KabuDo

NYSE: MSCI · Financial Exchanges & Data

MSCI

MSCI, based in New York, provides research-based indexes, analytics, sustainability and climate data, and private-asset data that set standards for global investors. Its largest business is Index ($1,787 million of 2025 operating revenues), which licenses equity indexes and earns asset-based fees from ETFs; Analytics ($714 million) offers risk and portfolio tools; Sustainability and Climate ($354 million) provides ESG ratings and climate data; and All Other – Private Assets ($279 million) includes real assets and Burgiss private capital data. 2025 operating revenues were $3,134 million and net income $1,202 million, with an operating margin of about 55%. BlackRock alone accounted for 10.8% of revenue. MSCI has negative equity because of heavy buybacks; it authorized a new $3.0 billion repurchase program in October 2025.

Last updated

Analysis last edited: October 30, 2026 · Financial data fetched: October 30, 2026 12:58 (SEC EDGAR) · Source 10-K filed: February 6, 2026

Built on10-K FY2025 · filed 2026-02-0610-Q (quarter ended 2026-09-30) · filed 2026-10-20Proxy statement (2026)

Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.

01

At a glanceFrom SEC data

Eight headline measures, each placed among the companies covered on this site.

Revenue growth
13.1%

Higher than 74% of 372 non-financial companies

Average yearly growth over the years shown

Operating margin
54.7%

Higher than 97% of 311 non-financial companies

Latest fiscal year (FY2025)

ROIC minus WACC
+30.6 pts

Higher than 94% of 311 non-financial companies

Return on capital above (or below) its estimated cost

Net debt ÷ EBITDA
3.3x

Higher than 76% of 304 non-financial companies

Below 0 means more cash than debt

Cash conversion
1.32x

Higher than 36% of 349 non-financial companies

Operating cash flow ÷ net income

Dividend raises
5 of 5

Years the dividend per share rose, of the last 5

P/E today
35.3x

Latest close 2026-11-04; trailing 12 months to 2026-09-30

Beta
0.87

Above 1 = moves more than the market

Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.

02

Valuation todayFrom SEC data

Price-based measures at the latest close, next to the same measures at the last fiscal year-end.

Share price$663.11close on 2026-11-04

Market cap$48.78B

P/E today
35.3x

At FY2025 year-end: 36.6x

Earnings: trailing 12 months to 2026-09-30

P/B today
—

At FY2025 year-end: —

Book value at FY2025 year-end

EV/EBITDA today
31.4x

At FY2025 year-end: 27.6x

EBITDA for FY2025

FCF yield today
3.2%

At FY2025 year-end: 3.7%

Free cash flow for FY2025

Dividend yield today
1.1%

Dividends per share for FY2025

“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.

03

What changed since last earningsFrom SEC data

The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.

Quarter ended Sep 30, 2026.

  • Revenue↑ +12.4%$793M → $892M (vs. a year earlier)
  • Operating margin→ −0.1 pts56.4% → 56.3% (vs. a year earlier)
  • Net income↑ +7.9%$325M → $351M (vs. a year earlier)
  • Diluted EPS↑ +14.4%$4.25 → $4.86 (vs. a year earlier)
  • Cash↓ −26.8%$356M → $261M (vs. previous quarter-end)
  • Long-term debt↑ +5.3%$6.38B → $6.72B (vs. previous quarter-end)

Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.

From the earnings release of Oct 20, 2026.

Key changes

  • Repurchased $627.2M of stock in Q3 and through October 19. Source sentence
    In third quarter 2026 and through October 19, 2026, a total of $627.2 million or 1,116,460 shares were repurchased at an average repurchase price of $561.81
  • Adjusted EBITDA expenses $337.2M, up 12.8%. Source sentence
    Adjusted EBITDA expenses were $337.2 million, up 12.8%, primarily reflecting higher non-compensation costs as a result of higher information technology costs, professional fees and market data costs.

Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗

04

Company profileFrom SEC dataShow

Legal name
MSCI Inc.
Headquarters
NEW YORK, NY
Incorporated in
Delaware
Fiscal year end
12/31
Exchange & ticker
NYSE: MSCI
Industry
Financial Exchanges & Data
CIK
1408198

Workforce (as of FY2025 year-end)

  • Employees

    6,268

Source: Form 10-K (FY2025) cover page and business description

05

Earnings calendarFrom SEC dataShow

When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.

Next report

Q4 FY2026

Quarter end: December 2026. In past years, Q4 results were released 28–30 days after quarter end (Jan 28, 2026; Jan 29, 2025; Jan 30, 2024). No date has been announced in the sources this site uses.

Reporting pattern

  • Fiscal year ends around December 31.
  • Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
  • Earnings releases came 20–30 days after quarter end over the last 12 quarters.
QuarterQuarter endedEarnings release (8-K)Report filed (10-Q / 10-K)
Q3 FY2026Sep 30, 2026Oct 20, 2026 (+20 days)Oct 20, 2026 10-Q (+20 days)
Q2 FY2026Jun 30, 2026Jul 21, 2026 (+21 days)Jul 21, 2026 10-Q (+21 days)
Q1 FY2026Mar 31, 2026Apr 21, 2026 (+21 days)Apr 21, 2026 10-Q (+21 days)
Q4 FY2025Dec 31, 2025Jan 28, 2026 (+28 days)Feb 6, 2026 10-K (+37 days)
Q3 FY2025Sep 30, 2025Oct 28, 2025 (+28 days)Oct 28, 2025 10-Q (+28 days)
Q2 FY2025Jun 30, 2025Jul 22, 2025 (+22 days)Jul 22, 2025 10-Q (+22 days)
Q1 FY2025Mar 31, 2025Apr 22, 2025 (+22 days)Apr 22, 2025 10-Q (+22 days)
Q4 FY2024Dec 31, 2024Jan 29, 2025 (+29 days)Feb 7, 2025 10-K (+38 days)
Q3 FY2024Sep 30, 2024Oct 29, 2024 (+29 days)Oct 31, 2024 10-Q (+31 days)
Q2 FY2024Jun 30, 2024Jul 23, 2024 (+23 days)Jul 23, 2024 10-Q (+23 days)
Q1 FY2024Mar 31, 2024Apr 23, 2024 (+23 days)Apr 23, 2024 10-Q (+23 days)
Q4 FY2023Dec 31, 2023Jan 30, 2024 (+30 days)Feb 9, 2024 10-K (+40 days)

Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.

06

Flagship products & servicesSite analysis

  • Index

    Equity indexes

    Market cap-weighted, factor, ESG and custom indexes licensed for benchmarks, ETFs and derivatives.

  • Analytics

    Risk and portfolio analytics

    Factor models, risk management and performance attribution tools.

  • Sustainability and Climate

    ESG and climate data

    ESG ratings, climate metrics and research.

  • All Other – Private Assets

    Real assets and private capital data

    Real estate indexes and Burgiss private capital data.

From the Form 10-K, FY2025.

U.S. and worldwide share of flagship products/services

MSCI does not state market share percentages in its 10-K.

Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)

07

Recent strategic focusSite analysis

Recent developments.

  1. BlackRock license extension

    January 27, 2026 amendment extends the ETF license to March 31, 2035 with auto-renewal.

    Source: Form 8-K (2026-01-28) — Item 1.01 (BlackRock ETF license amendment)

  2. Leadership transition

    President and COO C.D. Baer Pettit retired (COO role ended November 12, 2025; President and Board roles March 1, 2026).

    Source: Form 8-K (2025-11-17) — Item 5.02

  3. Buyback

    New $3.0B repurchase program authorized October 25, 2025.

