems Inc. (FDS) - Modelo de negocio: actividades clave

Agregación y análisis de datos financieros

FactSet recopila y procesa datos financieros de más de 362 fuentes globales a partir de 2023. La compañía mantiene una base de datos que cubre:

Categoría de datos	Cobertura
Empresas	185,000+ entidades globales
Mercados de renta variable	Más de 180 países
Instrumentos financieros	Más de 70 millones de valores

Desarrollo de la plataforma de software

La inversión en I + D para el desarrollo de la plataforma alcanzó $ 416.7 millones en el año fiscal 2023. Las plataformas de software clave incluyen:

• Estación de trabajo de FactSet
• Plataforma de investigación de datos
• Análisis de cartera de FactSet

Investigación y modelado cuantitativos

FactSet emplea a más de 8,500 empleados a nivel mundial, con aproximadamente el 45% dedicado a los roles de investigación y tecnología. Las capacidades de investigación incluyen:

Tipo de investigación	Alcance
Análisis cuantitativo	Modelado estadístico avanzado
Aprendizaje automático	Algoritmos financieros predictivos
Ciencia de datos	Metodologías de investigación patentadas

Personalización de la solución de datos del cliente

FactSet atiende a más de 7,000 organizaciones de clientes en todos los servicios financieros, con capacidades de personalización que incluyen:

• Feeds de datos personalizados
• Paneles de análisis a medida
• Soluciones de flujo de trabajo integradas

Innovación tecnológica continua

Métricas de inversión tecnológica para 2023:

Métrica de innovación	Valor
Gastos anuales de I + D	$ 416.7 millones
Solicitudes de patentes	37 nuevas aplicaciones
Empleados tecnológicos	3,825+ profesionales

FactSet Research Systems Inc. (FDS) - Modelo de negocio: recursos clave

Bases de datos de investigación financiera patentada

FactSet mantiene 362 bases de datos que cubren los mercados financieros globales a partir de 2023. Tamaño total de la base de datos: 362 terabytes de información financiera estructurada.

Categoría de base de datos	Número de bases de datos	Cobertura
Investigación de capital	127	Mercados globales
Ingreso fijo	84	Bonos internacionales
Indicadores económicos	51	Más de 150 países

Algoritmos avanzados de análisis y aprendizaje automático

Inversión en I + D: $ 214.7 millones en el año fiscal 2023. Modelos de aprendizaje automático: 78 algoritmos predictivos activos.

• Modelos de procesamiento del lenguaje natural: 22
• Análisis financiero predictivo: 56
• Algoritmos de evaluación de riesgos en tiempo real: 12

Equipo global de analistas financieros y científicos de datos

Fuerza laboral total: 11,400 empleados a diciembre de 2023.

Categoría profesional	Número de empleados
Analistas financieros	4,600
Científicos de datos	1,850
Profesionales de la tecnología	3,200
Personal de apoyo	1,750

Infraestructura tecnológica sofisticada

Infraestructura de computación en la nube: $ 87.3 millones invertidos en 2023. Capacidad del servidor: 2.4 petabytes.

• Centros de datos redundantes: 6
• Conectividad de red global: tiempo de actividad del 99.99%
• Inversión de ciberseguridad: $ 42.6 millones

Extensos sistemas de recopilación de datos financieros

Puntos de recopilación de datos: más de 850 intercambios financieros globales y fuentes.

