# Factset Research Systems Moat

Status: published. Policy: company-analysis-1.

FactSet has an evidenced narrow moat from integrated investment workflows and CGS's exclusive identifier-issuance role. ASV retention above 95% across the supplied periods supports persistent demand, and reported price increases demonstrate pricing power. Client retention softened to 90% in May 2026, while costs outgrew revenue. These results constrain resilience without establishing that the advantages have disappeared. Exceptional durability is not demonstrated.

## switching_costs

Integration with client applications and investment workflows creates operational switching friction. Consistently high ASV retention and expansion among existing clients support this inference, although migration costs are not quantified.

Durability: ASV retention exceeded 95% in fiscal 2024, fiscal 2025 and May 2026. Workflow integration supports continued dependency, conditional on competitive functionality and data quality.

Risks: Clients can reduce or terminate services with contractual notice. Client retention fell from 91% to 90% year over year in May 2026. AI-enabled alternatives and supplier consolidation could reduce workflow dependency; these disclosed risks are not demonstrated displacement.

Invalidation: Sustained ASV retention below the disclosed greater-than-95% range, accompanied by declining existing-client sales or repeated price concessions, would undermine the switching-cost thesis. Demonstrated low-cost migrations replacing integrated workflows would also invalidate it.

Competitors: Not established
## intangible_assets

CGS's exclusive global issuance of CUSIP and CINS identifiers provides a specific institutional advantage in identifiers used in critical security-master functions.

Durability: Exclusive issuance is disclosed in both fiscal 2024 and fiscal 2025. Industry reliance supports persistence, but the passages do not establish the duration, renewal protections or economics of the exclusive role.

Risks: Loss or modification of exclusivity, or reduced reliance on these identifiers, would weaken the advantage. CGS's contribution to consolidated earnings and its standalone pricing power are not established.

Invalidation: Termination or material dilution of exclusive issuance rights, or demonstrated migration of critical security-master functions to substitute identifiers that reduces CGS demand, would invalidate the advantage.

Competitors: Not established
- [https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831.htm](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/fds-20250831.htm) · 2025-10-22
- [https://www.sec.gov/Archives/edgar/data/1013237/000162828026046549/fds-20260531.htm](https://www.sec.gov/Archives/edgar/data/1013237/000162828026046549/fds-20260531.htm) · 2026-07-01
- [https://www.sec.gov/Archives/edgar/data/1013237/000162828025046442/fds-20251027.htm](https://www.sec.gov/Archives/edgar/data/1013237/000162828025046442/fds-20251027.htm) · 2025-10-27
- [https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831.htm](https://www.sec.gov/Archives/edgar/data/1013237/000101323724000141/fds-20240831.htm) · 2024-10-29
- [https://www.sec.gov/Archives/edgar/data/1013237/000101323723000128/fds-20230831.htm](https://www.sec.gov/Archives/edgar/data/1013237/000101323723000128/fds-20230831.htm) · 2023-10-27
- [https://www.sec.gov/Archives/edgar/data/1013237/000162828026022873/fds-20260228.htm](https://www.sec.gov/Archives/edgar/data/1013237/000162828026022873/fds-20260228.htm) · 2026-04-02

[JSON](https://beanvest.com/stock/fds/moat.json)