Competition

Competitors describe FactSet Research Systems Inc.'s market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.

S&P Global (SPGI)

The most direct desktop-and-data rival: S&P Capital IQ Pro competes seat-for-seat with the FactSet Workstation, and the two firms are named peers — S&P even sold its CUSIP business to FactSet.

S&P Global's stated view that its Capital IQ Pro desktop is growing faster than the underlying end market — the segment where it contests FactSet Workstation seats.

Martina Cheung, President & CEO: The Capital IQ Pro desktop continues to perform strongly and actually it's growing faster than the end market. And so we're very focused on our execution.

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A direct link between the two rivals: S&P Global divested CUSIP Global Services out of its Market Intelligence segment to FactSet for $1.925bn (completed March 2022).

In March of 2022, we completed the previously announced sale of CUSIP Global Services (“CGS”), a business within our Market Intelligence segment, to FactSet Research Systems Inc. for a purchase price of $1.925 billion in cash, subject to customary adjustments.

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London Stock Exchange Group (LSEG)

Owner of Refinitiv, whose Workspace desktop and data feeds are the other head-on rival to FactSet's Workstation and content business; LSEG frames itself as a share-taking data challenger.

An analyst's characterisation — undisputed by management — that LSEG has climbed from #6 to #3 in pricing & reference data (55% of Data & Feeds revenue), an adjacent feeds market FactSet also serves.

Russell Quelch, Rothschild & Co (analyst): You disclosed that 55% of the Data & Feeds revenues come from pricing and reference services. I believe you've gone from number 6 player there to number 3 player in the last couple of years, just behind ICE and Bloomberg.

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LSEG's CEO concedes its Workspace desktop is priced at roughly a 30% discount to the 'big competitor' terminal — a pricing backdrop for the crowded desktop market FactSet also competes in.

David Schwimmer, CEO: The way I've answered an aspect of this question over the years, people ask us about the discount of, for example, our desktop product or Workspace relative to one of the big competitors and that being at a 30% or so discount, and we've always been clear we're never going to take the price up 29% in the new year.

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LSEG's stated Microsoft-partnership roadmap: embedding Workspace data into Teams and Office 365 workflows via natural-language prompts — the same AI-plus-workflow terrain FactSet is targeting.

The first iteration of our Workspace for Teams application is now live with target customers, and we will be adding new functionalities and expanding the customer rollout over time. Integrating Workspace data into Teams enhances the discoverability of our data and insights by making them accessible in customers’ existing Office 365 workflow. Using simple prompts in Teams Chat, users can call up 20 different data sets with insights on bonds, equities, news, M&A league tables and so on, and share this information with ease.

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MSCI (MSCI)

Names FactSet directly as an Analytics competitor; its Barra risk models and multi-asset portfolio analytics collide with FactSet's analytics and risk franchise.

MSCI's 10-K names FactSet Research Systems among the rivals to its Analytics business — an explicit head-to-head acknowledgement in multi-asset risk and portfolio analytics.

Analytics. Our Analytics offerings compete with those from a range of competitors, including Axioma (part of SimCorp), BlackRock Solutions, Bloomberg, and FactSet Research Systems Inc. Additionally, some of the larger broker-dealers have developed proprietary analytics tools for their clients.

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MSCI quantifies momentum in the FactSet-competing Analytics segment: high-single-digit run-rate growth and new recurring sales up 30% year-over-year, with enterprise risk and performance wins.

Andy Wiechmann, CFO: In Analytics, run rate growth was in the high single digits, driven by new recurring sales of $17 million, which grew 30% from a year ago. We saw continued strength in equity Analytics, and we had some large enterprise risk and performance wins.

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MSCI's stated workflow-lock-in narrative — Barra equity-factor and enterprise risk tools 'deeply embedded' in hedge-fund workflows — the retention story that most directly rivals FactSet's analytics value proposition.

Baer Pettit, President & COO: we see ongoing strong demand from hedge funds for MSCI's equity factor and enterprise risk and performance solutions, which have become deeply embedded in many clients' investment workflows. For example, MSCI closed a 7-figure renewal deal with one of the world's largest hedge funds in which our contribution to their alpha generation and risk management is central.

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Morningstar (MORN)

Names FactSet as a competitor across three fronts — the Morningstar Direct workstation, PitchBook private-market data, and Advisor Workstation — the closest multi-product mirror of FactSet's desktop-and-data model.

Morningstar lists FactSet (Cognity and SPAR) among the primary global competitors to Morningstar Direct, its multi-asset analysis and reporting workstation — the direct analogue to the FactSet Workstation.

Its key global competitors are Bloomberg, eVestment Alliance, FactSet Research System’s Cognity and SPAR, and LSEG's (Refinitiv) Eikon.

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In private-market data and workflow tools (PitchBook), Morningstar again names FactSet among key competitors; the same page discloses ~10,200 client accounts and 113,451 licensed users at year-end 2025.

We compete with providers of private market data, research, and workflow tools. Key competitors include Beauhurst, FactSet, MSCI, Preqin (a division of BlackRock), Refinitiv, S&P Global Market Intelligence, and smaller or specialized data providers.

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For its advisor-facing workstation (reaching 170,000+ advisors across 225+ firms in the US and Canada), Morningstar again lists FactSet among competitors.

Morningstar Advisor Workstation is offered in the US and Canada, reaching more than 225 firms and 170,000 advisors. […] Competitors for Morningstar Advisor Workstation include CapIntel, FactSet, Kwanti, Nitrogen (formerly known as Riskalyze), and YCharts.

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Moody's (MCO)

Through the Moody's Analytics segment — research, data and cloud workflow tools sold on a subscription/ARR model — Moody's competes for the same research-feed and analytics budgets as FactSet.

Moody's Analytics sizes its recurring book at $3.6bn ARR (+8% YoY) with mid-to-high-single-digit growth across research and data lines — the subscription model that overlaps FactSet's ASV base.

Noemie Heuland, CFO: ARR ended Q1 at $3.6 billion, up 8% year-over-year. Decision Solutions continues to be a key growth engine for MA, representing approximately 44% of total MA ARR and delivering 10% ARR growth.

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Moody's reports a 97% trailing-12-month retention rate framed as workflow embeddedness — the same high-renewal moat FactSet claims for its own subscription base.

Robert Fauber, CEO: That growth was also supported by our trailing 12-month retention rate of 97%, which reflects how embedded we are in customers' workflows as what they call their primary view of risk.

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BlackRock (BLK)

Competes with FactSet solely through its Aladdin technology platform — end-to-end portfolio and risk analytics sold to institutions — a far larger tech-ARR franchise overlapping FactSet's analytics and workflow offering.

BlackRock's stated Aladdin roadmap — GenAI 'AI copilots,' open ecosystem connectivity and whole-portfolio public/private analytics — maps onto the vectors where Aladdin encroaches on FactSet's analytics and workflow domain.

Investments in Aladdin AI copilots, enhancements in openness supporting ecosystem partnerships, and advancing whole portfolio solutions including private markets and digital assets are expected to further augment the value of using Aladdin.

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