A Business at a Glance
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MSCI Inc.
MSCI
$42.2B
Mkt Cap
$550.79
-0.31%
MSCI Inc. (MSCI) has a current P/E ratio of 35.1, compared to its historical median P/E of 37.8. The stock is currently considered Fair based on its historical valuation range.
MSCI Inc. (MSCI) has a 5-year average return on invested capital (ROIC) of 40.1%. This indicates strong capital allocation and a potential competitive advantage.
MSCI Inc. (MSCI) has a market capitalization of $40.2B. It is classified as a large-cap stock.
Yes, MSCI Inc. (MSCI) pays a dividend with a trailing twelve-month yield of 1.40%. The company also returns capital through share buybacks, with a buyback yield of 6.69%.
Based on historical P/E analysis, MSCI Inc. (MSCI) appears fair. The current P/E of 35.1 is 7% below its historical median of 37.8. The estimated fair value CAGR (P/E method) is 16.9%.
MSCI Inc. (MSCI) operates in the Services-Business Services, Nec industry, within the Industrials sector.
MSCI Inc. (MSCI) reported annual revenue of $3.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
MSCI provides research-based data, analytics, and indexes supported by advanced technology to serve the global investment ecosystem across more than 100 countries. The company operates through three reportable segments—Index, Analytics, and Sustainability and Climate—plus All Other Private Assets, serving approximately 6,800 clients including asset managers, banks, brokerages, asset owners, hedge funds, wealth managers, insurance companies, and other institutional investors. Revenue is generated primarily through recurring fixed and variable fee arrangements, with clients purchasing index data, portfolio construction and risk management tools, sustainability and climate solutions, and private asset data and analytics to support investment decision-making, portfolio construction, risk management, and regulatory reporting. The Index segment, which includes market cap indexes, factor indexes, fixed income indexes, private asset indexes, sustainability and climate indexes, thematic indexes, and custom indexes, benefits from strong secular trends including the growth of indexed investing through ETFs and derivatives, demand for customized portfolio solutions, and integration of sustainability considerations into investment processes. MSCI's competitive advantages include differentiated research-enhanced content delivered at scale through flexible technology and artificial intelligence, strong client relationships built on deep understanding of client needs, and proprietary data spanning global market data, sustainability and climate metrics, factor models, and private asset performance benchmarks. The company's financial model is characterized by attractive recurring revenue streams and strong cash generation, with disciplined capital allocation balancing business investment, acquisitions, and shareholder returns through dividends and share repurchases.
