Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for wonderful businesses temporarily out of favor, and FactSet has become an interesting specimen. Here is a subscription franchise that keeps more than 95 cents of every dollar of recurring revenue year after year, earns operating margins north of 30%, generates cash like a toll bridge, and has raised its dividend for 27 consecutive years. Two years ago the market worshipped it at forty times earnings. Today, gripped by the fear that artificial intelligence will make financial data free, the same crowd will sell it to you at roughly fifteen times earnings — a price cut of more than half from its high of $453 down to about $254. The fundamentals, meanwhile, went the opposite direction of the fear: organic growth actually accelerated to 7.1% this quarter, the fifth straight quarter of acceleration.
Recent filings analysed: 8-K (2026-07-01), 10-Q (2026-07-01), 8-K (2026-04-08), 10-Q (2026-04-02).
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