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MSCI Inc

MSCI Financial Financial Data & Stock Exchanges

MSCI Inc’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 9.75% from fiscal 2024.

Revenue
+12.4%
EPS
+14.3%
Free cash flow
−8.93%
Total debt
+22.0%

Quarter to September 2026, against a year earlier

640.22 15.69 −2.39%
Market cap
$46.9B
P/E
34.8×
Fwd P/E
31.4×
Dividend yield
1.21%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Index
  • Analytics
  • Sustainability and Climate
  • All Other - Private Assets

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 15.51
Sold, $m 8.43
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — 2 — — 1 — — — 1 — —
Sell 1 — — 1 1 — 1 — — — 2 —
Insider Ownership 4.42%

Capital & Financial Ratios $m

Size
Market Cap 46,900.00
Revenue ttm 3,432.36
Net income ttm 1,383.71
Free cash flow ttm 1,454.69
Net debt Q 6,455.90
Valuation
P/E 34.79
Forward P/E 31.40
Price / sales 13.83 (above 10: high)
Forward P/S Powerpack
Price / FCF 32.64
Price / book 0.00
Financial health
Current ratio Q 0.82
Debt / equity Q (2.23)
Interest coverage Q 6.71
Growth
Revenue growth Q +12.43% (above 0%: growing)
Operating income growth Q +12.18% (above 0%: growing)
EPS, this year +13.98%
EPS, next year A +14.33%
Revenue, next year A +12.46% (at or above 10%: strong)
EPS, past 5 yrs +17.12% (at or above 15%: strong)
EPS, next 5 yrs A +13.98%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 28.53%
10-year low 10-year high
P/S against its own 10 years 42.90%
10-year low 10-year high

Dividends raised every year since 2018

Yield
1.21%
Annual rate
7.95
Payout ratio
42.1%
Growth, 2018–26
+19.9%/yr
  1. 1.92 ’18
  2. 2.52 ’19 +31
  3. 2.92 ’20 +16
  4. 3.64 ’21 +25
  5. 4.58 ’22 +26
  6. 5.52 ’23 +21
  7. 6.40 ’24 +16
  8. 7.20 ’25 +13
  9. 8.20 ’26 +14
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 462 409 515 261
Receivables 840 821 987 860
Inventory — — — —
Other — — — —
1,418 1,344 1,645 1,299
2023 2024 2025 Q'26
Payables 10 15 15 6
ST’ Debt 11 — — —
Other — — — —
1,517 1,586 1,830 1,575

Compound Annual Growth %

10y 5y 3y
Sales 11.29% 13.08% 11.71%
Cash Flow 17.33% 14.39% 13.19%
Earnings 18.32% 14.84% 11.36%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.98 Actual 5.11

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.62 4.66 Beat by 0.04
Q1 FY26 4.40 4.55 Beat by 0.15
Q2 FY26 4.90 4.94 Beat by 0.04
Q3 FY26 4.98 5.11 Beat by 0.13
Q4 FY26 5.09 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 5.53 4.69 4.86 — —
’25 3.71 3.92 4.25 3.81 15.69
’24 3.22 3.37 3.57 3.90 14.05
’23 2.97 3.09 3.27 5.07 14.39
’22 2.78 2.59 2.68 2.67 10.72
’21 2.36 1.99 2.03 2.32 8.70
’20 1.73 1.36 2.16 1.87 7.12
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 851 867 892 — —
’25 746 773 793 823 3,134
’24 680 708 725 744 2,856
’23 592 621 625 690 2,529
’22 560 552 561 576 2,249
’21 478 498 517 550 2,044
’20 417 410 425 444 1,695
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 307 371 436 — —
’25 302 336 449 501 1,588
’24 300 349 422 431 1,502
’23 264 292 291 389 1,236
’22 244 213 323 315 1,095
’21 215 225 216 280 936
’20 113 263 200 236 811
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 278 326 385 — —
’25 269 302 423 465 1,459
’24 276 322 394 395 1,387
’23 243 265 270 367 1,145
’22 229 194 305 295 1,022
’21 205 214 201 257 877
’20 102 251 188 219 760
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 24.7% a year for ten years. It grew 24.7% a year over the last ten.