【AI-driven growth acceleration】 Management highlighted that MSCI closed one of the strongest first quarters in its history with Index organic subscription run rate growth re-accelerating to over 10% and record Q1 recurring net new sales of $25 million, up 75% year-over-year, while Private Capital Solutions subscription run rate growth accelerated to nearly 16%. The company is experiencing significant acceleration in adoption of AI tools across its business and launched an equal number of products in Q1 2026 as it did in the full year of 2025, with management noting that AI is "definitely a boon" for the company and positioning it well in an "AI-first economy." Management expects Analytics revenue growth to be roughly 5% in Q2 2026 and anticipates that beyond Q2, revenue growth will track more closely to run rate growth, which management views as a good indicator of future revenue trajectory. The company expects pressures and muted growth in sustainability and climate to continue in the near term, though management is seeing some improvement in client dynamics on the margin and remains bullish on the long-term opportunity, with a robust product development pipeline supporting strong client engagement across all segments.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.2B | 3.1B | 2.9B | 2.5B | 2.2B | 2.0B |
| Net Income | 1.3B | 1.2B | 1.1B | 1.1B | 871M | 726M |
| EPS | $17.69 | $15.69 | $14.05 | $14.39 | $10.72 | $8.70 |
| Free Cash Flow | 1.6B | 1.5B | 1.5B | 1.2B | 1.1B | 923M |
| ROIC | 47.0% | 43.6% | 37.8% | 39.0% | 38.4% | 41.5% |
| Gross Margin | - | 73.5% | 72.5% | 73.7% | 66.5% | 63.9% |
| Debt/Equity | 0.00 | -2.39 | -4.95 | -6.29 | -4.63 | -26.52 |
| Dividends/Share | $7.73 | $7.20 | $6.40 | $5.52 | $4.58 | $3.64 |
| Operating Income | 1.8B | 1.7B | 1.5B | 1.4B | 1.2B | 1.1B |
| Operating Margin | 55.4% | 54.7% | 53.5% | 54.8% | 53.7% | 52.5% |
| ROE | 0.0% | -66.9% | -132.1% | -131.4% | -148.6% | -239.3% |
| Shares Outstanding | 73M | 77M | 79M | 80M | 81M | 83M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 997M | 1.1B | 1.2B | 1.3B | 1.4B | 1.6B | 1.7B | 2.0B | 2.2B | 2.5B | 2.9B | 3.1B | 3.2B |
| Gross Margin | 72.2% | 75.1% | 78.1% | 78.5% | 80.0% | 63.5% | 64.2% | 63.9% | 66.5% | 73.7% | 72.5% | 73.5% | N/A |
| R&D | 71M | 77M | 75M | 76M | 81M | 98M | 101M | 112M | 107M | 132M | 159M | 178M | 180M |
| SG&A | 279M | 86M | 87M | 88M | 100M | 110M | 115M | 148M | 147M | 154M | 182M | 180M | 192M |
| EBIT | 337M | 404M | 488M | 580M | 687M | 756M | 885M | 1.1B | 1.2B | 1.4B | 1.5B | 1.7B | 1.8B |
| Op. Margin | 33.8% | 37.6% | 42.4% | 45.5% | 47.9% | 48.5% | 52.2% | 52.5% | 53.7% | 54.8% | 53.5% | 54.7% | 55.4% |
| Net Income | 284M | 224M | 261M | 304M | 508M | 564M | 602M | 726M | 871M | 1.1B | 1.1B | 1.2B | 1.3B |
| Net Margin | 28.5% | 20.8% | 22.7% | 23.9% | 35.4% | 36.2% | 35.5% | 35.5% | 38.7% | 45.4% | 38.8% | 38.4% | 40.7% |
| Non-Recurring | 0 | 0 | 449K | 0 | 61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 11.9% | 15.6% | 20.0% | 23.7% | 35.8% | 44.4% | 47.2% | 41.5% | 38.4% | 39.0% | 37.8% | 43.6% | 47.0% |
| ROE | 18.9% | 19.2% | 42.8% | 84.6% | 433.1% | -463.5% | -231.5% | -239.3% | -148.6% | -131.4% | -132.1% | -66.9% | 0.0% |
| ROA | 9.4% | 7.4% | 8.4% | 9.6% | 15.2% | 14.8% | 14.3% | 15.0% | 16.6% | 21.8% | 20.2% | 21.6% | 23.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 306M | 321M | 442M | 404M | 613M | 710M | 811M | 936M | 1.1B | 1.2B | 1.5B | 1.6B | 1.6B |
| Free Cash Flow | 263M | 281M | 410M | 371M | 583M | 680M | 789M | 923M | 1.1B | 1.2B | 1.5B | 1.5B | 1.6B |
| Owner Earnings | 253M | 262M | 376M | 332M | 543M | 638M | 730M | 852M | 1.0B | 1.1B | 1.4B | 1.5B | 1.4B |
