— Know what they know.
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Not Investment Advice

MSCI

NYSE · USD
MSCI Inc.
Financial Services · Financial - Data & Stock Exchanges
CEO Henry A. Fernandez Employees 6,268 R&D / revenue 5.7%
Last price
$569.08−1.05%last session
Market cap
$41.4B
P/E (TTM)
31.3x
From 52w high
−11.7%
From 52w low
+13.6%
1-year return
+7.0%
RSI 14 · vs SMA200
56.7 · −0.5%
IS score
73.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

MSCI   SPY   XLF (sector ETF) · weekly closes
100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLF 107MSCI 107

Score DNA

Each bar is a 0-100 score within the scored universe
80
Profitability
70
Growth
42
Value
84
Momentum
100
Risk (safety)
78
Quality
31
Balance sheet
64
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Insider buying
Warnings
None of the computed warning flags fires for MSCI (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Wide, Cost AdvantagePiotroski 8 / 9Beta 1.223 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
8
$3.25M bought
Form 144 notices (12m): 6, $7.3M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+18
125 new holders, 91 closed
1,085 filers hold 92.9% · 390 added, 412 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+187
919 funds adding shares
732 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
31.5%
20-day avg 42.0%, 50-day avg 41.6%
Latest 10.5 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$3.1B
Revenue growth YoY+9.7%
Gross margin82.4%
Operating income$1.7B
Operating margin54.7%
Net income$1.2B
Net margin38.4%
EPS (diluted)$15.56
Cash flow
Operating cash flow$1.6B
Capital expenditure$39.3M
Free cash flow$1.5B
FCF conversion (FCF / OCF)97.5%
Stock-based compensation$111.3M
FCF less SBC$1.4B
Buybacks$2.5B
Dividends$556.5M
Balance sheet & returns
Cash & short-term investments$515.3M
Total debt$6.2B
Net debt$5.7B
Shareholders' equity−$2.7B
Goodwill & intangibles$3.8B
Debt / equity-2.43
ROE (TTM)-54.1%
ROIC (TTM)39.4%
Operating margin by fiscal year
52.5%FY202153.7%FY202254.8%FY202353.5%FY202454.7%FY2025
Revenue $2.0B (FY2021) to $3.1B (FY2025), a 11.3% CAGR.

Valuation

P/E (TTM)31.3x
EV / EBITDA23.0x
Price / sales12.41x
Price / FCF25.9x
FCF yield3.86%
Buyback yield6.00%
SBC / revenue3.6%
Price / bookn/m
Forward P/E FY202628.9x
Forward P/E FY202725.3x
Forward P/E FY202822.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $681.75 across 4 analysts last quarter is theirs, not ours.

MSCI vs industry median

33 companies in Financial - Data & Stock Exchanges
Gross margin 83.0% 71.8% Operating margin 55.7% 38.3% Net margin 40.7% 26.4% ROIC 39.4% 13.4%
MSCI (TTM)Industry median Asset turnover 0.60 vs industry 0.26 · financial leverage -2.08

Earnings delivery

Next report 2026-10-20 · consensus EPS $5.02
92%
beat rate, 11 of 12 quarters
+2.2%
median EPS surprise
11
longest beat streak
+4+12+2+3+2+6+2+0+2+1+2-1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-31 to 2026-07-21. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
MSCI MSCI Inc. $41.4B31.3x-54.1%40.7%+9.7% +7.0%
COIN Coinbase Global, Inc. $45.7Bn/m-7.8%-29.5%−21.0% −47.6%
NDAQ Nasdaq, Inc. $52.5B27.1x16.5%20.0%+7.3% +7.2%
MCO Moody's Corporation $84.0B30.7x80.2%40.2%+11.7% +3.7%
ICE Intercontinental Exchange, I $90.7B22.7x13.9%35.9%−0.6% +5.7%
CME CME Group Inc. $105.7B24.8x15.7%61.1%+5.1% —
TRU TransUnion $14.2B19.3x18.1%19.3%+12.4% —
SPGI S&P Global Inc. $126.7B26.1x15.1%29.4%+9.7% —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-08-07Officer/Director Change
2026-07-21Earnings Release; Exhibits
2026-04-23Shareholder Vote
2026-04-21Earnings Release; Exhibits
2026-03-31Officer/Director Change
2026-01-28Entry into Material Definitive Agreement; Financial Statements and Exhibits