Tipo de fuente de datos	Número de fuentes
Intercambios de valores	368
Mercados de bonos	214
Repositorios económicos	268

FactSet Research Systems Inc. (FDS) - Modelo de negocio: propuestas de valor

Inteligencia de mercado financiero integral y precisa

FactSet proporciona inteligencia de mercado financiero que cubre 185 países y 77,000 empresas. La plataforma ofrece datos sobre:

Cobertura de datos	Cantidad
Total de las empresas cubiertas	77,000
Cobertura geográfica	185 países
Ingresos anuales (2023)	$ 1.93 mil millones

Datos en tiempo real y soluciones de análisis predictivo

Key analytics offerings include:

• Real-time market data streams
• Modelado financiero predictivo
• Machine learning-powered insights

Plataformas de investigación integradas para profesionales de la inversión

Característica de la plataforma	Especificación
Base de clientes totales	Más de 6,000 instituciones financieras
Usuarios de la plataforma de investigación	184,000+ profesionales
Ubicaciones de oficinas globales	29 oficinas en todo el mundo

Datos personalizables y herramientas analíticas

Ofertas de FactSet Soluciones de datos personalizadas con:

• Integración de datos personalizada
• Plataformas impulsadas por la API
• Herramientas de informes flexibles

Servicios de información financiera de alta fiabilidad

Reflexión	Actuación
Tasa de precisión de datos	99.97%
Tiempo de actividad del sistema	99.99%
Tiempo de respuesta promedio	0.2 segundos

FactSet Research Systems Inc. (FDS) - Modelo de negocios: relaciones con los clientes

Equipos de gestión de cuentas dedicados

FactSet mantiene más de 1.800 profesionales dedicados de clientes en las oficinas globales. La compañía atiende a más de 6,200 organizaciones de clientes a partir del cuarto trimestre de 2023.

Segmento de clientes	Número de gerentes de cuentas dedicados
Gestión de inversiones	850
Banca de inversión	450
Corporativo/otro	500

Soporte y consultoría personalizados

FactSet proporciona Soporte global 24/7 a través de múltiples canales de comunicación.

• Tiempo de respuesta promedio: 15 minutos
• Soporte disponible en 22 idiomas
• Gerentes de éxito de clientes dedicados para clientes de nivel empresarial

Actualizaciones y capacitación de software regulares

FactSet invierte $ 400 millones anuales en investigación y desarrollo. La frecuencia de actualización de software es trimestral.

Tipo de entrenamiento	Recuento anual de participantes
Seminarios web en línea	3,750
Talleres en persona	1,250
Capacitación empresarial personalizada	500

Portales de servicio al cliente en línea

La plataforma digital de FactSet admite un tiempo de actividad del 98.7% con accesibilidad a múltiples dispositivos.

• Descargas de aplicaciones móviles: más de 125,000 en 2023
• Base de conocimiento en línea con más de 10,000 artículos
• Foro de la comunidad con más de 50,000 usuarios registrados

Asociaciones a nivel empresarial a largo plazo

Tasa promedio de retención del cliente: 95.2% con el 87% de los clientes que usan múltiples soluciones de datos.

Duración de la asociación	Porcentaje de clientes
5-10 años	62%
10-15 años	28%
Más de 15 años	10%

FactSet Research Systems Inc. (FDS) - Modelo de negocios: canales

Fuerza de ventas directa

FactSet Research Systems Inc. mantiene un equipo global de ventas directas de 782 profesionales de ventas a partir de 2023. La fuerza de ventas cubre múltiples regiones que incluyen:

Región	Representantes de ventas
América del norte	412
Europa	213
Asia-Pacífico	157

Sitio web corporativo

El sitio web corporativo de FactSet (www.factset.com) sirve como un canal digital crítico con las siguientes métricas:

• Visitantes mensuales del sitio web: 127,500
• Tiempo promedio en el sitio: 4.2 minutos
• Solicitudes de demostración de productos digitales: 3,850 por trimestre

Conferencias de tecnología financiera

FactSet participa en 12 principales conferencias de tecnología financiera anualmente, incluido:

• Conferencia sibos
• Fintech Connect
• Dinero 20/20

Plataformas digitales en línea

Plataforma	Base de usuarios	Crecimiento anual
Mercado de datos	8.750 usuarios registrados	17.3%
Plataforma de API de FactSet	2,340 cuentas de desarrollador	22.6%

Redes de referencia de socios

FactSet mantiene 47 Tecnología estratégica y asociaciones de datos En todo el ecosistema de servicios financieros, generando aproximadamente $ 42.3 millones en ingresos referidos en 2023.