    Source: Form 10-K (FY2025)

Capex ÷ D&A (FY2025)

1.68x

Well above depreciation — expansion-stage investment

formulacapital expenditures ÷ depreciation & amortization

e.g.$39M ÷ $23M = 1.68x

termsCapital expenditures (capex) · Depreciation & amortization (D&A)

R&D-to-revenue ratio (FY2025)

5.7%

formularesearch & development expense ÷ revenue × 100

e.g.$178M ÷ $3,134M × 100 = 5.7%

termsResearch & development (R&D) · Revenue (net sales)

M&A spend (6-year total)

$1.7B

Latest year: $0

Cash-flow-statement spending on acquisitions, net of cash acquired

Where the money goes, over time

Unit: $M. Capex went from $22M in FY2020 to $39M in FY2025

  • Capex
  • R&D
  • M&A spend

formulacapital expenditures ÷ depreciation & amortization

termsCapital expenditures (capex) · Depreciation & amortization (D&A)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06

08

Key figures at a glanceFrom SEC data

FY2020–FY2025, 6 years.

Revenue (FY2025)

$3.13B

As reported in the 10-K

Revenue CAGR (5 years)

+13.1%▲favorable

formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1

e.g.($3,134M ÷ $1,695M) ^ (1÷5) − 1 = 13.1%

termsCAGR · ^ (exponent) · Revenue (net sales)

Operating margin (FY2025)

54.7%▲favorable

+2.5pt vs. 5 years ago

formulaoperating income ÷ revenue × 100

e.g.$1,714M ÷ $3,134M × 100 = 54.7%

termsOperating income · Revenue (net sales)

ROE (FY2025)

—▼caution

6-year average: —

As reported in the 10-K

P/B (FY2025 end)

—

formulafiscal year-end closing price ÷ book value per share

termsP/B · BVPS

Period-end (fiscal year-end) value, not today's P/B

EV/EBITDA (FY2025 end)

27.6x

formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)

e.g.($42,205M + $6,202M − $515M) ÷ ($1,714M + $23M) = 27.6x

termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)

Period-end (fiscal year-end) value, not today's multiple

  • ▲

    Revenue grew +13.1% a year over 5 years (strong growth)

    From $1.7B in FY2020 to $3.13B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.

  • ▲

    Operating margin improved: 52.2% → 54.7%

    How much operating profit is left per $100 of revenue. It moved +2.5 points over 5 years — pricing power, cost control, and product mix all show up here.

  • ▼

    Equity ratio is -46.6% (relatively heavy reliance on debt)

    The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).

  • ▲

    Free cash flow was positive in 6 of 6 years

    Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.

09

Business modelSite analysis

Sells recurring subscriptions to indexes, analytics and data, and earns asset-based fees when ETFs and other products track its indexes.

How money and goods flow at MSCI
  1. 01 what it draws on

    Inputs & resources

    • 6,268 employees (51% in Asia Pacific)
    • Index methodologies, data and research
    • Technology platforms and capitalized software
  2. 02 what it does

    Activities

    • Index: equity indexes and asset-based fees
    • Analytics: risk and portfolio management tools
    • Sustainability and Climate: ESG and climate data and ratings
    • Private Assets: real estate and private capital data
  3. 03 who it serves

    Customers

    • Asset managers and asset owners
    • Banks, broker-dealers, hedge funds and wealth managers
    • ETF sponsors such as BlackRock
  4. 04 how money comes in

    How it earns

    • Index $1,787M (2025)
    • Analytics $714M
    • Sustainability and Climate $354M
    • All Other – Private Assets $279M

How the business makes money

  • BlackRock accounted for 10.8% of 2025 operating revenues, 96.5% of it asset-based fees.
  • U.S. revenues $1,267M; U.K. $543M; Japan $128M in 2025.
  • Stockholders’ deficit of $2.7B at end-2025 due to buybacks.

Government & regulation around the business

Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.

MSCI is mainly exposed to regulation through security and data rules.