Context

Shares outstanding72,700,000
Free float94.9%
Institutional ownership92.9%
Beta1.22
Dividend yield1.40%
Last dividend$2.05 on 2026-08-14
50 / 200-day average$558.63 / $572.29
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where MSCI sits among 11 scored companies in Financial - Data & Stock Exchanges (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureMSCIIndustry medianIndustry percentileSector median
P/E (TTM) 30.5x 23.6x
100th		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 1.75 1.40
67th		 1.04
Price / sales 12.4x 7.9x
90th		 2.5x
Price / book —
Price / tangible book —
Price / free cash flow 25.9x 22.7x
90th		 11.8x
Price / operating cash flow 25.4x 22.1x
100th		 11.7x
Enterprise value $47.6B $47.6B
50th		 $3.4B
EV / sales 14.3x 8.6x
90th		 6.0x
EV / EBITDA 23.1x 17.6x
89th		 13.0x
EV / EBIT 25.7x 20.9x
89th		 15.5x
EV / free cash flow 29.8x 24.1x
90th		 15.9x
Earnings yield 3.3% 4.0%
10th		 7.9%
FCF yield 3.9% 4.4%
10th		 6.3%
Operating cash flow yield 3.9% 4.5%
0th		 7.8%
Graham number (per share) —

Profitability (TTM)

MeasureMSCIIndustry medianIndustry percentileSector median
Gross margin 83.0% 70.9%
100th		 71.9%
EBITDA margin 61.9% 37.4%
90th		 37.9%
Operating margin 55.7% 31.6%
90th		 23.3%
EBIT margin 55.4% 29.2%
90th		 23.3%
Net margin 40.7% 30.5%
80th		 18.7%
NOPAT margin 47.5% 25.5%
90th		 18.7%
FCF margin 47.9% 38.8%
70th		 23.3%
Operating cash flow margin 48.8% 40.7%
80th		 26.7%
R&D / revenue 5.4% 0.0%
90th		 0.0%
SG&A / revenue 16.1% 22.3%
20th		 20.1%
Stock comp / revenue 3.6% 2.2%
90th		 0.7%
Effective tax rate 14.7% 22.2%
10th		 21.0%

Returns on capital

MeasureMSCIIndustry medianIndustry percentileSector median
ROE (on average equity) —
ROA 24.7% 8.0%
100th		 1.4%
ROIC 45.3% 12.2%
100th		 7.8%
ROCE 46.2% 13.1%
100th		 5.8%
Return on tangible assets 33.7% 10.5%
100th		 2.0%
Cash ROIC (OCF / invested capital) 46.5% 24.9%
90th		 11.4%
Gross profitability (GP / assets) 49.4% 18.9%
100th		 10.3%
ROIC, 3-yr average 36.1% 15.3%
80th		 7.1%
ROIC, 5-yr average —
ROE, 5-yr average —
Incremental ROIC 676.4% -41.1%
100th		 8.4%