Categoría de socio	Número de socios	Ingreso de referencia
Tecnología financiera	22	$ 24.1 millones
Proveedores de datos	15	$ 12.4 millones
Empresas consultoras	10	$ 5.8 millones

FactSet Research Systems Inc. (FDS) - Modelo de negocio: segmentos de clientes

Empresas de gestión de inversiones

A partir de 2024, FactSet atiende a aproximadamente 2,800 empresas de gestión de inversiones a nivel mundial. El mercado total direccionable para este segmento representa $ 18.3 mil millones en investigación anual y gasto de datos.

Desglose del segmento	Número de clientes	Gasto anual
Grandes administradores de activos	1,200	$ 8.7 mil millones
Administradores de activos de tamaño mediano	1,100	$ 5.6 mil millones
Empresas de inversión boutique	500	$ 4 mil millones

Bancos de inversión

FactSet brinda servicios a 500 bancos de inversión en todo el mundo, con un valor de mercado total de $ 6.2 mil millones en datos financieros y análisis.

• Bancos de inversión de primer nivel: 75 clientes
• Bancos de inversión regionales: 225 clientes
• Bancos de inversión boutique: 200 clientes

Departamentos financieros corporativos

Los departamentos financieros corporativos representan 600 clientes para FactSet, con un tamaño de mercado anual de $ 2.9 mil millones.

Tamaño de la empresa	Clientela	Gasto anual
Fortune 500 Companies	250	$ 1.5 mil millones
Compañías del mercado medio	350	$ 1.4 mil millones

Fondos de cobertura y empresas de capital privado

FactSet atiende a 1.100 fondos de cobertura y empresas de capital privado, con un valor de mercado total de $ 4.5 mil millones.

• Grandes fondos de cobertura: 250 clientes
• Fondos de cobertura de tamaño mediano: 450 clientes
• Fondos de cobertura emergentes: 400 clientes

Investigación e instituciones académicas

FactSet respalda 350 instituciones académicas e investigaciones, con un tamaño de mercado anual de $ 750 millones.

Tipo de institución	Número de clientes	Gasto anual
Universidades	200	$ 450 millones
Centros de investigación	150	$ 300 millones

FactSet Research Systems Inc. (FDS) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

En el año fiscal 2023, FactSet Research Systems invirtió $ 469.1 millones en gastos de investigación y desarrollo, lo que representa el 24.1% de los ingresos totales.

Año fiscal	Inversión de I + D	Porcentaje de ingresos
2023	$ 469.1 millones	24.1%
2022	$ 442.3 millones	23.5%

Mantenimiento de la infraestructura tecnológica

Los costos anuales de infraestructura de tecnología para el conjunto de datos incluyen:

• Gastos de computación en la nube: $ 87.5 millones
• Mantenimiento del centro de datos: $ 42.3 millones
• Infraestructura de red y seguridad: $ 35.6 millones

Compensación global de la fuerza laboral

Compensación total de empleados para FactSet en el año fiscal 2023:

Categoría de compensación	Cantidad
Salarios y salarios	$ 1.2 mil millones
Compensación basada en acciones	$ 127.5 millones
Beneficios e impuestos	$ 214.6 millones

Adquisición de datos y licencias

Costos anuales de adquisición de datos: $ 213.7 millones, incluidos los gastos de datos del mercado financiero, informes de investigación y fuentes de información de terceros.