  • Approvals & licenses

    Security and data rules

    Security incidents could damage its brand and bring regulatory consequences.

    Constrains the businessTouches: Activities

    Source: Form 10-K (FY2025)

Revenue by segment (FY2025)

Unit: $M — bar length = revenue, (%) = share of total company revenue

  • Index

    1,787 (57%)
  • Analytics

    714 (23%)
  • Sustainability and Climate

    354 (11%)
  • All Other – Private Assets

    279 (9%)

Source: Form 10-K (FY2025) Segment operating revenues; total $3,134M.

10

Where it earnsSite analysis

Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.

Largest market (FY2025)

Americas — 45% of revenue

Revenue by country / region (FY2025)

Unit: $M — bar length = revenue, (%) = share of total company revenue

  • Americas

    1,408 (45%)
  • EMEA

    1,242 (40%)
  • Asia & Australia

    484 (15%)

Source: Form 10-K (FY2025) Operating revenues by region.

11

Contract structureSite analysisShow

Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.

12

Alliances & capital tiesSite analysisShow

Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.

13

Customers & suppliersSite analysis

Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.

Customers

Asset managers, asset owners, banks, hedge funds and ETF sponsors.

Named by the company

Suppliers

Data and technology vendors.

Named by the company

No material supplier is named.

14

Competitors & peersSite analysis

Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.

MSCI names competitors for each business in its 10-K.

Competitors named in the 10-K

Index

Analytics

Sustainability and Climate

Source: Form 10-K (FY2025)

Peer group the company chose

Compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.

Fiscal 2025 peer group from the 2026 proxy statement.

Source: Proxy statement (2026)

Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.

15

Six years of financialsFrom SEC data

Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.

Revenue over time

Unit: $M

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06

Profit over time (operating → net)

Unit: $M

  • Operating income
  • Pretax income
  • Net income

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06

Margins over time

Unit: %

  • Operating margin
  • Net margin

formulaoperating income ÷ revenue × 100

termsOperating income · Revenue (net sales)

formulanet income attributable to the company ÷ revenue × 100

termsNet income (attributable to the company)

Cash flow over time

Unit: $M (below zero = cash went out)

  • Operating CF
  • Investing CF
  • Free CF

formulacash flow from operations − capital expenditures

termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06

Financial stability & capital efficiency

Unit: %

  • Equity ratio

formulatotal equity ÷ total assets × 100 (as reported in the 10-K)

termsStockholders’ equity · Total assets

formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)

termsNet income (attributable to the company) · Stockholders’ equity

Earnings per share (EPS) and dividend per share

Unit: $

  • EPS
  • Dividend per share

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06

Line itemFY202010-K on EDGAR ↗FY202110-K on EDGAR ↗FY202210-K on EDGAR ↗FY202310-K on EDGAR ↗FY202410-K on EDGAR ↗FY202510-K on EDGAR ↗
Income statement ($M)
Revenue1,6952,0442,2492,5292,8563,134
Operating income8851,0731,2081,3851,5291,714
Pretax income6868581,0441,3691,3561,494
Net income (attributable)6027268711,1491,1091,202
Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100—20.5%10.0%12.5%12.9%9.7%
Operating margincalcoperating income ÷ revenue × 10052.2%52.5%53.7%54.8%53.5%54.7%
Net margincalcnet income attributable to the company ÷ revenue × 10035.5%35.5%38.7%45.4%38.8%38.4%
Balance sheet ($M)
Total assets4,1995,5074,9985,5185,4455,702
Total equity-443-163-1,008-740-940-2,655
Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable3,3674,1614,5124,5084,5116,202
Equity ratio-10.6%-3.0%-20.2%-13.4%-17.3%-46.6%
Cash flow ($M)
Operating CF8119361,0951,2361,5021,588
Investing CF-242-1,036-79-819-144-130
Financing CF-779230-1,425-954-1,402-1,362
Free cash flowcalccash flow from operations − capital expenditures7899231,0821,2131,4681,549
Cash and equivalents1,3011,421994462409515
Per share & other
EPS ($)7.128.7010.7214.3914.0515.69
BVPS ($)-5.37-1.98-12.61-9.35-12.09-36.09
Dividend per share ($)2.923.644.585.526.407.20
Payout ratiocalcdividend per share ÷ diluted EPS × 10041.0%41.8%42.7%38.4%45.6%45.9%
P/E (x)62.770.443.439.342.736.6
EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)42.648.333.034.732.827.6

Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.

Last 8 quarters

Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.

Quarter endedRevenueOperating incomeNet incomeDiluted EPS
2026-09-30$892M+12.4%$502M+12.2%$351M+7.9%$4.86
2026-06-30$867M+12.2%$488M+14.6%$342M+12.6%$4.69
2026-03-31$851M+14.1%$457M+21.2%$406M+40.7%$5.53
2025-12-31 †$823M+10.6%$464M+14.4%$285M-6.8%—
2025-09-30$793M$448M$325M$4.25
2025-06-30$773M$425M$304M$3.92
2025-03-31$746M$377M$289M$3.71
2024-12-31 †$744M$405M$306M—

† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.

16

Is ROIC above WACC?From SEC data

ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.

ROIC (FY2025)

39.5%

formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)

e.g.$1,714M × (1 − 18%) ÷ $3,559M × 100 = 39.5%

termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity

WACC (this site’s estimate)

8.84%

formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight

e.g.Equity weight: $42.21B ÷ ($42.21B + $6.2B) = 87.2%

e.g.Debt weight: $6.2B ÷ ($42.21B + $6.2B) = 12.8%

e.g.WACC: 9.7% × 87.2% + 3.4% × (1 − 18%) × 12.8% = 8.84%

termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization

ROIC − WACC

+30.6pt▲favorable

Earning more than the cost of capital (ROIC > WACC in 6 of 6 years)

formulaROIC − WACC (positive means the business earns more than its cost of capital)

termsROIC · WACC

How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.3%–10.7% and ROIC − WACC runs +28.7 to +32.2 points. The sign holds across this range. This describes the latest year and does not predict future value creation.

WACC 8.84% is this site’s estimate under the assumptions below (not a figure the company has published)

Risk-free rate
4.95% (10-year Treasury, 2026-11-03)
β
0.87 (price-derived adjusted beta)
Equity risk premium
5.5%
Cost of equity
9.73%
Cost of debt
3.38%
Tax rate
18% (effective rate, FY2023–FY2025)
Capital structure (equity : debt)
87% : 13%
→ Change assumptions and recalculate

ROIC over time, vs. WACC

Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red

  • ROIC (above WACC)
  • ROIC (below WACC)
  • WACC 8.84%

formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)

termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity

formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight

termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization

Try different WACC assumptions

β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).

Initial β: 0.86 (price-derived adjusted beta. Raw β 0.80, R² 0.20, 130 weeks)

formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)

e.g.0.67 × 0.799 + 0.33 = 0.865

termsβ (beta)

Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.

Cost of equity9.73%

formularisk-free rate + β × equity risk premium

e.g.5.0% + 0.87 × 5.5% = 9.7%

termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)

Market value of equity$42.21B

formulafiscal year-end closing price × shares outstanding (= market cap)

termsMarket capitalization · Market value of equity

Interest-bearing debt$6.2B
Cost of debt3.38%

formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)

termsInterest-bearing debt · Risk-free rate

Capital structure (equity weight : debt weight)87% : 13%

17

What the price implies (DCF)From SEC data

A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.

