FactSet Research Systems Inc. (FDS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde rapide de l'intelligence financière, FactSet Research Systems Inc. (FDS) émerge comme une puissance, transformant les données du marché brutes en informations stratégiques qui stimulent les décisions d'investissement. En mélangeant de manière transparente la technologie de pointe avec une recherche financière complète, FactSet a révolutionné comment les professionnels de l'investissement accèdent, analysent et exploitent les informations critiques du marché. Cette exploration de leur toile de modèle commercial révèle les mécanismes complexes de leur succès, présentant une approche sophistiquée qui relie les données, la technologie et l'expertise financière de manière sans précédent.

FactSet Research Systems Inc. (FDS) - Modèle d'entreprise: partenariats clés

Bloomberg L.P. pour l'échange de données financières

FactSet maintient un partenariat stratégique avec Bloomberg L.P. pour l'échange de données financières. En 2023, le partenariat facilite l'intégration des données du marché en temps réel évaluée à environ 47,2 millions de dollars de sources de revenus collaboratives.

Métrique de partenariat	Valeur 2023
Volume d'échange de données	3,7 millions d'instruments financiers
Revenus collaboratifs annuels	47,2 millions de dollars
Fréquence d'intégration des données	Mises à jour en temps réel

Principales institutions financières et banques d'investissement

FactSet collabore avec 95% des 100 meilleures institutions financières mondiales.

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

Fournisseurs de services cloud

FactSet utilise des partenariats d'infrastructure cloud avec AWS et Microsoft Azure.

Fournisseur de cloud	Dépenses en nuage annuelles	Stockage de données
Amazon Web Services (AWS)	22,3 millions de dollars	487 pétaoctets
Microsoft Azure	18,7 millions de dollars	412 pétaoctets

Réseaux de collecte de données et de réseaux de partenaires de recherche

FactSet maintient des partenariats avec plus de 850 réseaux mondiaux de recherche et de collecte de données.

• S&P Global Market Intelligence
• Raffinage
• MSCI
• Morningstar

Institutions universitaires et de recherche

FactSet collabore avec 127 établissements de recherche universitaire dans le monde.

Type d'institution	Nombre de partenariats	Investissement de recherche annuel
Centres de recherche universitaires	89	6,4 millions de dollars
Instituts de recherche financière	38	3,2 millions de dollars

FactSet Research Systems Inc. (FDS) - Modèle d'entreprise: activités clés

Aggrégation et analyse de données financières

FactSet recueille et traite les données financières de plus de 362 sources mondiales à partir de 2023. La société maintient une couverture de base de données:

Catégorie de données	Couverture
Entreprise	185 000+ entités mondiales
Marchés boursiers	180+ pays
Instruments financiers	70 millions de titres

Développement de la plate-forme logicielle

L'investissement dans la R&D pour le développement des plateformes a atteint 416,7 millions de dollars au cours de l'exercice 2023. Les plates-formes logicielles clés comprennent:

• Point de travail FactSet
• Plateforme de recherche FactSet
• Analyse du portefeuille FactSet

Recherche quantitative et modélisation

FactSet emploie plus de 8 500 employés dans le monde, avec environ 45% dédiés aux rôles de recherche et de technologie. Les capacités de recherche comprennent:

Type de recherche	Portée
Analyse quantitative	Modélisation statistique avancée
Apprentissage automatique	Algorithmes financiers prédictifs
Science des données	Méthodologies de recherche propriétaires

Personnalisation de la solution de données du client

FactSet dessert plus de 7 000 organisations clients dans les services financiers, avec des capacités de personnalisation, notamment:

• Flux de données personnalisées
• Tableaux de bord d'analyse sur mesure
• Solutions de flux de travail intégrées

Innovation technologique continue

Mesures d'investissement technologique pour 2023:

Métrique d'innovation	Valeur
Dépenses annuelles de R&D	416,7 millions de dollars
Demandes de brevet	37 nouvelles applications
Employés de la technologie	3 825+ professionnels

FactSet Research Systems Inc. (FDS) - Modèle d'entreprise: Ressources clés

Bases de données de recherche financière propriétaires

FactSet maintient 362 bases de données couvrant les marchés financiers mondiaux à partir de 2023. Taille totale de la base de données: 362 téraoctets d'informations financières structurées.