Gastos de marketing y ventas

Gastos de marketing y ventas para el año fiscal 2023:

• Gastos totales de marketing: $ 187.4 millones
• Compensación del equipo de ventas: $ 276.9 millones
• Costos de adquisición de clientes: $ 64.2 millones

Resumen de la estructura de costos totales para el año fiscal 2023:

Categoría de costos	Gasto total
Investigación y desarrollo	$ 469.1 millones
Infraestructura tecnológica	$ 165.4 millones
Compensación de la fuerza laboral	$ 1.542 mil millones
Adquisición de datos	$ 213.7 millones
Marketing y ventas	$ 528.5 millones

FactSet Research Systems Inc. (FDS) - Modelo de negocios: flujos de ingresos

Servicios de suscripción anuales

A partir del cuarto trimestre de 2023, los ingresos de suscripción anuales de FactSet alcanzaron los $ 1.63 mil millones. El modelo de suscripción cubre el acceso a bases de datos financieras, plataformas de investigación y herramientas analíticas.

Nivel de suscripción	Ingresos anuales	Recuento de suscriptores
Nivel profesional	$ 752 millones	8.500 suscriptores
Nivel empresarial	$ 878 millones	3,200 suscriptores

Licencias de software empresarial

La licencia de software empresarial generó $ 425 millones en ingresos para el año fiscal 2023.

• Licencias perpetuas: $ 185 millones
• Licencias basadas en la nube: $ 240 millones

Feed de datos y acceso a API

Los servicios de API de FactSet Data Feed y API generaron $ 312 millones en 2023.

Tipo de API	Ingresos anuales	Clientes de integración
API de mercados financieros	$ 156 millones	2.700 clientes
API de investigación	$ 156 millones	2.500 clientes

Servicios de consultoría y investigación personalizados

Los servicios de investigación y consultoría personalizados produjeron $ 215 millones en ingresos para 2023.

• Investigación de banca de inversión: $ 95 millones
• Consultoría de estrategia corporativa: $ 120 millones

Paquetes de capacitación y apoyo profesional

Los servicios de capacitación y apoyo generaron $ 87 millones en 2023.

Paquete de soporte	Ingresos anuales	Clientes atendidos
Soporte básico	$ 42 millones	5.600 clientes
Soporte premium	$ 45 millones	3.200 clientes

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why firms stick with FactSet Research Systems Inc. year after year. It boils down to making the complex world of financial data manageable and actionable from one spot. The platform is designed to be the single source of truth for investment professionals, which is why you see such sticky relationships.

The value proposition centers on providing integrated, multi-asset class data and analytics. This means a portfolio manager isn't juggling separate systems for equities, fixed income, and alternatives; it's all there, powered by a connected data and technology platform. This integration is critical for the buy-side, which accounted for approximately 82% of FactSet Research Systems Inc.'s Organic Annual Subscription Value (ASV) as of August 31, 2025. The sell-side made up the remaining 18% of that Organic ASV.

FactSet Research Systems Inc. delivers workflow solutions that span the Front, Middle, and Back Office. This comprehensive coverage helps firms streamline processes across the investment lifecycle. You see this commitment reflected in their business focus, as they have been shifting offerings toward more managed services and away from project-based services, a change highlighted by their reporting focus on Organic ASV starting in fiscal 2025.

Honestly, the stickiness of the platform is the best proof of its value. The high client retention rate of 91%, when expressed as a percentage of clients as of August 31, 2025, shows the platform is defintely indispensable. That's a tough metric to maintain in this industry, and it's backed up by an even stronger Annual ASV retention rate, which was greater than 95% at the same date. Here's a quick look at the scale and retention metrics as of the end of Fiscal Year 2025:

Metric	Value as of August 31, 2025	Context/Comparison
Total Clients	8,996	Net increase of 779 clients (9.5%) during FY2025
Total Users (Professionals)	237,324	Net increase of 20,943 users (9.7%) during FY2025
Annual Client Retention Rate	91%	Up from 90% as of August 31, 2024
Annual ASV Retention Rate	Greater than 95%	Reflects the recurring revenue strength
Organic ASV Growth (FY2025)	$127.3 million	Represents a 5.7% year-over-year increase