Implied
24.7%
10 years, reported
24.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,151 1,274 1,434 1,558 1,695 2,044 2,249 2,529 2,856 3,134 3,432 +11.8% 3,525 3,845 4,177 +10.0%
Gross margin, % 78.09 78.52 79.96 81.07 82.79 82.45 82.02 82.34 81.99 82.44 82.89 +4.3 pt
EBT 386 467 630 603 686 858 1,044 1,369 1,356 1,494 1,623 +16.2%
EBT margin, % 33.54 36.64 43.93 38.73 40.48 41.99 46.42 54.14 47.48 47.67 47.29 +14.1 pt
Net income 261 304 508 564 602 726 871 1,149 1,109 1,202 1,384 +18.5%
Per share, $
Per share, $ Revenue 11.99 14.10 16.45 18.40 20.25 24.77 27.85 31.83 36.29 40.97 47.61 +14.6%
Earnings 2.72 3.36 5.83 6.66 7.19 8.80 10.78 14.45 14.09 15.72 18.93 +21.5%
Cash flow 4.61 4.47 7.03 8.38 9.69 11.35 13.57 15.56 19.08 20.76 22.40 +18.2%
Capex (0.44) (0.54) (0.56) (0.64) (0.61) (0.72) (0.90) (1.14) (1.46) (1.70) (2.22) +16.1%
Free cash flow 4.16 3.93 6.47 7.75 9.08 10.63 12.66 14.41 17.62 19.07 20.18 +18.4%
Book value 3.31 4.44 (1.91) (0.91) (5.29) (1.98) (12.48) (9.31) (11.94) (34.70) (41.84) n/m
Shares, m 96 90 87 85 84 83 81 79 79 77 74 (2.5%)
Valuation, ×
Valuation, × P/E 28.94 38.00 25.73 38.77 62.02 69.62 42.78 38.44 42.58 36.50 34.79 42.3
P/S 6.57 9.05 8.96 14.03 22.05 24.74 16.56 17.46 16.54 14.00 13.83 15.0
P/B 23.79 28.76 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.3
EV/Sales 7.70 10.00 10.14 15.05 23.28 26.09 18.12 19.06 17.98 15.82 — 16.3
EV/FCF 22.16 35.86 25.80 35.75 51.93 60.81 39.86 42.10 37.03 34.00 — 38.5
Cash, $m
Cash, $m Operating cash flow 442 404 613 710 811 936 1,095 1,236 1,502 1,588 1,615 +15.3%
Capex (43) (49) (49) (54) (51) (59) (73) (91) (115) (130) (160) +13.2%
Free cash flow 400 355 564 656 760 877 1,022 1,145 1,387 1,459 1,455 +15.5%
Balance, $m
Balance, $m Working capital 519 659 626 1,181 904 892 497 (99) (242) (185) (276) n/m
Net debt 1,283 1,189 1,671 1,587 2,089 2,763 3,518 4,046 4,101 5,687 6,456 +18.0%
Shareholders’ equity 318 401 (166) (77) (443) (163) (1,008) (740) (940) (2,655) (3,016) n/m
Returns, %
Returns, % ROA 8.37 9.56 15.24 14.85 14.32 14.96 16.58 21.85 20.23 21.57 25.19 +13.2 pt
ROIC 19.05 22.80 28.53 31.27 33.59 25.79 30.07 26.17 30.22 35.32 34.71 +16.3 pt
ROE 42.79 84.60 433.13 (463.51) (231.49) (239.32) (148.64) (131.44) (132.06) (66.90) (56.11) (109.7) pt
People
People Employees 2,754 3,038 3,112 3,396 3,633 4,303 4,759 5,794 6,132 6,268 — +9.6%
Revenue/emp, $m 0.42 0.42 0.46 0.46 0.47 0.47 0.47 0.44 0.47 0.50 — +2.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

MSCI, founded in 1969 and headquartered in New York City, provides research-based data, indexes and analytics for investors. Henry A. Fernandez is Chairman and Chief Executive Officer.