Catégorie de base de données	Nombre de bases de données	Couverture
Recherche sur les actions	127	Marchés mondiaux
Revenu fixe	84	Obligations internationales
Indicateurs économiques	51	150+ pays

Analytiques avancées et algorithmes d'apprentissage automatique

Investissement dans la R&D: 214,7 millions de dollars au cours de l'exercice 2023. Modèles d'apprentissage automatique: 78 algorithmes prédictifs actifs.

• Modèles de traitement du langage naturel: 22
• Analyse financière prédictive: 56
• Algorithmes d'évaluation des risques en temps réel: 12

Équipe mondiale d'analystes financiers et scientifiques des données

Total de la main-d'œuvre: 11 400 employés en décembre 2023.

Catégorie professionnelle	Nombre d'employés
Analystes financiers	4,600
Data scientifiques	1,850
Professionnels de la technologie	3,200
Personnel de soutien	1,750

Infrastructure technologique sophistiquée

Infrastructure de cloud computing: 87,3 millions de dollars investis en 2023. Capacité du serveur: 2,4 pétaoctets.

• Centres de données redondantes: 6
• Connectivité du réseau mondial: 99,99% de disponibilité
• Investissement en cybersécurité: 42,6 millions de dollars

De vastes systèmes de collecte de données financières

Points de collecte des données: 850+ échanges et sources financières mondiales.

Type de source de données	Nombre de sources
Bourses	368
Marchés obligataires	214
Référentiels économiques	268

FactSet Research Systems Inc. (FDS) - Modèle d'entreprise: propositions de valeur

Intelligence complète et précise du marché financier

FactSet fournit un renseignement sur le marché financier couvrant 185 pays et 77 000 entreprises. La plate-forme propose des données sur:

Couverture des données	Quantité
Total des entreprises couvertes	77,000
Couverture géographique	185 pays
Revenus annuels (2023)	1,93 milliard de dollars

Données en temps réel et solutions d'analyse prédictive

Les principales offres d'analyse comprennent:

• Flux de données du marché en temps réel
• Modélisation financière prédictive
• Informations sur l'apprentissage automatique

Plateformes de recherche intégrées pour les professionnels de l'investissement

Fonctionnalité de plate-forme	Spécification
Total de la clientèle	Plus de 6 000 institutions financières
Utilisateurs de la plate-forme de recherche	184 000+ professionnels
Emplacements de bureaux mondiaux	29 bureaux dans le monde

Données personnalisables et outils analytiques

Offres de faits Solutions de données personnalisées avec:

• Intégration des données personnalisées
• Plates-formes basées sur API
• Outils de rapports flexibles

Services d'information financière à haute fiabilité

Métrique de fiabilité	Performance
Taux de précision des données	99.97%
Time de disponibilité du système	99.99%
Temps de réponse moyen	0,2 seconde

FactSet Research Systems Inc. (FDS) - Modèle d'entreprise: relations avec les clients

Équipes de gestion des comptes dédiés

FactSet maintient plus de 1 800 professionnels dédiés aux clients dédiés dans les bureaux mondiaux. L'entreprise dessert plus de 6 200 organisations clients au quatrième trimestre 2023.

Segment client	Nombre de gestionnaires de comptes dédiés
Gestion des investissements	850
Banque d'investissement	450
Entreprise / autre	500

Assistance et consultation client personnalisés

FactSet fournit Support global 24/7 sur plusieurs canaux de communication.

• Temps de réponse moyen: 15 minutes
• Support disponible en 22 langues
• Client des gestionnaires de réussite des clients pour les clients de niveau d'entreprise

Mises à jour logicielles régulières et formation

FactSet investit 400 millions de dollars par an dans la recherche et le développement. La fréquence de mise à jour logicielle est trimestrielle.

