FactSet Research Systems Inc.

“FactSet is a high-quality but clearly maturing financial data and workflow platform with sticky recurring revenue, solid margins, strong free cash flow, and manageable leverage. The moat still looks real, but it is more defensive than expanding, and AI-driven workflow commoditization is the key long-term threat to pricing power and growth. At roughly a mid-teens earnings multiple, the stock does not need aggressive growth assumptions to work, so the expected return profile is attractive enough for patient investors even if it is not a fat-pitch opportunity.”