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MSCI

MSCI NYSE Financial Exchanges & Data Financials FY2016–FY2025

MSCI's revenue rose 9.8% to $3.1 billion in fiscal 2025. Its operating margin was 54.7%, up from 53.5% a year earlier. Free cash flow was $1.5 billion, up 5.5%. It paid out $3.0 billion in dividends and buybacks, 196% of free cash flow. The diluted share count fell 2.9%.

Last close · Oct 23, 2026

$615.62

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$3.1B
9.7% vs prior year
Operating margin Operating income as a share of revenue.
54.7%
1.1 pts
Net income Profit after all expenses, interest and tax.
$1.2B
8.4%
Free cash flow Cash from operations minus capital spending.
$1.5B
5.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
44.5%
5.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$44.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
32.6x
On $18.90 EPS (TTM)

What MSCI does

No business description yet.

Legal name
MSCI INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001408198-26-000011
0001408198

Revenue and margins

MSCI had $3.1B of revenue in fiscal 2025, up 9.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 21.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.5B in fiscal 2025, 49.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

MSCI returned $3.0B to shareholders in fiscal 2025, 196% of free cash flow. The diluted share count fell 2.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value MSCI yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.7B and divides by 76.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 32.6x · peers 23.9x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably MSCI can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.4B$994M$462M$409M$515M
Debt incl. finance leases $4.2B$4.5B$4.5B$4.5B$6.2B
Net debt / EBITDA 2.5x2.9x2.9x2.7x3.3x
Interest coverage 6.7x7.0x7.4x8.2x8.2x
Current ratio 1.7x1.4x0.9x0.9x0.9x
Quick ratio 1.7x1.4x0.9x0.9x0.9x
Total assets $5.5B$5.0B$5.5B$5.4B$5.7B
Total liabilities $5.7B$6.0B$6.3B$6.4B$8.4B
Shareholders' equity −$164M−$1.0B−$740M−$940M−$2.7B
Net debt (− = net cash) $2.7B$3.5B$4.0B$4.1B$5.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$15.5M

3 insiders

Sold, 12 months

$7.3M

3 insiders

Of sales under plans

14%

$1.0M

DateInsiderTradeSharesPriceValueFiling
Oct 12, 2026 Andrew C. WiechmannChief Financial Officer Sold plan 450 $570.00 $0.3M Form 4
Sep 2, 2026 Rajat TanejaDirector Bought 1,786 $560.00 $1.0M Form 4
Jun 10, 2026 Andrew C. WiechmannChief Financial Officer Sold plan 450 $604.56 $0.3M Form 4
May 15, 2026 Henry A FernandezChairman and CEO, Director Bought 4,000 $562.40 $2.2M Form 4
Apr 24, 2026 Alvise J. MunariChief Product Officer Sold 10,000 $592.04 $5.9M Form 4
Mar 17, 2026 Andrew C. WiechmannChief Financial Officer Sold plan 450 $560.00 $0.3M Form 4
Feb 18, 2026 Robert G. AsheDirector Bought 3,681 $543.21 $2.0M Form 4
Feb 17, 2026 Henry A FernandezChairman and CEO, Director Bought 800 $518.95 $0.4M Form 4
Feb 13, 2026 Henry A FernandezChairman and CEO, Director Bought 6,000 $524.18 $3.1M Form 4
Dec 11, 2025 Andrew C. WiechmannChief Financial Officer Sold plan 450 $550.00 $0.2M Form 4
Dec 5, 2025 Henry A FernandezChairman and CEO, Director Bought 12,500 $536.14 $6.7M Form 4
Nov 24, 2025 Robert J. GutowskiGeneral Counsel Sold 624 $558.42 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 86 / 87 / 8
Accruals ratio −1.7%−7.2%−6.9%
Altman Z'' 3.914.304.58