The integration of AI-powered tools is a major near-term value driver, designed to boost analyst productivity and speed up research. FactSet Research Systems Inc. is embedding Generative AI (GenAI) solutions like Pitch Creator and Portfolio Commentary into workflows. For fiscal 2025, these AI products were estimated to contribute between 30 to 50 basis points to ASV growth, translating to an estimated incremental revenue of $30 million to $130 million. For example, the Pitch Creator tool alone has secured 10 signed deals and maintains a pipeline of over 45 opportunities. Junior bankers are saving countless hours leveraging this solution.

Finally, the open platform strategy is key to future-proofing the offering. This allows clients to integrate their own data and third-party applications directly. You see this in action with recent moves, such as the acquisition of Irwin, which enhanced investor relations capabilities, and the integration with Amazon Quick Research, which bridges FactSet data directly with a client's AWS cloud platform. This approach ensures FactSet Research Systems Inc. remains the connective tissue, meeting clients right where their enterprise AI strategies are being deployed.

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Customer Relationships

You're managing client relationships in a world where data access is everything, so FactSet Research Systems Inc. focuses on making its platform indispensable. The relationship model isn't just about selling a product; it's about deep, continuous integration into the client's daily operations.

Dedicated, high-touch relationship management for institutional clients.

FactSet Research Systems Inc. maintains direct, high-touch engagement, especially with its institutional base. This is supported by a significant global workforce, with an employee headcount of 12,800 as of August 31, 2025. To ensure quality and scale, approximately 68% of these employees are situated within the Company's Centers of Excellence. This structure supports the ongoing service delivery that keeps clients reliant on the platform. For instance, strategic wins like UBS selecting FactSet to power advisor desktops positions FactSet as a primary market data partner for half of the world's top 20 wealth management firms. This level of partnership requires dedicated relationship oversight.

Embedded, mission-critical integration into client daily workflows.

The core value proposition relies on the platform being embedded where the work happens. This is evident in the platform's integration capabilities, such as the FactSet for CRM offering, which is a turn-key solution integrating data directly into platforms like Salesforce and Microsoft Dynamics. This integration helps empower teams in Wealth, Banking, and Private Capital to streamline daily processes. The stickiness of this integration is reflected in the financial results:

Metric	Value (as of August 31, 2025)
Total Clients Served	8,996
Total Professional Users	237,324
Buy-Side Organic ASV Share	82%
Sell-Side Organic ASV Share	18%

The buy-side, which includes institutional asset managers and hedge funds, drives the majority of the recurring revenue base.

Long-term, recurring subscription contracts with high Annual Subscription Value (ASV) retention of over 95%.

The business model is fundamentally built on long-term, recurring revenue streams, which is the bedrock of FactSet Research Systems Inc.'s stability. This is quantified by exceptional retention figures. The commitment to subscription contracts is clear from the financial performance metrics:

• Annual ASV retention was greater than 95% as of August 31, 2025.
• Annual client retention stood at 91% as of August 31, 2025.
• Total Annual Subscription Value (ASV) reached $2,405.6 million at August 31, 2025.
• Organic ASV grew by $127.3 million year over year to $2,370.9 million for fiscal 2025.

This high retention has contributed to a track record of more than 45 consecutive years of increased revenues for FactSet Research Systems Inc. Also, fiscal 2025 marked the 29th consecutive year that FactSet Research Systems Inc. increased its adjusted diluted Earnings Per Share (EPS).

Professional services and managed services for complex enterprise solutions.

To support complex enterprise needs, FactSet Research Systems Inc. offers solutions that go beyond the standard workstation. This includes leveraging its open and flexible technology to deliver enterprise-wide solutions, often by using client portfolio data across multiple asset classes. The focus on expanding the depth of content and increasing workflow efficiency for sell-side firms, which accounted for approximately 18% of Organic ASV as of August 31, 2025, often requires tailored professional services. Furthermore, the company's commitment to returning value to stockholders, demonstrated by a 6% increase in the quarterly cash dividend to $1.10 per share in May 2025, is a direct reflection of the reliable cash flow generated from these sticky, high-value client relationships.

