MSCI (MSCI)
Financials · $40.6B market cap · SEC CIK 0001408198
fundamentals score out of 100
Next reports on Oct 20, 2026, before the open, with analysts expecting $5.13 in earnings per share.
The case for MSCI
- 41% of revenue drops through to net profit.
- Revenue growing 11.6% year over year.
- Has compounded revenue at 13.1% a year over five years.
- Gross margin of 83% absorbs cost shocks.
- Pays a modest 1.0% dividend.
The case against
- Priced at 12.2× sales, which leaves no room for a stumble.
- Owes more than it owns: shareholder equity is -$2.7B, usually the result of buybacks funded with debt. ROE and price-to-book mean little here.
- The price trend is weak (40/100): -0.1% over a year, -3.8% over three months, 33% of the way up its 52-week range.
- P/E of 29.9× is higher than 86% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 29 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 71 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 88 |
| Momentumhow the price has behaved lately | 40 |
| Stabilityhow violently it moves, what it owes and what it pays you | 44 |
- Shareholder equity is negative, so return on equity, price-to-book and debt-to-equity are left out.
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 29.9× |
|---|---|
| Price / book | n/m (negative equity) |
| Price / sales | 12.2× |
| Revenue growth (YoY) | +11.6% |
| EPS growth (YoY) | +21.1% |
| Gross margin | 83% |
| Operating margin | 56% |
| Net margin | 41% |
| Return on assets | 24.4% (ROE not meaningful: negative equity) |
| Debt / equity | n/m (negative equity) |
| Current ratio | 0.89 |
| Dividend yield | 1.04% |
| Beta | 1.24 |
| 52-week range | $501.08 – $644.77 |
| Position in that range | 33% of the way up |
| 3-month return | -3.8% |
| 1-year return | -0.1% |
Five years of financials, as filed
Pulled from MSCI's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $3.1B | $2.9B | $2.5B | $2.2B | $2.0B |
| Operating income | $1.7B | $1.5B | $1.4B | $1.2B | $1.1B |
| Net income | $1.2B | $1.1B | $1.1B | $871M | $726M |
| Operating cash flow | $1.6B | $1.5B | $1.2B | $1.1B | $936M |
| Capital expenditure | $39.3M | $33.8M | $22.8M | $13.6M | $13.5M |
| Total assets | $5.7B | $5.4B | $5.5B | $5.0B | $5.5B |
| Total liabilities | $8.4B | $6.4B | $6.3B | $6.0B | $5.7B |
| Shareholder equity | -$2.7B | -$940M | -$740M | -$1.0B | -$163M |
| Cash | $515M | $409M | $462M | $994M | $1.4B |
| Long-term debt | $6.2B | $4.5B | $4.5B | $4.5B | $4.2B |
| Free cash flow | $1.5B | $1.5B | $1.2B | $1.1B | $923M |
| Operating margin | 54.7% | 53.5% | 54.8% | 53.7% | 52.5% |
| Net margin | 38.4% | 38.8% | 45.4% | 38.7% | 35.5% |
| Diluted shares | 76.6M | 79.0M | 79.8M | 81.2M | 83.5M |
Share count is down 8.2% over 4 years. Buybacks have been shrinking the pie.
What MSCI says it does
Overview Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities, make better investment decisions and unlock innovation. Investors all over the world use our tools and solutions to gain insights and improve transparency throughout their investment processes. Our offerings help them define their investment universe; make asset allocation decisions; construct and analyze portfolios and investment strategies; identify, measure and manage drivers of investment risk and performance; integrate sustainability and climate considerations into portfolio construction and risk management; design and manage indexed financial products such as exchange-traded funds ("ETFs"); and prepare regulatory and client reports. Our products and services include indexes; portfolio construction and risk management analytical models and tools;…
Risk factors MSCI lists in its 10-K
- Key Financial and Operating Metrics and Drivers
- Depreciation and Amortization of Property, Equipment and Leasehold Improvements
- Weighted Average Shares and Common Shares Outstanding
- Reconciliation of Net Income to Adjusted EBITDA and Operating Expenses to Adjusted EBITDA Expenses
- Consolidated Adjusted EBITDA expenses
- Cash Flows From Operating Activities
- Cash Flows From Investing Activities
- Cash Flows From Financing Activities
- Recent Accounting Standards Updates
- Financial Statements and Supplementary Data
- Opinions on the Financial Statements and Internal Control over Financial Reporting
- Internal Control - Integrated Framework
- Definition and Limitations of Internal Control over Financial Reporting
- Revenue Recognition - Recurring Subscriptions, Asset-Based Fees, and Non-Recurring Revenues