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
MSCI MSCI $44.5B 9.8% 54.7% 49.4% 44.5% 32.6x 7
FactSet FDS $12.1B 6.7% 28.3% 28.6% 18.2% 22.7x 6 Compare →
Morningstar MORN $8.6B 7.5% 21.5% 18.1% 22.5% 21.4x 6 Compare →
Cboe Global Markets CBOE $35.7B 15.1% 31.1% 35.7% 22.8% 26.5x 9 Compare →
CME Group CME $109.6B 6.4% 64.9% 64.3% 11.9% 25.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.2B $1.3B $1.4B $1.6B $1.7B $2.0B $2.2B $2.5B $2.9B $3.1B
Gross profit $899M $1.0B $1.1B $1.3B $1.4B — — — — —
Research and development $75.2M $75.8M $81.4M $98.3M $101M $112M $107M $132M $159M $178M
Operating income $488M $580M $687M $756M $885M $1.1B $1.2B $1.4B $1.5B $1.7B
Interest expense $102M $116M $133M $148M $156M $160M $172M $187M $186M $210M
Pretax income $386M $467M $630M $603M $686M $858M $1.0B $1.4B $1.4B $1.5B
Income tax $125M $163M $122M $39.7M $84.4M $132M $173M $221M $247M $292M
Net income $261M $304M $508M $564M $602M $726M $871M $1.1B $1.1B $1.2B
Diluted EPS $2.70 $3.31 $5.66 $6.59 $7.12 $8.70 $10.72 $14.39 $14.05 $15.69
Diluted shares 0.10B 0.09B 0.09B 0.09B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B
Cash flow
Cash from operations $442M $404M $613M $710M $811M $936M $1.1B $1.2B $1.5B $1.6B
Capital expenditure $32.3M $33.2M $30.3M $29.1M $21.8M $13.5M $13.6M $22.8M $33.8M $39.3M
Free cash flow $410M $371M $583M $680M $789M $923M $1.1B $1.2B $1.5B $1.5B
Depreciation and amortization $34.3M $35.4M $31.3M $30.0M $29.8M $28.9M $26.9M $21.0M $17.0M $23.4M
Stock-based compensation $32.0M $36.6M $38.9M $41.2M $51.1M $54.9M $58.1M $71.7M $95.2M $111M
Acquisitions $0.1M $0.0M $0.0M $18.2M $0.0M $949M $0.0M $727M $27.5M $0.0M
Share buybacks $775M $151M $950M $292M $779M $198M $1.4B $504M $885M $2.5B
Dividends paid $96.2M $120M $171M $223M $246M $302M $373M $441M $509M $557M
Dividends and buybacks $871M $270M $1.1B $515M $1.0B $501M $1.8B $945M $1.4B $3.0B
Balance sheet
Cash and short-term investments $792M $890M $904M $1.5B $1.3B $1.4B $994M $462M $409M $515M
Total debt $2.1B $2.1B $2.6B $3.1B $3.4B $4.2B $4.5B $4.5B $4.5B $6.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.1B $1.3B $1.4B $2.1B $1.9B $2.1B $1.7B $1.4B $1.3B $1.6B
Current liabilities $537M $608M $809M $901M $1.0B $1.3B $1.3B $1.5B $1.6B $1.8B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $95.6M $94.4M $90.9M $90.7M $80.4M $66.7M $53.9M $55.9M $70.9M $87.3M
Total assets $3.1B $3.3B $3.4B $4.2B $4.2B $5.5B $5.0B $5.5B $5.4B $5.7B
Total liabilities $2.8B $2.9B $3.6B $4.3B $4.6B $5.7B $6.0B $6.3B $6.4B $8.4B
Shareholders' equity $318M $401M −$167M −$76.7M −$443M −$164M −$1.0B −$740M −$940M −$2.7B
Margins
Gross margin 78.1% 78.5% 80.0% 81.1% 82.8% — — — — —
Operating margin 42.4% 45.5% 47.9% 48.5% 52.2% 52.5% 53.7% 54.8% 53.5% 54.7%
EBITDA margin 45.4% 48.3% 50.1% 50.4% 53.9% 53.9% 54.9% 55.6% 54.1% 55.4%
Net margin 22.7% 23.9% 35.4% 36.2% 35.5% 35.5% 38.7% 45.4% 38.8% 38.4%
FCF margin 35.6% 29.1% 40.6% 43.7% 46.6% 45.2% 48.1% 48.0% 51.4% 49.4%
Returns
Return on capital 20.0% 23.7% 35.8% 47.2% 49.9% 43.2% 39.6% 39.9% 38.7% 44.5%
Return on capital employed 18.8% 22.2% 26.2% 25.7% 27.3% 28.9% 30.2% 35.7% 38.9% 44.3%
Return on equity 42.8% 84.6% — — — — — — — —
Return on assets 8.4% 9.6% 15.2% 14.9% 14.3% 15.0% 16.6% 21.9% 20.2% 21.6%
Growth
Revenue growth 7.0% 10.7% 12.5% 8.6% 8.8% 20.5% 10.0% 12.5% 12.9% 9.8%
Net income growth 16.6% 16.5% 67.1% 11.0% 6.8% 20.6% 19.9% 31.9% −3.4% 8.4%
EPS growth 33.0% 22.6% 71.0% 16.4% 8.0% 22.2% 23.2% 34.2% −2.4% 11.7%
FCF growth 46.2% −9.5% 57.0% 16.8% 16.0% 16.9% 17.3% 12.2% 21.0% 5.5%
Share count change −12.2% −4.8% −2.4% −4.6% −1.2% −1.2% −2.7% −1.7% −1.1% −2.9%
Financial health
Net debt / EBITDA 2.5x 1.9x 2.3x 2.0x 2.3x 2.5x 2.9x 2.9x 2.7x 3.3x
Debt / equity 6.5x 5.2x — — — — — — — —
Interest coverage 4.8x 5.0x 5.2x 5.1x 5.7x 6.7x 7.0x 7.4x 8.2x 8.2x
Current ratio 2.0x 2.1x 1.8x 2.3x 1.9x 1.7x 1.4x 0.9x 0.9x 0.9x
Quick ratio 2.0x 2.1x 1.8x 2.3x 1.9x 1.7x 1.4x 0.9x 0.9x 0.9x
Capital allocation
Capex / revenue 2.8% 2.6% 2.1% 1.9% 1.3% 0.7% 0.6% 0.9% 1.2% 1.3%
Stock comp / revenue 2.8% 2.9% 2.7% 2.6% 3.0% 2.7% 2.6% 2.8% 3.3% 3.6%
Payouts / FCF 212.3% 72.8% 192.4% 75.7% 129.9% 54.3% 163.7% 77.9% 95.0% 196.3%
Quality scores
Piotroski F-score 6.0 9.0 7.0 8.0 6.0 6.0 4.0 7.0 6.0 7.0
Altman Z'' 3.7 4.2 4.3 4.7 4.7 4.1 4.4 3.9 4.3 4.6
Accruals ratio −5.8% −3.2% −3.2% −3.8% −5.0% −4.3% −4.3% −1.7% −7.2% −6.9%

Source: SEC EDGAR XBRL filings (CIK 0001408198). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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