Morningstar
MORN · Financial Exchanges & Data
$224.89
0.7%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 $2.4B for Morningstar.
- MSCI grew revenue faster (9.8%, against 7.5%).
- MSCI kept more of each dollar of sales as operating profit (54.7% operating margin, against 21.5% operating margin).
- MSCI turned more of its sales into free cash flow (49.4% FCF margin, against 18.1% FCF margin).
- MSCI earned a higher return on the capital invested in it (44.5%, against 22.5%).
- Investors pay more for each dollar of MSCI’s earnings: a P/E of 32.6x against 21.4x for Morningstar.
| Latest fiscal year | MORN · FY25 | MSCI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.6B | $44.5B |
| Revenue | $2.4B | $3.1B |
| Free cash flow | $443M | $1.5B |
| Net income | $374M | $1.2B |
| Growth | ||
| Revenue growth | 7.5% | 9.8% |
| 5-year growth | 12.0% | 13.1% |
| Share count change | −2.1% | −2.9% |
| Profitability | ||
| Gross margin | 61.0% | — |
| Operating margin | 21.5% | 54.7% |
| Net margin | 15.3% | 38.4% |
| FCF margin | 18.1% | 49.4% |
| Return on capital | 22.5% | 44.5% |
| Return on equity | 26.4% | — |
| Balance sheet | ||
| Net debt | $544M | $5.7B |
| Net debt / EBITDA | 0.8x | 3.3x |
| Dividends and buybacks | $864M | $3.0B |
| Valuation & quality | ||
| P/E | 21.4x | 32.6x |
| Piotroski F-score | 6 | 7 |
FY16
MORN $799M
MSCI $1.2B
FY17
MORN $912M
MSCI $1.3B
FY18
MORN $1.0B
MSCI $1.4B
FY19
MORN $1.2B
MSCI $1.6B
FY20
MORN $1.4B
MSCI $1.7B
FY21
MORN $1.7B
MSCI $2.0B
FY22
MORN $1.9B
MSCI $2.2B
FY23
MORN $2.0B
MSCI $2.5B
FY24
MORN $2.3B
MSCI $2.9B
FY25
MORN $2.4B
MSCI $3.1B
MORN
MSCI
FY16
MORN 22.6%
MSCI 42.4%
FY17
MORN 18.6%
MSCI 45.5%
FY18
MORN 21.2%
MSCI 47.9%
FY19
MORN 16.1%
MSCI 48.5%
FY20
MORN 15.5%
MSCI 52.2%
FY21
MORN 15.1%
MSCI 52.5%
FY22
MORN 9.0%
MSCI 53.7%
FY23
MORN 11.3%
MSCI 54.8%
FY24
MORN 21.3%
MSCI 53.5%
FY25
MORN 21.5%
MSCI 54.7%
MORN
MSCI
FY16
MORN $151M
MSCI $410M
FY17
MORN $184M
MSCI $371M
FY18
MORN $239M
MSCI $583M
FY19
MORN $254M
MSCI $680M
FY20
MORN $308M
MSCI $789M
FY21
MORN $348M
MSCI $923M
FY22
MORN $168M
MSCI $1.1B
FY23
MORN $197M
MSCI $1.2B
FY24
MORN $449M
MSCI $1.5B
FY25
MORN $443M
MSCI $1.5B
MORN
MSCI
FY16
MORN —
MSCI 20.0%
FY17
MORN —
MSCI 23.7%
FY18
MORN —
MSCI 35.8%
FY19
MORN 15.9%
MSCI 47.2%
FY20
MORN 13.7%
MSCI 49.9%
FY21
MORN 15.5%
MSCI 43.2%
FY22
MORN 6.1%
MSCI 39.6%
FY23
MORN 9.8%
MSCI 39.9%
FY24
MORN 20.6%
MSCI 38.7%
FY25
MORN 22.5%
MSCI 44.5%
MORN
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.