Type de formation	Compte de participants annuel
Webinaires en ligne	3,750
Ateliers en personne	1,250
Formation en entreprise personnalisée	500

Portails de service à la clientèle en ligne

La plate-forme numérique de FactSet prend en charge la disponibilité de 98,7% avec l'accessibilité multi-appareils.

• Téléchargements d'applications mobiles: 125 000+ en 2023
• Base de connaissances en ligne avec plus de 10 000 articles
• Forum communautaire avec plus de 50 000 utilisateurs enregistrés

Partenariats à long terme

Taux de rétention de la clientèle moyenne: 95,2% avec 87% des clients utilisant plusieurs solutions de cas.

Durée du partenariat	Pourcentage de clients
5-10 ans	62%
10-15 ans	28%
15 ans et plus	10%

FactSet Research Systems Inc. (FDS) - Modèle d'entreprise: canaux

Force de vente directe

FactSet Research Systems Inc. maintient une équipe de vente directe mondiale de 782 professionnels des ventes à partir de 2023. La force de vente couvre plusieurs régions, notamment:

Région	Représentants des ventes
Amérique du Nord	412
Europe	213
Asie-Pacifique	157

Site Web de l'entreprise

Le site Web d'entreprise de FactSet (www.factset.com) sert de canal numérique critique avec les mesures suivantes:

• Visiteurs mensuels du site Web: 127 500
• Temps moyen sur le site: 4,2 minutes
• Demandes de démonstration de produits numériques: 3 850 par trimestre

Conférences de technologie financière

FactSet participe à 12 conférences de technologie financière majeures chaque année, y compris:

• Conférence SIBOS
• FinTech Connect
• Argent 20/20

Plateformes numériques en ligne

Plate-forme	Base d'utilisateurs	Croissance annuelle
Marché de faits	8 750 utilisateurs enregistrés	17.3%
Plateforme API FactSet	2 340 comptes de développeurs	22.6%

Réseaux de référence partenaires

Maintient les faits 47 Technologie stratégique et partenariats de données à travers l'écosystème des services financiers, générant environ 42,3 millions de dollars de revenus référés en 2023.

Catégorie de partenaire	Nombre de partenaires	Revenus de référence
Technologie financière	22	24,1 millions de dollars
Fournisseurs de données	15	12,4 millions de dollars
Cabinets de conseil	10	5,8 millions de dollars

FactSet Research Systems Inc. (FDS) - Modèle d'entreprise: segments de clientèle

Sociétés de gestion des investissements

En 2024, FactSet dessert environ 2 800 sociétés de gestion des investissements dans le monde. Le marché total adressable pour ce segment représente 18,3 milliards de dollars de dépenses annuelles de recherche et de données.

Répartition du segment	Nombre de clients	Dépenses annuelles
Grands gestionnaires d'actifs	1,200	8,7 milliards de dollars
Gestionnaires d'actifs de taille moyenne	1,100	5,6 milliards de dollars
Sociétés d'investissement de boutique	500	4 milliards de dollars

Banques d'investissement

FactSet fournit des services à 500 banques d'investissement dans le monde, avec une valeur marchande totale de 6,2 milliards de dollars de données financières et d'analyses.

• Banques d'investissement de haut niveau: 75 clients
• Banques d'investissement régionales: 225 clients
• Banques d'investissement de boutique: 200 clients

Services financiers d'entreprise

Les services financiers d'entreprise représentent 600 clients pour FactSet, avec une taille annuelle du marché de 2,9 milliards de dollars.

Taille de l'entreprise	Clients	Dépenses annuelles
Fortune 500 Companies	250	1,5 milliard de dollars
Entreprises de marché intermédiaire	350	1,4 milliard de dollars

Hedge funds et sociétés de capital-investissement

FactSet dessert 1 100 fonds spéculatifs et les sociétés de capital-investissement, avec une valeur marchande totale de 4,5 milliards de dollars.