Finance: draft 13-week cash view by Friday.

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Channels

You're looking at how FactSet Research Systems Inc. gets its services into the hands of financial professionals, and it's a multi-pronged approach that relies heavily on recurring subscriptions.

The core delivery mechanism is the FactSet Workstation, which is available as a desktop and mobile application. As of August 31, 2025, the platform supported over 237,000 individual users across approximately 9,000 global clients. This user base grew by 9.7% or 20,943 users from the prior year. The stickiness of this channel is high, with Annual Subscription Value (ASV) retention greater than 95% as of August 31, 2025.

Direct engagement remains critical. FactSet Research Systems Inc. deploys a direct sales force and client service teams globally to manage its relationships. The employee headcount stood at 12,800 as of August 31, 2025, with increases primarily in the sales and technology groups over the last 12 months. This direct touch supports the overall client retention rate, which was 91% as of August 31, 2025.

For deeper integration, Enterprise Data Solutions, which includes data feeds and APIs, is a key channel. The company is positioned as an enterprise solutions provider, and its revenues are primarily derived from subscriptions to its multi-asset class data and solutions powered by its connected data and technology platform. The total Annual Subscription Value (ASV) at August 31, 2025, was $2,405.6 million, with Organic ASV at $2,370.9 million. Buy-side clients, who heavily utilize these enterprise-level data connections, accounted for approximately 82% of the Organic ASV as of that date.

FactSet Research Systems Inc. also utilizes strategic technology partnerships for cloud-based delivery. Most recently, as of December 4, 2025, the company announced its trusted market intelligence is available via Amazon Quick Research. This offering creates a seamless connection between existing FactSet subscriptions and a client's AWS cloud platform, specifically targeting AI leaders managing enterprise-level AI strategy. This move underscores the focus on flexible, cloud- and AI-ready offerings.

Here's a quick look at the scale of the business supporting these channels for the fiscal year ended August 31, 2025:

Metric	Value as of August 31, 2025
Total GAAP Revenue (FY 2025)	$2.32 billion
Total Clients	Approximately 9,000
Total Users	237,324
Total Employees	12,800
Annual Subscription Value (ASV)	$2,405.6 million

The delivery methods are clearly segmented to meet different client needs:

• FactSet Workstation for individual professional workflows.
• Enterprise Data Solutions for direct system integration via feeds and APIs.
• Direct sales and service teams for relationship management.
• Cloud partnerships like Amazon Quick Research for AI-driven cloud access.

The company's total GAAP revenue for the full fiscal year 2025 was $2.32 billion.

Finance: draft 13-week cash view by Friday.

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Customer Segments

You're looking at who actually pays the bills for FactSet Research Systems Inc. as of the end of fiscal 2025. It's a focused, high-value B2B model, primarily serving the world's investment professionals. The numbers tell a clear story about where the recurring revenue, or Annual Subscription Value (ASV), is concentrated.

As of August 31, 2025, FactSet Research Systems Inc. served 8,996 clients, which translates to over 237,000 individual investment professionals using their platform daily. That user base grew by 9.7% or 20,943 users over the prior twelve months, showing solid adoption. Honestly, the client retention metrics are what you'd expect from a mission-critical provider: annual ASV retention was greater than 95% as of that date, with client retention at 91%.

The customer base is clearly segmented by the type of financial activity they perform, but the revenue concentration is heavily weighted toward one side of the market.

The Institutional Buy-Side is the bedrock of the revenue stream. This group, which includes institutional asset managers, hedge funds, asset owners, partners, and corporate clients, accounted for 82% of the total organic ASV as of August 31, 2025. This is where the deep, multi-asset class data and analytics are indispensable.

