JCF Group of companies
10-K - Nov 10, 2004
On September 1, 2004, FactSet closed its acquisition of the JCF Group of companies (“JCF”). JCF, headquartered in Paris, France, provides a global database of broker detail and consensus earnings e...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Factset Research Systems Inc.
FDSActiveCIK 1013237 · Financial Data & Exchange Roll-Ups
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, FDS filings, SEC EDGAR
$8,146
Market cap ($MM)
$9,432
Enterprise value ($MM)
$2,401
Revenue · LTM ($MM)
$937
EBITDA · LTM ($MM)
39%
EBITDA margin
3.9x
EV / revenue
10.1x
EV / EBITDA
1.2x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01FDS is a scaled public consolidator in Data & Exchanges, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is ICE, MCO, SPGI, MSCI, FICO.
Balance sheet & capacity
Indicative capacity read: 1.2x net debt / EBITDA with EBITDA of $937MM.
$268
Cash & equiv. ($MM)
$1,369
Total debt ($MM)
$1,101
Net debt ($MM)
1.2x
Net debt / EBITDA
Valuation
Where it trades against its peer set
FDS versus the scaled public Financial Data & Exchange Roll-Ups comparables.
Indexed share-price performance
FDS versus available Financial Data & Exchange Roll-Ups peers and SPY.
-31%
FDS
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Factset Research Systems Inc. | FDS | $2,401 | $937 | 39% | $8,146 | $9,432 | 3.9x | 10.1x | 1.2x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
FDS's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
55
Active years
16
Named deals
10
Avg / active year
3.4
Acq. cash outflow ($MM)
N/A
Banker read
- 01FDS reads as a programmatic acquirer: 55 disclosed acquisitions across 16 active years, or 3.4 per active year. The chart shows activity in 9 of the last 12 visible years.
- 02In the last three years, the file shows 4 acquisitions versus 3 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $3.4B of disclosed spend is concentrated in lumpy years, with FY22 the largest year at $2.0B. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
FDS count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
4 / 3
Last three years is up 33% vs prior three.
Peak count year
FY25
3 disclosed acquisitions in the peak visible year.
Recent spend
$2.4B
is up 526% vs prior three; peak FY22 at $2.0B.
Named evidence
10 rows
18% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Sep 1, 2004 | JCF Group of companies | Financial data and exchange rollups | $65 | On September 1, 2004, FactSet closed its acquisition of the JCF Group of companies (“JCF”). JCF, headquartered in Paris, France, provides a global database of broker detail and... | 10-K† |
| Jul 24, 2008 | Thomson Fundamentals | Financial data and exchange rollups | $62 | On July 24, 2008, FactSet completed its acquisition of the Thomson Fundamentals business pursuant to the agreement reached with Thomson on April 22, 2008. The acquisition includ... | 10-K† |
| Jun 1, 2010 | Market Metrics | Financial data and exchange rollups | $58 | On June 1, 2010, FactSet acquired Market Metrics for a total purchase price of $57.7 million. Formed in 1996 and headquartered in Massachusetts, Market Metrics is the leading ma... | 10-K† |
| Feb 6, 2015 | Code Red, Inc. | Financial data and exchange rollups | $36 | On February 6, 2015, FactSet acquired Code Red, Inc. (“Code Red”) for $36.0 million. At the time of acquisition, Code Red employed 32 individuals and had annual subscriptions of... | 10-K† |
| Apr 1, 2014 | Matrix Data Limited | Financial data and exchange rollups | $32 | During the second quarter of fiscal 2014, FactSet acquired Matrix Data Limited (“Matrix”) for a total purchase price of $31.8 million. Matrix’ primary line of business is provid... | 10-K† |
| Jun 29, 2012 | StreetAccount LLC | Financial data and exchange rollups | $26 | On June 29, 2012, FactSet acquired StreetAccount LLC (“SA”) to complement the Company's news offering with distilled and crucial market moving information for buy-side and sell-... | 10-K† |
| Sep 1, 2013 | Revere Data, LLC | Financial data and exchange rollups | $15 | On September 1, 2013, FactSet paid $15.3 million in cash to acquire the assets of Revere Data, LLC (“Revere”) to complement the Company's commitment to provide its clients with... | 10-K† |