Growth

MeasureMSCIIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 11.6% 7.3%
80th		 7.1%
Revenue growth (QoQ) 1.9% 1.9%
60th		 2.8%
Revenue CAGR, 3 yr 12.4% 10.0%
70th		 10.8%
Revenue CAGR, 5 yr 12.6% 9.2%
80th		 11.3%
Gross profit CAGR, 3 yr 12.7% 12.9%
40th		 18.0%
Operating income CAGR, 3 yr 13.2% 17.1%
33rd		 8.8%
Net income growth (TTM YoY) 15.2% 18.9%
44th		 24.7%
Net income CAGR, 3 yr 14.0% 23.2%
33rd		 9.4%
EPS growth (TTM YoY) 22.1% 24.6%
44th		 25.1%
EPS CAGR, 3 yr 17.4% 22.2%
44th		 7.3%
EPS CAGR, 5 yr 17.2% 9.6%
100th		 4.2%
FCF growth (TTM YoY) 10.5% 10.8%
40th		 15.9%
FCF CAGR, 3 yr 13.0% 13.0%
50th		 8.5%
Operating cash flow CAGR, 3 yr 10.9% 10.9%
50th		 8.4%
Book value CAGR, 3 yr —
Dividend CAGR, 3 yr 5.4% 2.8%
75th		 1.9%
Sustainable growth rate —

Margin history & stability

MeasureMSCIIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 82.4% 63.7%
90th		 63.4%
Operating margin, 3-yr average 54.3% 30.8%
90th		 21.4%
Net margin, 3-yr average 41.4% 25.9%
80th		 16.5%
FCF margin, 3-yr average 47.3% 34.9%
80th		 28.2%
Revenue stability (0-1) 1.00 0.97
90th		 0.86
Earnings stability (0-1) 0.96 0.42
100th		 0.37
Margin stability (0-1) 1.00 0.95
100th		 0.81

Liquidity (latest quarter)

MeasureMSCIIndustry medianIndustry percentileSector median
Cash & short-term investments $356.4M $1.5B
20th		 $145.5M
Net cash (− = net debt) −$6.2B −$4.8B
30th		 −$676.0M
Working capital −$169.5M $68.3M
30th		 $86.3M
Current ratio 0.89 1.02
20th		 1.19
Quick ratio 0.89 1.02
30th		 1.19
Cash ratio (cash + ST investments / current liabilities) 0.22 0.45
20th		 0.55
Defensive interval (days) 497 days 569 days
40th		 417 days

Leverage & solvency (latest quarter)

MeasureMSCIIndustry medianIndustry percentileSector median
Total debt $6.5B $6.5B
50th		 $1.2B
Debt / equity —
Net debt / equity —
Debt / assets 116.8% 33.8%
100th		 33.5%
Debt / capital —
Debt / EBITDA 3.17 2.13
100th		 3.20
Net debt / EBITDA 3.00 1.60
100th		 2.19
Interest coverage (EBIT / interest) 7.2x 9.2x
33rd		 2.9x
Cash interest coverage 6.3x 11.1x
11th		 3.7x
Debt payback (years of OCF) 4.0 yrs 2.7 yrs
80th		 3.7 yrs
Liabilities / assets 148.0% 59.0%
100th		 86.2%
IS credit model rating BB — —
Implied credit spread (bps) 475 150
100th		 175

Efficiency

MeasureMSCIIndustry medianIndustry percentileSector median
Asset turnover 0.61 0.30
90th		 0.15
Fixed asset turnover 14.20 13.70
60th		 11.68
Inventory turnover —
Receivables turnover 4.0 7.1
0th		 8.2
Days sales outstanding 92 days 51 days
100th		 43 days
Days inventory outstanding —
Days payables outstanding 9 days 34 days
0th		 39 days
Cash conversion cycle (days) 82 days 14 days
100th		 0 days
Capex / revenue 0.9% 2.4%
22nd		 0.2%
Capex / depreciation 0.14 0.39
33rd		 0.13
Operating expense ratio 26.5% 26.5%
60th		 38.9%

Cash flow & earnings quality

MeasureMSCIIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.20 1.19
56th		 1.28
FCF / net income 1.18 1.15
56th		 1.15
FCF / operating cash flow 98.1% 92.6%
78th		 98.5%
Capex / operating cash flow 1.9% 7.4%
22nd		 0.6%
Accruals ratio -4.9% -2.2%
30th		 -2.0%
Sloan accruals ratio -3.4% -4.6%
60th		 -0.6%
Earnings quality score (0-1) 1.00 1.00
33rd		 0.75