The remaining organic ASV, which is 18%, comes from the Sell-Side. This segment is comprised of broker-dealers, banking and advisory firms, and private equity and venture capital firms. They use FactSet Research Systems Inc.'s tools for research, trading support, and workflow efficiency.

You need to pay attention to the growth areas, too. Wealth Management professionals are definitely a key growth driver. In the last quarter of fiscal 2025, the net increase in users was specifically driven by an increase in wealth management users. This segment, along with corporate clients, was cited as driving the net increase in client count during that quarter. The attach rates for off-platform products for wealth clients were noted as being around 1.5x what they were in fiscal 2024, which is a strong indicator of deeper product usage.

Here's a quick look at the key segment metrics as of the end of fiscal 2025:

Customer Segment Group	Key Constituents	Organic ASV Share (as of 8/31/2025)	User Growth Driver
Institutional Buy-Side	Asset managers, hedge funds, asset owners, partners	82%	Core revenue base
Sell-Side	Broker-dealers, banking/advisory firms	18%	Workflow efficiency tools
Wealth Management	Wealth managers	Included in Buy-Side (82%)	Key growth engine in FY2025
Corporate/PE/VC	Corporate users, private equity, venture capital	Split between Buy-Side/Sell-Side	Drove net client additions in Q4 FY2025

FactSet Research Systems Inc. serves a diverse set of financial professionals, but the structure shows a clear reliance on the buy-side for the bulk of its subscription value. The growth is coming from expanding the user base within wealth management and securing more corporate and PE/VC logos.

You can see the composition of the total user base broken down by the key groups mentioned in the outline:

• Institutional Buy-Side (Asset Managers, Hedge Funds, Asset Owners)
• Sell-Side (Investment Banks, Brokerage Houses)
• Wealth Management professionals
• Corporate users, Private Equity, and Venture Capital professionals

Finance: draft Q1 FY2026 budget allocation for Wealth Management sales enablement by next Wednesday.

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Cost Structure

You're looking at the expense side of FactSet Research Systems Inc.'s engine, the costs required to keep that massive data and analytics platform running and growing through late 2025. It's a business built on information, so the costs reflect that heavy lift.

The overall cost base is substantial. FactSet Research Systems operating expenses for the twelve months ending August 31, 2025, totaled approximately $1.573B. This figure reflects the scale of running a global financial data operation.

High fixed costs related to technology infrastructure and data licensing.

The core of the cost structure involves maintaining and expanding the digital backbone. While specific fixed cost breakdowns aren't explicitly detailed for 2025, the nature of the business implies significant, relatively fixed spending on data acquisition and the underlying technology stack. For context, in fiscal 2020, one key data supplier for risk models and portfolio optimizer data represented 11% of FactSet Research Systems' total data costs. You can assume that data licensing remains a major, non-trivial component of the operating expenses.

Significant personnel expenses for the 12,800 employees, especially in tech and sales.

People are the next biggest line item. As of August 31, 2025, FactSet Research Systems had 12,800 employees. This headcount represented a 3.24% increase, or 402 people, compared to the prior year. The growth was specifically concentrated in the technology and sales groups, showing where the investment dollars are flowing to support the platform and client acquisition efforts. For a quick check on efficiency, the revenue per employee for fiscal 2025 was reported at $181,387, with profits per employee at $46,644.

Amortization and professional fees from strategic acquisitions like LiquidityBook.

Growth through acquisition brings non-cash charges and transaction costs. The acquisition of LiquidityBook closed on February 7, 2025. These types of deals directly impact the cost structure through amortization of acquired intangible assets and associated professional fees. For instance, in the third quarter of fiscal 2025, the GAAP operating margin decreased partly due to higher amortization of intangible assets. Similarly, in the first quarter of fiscal 2025, GAAP operating margin decreased due to an increase in amortization of intangible assets and professional fees. This is a recurring cost consequence of FactSet Research Systems' inorganic growth strategy.