| Mar 1, 2022 | CGS | Financial data and exchange rollups | $1,932 | On March 1, 2022, we completed our acquisition of CGS for a cash price of $1.932 billion, inclusive of working capital adjustments. We acquired CGS to expand our critical role i... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 8 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
19
Named deal filings
8
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.19 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Oct 22, 2025 | Annual M&A 10-K | accepted | 3 | $348MM | $363MM | SEC filing |
| FY2024 | Oct 29, 2024 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2023 | Oct 27, 2023 | Annual M&A 10-K | warning (1 warn) | N/A | $23.6MM | N/A | SEC filing |
| FY2022 | Oct 21, 2022 | Annual M&A 10-K | quarantined (1 issue) | 1 | $2.0B | $1.9B | SEC filing |
| FY2020 | Oct 29, 2020 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2019 | Oct 30, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2018 | Oct 30, 2018 | Annual M&A 10-K | quarantined (2 warn, 1 issue) | 0 | $15.0MM | N/A | SEC filing |
| FY2016 | Oct 31, 2016 | Annual M&A 10-K | accepted | 2 | $263MM | $300MM | SEC filing |
| FY2015 | Nov 2, 2015 | Annual M&A 10-K | accepted | 1 | $34.8MM | $36.0MM | SEC filing |
| FY2014 | Oct 30, 2014 | Annual M&A 10-K | accepted | 2 | $46.9MM | $47.1MM | SEC filing |
| FY2013 | Oct 30, 2013 | Annual M&A 10-K | accepted | 1 | $0.7MM | $26.3MM | SEC filing |
| FY2012 | Oct 30, 2012 | Annual M&A 10-K | accepted | 1 | $21.3MM | $26.4MM | SEC filing |
| FY2011 | Oct 31, 2011 | Annual M&A 10-K | warning (1 warn) | N/A | N/A | N/A | SEC filing |
| FY2010 | Oct 29, 2010 | Annual M&A 10-K | accepted | 1 | $55.2MM | $57.7MM | SEC filing |
| FY2009 | Oct 30, 2009 | Annual M&A 10-K | warning (1 warn) | N/A | $75.9MM | N/A | SEC filing |
| FY2008 | Oct 30, 2008 | Annual M&A 10-K | accepted | 2 | $75.9MM | $76.5MM | SEC filing |
| FY2007 | Oct 30, 2007 | Annual M&A 10-K | warning (1 warn) | N/A | $28.3MM | N/A | SEC filing |
| FY2006 | Nov 13, 2006 | Annual M&A 10-K | accepted | 1 | $7.5MM | $7.7MM | SEC filing |
| FY2004 | Nov 10, 2004 | Annual M&A 10-K | accepted | 2 | $71.7MM | $71.7MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.8 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Oct 29, 2024 | 10-K | CGS | Annual M&ANamed deals | SEC filing |
| Oct 21, 2022 | 10-K | CUSIP Global Services | Annual M&ANamed deals | SEC filing |
| Oct 30, 2018 | 10-K | Portware LLC | Annual M&ANamed deals | SEC filing |
| Nov 2, 2015 | 10-K | Code Red, Inc.; Matrix Data Limited; Revere Data, LLC | Annual M&ANamed deals | SEC filing |
| Oct 30, 2013 | 10-K | StreetAccount LLC | Annual M&ANamed deals | SEC filing |
| Oct 30, 2012 | 10-K | Market Metrics | Annual M&ANamed deals | SEC filing |
| Oct 30, 2008 | 10-K | Thomson Fundamentals | Annual M&ANamed deals | SEC filing |
| Nov 10, 2004 | 10-K | JCF Group of companies | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Thomson Fundamentals
10-K - Oct 30, 2008
On July 24, 2008, FactSet completed its acquisition of the Thomson Fundamentals business pursuant to the agreement reached with Thomson on April 22, 2008. The acquisition included $2.0 million of a...
Market Metrics
10-K - Oct 30, 2012
On June 1, 2010, FactSet acquired Market Metrics for a total purchase price of $57.7 million. Formed in 1996 and headquartered in Massachusetts, Market Metrics is the leading market research firm i...
Code Red, Inc.
10-K - Nov 2, 2015
On February 6, 2015, FactSet acquired Code Red, Inc. (“Code Red”) for $36.0 million. At the time of acquisition, Code Red employed 32 individuals and had annual subscriptions of $9.3 million. Code ...
Matrix Data Limited
10-K - Nov 2, 2015
During the second quarter of fiscal 2014, FactSet acquired Matrix Data Limited (“Matrix”) for a total purchase price of $31.8 million. Matrix’ primary line of business is providing intelligence to ...
StreetAccount LLC
10-K - Oct 30, 2013
On June 29, 2012, FactSet acquired StreetAccount LLC (“SA”) to complement the Company's news offering with distilled and crucial market moving information for buy-side and sell-side institutions. F...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.