Dividends & buybacks

MeasureMSCIIndustry medianIndustry percentileSector median
Dividend yield 1.4% 1.2%
70th		 2.3%
Dividend per share (TTM) $7.95 $2.04
90th		 $1.03
Payout ratio (dividends / net income) 42.2% 29.6%
78th		 30.0%
Dividends / FCF 35.9% 23.2%
80th		 49.0%
Dividend growth (YoY) 13.7% 8.3%
62nd		 6.4%
Buyback yield 6.6% 2.7%
90th		 1.7%
Shareholder yield (dividends + buybacks) 7.9% 4.0%
90th		 5.2%
Share count change (YoY) -5.7% -2.5%
20th		 -0.3%
Buybacks, last 5 years $6.1B $3.6B
80th		 $85.3M

Scores & forensic checks

MeasureMSCIIndustry medianIndustry percentileSector median
IS score 74 66
80th		 53
IS profitability 80 75
80th		 59
IS growth 70 56
90th		 57
IS value 42 52
10th		 77
IS momentum 84 84
50th		 76
IS risk (safety) 100 100
10th		 65
IS quality 78 79
40th		 71
IS balance sheet 31 52
0th		 51
IS earnings quality 64 74
10th		 74
IS cash flow 77 77
50th		 71
Piotroski F-score (0-9) 8 7
80th		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −4.09 −7.92
100th		 −6.00
IS credit score 42 74
0th		 68

Per share

MeasureMSCIIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $18.58 $11.07
100th		 $3.36
Book value per share −$36.79 $26.87
0th		 $28.13
Tangible book per share −$89.31 −$27.93
0th		 $21.49
Revenue per share $45.61 $25.28
60th		 $17.62
FCF per share $21.86 $11.63
100th		 $1.99
Operating cash flow per share $22.27 $11.90
90th		 $2.45
Cash per share $4.88 $7.46
20th		 $1.75

Size (TTM)

MeasureMSCIIndustry medianIndustry percentileSector median
Market cap $41.4B $45.7B
40th		 $2.5B
Revenue $3.3B $5.5B
30th		 $1.0B
EBITDA $2.1B $2.1B
50th		 $269.3M
Net income $1.4B $1.4B
50th		 $168.0M
Free cash flow $1.6B $2.0B
40th		 $160.0M
Total assets $5.6B $14.7B
30th		 $8.5B
Shareholders' equity −$2.7B $4.8B
0th		 $1.5B
Employees 6,327 10,973
30th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-12Wiechmann Andrew C.
Chief Financial Officer
 Open-market sale 450$570.00$256,50021,644
2026-09-02Taneja Rajat
Director
 Open-market buy 1,786$560.00$1.0M5,404
2026-08-28Yang June
Director
 Award / grant 2——906
2026-08-28Riefler Linda H
Director
 Award / grant 8——20,998
2026-08-28Matlock Robin
Director
 Award / grant 6——2,037
2026-06-10Wiechmann Andrew C.
Chief Financial Officer
 Open-market sale 450$604.56$272,05222,094
2026-06-02Taneja Rajat
Director
 Award / grant 42——3,618
2026-05-29Yang June
Director
 Award / grant 2——904
2026-05-29Matlock Robin
Director
 Award / grant 6——2,031
2026-05-29Riefler Linda H
Director
 Award / grant 7——20,990
2026-05-15Fernandez Henry A
Director, Chairman and CEO
 Open-market buy 80$565.17$45,2141,731,961
2026-05-15Fernandez Henry A
Director, Chairman and CEO
 Open-market buy 400$564.42$225,7681,731,881

