Friday 6 November 2026 Export MSCI’s income statement to Excel — free account

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

638.84 17.07 −2.60%

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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 Segments Valuation Filings

MSCI Inc (MSCI) valuation and DCF model

What the price implies · reverse DCF

At $638.84 the price implies 24.3% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 24.7% a year over the last ten years, 20.0% over the last five. The price asks for close to its ten-year rate.

In December 2017 the price assumed 28.0% a year; MSCI Inc went on to grow the dividend a share 19.7% a year to FY2025.

Price implies: 24.3%
Last 5 years, reported: 20.0%
Last 10 years, reported: 24.7%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF

The price needs: 24.3% a year for ten years; $638.84; today’s price
Its base case: 20.0% a year for five years, then 12.0%; $353.21; 44.7% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record MSCI Inc’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

1 · Dividends

Dividend a share, last twelve months ($)the four quarters to September 2026, from the 10-Q and 10-K filings

Growth, yrs 1–5 (%)

Growth, yrs 6–10 (%)

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 24.3% a year for ten years.

2 · Rates

Cost of equity (%)

Terminal growth (%)

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Current price ($)

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Value per share Expected return

Use the analysts’ consensus for years 1–3 (4.6%, 15.1%, 11.6%)

How the model ends

Margin of safety (%)

Against MSCI Inc’s own cost of capital: risk-free 4.3% + beta 1.20 × equity premium 4.5% = 9.7% cost of equity; weighted, 9.7%.

Use 9.7%

Base case value per share $353.21 ten years discounted, and what follows

Current price $638.84 market price per share

Below today’s price 44.7% downside at the base case’s assumptions

How we got there$122.51 10 years of dividends+$230.70 terminal value=$353.21 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Financial Data & Stock Exchanges).

Multiple	Current	5Y avg	10Y avg	vs 10Y avg	Industry median	vs industry
P/E	34.79×	39.02×	42.92×	19% below	24.85×	40% above
P/FCF	32.64×	34.36×	36.72×	11% below	20.23×	61% above
P/B	—	26.28×	26.28×	—	4.56×	—
EV/EBITDA	—	32.06×	28.04×	—	3.38×	—
EV/Sales	—	19.41×	16.32×	—	3.90×	—

P/E P/FCF P/B EV/EBITDA EV/Sales

MSCI trades at 32.64× P/FCF, against a 10-year average of 36.72× (range 22.80×–57.66×). That is cheaper than 67% of the last 9 year-end readings; re-rating to the average implies $718.75 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.