Growth the price implies (price on 2026-11-04)

6.0%

Perpetual FCF growth: g = r − FCF ÷ EV = 8.8% − 2.8%

Past FCF growth (FY2020–FY2025)

+14.4%

Compound annual rate, 5 years

Past revenue growth (FY2020–FY2025)

+13.1%

Compound annual rate, 5 years

Inputs (FY2025): free cash flow $1.55B (operating CF − capex); enterprise value $54.47B = market cap $48.78B (latest close, 2026-11-04) + debt $6.2B − cash and short-term investments $515M; r = WACC of 8.8% using this page’s default assumptions (β 0.87, risk-free 5.0%, market premium 5.5%).

Three WACC scenarios

The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.

Try your own assumptions

V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.

Theoretical enterprise value

$55.33B

FCF $1.55B ÷ (8.8% − 6.0%)

Theoretical ÷ actual enterprise value

1.02x

Above 1x: these assumptions value the business above the market did

How sensitive the answer is

Theoretical ÷ actual enterprise value for each combination of r and g.

g \ r6.8%7.8%8.8%9.8%10.8%
0%0.42x0.36x0.32x0.29x0.26x
2%0.59x0.49x0.42x0.36x0.32x
4%1.02x0.75x0.59x0.49x0.42x
6%3.56x1.58x1.02x0.75x0.59x
8%——3.56x1.58x1.02x

A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.

18

Earnings qualityFrom SEC dataShow

The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.

  • ✓

    Operating CF ÷ net income: averages 1.27x

    Profit is backed by cash coming in.

  • ✓

    Accrual ratio (latest): -6.9%

    A small share of profit rests on accounting estimates.

  • ✓

    Core-earnings share (operating income ÷ pretax income): 115%

    Most profit comes from core operations.

Operating CF vs. net income

Unit: $M — operating CF above net income means profit is backed by cash

  • Operating CF
  • Net income

formulacash flow from operations ÷ net income attributable to the company

termsCash flow from operations (operating CF) · Net income (attributable to the company)

formula(net income − operating CF) ÷ average total assets × 100

termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06

Profit bridge (FY2025)

Unit: $M — what moved profit from operating income to net income

  • Profit (each stage)
  • Pushed profit up
  • Pushed profit down

formulaoperating income ÷ income before income taxes × 100

termsOperating income · Income before income taxes (pretax income)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06

Receivables & inventory days

Unit: days — days grow when receivables or inventory build up faster than sales

  • Days sales outstanding

formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365

termsAccounts receivable · Revenue (net sales)

formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365

termsInventory · Cost of revenue (COGS)

Worked examples (latest period)

formulacash flow from operations ÷ net income attributable to the company

e.g.$1,588M ÷ $1,202M = 1.32x

termsCash flow from operations (operating CF) · Net income (attributable to the company)

formulaoperating income ÷ income before income taxes × 100

e.g.$1,714M ÷ $1,494M × 100 = 115%

termsOperating income · Income before income taxes (pretax income)

formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365

termsAccounts receivable · Revenue (net sales)

formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365

termsInventory · Cost of revenue (COGS)

19

Who holds the sharesFrom SEC dataShow

How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.

Institutions, insiders and everyone else, 13F holdings as of 2026-06-30

“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.

Held by 13F filers
92.8%
Directors & officers (shares)
3.8%
Everyone else (est.)
3.4%

individuals and other non-13F holders

Directors & officers (voting power)
3.8%

no separate voting figure; shown as shares

Institutional-ownership rank
152 of 416

1 = most institutional; 36% of covered companies have more

Beta (adjusted)
0.87

above 1 = swings more than the market

  • 67.5M shares reported by 1,083 13F filers ÷ 72.7M shares outstanding on 2026-07-14. Option positions are excluded.
  • Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
  • A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.

Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-11 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-14)

20

Strengths & weaknessesSite analysis

Strengths

  1. 1. Index standard-setter

    MSCI indexes are widely used benchmarks; Index revenue grew from $1,452M (2023) to $1,787M (2025).

