Business Description
MSCI Inc. is an American financial company headquartered in New York City that provides critical decision support tools and services for the global investment community. The company is best known for its global equity, fixed income, and real estate indexes, which serve as benchmarks for trillions of dollars in assets. Additionally, MSCI offers multi-asset portfolio analysis tools, risk management software, and ESG and climate data products.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 3,134,459 | 2,856,128 | 2,528,920 | 2,248,598 |
| Cost of Sales | 550,366 | 514,382 | 446,581 | 404,341 |
| Gross Profit | 2,584,093 | 2,341,746 | 2,082,339 | 1,844,257 |
| Selling, General & Administrative Expenses | 500,045 | 473,560 | 430,171 | 411,440 |
| Depreciation & Amortization Expenses | 192,885 | 181,015 | 135,438 | 117,972 |
| Research & Development Expenses | 177,596 | 158,653 | 132,121 | 107,205 |
| Operating Profit | 1,713,567 | 1,528,518 | 1,384,609 | 1,207,640 |
| Interest and Investment Income | 16,012 | 21,277 | 177,508 | 11,769 |
| Interest Expense | (209,889) | (185,500) | (186,679) | (171,571) |
| Non-Operating Income | (25,434) | (8,127) | (6,377) | (3,997) |
| Total Non-Operating Income | (219,311) | (172,350) | (15,548) | (163,799) |
| Income Before Provision for Income Taxes | 1,494,256 | 1,356,168 | 1,369,061 | 1,043,841 |
| Provision for Income Taxes | 291,951 | 247,040 | 220,469 | 173,268 |
| Consolidated Net Income | 1,202,305 | 1,109,128 | 1,148,592 | 870,573 |
| Net Income Attributable to Common Shareholders | 1,202,305 | 1,109,128 | 1,148,592 | 870,573 |
| Basic EPS | 15.72 | 14.09 | 14.45 | 10.78 |
| Diluted EPS | 15.69 | 14.05 | 14.39 | 10.72 |
| Basic Weighted Average Shares Outstanding | 76,504 | 78,710 | 79,462 | 80,746 |
| Diluted Weighted Average Shares Outstanding | 76,636 | 78,960 | 79,843 | 81,215 |
| Shares Outstanding | 73,563 | 77,747 | 79,091 | 79,960 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 515,332 | 409,351 | 461,693 | 993,564 |
| Total Cash and Cash Equivalents | 515,332 | 409,351 | 461,693 | 993,564 |
| Accounts Receivable | 986,712 | 820,709 | 839,555 | 663,236 |
| Total Trade Receivables | 986,712 | 820,709 | 839,555 | 663,236 |
| Other Current Assets | 142,725 | 113,961 | 116,905 | 91,174 |
| Total Current Assets | 1,644,769 | 1,344,021 | 1,418,153 | 1,747,974 |
| Net Property, Plant & Equipment | 200,172 | 190,320 | 171,163 | 180,437 |
| Net Intangible Assets | 832,513 | 907,613 | 956,234 | 558,517 |
| Goodwill | 2,923,362 | 2,915,167 | 2,887,692 | 2,229,670 |
| Long-Term Investments | — | — | — | 214,389 |
| Other Long-Term Assets | 101,643 | 88,318 | 84,977 | 66,548 |
| Total Assets | 5,702,459 | 5,445,439 | 5,518,219 | 4,997,535 |
| Accounts Payable | 15,339 | 14,517 | 9,812 | 15,039 |
| Accrued Expenses | 508,197 | 409,725 | 387,738 | 335,831 |
| Current Portion of Long-Term Debt | — | — | 10,902 | 8,713 |
| Unearned Revenue | 1,231,776 | 1,123,423 | 1,083,864 | 882,886 |
| Other Current Liabilities | 74,401 | 37,989 | 24,709 | 8,058 |
| Total Current Liabilities | 1,829,713 | 1,585,654 | 1,517,025 | 1,250,527 |
| Long-Term Debt | 6,202,286 | 4,510,816 | 4,496,826 | 4,503,233 |
| Leases | 107,531 | 121,153 | 120,134 | 131,575 |
| Other Long-Term Liabilities | 217,469 | 167,813 | 123,998 | 120,125 |
| Total Long-Term Liabilities | 6,527,286 | 4,799,782 | 4,740,958 | 4,754,933 |
| Total Liabilities | 8,356,999 | 6,385,436 | 6,257,983 | 6,005,460 |
| Common Stock | 1,343 | 1,341 | 1,338 | 1,336 |
| Treasury Stock | (9,834,442) | (7,334,291) | (6,447,101) | (5,938,116) |
