$FDS — AVOID 📊 | 6 MONTHS THESIS

What changed

🧭 Conviction: HIGH FactSet Research Systems Inc., together with its subsidiaries, operates as a financial digital platform and enterprise solutions provider for the investment community. 🎯 FQ3 FY2026 (ends May) | reported Jul 01 | Rev $623M | Adj EPS $4.53 vs $4.44 🟢 | GAAP op margin 26.7% 💡 The market priced in a low bar (implied -35.8% FCF growth), but even that pessimistic view doesn't justify a 14.4x non-GAAP P/E when peers trade at 7.7x-11.5x. The small beat doesn't change the terminal growth narrative. 🏢 Business Quality: 6/10 📊 Valuation: rich — 14.4x trailing non-GAAP P/E vs peer band 7.7x-11.5x, base target $226 (11.5x) implies ~10% downside; even historical range (17.7x-29.1x)... 🔮 Catalyst: FQ3 FY2026 report (Jul 1) ⚖️ Avoid: FDS is a fair business at a rich price with poor risk/reward; wait for a pullback to at least $226 before considering a long. 📊 Our read: AVOID. Full analysis → https://stockduty.xyz/s/FDS0708