Discounted Cash Flow

Factset Research Systems Inc.

FDS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $1.1b $338.8m $283.4m 30.1% $8.29
2017 $1.2b (8.3%) $258.3m (-23.8%) $283.7m (0.1%) 21.1% (-29.6%) $6.55 (-21.0%)
2018 $1.4b (10.6%) $267.1m (3.4%) $352.1m (24.1%) 19.8% (-6.5%) $6.90 (5.3%)
2019 $1.4b (6.3%) $352.8m (32.1%) $367.8m (4.4%) 24.6% (24.2%) $9.25 (34.1%)
2020 $1.5b (4.1%) $372.9m (5.7%) $428.2m (16.4%) 25.0% (1.6%) $9.83 (6.3%)
2021 $1.6b (6.5%) $399.6m (7.1%) $493.9m (15.3%) 25.1% (0.6%) $10.56 (7.4%)
2022 $1.8b (15.9%) $396.9m (-0.7%) $487.1m (-1.4%) 21.5% (-14.3%) $10.48 (-0.8%)
2023 $2.1b (13.1%) $468.2m (18.0%) $584.8m (20.0%) 22.4% (4.3%) $12.26 (17.0%)
2024 $2.2b (5.6%) $537.1m (14.7%) $614.7m (5.1%) 24.4% (8.6%) $14.11 (15.1%)
2025 $2.3b (5.4%) $597.0m (11.2%) $617.5m (0.5%) 25.7% (5.5%) $15.74 (11.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model