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MSCI Inc.

MSCI· NYSE· Services-Business Services, NEC

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
49.4%
ROIC, 5 yr avg
39.1%
Revenue, 5 yr CAGR
+13.1%
We record prices for the companies we cover; MSCI is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
76.6M
Revenue
$3.1B
Free cash flow
$1.5B
Owner earnings
$1.4B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
54.7%
Net
38.4%
Free cash flow
49.4%
Owner earnings
45.9%
Stock pay
3.6%

Returns

ROIC, FY2025
45.5%
ROIC, 5 yr avg
39.1%
ROE, FY2025
–
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
11.7%
Revenue, 5 yr
13.1%
Revenue, 9 yr
11.8%
Diluted EPS, 3 yr
13.5%
Diluted EPS, 5 yr
17.1%
Diluted EPS, 9 yr
21.6%
Free cash flow, 3 yr
12.7%
Free cash flow, 5 yr
14.4%
Free cash flow, 9 yr
15.9%

Financial health · FY2025

Cash and investments
$515.3M
Total debt
$6.2B
Net debt
$5.7B
Debt/Equity
–
Debt/FCF
4.0x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
46.3%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-1.9%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$3.1B

+11.8% a year over 9 years

FY2016: Revenue $1.2BFY2017: Revenue $1.3BFY2018: Revenue $1.4BFY2019: Revenue $1.6BFY2020: Revenue $1.7BFY2021: Revenue $2.0BFY2022: Revenue $2.2BFY2023: Revenue $2.5BFY2024: Revenue $2.9BFY2025: Revenue $3.1B
FY2016FY2025

Margins

Operating54.7%Net38.4%

FY2025

FY2016: Operating 42.4%, Net 22.7%FY2017: Operating 45.5%, Net 23.9%FY2018: Operating 47.9%, Net 35.4%FY2019: Operating 48.5%, Net 36.2%FY2020: Operating 52.2%, Net 35.5%FY2021: Operating 52.5%, Net 35.5%FY2022: Operating 53.7%, Net 38.7%FY2023: Operating 54.8%, Net 45.4%FY2024: Operating 53.5%, Net 38.8%FY2025: Operating 54.7%, Net 38.4%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$1.5BOwner earnings$1.4B

Free cash flow +15.9% a year

FY2016: Free cash flow $410.1M, Owner earnings $378.1MFY2017: Free cash flow $371.0M, Owner earnings $334.4MFY2018: Free cash flow $582.5M, Owner earnings $543.6MFY2019: Free cash flow $680.4M, Owner earnings $639.2MFY2020: Free cash flow $789.3M, Owner earnings $738.2MFY2021: Free cash flow $922.6M, Owner earnings $867.6MFY2022: Free cash flow $1.1B, Owner earnings $1.0BFY2023: Free cash flow $1.2B, Owner earnings $1.1BFY2024: Free cash flow $1.5B, Owner earnings $1.4BFY2025: Free cash flow $1.5B, Owner earnings $1.4B
FY2016FY2025

Diluted shares

76.6M

-20.6% over 9 years, net buybacks

FY2016: Diluted shares 96.5MFY2017: Diluted shares 91.9MFY2018: Diluted shares 89.7MFY2019: Diluted shares 85.5MFY2020: Diluted shares 84.5MFY2021: Diluted shares 83.5MFY2022: Diluted shares 81.2MFY2023: Diluted shares 79.8MFY2024: Diluted shares 79.0MFY2025: Diluted shares 76.6M
FY2016FY2025

Return on invested capital

45.5%

FY2025

FY2016: ROIC 20.6%FY2017: ROIC 23.7%FY2018: ROIC 36.8%FY2019: ROIC 47.4%FY2020: ROIC 47.8%FY2021: ROIC 35.2%FY2022: ROIC 40.1%FY2023: ROIC 35.1%FY2024: ROIC 39.5%FY2025: ROIC 45.5%
FY2016FY2025