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired194,434—
GiftAcquired175,707—
GiftDisposed175,707—
Open-market buyAcquired85,786$3.2M
Open-market saleDisposed410,900$6.4M
Tax withholdingDisposed132—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 6 notices · 12,424 shares · $7.3M
FiledFilerShares proposedEst. proceeds
2026-10-13Andrew Craig Wiechmann450$256,500
2026-06-10Andrew Craig Wiechmann450$272,052
2026-04-24Alvise J Munari10,000$5.9M
2026-03-17Andrew Craig Wiechmann450$252,000
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 3 trades (2 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-04-13Ro KhannaHousePurchase$1,001 - $15,0002026-05-13
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2026-01-13Ro KhannaHousePurchase$1,001 - $15,0002026-02-10
2025-09-29Ro KhannaHousePurchase$1,001 - $15,0002025-10-03
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.5,468,585$3.1B7.52%
VANGUARD CAPITAL MANAGEMENT LLC4,644,770$2.6B6.39%
VANGUARD PORTFOLIO MANAGEMENT LLC4,163,745$2.3B5.73%
BAMCO INC /NY/3,211,753$1.8B4.42%
STATE STREET CORP3,194,918$1.8B4.39%
T. Rowe Price Investment Management, Inc.2,049,428$1.1B2.82%
GEODE CAPITAL MANAGEMENT, LLC1,950,086$1.1B2.68%
PRINCIPAL FINANCIAL GROUP INC1,127,265$631.3M1.55%
PineStone Asset Management Inc.943,550$528.4M1.30%
Fiera Capital Corp864,977$484.4M1.19%
NORGES BANK859,813$481.5M1.18%
Mitsubishi UFJ Asset Management Co., Ltd.858,176$480.6M1.18%
Invesco Ltd.807,864$452.4M1.11%
BAILLIE GIFFORD & CO796,246$445.9M1.10%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP724,058$405.5M1.00%

Institutional ownership by quarter

2023-092026-0692.9%
% of shares held by 13F filers
2023-092026-061,085
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,08592.9%12539041291
2026-03-311,06789.0%132361427128
2025-12-311,08092.0%16532844597
2025-09-301,03793.5%95372405127
2025-06-301,08697.8%11439742595
2025-03-311,08097.5%12240538391
2024-12-311,06897.7%16740435476
2024-09-3099695.5%13741531268
2024-06-3093697.3%144383303121
2024-03-3192398.2%11236831259
2023-12-3188098.2%11632133953
2023-09-3082997.9%10130131571

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.5%4,038,129
2025-04-30SCHEDULE 13G/AThe Vanguard Group12.1%9,376,828
2025-02-05SCHEDULE 13G/ABlackRock, Inc.7.6%5,942,793
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.05%$1.1B
VTSAX0.05%$1.1B
VSMPX0.05%$1.1B
VTI0.05%$1.1B
VFIAX0.06%$1.0B
VFFSX0.06%$1.0B