| CapEx | 43M | 41M | 32M | 33M | 30M | 29M | 22M | 14M | 14M | 23M | 34M | 39M | 31M |
| Maint. CapEx | 26M | 31M | 34M | 35M | 31M | 30M | 30M | 29M | 27M | 21M | 17M | 23M | 25M |
| Growth CapEx | 17M | 9.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.7M | 17M | 16M | 6.1M |
| D&A | 26M | 31M | 34M | 35M | 31M | 30M | 30M | 29M | 27M | 21M | 17M | 23M | 25M |
| CapEx/OCF | 14.0% | 13.3% | 7.3% | 8.2% | 4.9% | 4.1% | 2.7% | 1.4% | 1.2% | 1.8% | 2.2% | 2.5% | 1.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 20M | 88M | 96M | 120M | 171M | 223M | 246M | 302M | 373M | 441M | 509M | 557M | 563M |
| Dividend Yield | 0.4% | 1.5% | 1.4% | 1.3% | 1.3% | 1.3% | 0.9% | 0.7% | 1.0% | 1.1% | 1.2% | 1.3% | 1.4% |
| Share Buybacks | 410M | 701M | 775M | 150M | 950M | 292M | 779M | 198M | 1.4B | 504M | 885M | 2.5B | 2.7B |
| Buyback Yield | 8.2% | 9.8% | 11.3% | 1.4% | 7.8% | 1.4% | 2.2% | 0.4% | 3.9% | 1.1% | 1.9% | 5.6% | 6.7% |
| Stock-Based Comp | 27M | 29M | 32M | 37M | 39M | 41M | 51M | 55M | 58M | 72M | 95M | 111M | 119M |
| Debt Repayment | 810M | 10M | 7.2M | 0 | 6.3M | 513M | 1.1B | 1.1B | 7.2M | 8.8M | 559M | 1.1B | 1.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 280M | 802M | 1.3B | 1.2B | 1.7B | 1.8B | 2.2B | 2.9B | 3.7B | 4.2B | 4.2B | 5.8B | 6.0B |
| Cash & Equiv. | 509M | 778M | 792M | 890M | 904M | 1.5B | 1.3B | 1.4B | 994M | 462M | 409M | 515M | 385M |
| Long-Term Debt | 788M | 1.6B | 2.1B | 2.1B | 2.6B | 3.1B | 3.4B | 4.2B | 4.5B | 4.5B | 4.5B | 6.2B | 6.4B |
| Debt/Equity | 0.55 | 1.75 | 6.53 | 5.18 | -15.47 | -42.47 | -7.99 | -26.52 | -4.63 | -6.29 | -4.95 | -2.39 | 0.00 |
| Interest Coverage | 10.6 | 6.5 | 4.8 | 5.0 | 5.2 | 5.1 | 5.7 | 6.7 | 7.0 | 7.4 | 8.2 | 8.2 | 68.2 |
| Equity | 1.4B | 901M | 318M | 401M | -166M | -77M | -443M | -163M | -1.0B | -740M | -940M | -2.7B | -2.8B |
| Total Assets | 2.9B | 3.1B | 3.1B | 3.3B | 3.4B | 4.2B | 4.2B | 5.5B | 5.0B | 5.5B | 5.4B | 5.7B | 5.5B |
| Total Liabilities | 1.4B | 2.2B | 2.8B | 2.9B | 3.6B | 4.3B | 4.6B | 5.7B | 6.0B | 6.3B | 6.4B | 8.4B | 8.3B |
| Intangibles | 434M | 391M | 348M | 322M | 281M | 261M | 235M | 593M | 559M | 956M | 908M | 833M | 851M |
| Retained Earnings | 1.0B | 1.2B | 1.3B | 1.5B | 1.9B | 2.2B | 2.6B | 3.0B | 3.5B | 4.2B | 4.8B | 5.4B | 5.7B |
| Working Capital | 297M | 565M | 519M | 659M | 626M | 1.2B | 904M | 892M | 497M | -99M | -242M | -185M | -219M |
| Current Assets | 769M | 1.1B | 1.1B | 1.3B | 1.4B | 2.1B | 1.9B | 2.1B | 1.7B | 1.4B | 1.3B | 1.6B | 1.4B |
| Current Liabilities | 473M | 498M | 537M | 608M | 809M | 901M | 1.0B | 1.3B | 1.3B | 1.5B | 1.6B | 1.8B | 1.6B |
| Per Share Data | |||||||||||||
| EPS | 2.43 | 2.03 | 2.70 | 3.31 | 5.66 | 6.59 | 7.12 | 8.70 | 10.72 | 14.39 | 14.05 | 15.69 | 17.69 |
| Owner EPS | 2.17 | 2.38 | 3.89 | 3.62 | 6.05 | 7.46 | 8.64 | 10.21 | 12.44 | 14.32 | 17.60 | 18.97 | 19.89 |
| Book Value | 12.27 | 8.18 | 3.29 | 4.37 | -1.86 | -0.90 | -5.24 | -1.96 | -12.41 | -9.27 | -11.91 | -34.64 | -38.05 |
| Cash Flow/Share | 2.62 | 2.92 | 4.58 | 4.40 | 6.83 | 8.30 | 9.60 | 11.22 | 13.49 | 15.49 | 19.02 | 20.73 | 18.44 |
| Dividends/Share | 0.18 | 0.80 | 1.00 | 1.32 | 1.92 | 2.52 | 2.92 | 3.64 | 4.58 | 5.52 | 6.40 | 7.20 | 7.73 |
| Shares Out. | 116.8M | 110.2M | 96.6M | 91.8M | 89.7M | 85.5M | 84.5M | 83.4M | 81.2M | 79.8M | 78.9M | 76.6M | 72.9M |