Ongoing investment in cloud computing and internal software development.

The headcount growth in technology supports this. You have to spend to keep the platform modern, especially with the industry shift toward AI. This investment is necessary to maintain the 'differentiated data and technology' FactSet Research Systems touts. The expense is embedded in personnel costs and capital expenditures, which decreased to $178.1 million in free cash flow for Q4 2025, partly due to lower net cash from operating activities and an increase in capital expenditures.

Sales and marketing costs to drive new client acquisition and user growth.

Acquiring new clients and growing users requires a commercial spend. The headcount increase in the sales group directly reflects this push. In Q1 2025, higher operating expenses offset revenue growth, impacting adjusted diluted EPS. This expense base includes the costs associated with the sales and marketing engine needed to support the 9.5% increase in clients, reaching 8,996 firms as of August 31, 2025.

Here's a quick look at the key financial context for fiscal 2025:

Metric	Amount (Fiscal Year End Aug 31, 2025)
Total Revenues	$2,321.7 million
Operating Expenses (TTM)	$1.573B
Operating Income	~$748.3 million
Total Employees	12,800
Client Count	8,996

Finance: draft 13-week cash view by Friday.

FactSet Research Systems Inc. (FDS) - Canvas Business Model: Revenue Streams

You're looking at the core engine of FactSet Research Systems Inc.'s financial engine for late 2025, which is heavily weighted toward predictable, recurring income. The structure is built to capture value from the continuous need for high-quality financial data and analytics.

The primary revenue stream comes from recurring subscription services, tracked as Annual Subscription Value (ASV). At year-end for fiscal year 2025 (August 31, 2025), the total ASV stood at $2.4056 billion. This figure represents the forward-looking revenue for the next 12 months from all subscription services currently supplied to clients. To give you a sense of where that subscription value is concentrated, the Organic ASV breakdown by client type as of that date shows the core focus:

Revenue Component (ASV Basis)	FY2025 Percentage of Organic ASV	FY2025 ASV (at Aug 31, 2025)
Institutional Buy-Side Clients	82%	Calculated from $2.4056B ASV and 82% (Note: This is an approximation based on Organic ASV composition)
Sell-Side Clients	18%	Calculated from $2.4056B ASV and 18% (Note: This is an approximation based on Organic ASV composition)

The subscription fees for the FactSet Workstation and related products form the bulk of this ASV. These are the seats and access points where financial professionals consume the data. Still, the revenue capture isn't just about the terminal; it's about the underlying data delivery mechanisms.

Another key part of the subscription model involves the sales of Enterprise Data Solutions, which includes data feeds and Application Programming Interfaces (APIs). FactSet Research Systems Inc. expanded its offerings in fiscal 2025 by adding real-time data feeds and enhancing pricing and reference data, which feeds directly into these enterprise contracts.

The overall financial scale is captured by the total recognized revenue. Total GAAP revenues for fiscal year 2025 reached $2.32 billion. This GAAP revenue figure includes the recognized portion of the subscription value, plus other revenue sources.

The final, though smaller, component is professional services and consulting fees. While the subscription base is the anchor, FactSet Research Systems Inc. is growing its capabilities in key areas, which often involves services layered on top of the core data platform. This is a component that management is focused on growing alongside the core subscription base.

Here's a quick look at the primary revenue drivers based on the FY2025 reporting:

• Primary revenue from recurring subscription services (ASV) was $2.4056 billion at year-end FY2025.
• Total GAAP revenues for fiscal year 2025 reached $2.32 billion.
• Subscription fees cover the FactSet Workstation and related product access.
• Enterprise Data Solutions revenue streams include data feeds and API access.
• Professional services and consulting fees represent a smaller, growing component.

Finance: draft 13-week cash view by Friday.