Share structure

Shares outstanding72,700,000
Float69,021,380
Free float94.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.0B$2.2B$2.5B$2.9B$3.1B
Cost of revenue$358.7M$404.3M$446.6M$514.4M$550.4M
Gross profit$1.7B$1.8B$2.1B$2.3B$2.6B
R&D$111.6M$107.2M$132.1M$158.7M$177.6M
SG&A$391.1M$411.4M$430.2M$473.6M$500.0M
Operating income$1.1B$1.2B$1.4B$1.5B$1.7B
EBITDA$1.2B$1.4B$1.7B$1.7B$1.9B
Pretax income$858.1M$1.0B$1.4B$1.4B$1.5B
Income tax$132.2M$173.3M$220.5M$247.0M$292.0M
Net income$726.0M$870.6M$1.1B$1.1B$1.2B
EPS, diluted$8.70$10.72$14.39$14.05$15.56
Diluted shares83.5M81.2M79.8M79.0M77.3M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.4B$993.2M$457.8M$405.9M$515.3M
Receivables$664.5M$663.2M$839.6M$820.7M$986.7M
Inventory$0$0$0$0$0
Total current assets$2.1B$1.7B$1.4B$1.3B$1.6B
PP&E, net$211.3M$180.4M$171.2M$190.3M$200.2M
Goodwill & intangibles$2.8B$2.8B$3.8B$3.8B$3.8B
Total assets$5.5B$5.0B$5.5B$5.4B$5.7B
Accounts payable$13.4M$15.0M$9.8M$14.5M$15.3M
Total current liabilities$1.3B$1.3B$1.5B$1.6B$1.8B
Long-term debt$4.2B$4.5B$4.5B$4.5B$6.2B
Total liabilities$5.7B$6.0B$6.3B$6.4B$8.4B
Shareholders' equity−$163.5M−$1.0B−$739.8M−$940.0M−$2.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$726.0M$870.6M$1.1B$1.1B$1.2B
Depreciation & amortization$134.1M$142.5M$159.2M$206.3M$218.6M
Stock-based compensation$54.9M$58.1M$71.7M$95.2M$111.3M
Change in working capital$60.1M−$19.4M$2.5M$72.7M−$24.0M
Operating cash flow$936.1M$1.1B$1.2B$1.5B$1.6B
Capital expenditure−$52.8M−$72.9M−$90.9M−$33.8M−$39.3M
Free cash flow$883.3M$1.0B$1.1B$1.5B$1.5B
Investing cash flow−$1.0B−$79.3M−$819.4M−$144.3M−$130.1M
Net debt issued / repaid$751.9M$347.8M−$8.8M−$2.2M$1.7B
Buybacks−$198.4M−$1.4B−$504.2M−$885.3M−$2.5B
Dividends paid−$302.4M−$372.9M−$441.0M−$509.1M−$556.5M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin82.4%82.0%82.3%82.0%82.4%
Operating margin52.5%53.7%54.8%53.5%54.7%
Net margin35.5%38.7%45.4%38.8%38.4%
FCF margin43.2%45.5%45.3%50.0%49.4%
ROE-239.3%-148.6%-131.4%-132.1%-66.9%
ROIC33.3%38.1%33.9%38.0%43.9%
ROA15.0%16.6%21.8%20.2%21.6%
Debt / equity-26.38-4.61-6.26-4.93-2.38
Interest coverage6.4x7.1x8.3x8.3x8.1x
Current ratio1.711.400.930.850.90
Revenue growth+20.5%+10.0%+12.5%+12.9%+9.7%
EPS growth+20.8%+24.6%+33.5%−2.0%+9.9%
P/E at year end67.5x41.5x38.2x41.9x36.9x
EV / EBITDA at year end45.0x29.3x28.0x29.0x26.9x
FCF yield at year end1.80%2.83%2.61%3.08%3.49%
Dividend payout41.7%42.8%38.4%45.9%46.3%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Index$1.3B$1.3B$1.5B$1.6B$1.8B
Analytics$544.3M$576.1M$616.0M$675.1M$714.4M
Sustainability and Climate————$353.9M
E S G And Climate Segment$166.2M$228.3M$287.6M$326.6M—
All Other Segments$81.3M$141.0M$173.6M$258.3M$279.3M
All Other - Private Assets————$279.3M

Revenue by region · FY2025

Americas$1.4B · 22%
UNITED STATES$1.3B · 20%
E M E A$1.2B · 20%
Other Europe Middle East And Africa Countries$698.5M · 11%
UNITED KINGDOM$543.5M · 9%
Asia And Australia$484.4M · 8%
Other Asia And Australia Countries$356.8M · 6%
Other America Countries$140.7M · 2%
JAPAN$127.6M · 2%