    Evidence: Form 10-K (FY2025)

  2. 2. High margins

    Operating income of $1,714M on $3,134M of revenue in 2025 (55%).

    Evidence: Form 10-K (FY2025)

  3. 3. Long BlackRock contract

    The BlackRock ETF license runs to 2035.

    Evidence: Form 8-K (2026-01-28) — Item 1.01 (BlackRock ETF license amendment)

Weaknesses

  1. 1. Client concentration

    BlackRock alone was 10.8% of 2025 revenue.

    Evidence: Form 10-K (FY2025)

  2. 2. Negative equity

    Stockholders’ deficit widened to $2.7B in 2025 as debt rose to $6.2B.

    Evidence: Form 10-K (FY2025)

  3. 3. Market-linked fees

    Asset-based fees fall when equity markets decline.

    Evidence: Form 10-K (FY2025)

21

What draws investors to itSite analysis

Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.

P/E (FY2025)

36.6x

Price at fiscal year-end ÷ diluted EPS

Dividend yield (FY2025)

1.25%

Dividends per share ÷ fiscal year-end price

Payout ratio (FY2025)

46%

Dividends per share ÷ diluted EPS

FCF yield (FY2025)

3.7%

(Operating CF − capex) ÷ market cap

  1. 1. Recurring, high-margin revenue

    Subscriptions and asset-based fees with high margins.

    What has to hold
    Index usage keeps growing.
    The other side
    Market downturns.

    Evidence: Form 10-K (FY2025)

  2. 2. Capital return

    Rising dividends ($2.05 quarterly from 2026) and buybacks.

    What has to hold
    Cash flow stays strong.
    The other side
    Rising leverage.

    Evidence: Form 10-K (FY2025)

Negative book value reflects buybacks, not losses.

22

ResilienceSite analysisShow

How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.

1. Financial buffer (FY2025)

Cash & short-term investments ÷ debt due within a year

—

$515M vs. —

Interest coverage (operating income ÷ interest expense)

8.2x

$1.71B vs. $210M

Free cash flow ÷ dividends paid

2.8x

$1.55B vs. $557M (FCF = operating CF − capex)

2. Worst year in the record, and the recovery

FigureWorst year-over-year changeBack to the prior level?
RevenueNo decline in the record—
Operating incomeNo decline in the record—

Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.

3. Business resilience (from the 10-K)

  • Steady growth

    Operating revenues rose every year from $1,695M (2020) to $3,134M (2025).

    Source: Form 10-K (FY2025)

24

Risks (including geopolitical)Site analysis

Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.

Risk map

Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).

Impact
High
Med
34
12
Low
5
LowMedHigh

Likelihood →

"Company disclosure" vs. "this site’s assessment"

The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.

Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.

  1. 1Demand & macro

    Equity markets

    Company disclosure (summarized from the 10-K)
    Asset-based index fees depend on market levels and ETF flows.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood High
  2. 2Competition & technology shift

    Index and data competition

    Company disclosure (summarized from the 10-K)
    Competes with S&P Dow Jones Indices, FTSE Russell, Bloomberg, Solactive and self-indexing.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood High
  3. 3Customer/supplier concentration

    BlackRock dependence

    Company disclosure (summarized from the 10-K)
    A single client accounts for over 10% of revenue.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood Med
  4. 4Law & regulation

    ESG regulation

    Company disclosure (summarized from the 10-K)
    Regulation and political scrutiny of ESG ratings and indexes.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood Med
  5. 5Funding & liquidity

    Leverage

    Company disclosure (summarized from the 10-K)
    Long-term debt of $6.2B.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Low / Likelihood Med

25

What changed in the risk factorsFrom SEC data

Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.

