FirmAtlas
Company handbook · MSCI · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
MSCI · CIK 1408198 · LATEST FILING: 10-Q JUN '26 · FILED JUL 21, 2026
MSCI INC.
$569.08
−6.01 (−1.05%)
Close, Oct 16, 2026 · 52-week $501–645
Last fiscal year
MSCI INC. reported revenue of $3.1B for the year ended Dec 31, 2025 (FY25), up 9.7% from FY24. Net income was $1.2B, operating cash flow $1.6B and free cash flow $1.5B. Source: 10-K filed Feb 6, 2026.
Market cap
$41.9B
P/E
30.8
EV/EBITDA
27.4x
P/B
n/m
Div yield
1.40%
ROIC
44.5%
Revenue 1Y
9.7%/yr
EPS 1Y
11.7%/yr
Shares 1Y
−5%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOHenry A. Fernandez
HQNew York, NY
AuditorPricewaterhouseCoopers LLP
Employees6,268
Year endsDecember
Revenue by segment · FY25
Index57%
Analytics23%
ESG And Climate11%
All Other Segments9%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
21.2%
−1.6%
3.4%
6.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$4.5B deployed
Capex
$73M
1.6%
Acquisitions
$27M
0.6%
Dividends
$1.1B
23.5%
Buybacks
$3.4B
74.3%
Operating cash flow over the period: $3.1B. Total debt changed by +$1.7B. R&D of $336M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
2,856
3,134+9.7%
3,334
YoY
+9.7%
Operating income
1,529
1,714+12.1%
1,856
Operating margin
53.5%
54.7%+1.2 pp
—
EBITDA
1,545
1,737+12.4%
—
EBITDA margin
54.1%
55.4%+1.3 pp
—
Interest expense
186
210+13.1%
—
Interest coverage
8.33x
8.28x−0.06x
—
Net income
1,109
1,202+8.4%
1,358
YoY
+8.4%
Net margin
38.8%
38.4%−0.5 pp
—
EPS (diluted, $)
14.05
15.69+11.7%
18.34
YoY
+11.7%
Balance sheet
Total assets
5,445
5,702+4.7%
5,602
Cash & short-term investments
409
515+25.9%
—
Net PP&E
71
87+23.2%
—
Other assets
4,965
5,100+2.7%
—
Total liabilities
6,385
8,357+30.9%
8,292
Accounts payable
15
15+5.7%
—
Total debt
4,511
6,202+37.5%
6,380
Other liabilities
1,860
2,140+15.0%
—
Shareholders’ equity
(940)
(2,655)n/m
(2,690)
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,502
1,588+5.8%
1,628
Net income
1,109
1,202+8.4%
—
Depreciation & amortization
17
23+37.9%
—
Stock-based compensation
95
111+17.0%
—
Working capital & other
280
251−10.3%
—
Cash from investing
(144)
(130)n/m
—
Capex
(34)
(39)n/m
—
Acquisitions
(27)
0n/m
—
Other investing
(83)
(91)n/m
—
Cash from financing
(1,402)
(1,362)n/m
—
Debt raised
557
2,806+403.9%
—
Debt repaid
(559)
(1,102)n/m
—
Dividends
(509)
(557)n/m
—
Buybacks
(885)
(2,484)n/m
—
Shares issued
0
7n/m
—
Other financing
(6)
(32)n/m
—
Net change in cash
(52)
106n/m
—
Free cash flow (OCF − capex)
1,468
1,549+5.5%
1,598
Where the cash went
Operating cash flow
1,502
1,588+5.8%
1,628
Reinvested in the business
61
39−35.8%
—
% of operating cash flow
4.1%
2.5%
Capex
34
39+16.5%
30
Acquisitions
27
0−100.0%
—
R&D (memo, already in costs)
159
178+11.9%
—
Free cash flow
1,468
1,549+5.5%
1,598
YoY
+5.5%
Returned to shareholders
1,394
3,041+118.1%
—
% of free cash flow
95.0%
196.3%
Dividends
509
557+9.3%
—
Buybacks
885
2,484+180.6%
—
Change in total debt
—
1,691
—
Cash left over
—
200
—
FCF conversion (FCF ÷ net income)
132.3%
128.8%−3.5 pp
—
Owner earnings
—
1,187
—
Owner earnings margin
—
37.9%
—
Buyback yield
1.9%
5.9%+4.0 pp
—
Returns & ratios
ROIC (all capital)
39.5%
44.5%+5.0 pp
—
ROIC (operating)
2217.7%
2148.8%−68.9 pp
—
Net debt / EBITDA
2.65x
3.27x+0.62x
—
ROE
−118.0%
−45.3%+72.7 pp
—
ROA
20.4%
21.1%+0.7 pp
—
ROCE
39.6%
44.2%+4.6 pp
—
NOPAT
1,250
1,379+10.3%
—
Invested capital (operating)
56
72+27.7%
—
Invested capital (all)
3,161
3,032−4.1%
—
Reinvestment rate
—
1.1%
—
Net debt is 3.3x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
793
823
851
867
vs year-ago quarter
Operating income
448
464
457
488
Net income
325
285
406
342
vs year-ago quarter
Net margin
41.0%
34.6%
47.7%
39.4%
EPS (diluted, $)
4.25
3.87
5.53
4.69
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
5,389
5,702
5,545
5,602
Cash & equivalents
400
515
385
356
Total debt
5,508
6,202
6,404
6,380
Shareholders’ equity
(1,916)
(2,655)
(2,774)
(2,690)
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
449
501
307
371
Capex
4
12
3
11
Free cash flow
445
489
304
360
vs year-ago quarter