Street estimates by fiscal year

Next report 2026-10-20 · consensus EPS $5.02 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$3.5B$3.5B – $3.6B$19.68$19.42 – $19.931128.9x
2027$3.8B$3.8B – $3.9B$22.46$21.94 – $22.851125.3x
2028$4.2B$4.0B – $4.2B$25.55$24.77 – $26.28822.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-21$4.99$4.94−1.0%$870.7M$867.0M−0.4%
2026-04-21$4.44$4.55+2.5%$838.0M$850.8M+1.5%
2026-01-28$4.60$4.66+1.3%$822.4M$822.5M+0.0%
2025-10-28$4.38$4.47+2.1%$797.2M$793.4M−0.5%
2025-07-22$4.15$4.17+0.5%$770.4M$772.7M+0.3%
2025-04-22$3.92$4.00+2.0%$743.4M$745.8M+0.3%
2025-01-29$3.95$4.18+5.8%$745.4M$743.5M−0.3%
2024-10-29$3.77$3.86+2.4%$716.2M$724.7M+1.2%
2024-07-23$3.55$3.64+2.5%$696.4M$707.9M+1.7%
2024-04-23$3.45$3.52+2.0%$685.5M$680.0M−0.8%
2024-01-30$3.29$3.68+11.9%$662.7M$690.1M+4.1%
2023-10-31$3.32$3.45+3.9%$625.7M$625.4M−0.0%
2023-07-25$3.11$3.26+4.8%$602.4M$621.2M+3.1%
2023-04-25$2.99$3.14+5.0%$593.8M$592.2M−0.3%
2023-01-31$2.76$2.84+2.9%$568.6M$576.2M+1.3%
2022-10-25$2.71$2.85+5.2%$558.8M$560.6M+0.3%
2022-07-26$2.68$2.78+3.7%$559.0M$551.8M−1.3%
2022-04-26$2.80$2.98+6.4%$562.1M$559.9M−0.4%
2022-01-27$2.49$2.51+0.8%$539.7M$549.8M+1.9%
2021-10-26$2.41$2.53+5.0%$506.3M$517.1M+2.1%
2021-07-27$2.30$2.45+6.5%$505.6M$498.2M−1.5%
2021-04-27$2.26$2.46+8.8%$469.9M$478.4M+1.8%
2021-01-28$1.95$1.96+0.5%$441.4M$443.7M+0.5%
2020-10-27$1.81$2.20+21.5%$349.9M$425.3M+21.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.806-220.506-290.407-060.507-131.207-200.607-270.508-030.708-100.508-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$345.4M609,28840,742
2026-08-24$269.7M474,67832,019
2026-08-17$466.4M826,49550,035
2026-08-10$679.0M1,201,84258,239
2026-08-03$500.1M877,10246,893
2026-07-27$584.5M1,013,83146,324

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1531.5%
DateShort shareShort volumeTotal volume
2026-10-1531.5%75,700240,121
2026-10-1419.0%42,023221,532
2026-10-1324.0%48,826203,158
2026-10-1222.4%41,322184,700
2026-10-0930.9%42,075136,082
2026-10-0831.6%44,716141,324
2026-10-0725.9%39,411152,024
2026-10-0637.6%52,985140,867
2026-10-0540.6%57,490141,517
2026-10-0250.7%77,490152,810
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.7Jan-0.8Feb+3.5Mar+0.4Apr+1.5May+1.5Jun+5.3Jul+1.2Aug-2.3Sep+0.4Oct+4.0Nov+3.7Dec
MonthAvg returnUp yearsYears
Jan+1.7%47%19
Feb−0.8%53%19
Mar+3.5%68%19
Apr+0.4%56%18
May+1.5%61%18
Jun+1.5%56%18
Jul+5.3%61%18
Aug+1.2%67%18
Sep−2.3%50%18
Oct+0.4%61%18
Nov+4.0%68%19
Dec+3.7%58%19
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1456.7
MFI55.9
ADX13.0
Stochastic %K / %D83.9 / 80.6
Williams %R-18.7
CCI128
TSI / signal6.8 / -2.2
Chaikin money flow0.02
ATR$11.24
Bollinger width7.5%
Volume vs 20-day avg1.38x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$554.81 (+2.6%)
SMA 50$558.47 (+1.9%)
SMA 200$571.69 (−0.5%)
EMA 21$558.55 (+1.9%)
EMA 50$561.15 (+1.4%)
EMA 200$568.74 (+0.1%)
Bollinger upper$575.57 (−1.1%)
Bollinger lower$534.05 (+6.6%)
Parabolic SAR$549.73 (+3.5%)
Open the live chart, 110+ indicators

About MSCI Inc.