| Additional Paid-in Capital | 1,802,528 | 1,683,693 | 1,587,670 | 1,515,874 |
| Accumulated Other Comprehensive Income | (51,569) | (71,040) | (61,352) | (60,211) |
| Retained Earnings | 5,427,600 | 4,780,300 | 4,179,681 | 3,473,192 |
| Total Common Shareholders' Equity | (2,654,540) | (939,997) | (739,764) | (1,007,925) |
| Total Shareholders' Equity | (2,654,540) | (939,997) | (739,764) | (1,007,925) |
| Total Liabilities and Shareholders' Equity | 5,702,459 | 5,445,439 | 5,518,219 | 4,997,535 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 1,202,305 | 1,109,128 | 1,148,592 | 870,573 |
| Depreciation & Amortization | 218,570 | 206,275 | 159,219 | 142,496 |
| Share-Based Compensation Expense | 111,343 | 95,204 | 71,653 | 58,094 |
| Other Adjustments | 80,251 | 16,767 | (144,382) | 43,634 |
| Changes in Trade Receivables | (164,236) | 10,226 | (149,529) | (6,624) |
| Changes in Accounts Payable | 559 | 4,963 | (6,044) | 1,337 |
| Changes in Accrued Expenses | 82,211 | 16,034 | 26,754 | (11,778) |
| Changes in Income Taxes Payable | 28,609 | 16,183 | 14,721 | (49,296) |
| Changes in Unearned Revenue | 96,426 | 46,060 | 171,968 | 72,752 |
| Changes in Other Operating Activities | (67,592) | (20,723) | (55,413) | (25,819) |
| Cash from Operating Activities | 1,588,446 | 1,501,627 | 1,236,029 | 1,095,369 |
| Capital Expenditure | (39,319) | (33,762) | (22,757) | (13,617) |
| Purchases of Intangible Assets | (90,542) | (81,356) | (68,094) | (59,278) |
| Payments for Business Acquisitions | — | (27,467) | (727,342) | — |
| Other Investing Activities | (203) | (1,670) | (1,185) | (6,440) |
| Cash from Investing Activities | (130,064) | (144,255) | (819,378) | (79,335) |
| Issuance of Long-Term Debt | 2,805,963 | 556,875 | — | 355,000 |
| Repayments of Long-Term Debt | (1,101,875) | (559,063) | (8,750) | (7,188) |
| Net Issuance / (Repayments) of Long-Term Debt | 1,704,088 | (2,188) | (8,750) | 347,812 |
| Issuance of Common Shares | 6,975 | — | — | — |
| Repurchases of Common Shares | (2,484,305) | (885,266) | (504,188) | (1,397,506) |
| Net Issuance / (Repurchases) of Common Shares | (2,477,330) | (885,266) | (504,188) | (1,397,506) |
| Common Share Dividends Paid | (556,521) | (509,109) | (440,993) | (372,915) |
| Other Financing Activities | (32,227) | (5,745) | — | (2,771) |
| Cash from Financing Activities | (1,361,990) | (1,402,308) | (953,931) | (1,425,380) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 9,589 | (7,406) | 5,409 | (18,539) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 105,981 | (52,342) | (531,871) | (427,885) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $42.21B |
| P/E | 36.57x |
| P/S | 13.46x |
| EV/EBITDA | 24.84x |
| Return on Equity | -66.9% |
| Return on Invested Capital | 33.8% |
| Current Ratio | 0.90x |
| Dividend Yield | 1.3% |
| Free Cash Flow Margin | 49.4% |
Margins
Gross margin
82.4%
Operating margin
54.7%
Net margin
38.4%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $867M | +12.2% | 56.2% | $488M |
| Q1 2026 | $851M | +14.1% | 53.7% | $457M |
| Q4 2025 | $823M | +10.6% | 56.4% | $464M |
| Q3 2025 | $793M | +9.5% | 56.4% | $448M |
| Q2 2025 | $773M | — | 55.0% | $425M |
| Q1 2025 | $746M | — | 50.5% | $377M |
| Q4 2024 | $744M | — | 54.5% | $405M |
| Q3 2024 | $725M | — | 55.4% | $401M |
More on MSCI Inc.
Figures compiled from public company filings.
See how Top Bucket AI works for your firm
Request DemoTop Bucket AI Research
Stay ahead of private markets
Research and market intelligence for private-markets professionals.
✓
You're subscribed.
Thanks for signing up.