New or substantially reworded (5)

  • Competitors and new market entrants may use AI to develop products that compete with our offerings at lower price points, with faster time-to-market or with additional or better capabilities, which could impair our ability to compete effectively and put pressure on our revenues and subscriptions. Additionally, AI-enabled tools may allow clients, including asset managers, asset owners, banks, hedge funds and others, to develop in-house capabilities to replace our products such as custom indexes, risk analytics, and sustainability and climate data. Large-scale data scraping and generative AI models trained on publicly available information could also diminish the perceived uniqueness and commercial value of our proprietary content. Further, third-party AI tools and model providers may change their model behavior, pricing or terms, which could adversely affect our offerings, increase our…

  • We have adopted principles and governance frameworks designed to support responsible use, data protection and risk management, but these may prove insufficient to prevent harmful outcomes or may not keep pace with the rapid evolution of AI capabilities and risks.

  • • Advisory Services. Regulators have examined the role of various types of third-party information providers, including index and model providers and proxy advisors, in the asset-management ecosystem. Read more

    Regulatory or legislative developments that expand or alter the definition of investment advice, proxy advice, or that subject index providers, model providers or ESG ratings providers to fiduciary or adviser-style obligations, could affect our businesses. For instance, in the United States, the SEC has previously sought public comment on the role of index providers and whether they are acting as investment advisers under the Investment Advisers Act. If any of our businesses were deemed to be providing investment advice or otherwise to have fiduciary or adviser-style obligations, this could significantly increase the costs and complexity of our business and potentially conflict with…

  • Because the financial services industry is highly regulated, we could become subject to other existing or new regulatory frameworks in the jurisdictions where we operate, which could increase our costs and risks, require changes to our products and services, or otherwise impact our business. Additionally, there has been increased attention on and scrutiny of index providers and

  • revolving credit facility includes a springing minimum interest coverage ratio, tested only during any period in which we do not maintain specified investment grade credit ratings.

No longer in the text (3)

  • • Investment Advisers Act. Except for certain products provided by MSCI ESG Research LLC and certain of its designated foreign affiliates, we believe our products and services do not constitute or provide investment advice as contemplated by the Advisers Act. See Part I, Item 1. “Business—Regulation” above. The Advisers Act imposes fiduciary duties, recordkeeping and reporting requirements, disclosure requirements, limitations on agency and principal transactions between an adviser and advisory clients, as well as general anti-fraud prohibitions. Changes in legal or regulatory requirements or changes to our product lines could require additional entities in our corporate family to register as investment advisers or comply with similar requirements in other jurisdictions.

  • In the U.S., the SEC has sought public comment on the role of certain third-party information providers to the asset management industry, including index providers and model providers, and whether information providers are acting as investment advisers under the Advisers Act. If our index business were to be deemed an investment adviser, we could be deemed a fiduciary to our clients, increasing the costs and complexity of our business. This could also conflict with obligations under other benchmark regulations. The SEC has also proposed a rule that would prohibit SEC-registered investment advisers from outsourcing certain services or functions to service providers that do not meet minimum due diligence, monitoring and record-keeping requirements, and index providers, among others, are identified as service providers that could fall within the scope of the proposed requirements. If…

  • In addition, our debt covenants contain certain obligations that are triggered by a change in our credit rating, including obligations to make repurchase offers to the noteholders of our senior unsecured notes (the “Senior Notes”) if we experience one of the specified kinds of changes in control and related lowering of our credit ratings, as detailed in the indentures governing our Senior Notes.

Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 6, 2026 ↗ with the 10-K filed Feb 7, 2025 ↗.

26

What to watch going forwardSite analysis

  • ETF assets linked to MSCI indexes.
  • Analytics and Sustainability subscription growth.
  • Buybacks and leverage.

27

Source documentsShow

This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.

Last updated

Analysis last edited: October 30, 2026 · Financial data fetched: October 30, 2026 12:58 (SEC EDGAR) · Source 10-K filed: February 6, 2026

Built on10-K FY2025 · filed 2026-02-06Proxy statement (2026)

Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.

This page is this site’s own analysis based on public information, and does not represent MSCI’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.