MSCI Inc., alongside its subsidiaries, offers sophisticated tools and services to support global investment decision-making and process management for its clients. The company is structured into four key segments: Index, Analytics, ESG and Climate, and Private Assets. The Index division furnishes benchmarks employed across diverse investment applications, including the creation of indexed financial products such as ETFs, mutual funds, and various derivatives; performance evaluation; portfolio building and adjustment; and strategic asset allocation. This segment also oversees the licensing of GICS and GICS Direct. Its Analytics segment provides comprehensive solutions for risk management, performance attribution, and portfolio oversight, encompassing content, applications, and services. These offerings deliver an integrated perspective on risk and return, alongside detailed analysis of market, credit, liquidity, and counterparty risks across all asset classes. The segment also includes managed services like consolidating client portfolio data from disparate sources, reviewing and reconciling inputs, and producing tailored reports. Furthermore, its HedgePlatform is specifically designed for assessing, evaluating, and monitoring risks related to hedge fund investments. The ESG and Climate segment delivers offerings that enable institutional investors to understand the long-term impact of environmental, social, and governance factors on both their portfolios and individual securities. It also equips investors with essential data, ratings, research, and analytical tools for navigating evolving regulatory landscapes. The Private Assets segment specializes in providing real estate market and transaction data, benchmarks, return analytics, climate impact assessments, and valuable market insights for funds, investors, and managers. It also extends business intelligence to real estate owners, managers, developers, and brokers, while offering critical investment decision support for private capital. Its diverse clientele includes asset owners and managers, financial intermediaries, wealth management firms, real estate professionals, and corporations. Founded in 1998, MSCI Inc. is headquartered in New York City.

https://www.msci.com

Key executives

NameTitlePayBorn
Henry A. FernandezChairman, CEO & President$3.7M1958
Baer PettitAdvisor$2.7M1965
Alvise MunariHead of Client Segments & Chief Product Officer$2.0M—
Andrew C. WiechmannChief Financial Officer & Interim Principal Accounting Officer$1.4M1980
Scott A. CrumChief Human Resources Officer$1.4M1957
Robert GutowskiGeneral Counsel and Head of Corporate Affairs$1.2M1969
Cristina BondolowskiChief Marketing & Communications Officer——
Jorge MinaCOO, Chief Transformation Officer & Head of Analytics—1975

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Henry A. Fernandez Chairman, Chief Executive Officer and President2025$1.0M$4.4M$1.3M$33.3M
C.D. Baer Pettit Former President and COO2025$823,996$2.2M$1.1M$9.9M
Alvise J. Munari Chief Product Officer and Head of Client Segments2025$663,568$1.8M$986,654$5.0M
Andrew C. Wiechmann Chief Financial Officer2025$600,000$1.8M$721,580$4.4M
Scott A. Crum Chief Human Resources Officer2025$550,000$1.4M$673,480$3.8M

Employees

3k20183k20194k20204k20215k20226k20236k20246k2025

Dividends

Ex-dateAmountPaid
2026-08-14$2.052026-08-28
2026-05-15$2.052026-05-29
2026-02-13$2.052026-02-27
2025-11-14$1.82025-11-28
2025-08-15$1.82025-08-29
2025-05-16$1.82025-05-30
2025-02-14$1.82025-02-28
2024-11-15$1.62024-11-29

Moat model

Wide · Cost Advantage · 2026-06-30
Cost advantage87
Intangibles76
Switching costs75
Network effect58
Efficient scale63
Our component scores (0-100) and overall 73.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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