FactSet stock forecast 2027–2029
MyStockButler's October 2026 analysis: The weighted case places FactSet at $307.76 in October 2027 and $369.24 in October 2029, hinging on durable subscription growth, paid AI expansion, cash conversion, and refinancing. FactSet hinges on turning AI adoption into paid recurring growth.
Where could FactSet's shares be by October 2029?
The weighted case places FactSet at $307.76 in October 2027 and $369.24 in October 2029, hinging on durable subscription growth, paid AI expansion, cash conversion, and refinancing. For FY2027, management guides to 5.0%–6.5% organic ASV growth and $2,600–$2,625 million of revenue. It also guides to 31.0%–32.0% GAAP operating margin and 34.8%–35.3% adjusted operating margin, with adjusted diluted EPS of $19.25–$19.65.
Those weighted prices imply −6% in October 2027 and +16% in October 2029, including dividends. The forecast assigns 30% probability to the bear case and 55% to the base case. The bull case receives 15%. The October 2029 share-price range is $218.21 to $642.76, excluding dividends.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30 % | 220.39 (-32 %) | 219.46 (-31 %) | 218.21 (-30 %) |
| Base | 55 % | 325.93 (-0 %) | 355.54 (+10 %) | 377.03 (+18 %) |
| Bull | 15 % | 415.90 (+27 %) | 535.49 (+65 %) | 642.76 (+99 %) |
| Weighted | 100 % | 307.76 (-6 %) | 341.71 (+6 %) | 369.24 (+16 %) |
What has to go right for FactSet, and what could go wrong?
The bear case falls to $561.0 million in 2027, then grows 3% annually to $595.1 million. It assumes working capital normalizes and margin pressure persists. The bull case starts at $698.2 million, reaches $782.0 million, and ends at $860.2 million because paid AI connections and enterprise agreements lift expansion while cash conversion holds. AI supplied more than 10% of new ASV in each of the latest two quarters, but renewal economics remain unproven.
The base view strengthens if FY2027 revenue and operating results remain within management’s ranges and AI produces renewed paid commitments. The bull view requires those commitments to scale through FY2029, broader wealth and dealmaker adoption to improve operating leverage, and strong post-refinancing cash conversion to fund larger buybacks.
How much cash does FactSet really make?
Free cash flow was $707.5 million in fiscal 2026, equal to 28.6% of revenue. It exceeded net income because depreciation, amortization and other non-cash charges reduce accounting profit without using current cash.
| Aug 2026 | Aug 2025 | Aug 2024 | Aug 2023 | Aug 2022 | |
|---|---|---|---|---|---|
| Cash from operations | 822,200 | 726,260 | 700,338 | 645,573 | 538,277 |
| − Capital spending | 114,720 | 108,806 | 85,681 | 60,786 | 51,156 |
| = Free cash flow | 707,480 | 617,454 | 614,657 | 584,787 | 487,121 |
| − Stock pay | 84,099 | 61,229 | 63,501 | 62,038 | 56,003 |
| = Real free cash flow | 623,381 | 556,225 | 551,156 | 522,749 | 431,118 |
| Real free cash flow, % of revenue | 25.2% | 24.0% | 25.0% | 25.1% | 23.4% |
What this means. Stock pay uses no cash today, but giving employees shares reduces each existing shareholder's ownership, so we subtract it from free cash flow.
What does an investor pay for FactSet today?
| Today (Oct 24, 2026) | |
|---|---|
| Share price | 331.32 |
| P/E, next 12 months (calculated) | 15.3x |
| Free cash flow yield (calculated) | 6.1% |
| Real free cash flow yield (calculated) | 5.3% |
| Dividend yield (calculated) | 1.4% |
What this means. The enterprise value is higher than the market value because it includes the company's debt after subtracting its cash.