FactSet
FDS · Financial Exchanges & Data
$331.32
1.2%MSCI
MSCI · Financial Exchanges & Data
$615.62
0.7%The short version
- MSCI is the larger business, with $3.1B of revenue in fiscal 2025 against $2.5B for FactSet.
- MSCI grew revenue faster (9.8%, against 6.7%).
- MSCI kept more of each dollar of sales as operating profit (54.7% operating margin, against 28.3% operating margin).
- MSCI turned more of its sales into free cash flow (49.4% FCF margin, against 28.6% FCF margin).
- MSCI earned a higher return on the capital invested in it (44.5%, against 18.2%).
- Investors pay more for each dollar of MSCI’s earnings: a P/E of 32.6x against 22.7x for FactSet.
| Latest fiscal year | FDS · FY26 | MSCI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.1B | $44.5B |
| Revenue | $2.5B | $3.1B |
| Free cash flow | $707M | $1.5B |
| Net income | $534M | $1.2B |
| Growth | ||
| Revenue growth | 6.7% | 9.8% |
| 5-year growth | 9.3% | 13.1% |
| Share count change | −4.6% | −2.9% |
| Profitability | ||
| Gross margin | 50.6% | — |
| Operating margin | 28.3% | 54.7% |
| Net margin | 21.5% | 38.4% |
| FCF margin | 28.6% | 49.4% |
| Return on capital | 18.2% | 44.5% |
| Return on equity | 25.5% | — |
| Balance sheet | ||
| Net debt | $1.1B | $5.7B |
| Net debt / EBITDA | 1.3x | 3.3x |
| Dividends and buybacks | $808M | $3.0B |
| Valuation & quality | ||
| P/E | 22.7x | 32.6x |
| Piotroski F-score | 6 | 7 |
FY17
FDS $1.2B
MSCI $1.3B
FY18
FDS $1.4B
MSCI $1.4B
FY19
FDS $1.4B
MSCI $1.6B
FY20
FDS $1.5B
MSCI $1.7B
FY21
FDS $1.6B
MSCI $2.0B
FY22
FDS $1.8B
MSCI $2.2B
FY23
FDS $2.1B
MSCI $2.5B
FY24
FDS $2.2B
MSCI $2.9B
FY25
FDS $2.3B
MSCI $3.1B
FY26
FDS $2.5B
MSCI —
FDS
MSCI
FY17
FDS 28.8%
MSCI 45.5%
FY18
FDS 27.1%
MSCI 47.9%
FY19
FDS 30.5%
MSCI 48.5%
FY20
FDS 29.4%
MSCI 52.2%
FY21
FDS 29.8%
MSCI 52.5%
FY22
FDS 25.8%
MSCI 53.7%
FY23
FDS 30.2%
MSCI 54.8%
FY24
FDS 31.8%
MSCI 53.5%
FY25
FDS 32.2%
MSCI 54.7%
FY26
FDS 28.3%
MSCI —
FDS
MSCI
FY17
FDS $284M
MSCI $371M
FY18
FDS $352M
MSCI $583M
FY19
FDS $368M
MSCI $680M
FY20
FDS $428M
MSCI $789M
FY21
FDS $494M
MSCI $923M
FY22
FDS $487M
MSCI $1.1B
FY23
FDS $585M
MSCI $1.2B
FY24
FDS $615M
MSCI $1.5B
FY25
FDS $617M
MSCI $1.5B
FY26
FDS $707M
MSCI —
FDS
MSCI
FY17
FDS 35.9%
MSCI 23.7%
FY18
FDS 31.4%
MSCI 35.8%
FY19
FDS 42.5%
MSCI 47.2%
FY20
FDS 44.5%
MSCI 49.9%
FY21
FDS 46.6%
MSCI 43.2%
FY22
FDS 23.3%
MSCI 39.6%
FY23
FDS 18.2%
MSCI 39.9%
FY24
FDS 20.8%
MSCI 38.7%
FY25
FDS 20.7%
MSCI 44.5%
FY26
FDS 18.2%
MSCI —
FDS
MSCI
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.