Its tools help clients choose investment universes, allocate assets, construct portfolios, measure risk and performance, incorporate sustainability and climate considerations, and prepare regulatory or client reports. An index is a defined set of rules for measuring a market or investment strategy. Clients can use MSCI indexes as benchmarks, or as the basis for exchange-traded funds, mutual funds, derivatives and other index-linked products.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Index 1,787 57.01%
Analytics 714 22.79%
Sustainability and Climate 354 11.29%
All Other - Private Assets 279 8.91%
Gross margin 82.44%
Operating margin 54.67%
Pre-tax margin 47.67%

Revenue by segment since 2009

MSCI Inc vs peers in Financial Data & Stock Exchanges (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SPGI S&P Global Inc. $137.0B 27.6× 28.2× +6.83% (above 0%: growing) +19.84% (above 0%: growing) +30.00% (above 0%: growing) 71.89% 53.18% Compare
CME CME Group Inc. $110.0B 25.0× 25.4× +12.99% (above 0%: growing) +16.47% (above 0%: growing) +12.68% (above 0%: growing) 100.00% 65.70% Compare
ICE Intercontinental Exchange Inc. $97.2B 23.6× 22.7× +14.68% (above 0%: growing) +19.17% (above 0%: growing) +25.47% (above 0%: growing) 98.66% 50.99% Compare
MCO Moody's Corporation $88.8B 31.3× 30.3× +0.80% (above 0%: growing) +17.73% (above 0%: growing) +1.52% (above 0%: growing) 74.10% 44.78% Compare
NDAQ Nasdaq, Inc. $59.3B 28.9× 29.4× +20.92% (above 0%: growing) +31.08% (above 0%: growing) +201.97% (above 0%: growing) 61.89% 30.59% Compare
MSCI MSCI Inc $46.9B 34.8× 31.4× +12.43% (above 0%: growing) +14.32% (above 0%: growing) −8.93% (below 0%: shrinking) 82.94% 56.29%
CBOE Cboe Global Markets, Inc. $36.8B 25.0× — +19.02% (above 0%: growing) +42.66% (above 0%: growing) +471.74% (above 0%: growing) 52.41% 39.32% Compare
COIN Coinbase Global, Inc. $36.2B — (loss-making) — (loss-making) −34.95% (below 0%: shrinking) +64.85% (above 0%: growing) −45.48% (below 0%: shrinking) 84.00% 5.07% Compare
TRU TransUnion $15.8B 19.9× 17.7× +12.23% (above 0%: growing) +67.98% (above 0%: growing) +50.83% (above 0%: growing) 59.26% 20.36% Compare
Median of peers $74.1B 25.0× 26.8× +12.61% +25.46% +27.74% 73.00% 42.05%

All 14 Financial Data & Stock Exchanges stocks →

From the latest earnings call

Updated

  • CFO Andy Wiechmann said new products contributed more to sales and helped support pricing, while demand for analytics came from clients modernizing investment platforms.
  • Wiechmann said Sustainability and Climate faced elevated cancellations and expects its recurring net new sales to be roughly flat to slightly positive in the fourth quarter.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 92.37%
Held by the ten largest 42.87%
Holder Shares Stake Change
Vanguard 9.56m 13.14% +132.38k
BlackRock 5.47m 7.52% −272.22k
BAMCO INC /NY/ 3.21m 4.42% +512.36k
State Street 3.19m 4.39% +79.99k
T. Rowe Price 2.40m 3.31% +517.65k
Morgan Stanley 2.13m 2.93% −116.24k
Geode Capital Management 1.95m 2.68% −49.52k
VIKING GLOBAL INVESTORS LP 1.16m 1.60% +1.16m
Principal Financial 1.13m 1.55% −219.91k
Mitsubishi UFJ 966.13k 1.33% +13.25k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 11 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 33.32m 19.77m 135.20
2024 15.70m 17.88m 139.70
2023 13.79m 42.41m 130.20
2022 13.00m (38.99m) 105.90
2021 10.34m 81.17m 138.10

Ownership

Directors and executive officers, together 3.76%
The Vanguard Group 12.82%
BlackRock, Inc. 8.13%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

MSCI Inc (MSCI) Latest News

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19 Oct

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17 Oct

Impact 4 · · TIKR
Impact 3 · · 24/7 Wall St.

16 Oct

Impact 4 · · StockStory
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Impact 3 · · Simply Wall St.

MSCI metrics, ten years each

stockrow.com/MSCI · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com