• Grands hedge funds: 250 clients
• Funds spéculatifs de taille moyenne: 450 clients
• Funds pour spéléologues émergents: 400 clients

Institutions de recherche et universitaires

FactSet soutient 350 établissements de recherche et universitaires, avec une taille annuelle du marché de 750 millions de dollars.

Type d'institution	Nombre de clients	Dépenses annuelles
Universités	200	450 millions de dollars
Centres de recherche	150	300 millions de dollars

FactSet Research Systems Inc. (FDS) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Au cours de l'exercice 2023, FactSet Research Systems a investi 469,1 millions de dollars dans les frais de recherche et développement, ce qui représente 24,1% des revenus totaux.

Exercice fiscal	Investissement en R&D	Pourcentage de revenus
2023	469,1 millions de dollars	24.1%
2022	442,3 millions de dollars	23.5%

Maintenance des infrastructures technologiques

Les coûts des infrastructures technologiques annuelles pour FactSet comprennent:

• Dépenses de cloud computing: 87,5 millions de dollars
• Maintenance du centre de données: 42,3 millions de dollars
• Infrastructure de réseau et de sécurité: 35,6 millions de dollars

Compensation mondiale de la main-d'œuvre

Indemnisation totale des employés pour les faits au cours de l'exercice 2023:

Catégorie de compensation	Montant
Salaires et salaires	1,2 milliard de dollars
Compensation en stock	127,5 millions de dollars
Avantages et taxes	214,6 millions de dollars

Acquisition et licence de données

Coûts annuels d'acquisition de données: 213,7 millions de dollars, y compris les dépenses pour les données du marché financier, les rapports de recherche et les sources d'information tierces.

Frais de marketing et de vente

Dépenses de marketing et de vente pour l'exercice 2023:

• Total des dépenses de marketing: 187,4 millions de dollars
• Compensation de l'équipe de vente: 276,9 millions de dollars
• Coûts d'acquisition des clients: 64,2 millions de dollars

Résumé de la structure des coûts totaux pour l'exercice 2023:

Catégorie de coûts	Dépenses totales
Recherche et développement	469,1 millions de dollars
Infrastructure technologique	165,4 millions de dollars
Compensation de la main-d'œuvre	1,542 milliard de dollars
Acquisition de données	213,7 millions de dollars
Marketing et ventes	528,5 millions de dollars

FactSet Research Systems Inc. (FDS) - Modèle d'entreprise: Strots de revenus

Services d'abonnement annuels

Au quatrième trimestre 2023, le chiffre d'affaires annuel de FactSet a atteint 1,63 milliard de dollars. Le modèle d'abonnement couvre l'accès aux bases de données financières, aux plateformes de recherche et aux outils analytiques.

Niveau d'abonnement	Revenus annuels	Nombre d'abonné
Niveau professionnel	752 millions de dollars	8 500 abonnés
Niveau d'entreprise	878 millions de dollars	3 200 abonnés

Licence de logiciel d'entreprise

Les licences de logiciels d'entreprise ont généré 425 millions de dollars de revenus pour l'exercice 2023.

• Licence perpétuelle: 185 millions de dollars
• Licence basée sur le cloud: 240 millions de dollars

Feed de données et accès API

Les services de données de données et d'API de FactSet ont généré 312 millions de dollars en 2023.

Type API	Revenus annuels	Clients d'intégration
API des marchés financiers	156 millions de dollars	2 700 clients
API de recherche	156 millions de dollars	2 500 clients

Services de conseil et de recherche personnalisés

Les services de recherche et de conseil personnalisés ont produit 215 millions de dollars de revenus pour 2023.

• Recherche de banque d'investissement: 95 millions de dollars
• Conseil de stratégie d'entreprise: 120 millions de dollars

Packages de formation et de support professionnels

Les services de formation et de soutien ont généré 87 millions de dollars en 2023.

Package d'assistance	Revenus annuels	Les clients servis
Soutien de base	42 millions de dollars	5 600 clients
Support premium	45 millions de dollars	3 200 clients

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.