Net debt (below zero)

-$5.7B

$5.7B more debt than cash

FY2016: Net cash -$1.3BFY2017: Net cash -$1.2BFY2018: Net cash -$1.7BFY2019: Net cash -$1.6BFY2020: Net cash -$2.1BFY2021: Net cash -$2.7BFY2022: Net cash -$3.5BFY2023: Net cash -$4.0BFY2024: Net cash -$4.1BFY2025: Net cash -$5.7B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$1.2B$1.3B$1.4B$1.6B$1.7B$2.0B$2.2B$2.5B$2.9B$3.1B
Revenue growth7.0%10.7%12.5%8.6%8.8%20.5%10.0%12.5%12.9%9.7%
Gross margin––––––––––
Operating margin42.4%45.5%47.9%48.5%52.2%52.5%53.7%54.8%53.5%54.7%
Net income$260.9M$304.0M$507.9M$563.6M$601.8M$726.0M$870.6M$1.1B$1.1B$1.2B
Net margin22.7%23.9%35.4%36.2%35.5%35.5%38.7%45.4%38.8%38.4%
Diluted EPS$2.70$3.31$5.66$6.59$7.12$8.70$10.72$14.39$14.05$15.69
Return on invested capital?20.6%23.7%36.8%47.4%47.8%35.2%40.1%35.1%39.5%45.5%
Cash
Operating cash flow$442.4M$404.2M$612.8M$709.5M$811.1M$936.1M$1.1B$1.2B$1.5B$1.6B
Capital expenditure$32.3M$33.2M$30.3M$29.1M$21.8M$13.5M$13.6M$22.8M$33.8M$39.3M
Free cash flow$410.1M$371.0M$582.5M$680.4M$789.3M$922.6M$1.1B$1.2B$1.5B$1.5B
Stock-based compensation$32.0M$36.6M$38.9M$41.2M$51.1M$54.9M$58.1M$71.7M$95.2M$111.3M
Owner earnings?$378.1M$334.4M$543.6M$639.2M$738.2M$867.6M$1.0B$1.1B$1.4B$1.4B
Free cash flow per share$4.25$4.04$6.49$7.95$9.34$11.05$13.32$15.20$18.59$20.21
Capital allocation
Dividends paid$96.3M$119.8M$171.0M$222.9M$246.4M$302.4M$372.9M$441.0M$509.1M$556.5M
Share repurchases$774.6M$150.5M$949.9M$292.1M$778.5M$198.4M$1.4B$504.2M$885.3M$2.5B
Diluted shares96.5M91.9M89.7M85.5M84.5M83.5M81.2M79.8M79.0M76.6M
Share count change?-12.2%-4.8%-2.4%-4.6%-1.2%-1.2%-2.7%-1.7%-1.1%-2.9%
Balance sheet
Cash and equivalents$791.8M$889.5M$904.2M$1.5B$1.3B$1.4B$993.6M$461.7M$409.4M$515.3M
Short-term investments––––––––––
Total debt$2.1B$2.1B$2.6B$3.1B$3.4B$4.2B$4.5B$4.5B$4.5B$6.2B
Net debt$1.3B$1.2B$1.7B$1.6B$2.1B$2.7B$3.5B$4.0B$4.1B$5.7B
Shareholders' equity$317.6M$401.0M-$166.5M-$76.7M-$443.2M-$163.5M-$1.0B-$739.8M-$940.0M-$2.7B

Latest filings

All on EDGAR
2026-10-2010-QQuarterly report
2026-10-208-KEarnings release
2026-07-2110-QQuarterly report
2026-07-218-KEarnings release
2026-04-2110-QQuarterly report
2026-04-218-KEarnings release
2026-03-11DEF 14AProxy statement
2026-02-0610-KAnnual report
2026-01-288-KEarnings release
2025-10-2810-QQuarterly report

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