| Valuation | |||||||||||||
| P/E Ratio | 17.6 | 31.9 | 26.3 | 35.0 | 23.8 | 37.0 | 58.0 | 67.3 | 40.8 | 38.6 | 42.7 | 37.1 | 31.1 |
| P/FCF | 18.9 | 25.4 | 16.7 | 28.7 | 20.8 | 30.7 | 44.2 | 53.0 | 32.8 | 36.5 | 32.2 | 28.8 | 25.7 |
| EV/EBIT | 14.1 | 17.7 | 15.0 | 18.9 | 18.7 | 27.7 | 40.3 | 46.8 | 31.5 | 34.6 | 33.4 | 29.1 | 25.7 |
| Price/Book | 3.5 | 7.9 | 21.6 | 26.5 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | 4.6 | 5.6 | 5.9 | 7.0 | 9.0 | 11.2 | 15.9 | 20.7 | 16.3 | 15.7 | 14.9 | 13.7 | 12.4 |
| FCF Yield | 5.3% | 3.9% | 6.0% | 3.5% | 4.8% | 3.3% | 2.3% | 1.9% | 3.0% | 2.7% | 3.1% | 3.5% | 3.9% |
| Market Cap | 5.0B | 7.1B | 6.9B | 10.6B | 12.1B | 20.9B | 34.9B | 48.9B | 35.5B | 44.3B | 47.3B | 44.7B | 40.2B |
| Avg. Price | 39.48 | 54.77 | 69.81 | 96.92 | 144.32 | 203.52 | 319.74 | 506.16 | 451.16 | 496.98 | 537.84 | 559.36 | 550.79 |
| Year-End Price | 42.65 | 64.67 | 70.91 | 115.79 | 134.86 | 244.01 | 412.93 | 585.88 | 437.17 | 554.79 | 599.59 | 582.69 | 550.79 |
MSCI Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
MSCI Inc. trades at 35.1x trailing earnings, compared to its 15-year median P/E of 37.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 26.1x vs a median of 31.5x. The company's 5-year average ROIC is 40.1% with a gross margin of 70.0%. Total shareholder yield (dividends + buybacks) is 8.1%. At current prices, the estimated annualized return to fair value is +16.8%.
MSCI Inc. (MSCI) has a net profit margin of 38.4%. This is a strong margin indicating high profitability.
MSCI Inc. (MSCI) generated $1.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MSCI Inc. (MSCI) reported earnings per share (EPS) of $15.69 in its most recent fiscal year.
MSCI Inc. (MSCI) has a return on equity (ROE) of -66.9%. A negative ROE may indicate losses or negative equity.
MSCI Inc. (MSCI) has a 5-year average gross margin of 70.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for MSCI Inc. (MSCI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MSCI Inc. (MSCI) has a book value per share of $-34.64, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management highlighted that MSCI closed one of the strongest first quarters in its history with Index organic subscription run rate growth re-accelerating to over 10% and record Q1 recurring net new sales of $25 million, up 75% year-over-year, while Private Capital Solutions subscription run rate growth accelerated to nearly 16%. The company is experiencing significant acceleration in adoption of AI tools across its business and launched an equal number of products in Q1 2026 as it did in the full year of 2025, with management noting that AI is "definitely a boon" for the company and positioning it well in an "AI-first economy." Management expects Analytics revenue growth to be roughly 5% in Q2 2026 and anticipates that beyond Q2, revenue growth will track more closely to run rate growth, which management views as a good indicator of future revenue trajectory. The company expects pressures and muted growth in sustainability and climate to continue in the near term, though management is seeing some improvement in client dynamics on the margin and remains bullish on the long-term opportunity, with a robust product development pipeline supporting strong client engagement across all segments.