MSCI (MSCI) | Financial Analysis & Statements
MSCI Inc. Large-cap Financial Services
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
822.5M
Gross Profit
679.1M
82.57%
Operating Income
463.6M
56.37%
Net Income
284.7M
34.61%
EPS (Diluted)
$3.81
Balance Sheet Metrics
Total Assets
5.7B
Total Liabilities
8.4B
Shareholders Equity
-2.7B
Cash Flow Metrics
Operating Cash Flow
389.6M
Free Cash Flow
464.8M
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
MSCI Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 3.1B | 2.9B | 2.5B | 2.2B | 2.0B |
| Cost of Goods Sold | 550.4M | 514.4M | 446.6M | 404.3M | 358.7M |
| Gross Profit | 2.6B | 2.3B | 2.1B | 1.8B | 1.7B |
| Gross Margin % | 82.4% | 82.0% | 82.3% | 82.0% | 82.4% |
| Operating Expenses | |||||
| Research & Development | 177.6M | 158.7M | 132.1M | 107.2M | 111.6M |
| Selling, General & Administrative | 500.0M | 473.6M | 430.2M | 411.4M | 391.1M |
| Other Operating Expenses | - | - | - | - | - |
| Total Operating Expenses | 677.6M | 632.2M | 562.3M | 518.6M | 502.6M |
| Operating Income | 1.7B | 1.5B | 1.4B | 1.2B | 1.1B |
| Operating Margin % | 54.7% | 53.5% | 54.8% | 53.7% | 53.3% |
| Non-Operating Items | |||||
| Interest Income | 16.0M | 21.3M | 34.5M | 11.8M | 1.5M |
| Interest Expense | 209.9M | 185.5M | 186.7M | 171.6M | 159.6M |
| Other Non-Operating Income | -25.4M | -8.1M | 136.7M | -4.0M | -72.5M |
| Pre-tax Income | 1.5B | 1.4B | 1.4B | 1.0B | 858.1M |
| Income Tax | 292.0M | 247.0M | 220.5M | 173.3M | 132.2M |
| Effective Tax Rate % | 19.5% | 18.2% | 16.1% | 16.6% | 15.4% |
| Net Income | 1.2B | 1.1B | 1.1B | 870.6M | 726.0M |
| Net Margin % | 38.4% | 38.8% | 45.4% | 38.7% | 35.5% |
| Key Metrics | |||||
| EBITDA | 1.9B | 1.7B | 1.7B | 1.4B | 1.2B |
| EPS (Basic) | $15.72 | $14.09 | $14.45 | $10.78 | $8.80 |
| EPS (Diluted) | $15.69 | $14.05 | $14.39 | $10.72 | $8.70 |
| Basic Shares Outstanding | 76504000 | 78710000 | 79462000 | 80746000 | 82508000 |
| Diluted Shares Outstanding | 76504000 | 78710000 | 79462000 | 80746000 | 82508000 |
Income Statement Trend
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MSCI Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 511.7M | 405.9M | 457.8M | 993.2M | 1.4B |
| Short-term Investments | - | - | - | - | - |
| Accounts Receivable | 986.7M | 820.7M | 839.6M | 663.2M | 664.5M |
| Inventory | - | - | - | - | - |
| Other Current Assets | 73.4M | 65.8M | 57.9M | 54.5M | 51.5M |
| Total Current Assets | 1.6B | 1.3B | 1.4B | 1.7B | 2.1B |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 112.9M | 119.4M | 115.2M | 126.6M | 144.6M |
| Goodwill | 6.7B | 6.7B | 6.7B | 5.0B | 5.1B |
| Intangible Assets | 832.5M | 907.6M | 956.2M | 558.5M | 593.3M |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | 101.6M | 88.3M | 85.0M | 66.5M | 103.5M |
| Total Non-Current Assets | 4.1B | 4.1B | 4.1B | 3.2B | 3.4B |
| Total Assets | 5.7B | 5.4B | 5.5B | 5.0B | 5.5B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 15.3M | 14.5M | 9.8M | 15.0M | 13.4M |
| Short-term Debt | - | - | 10.9M | 8.7M | - |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | - |
| Total Current Liabilities | 1.8B | 1.6B | 1.5B | 1.3B | 1.3B |
| Non-Current Liabilities | |||||
| Long-term Debt | 6.3B | 4.6B | 4.6B | 4.6B | 4.3B |
| Deferred Tax Liabilities | 101.6M | 47.6M | 27.0M | 29.1M | 3.6M |
| Other Non-Current Liabilities | 115.8M | 120.2M | 97.0M | 91.0M | 104.1M |
| Total Non-Current Liabilities | 6.5B | 4.8B | 4.7B | 4.8B | 4.4B |
| Total Liabilities | 8.4B | 6.4B | 6.3B | 6.0B | 5.7B |
| Equity | |||||
| Common Stock | 1.3M | 1.3M | 1.3M | 1.3M | 1.3M |
| Retained Earnings | 5.4B | 4.8B | 4.2B | 3.5B | 3.0B |
| Treasury Stock | 9.8B | 7.3B | 6.4B | 5.9B | 4.5B |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | -2.7B | -940.0M | -739.8M | -1.0B | -163.5M |
| Key Metrics | |||||
| Total Debt | 6.3B | 4.6B | 4.6B | 4.6B | 4.3B |
| Working Capital | -184.9M | -241.6M | -98.9M | 497.4M | 892.5M |
Balance Sheet Composition
MSCI Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 1.2B | 1.1B | 1.1B | 870.6M | 726.0M |
| Depreciation & Amortization | 218.6M | 206.3M | 159.2M | 142.5M | 134.1M |
| Stock-Based Compensation | 111.3M | 95.2M | 71.7M | 58.1M | 54.9M |
| Working Capital Changes | -106.4M | 39.4M | -18.7M | 77.1M | -18.2M |
| Operating Cash Flow | 1.5B | 1.5B | 1.4B | 1.2B | 790.2M |
| Investing Activities | |||||
| Capital Expenditures | - | - | - | - | - |
| Acquisitions | 0 | -27.5M | -727.3M | -5.0K | -975.4M |
| Investment Purchases | - | - | - | - | - |
| Investment Sales | - | - | - | - | - |
| Investing Cash Flow | -203.0K | -29.1M | -728.5M | -6.4M | -982.9M |
| Financing Activities | |||||
| Share Repurchases | -2.5B | -885.3M | -504.2M | -1.4B | -198.4M |
| Dividends Paid | -556.5M | -509.1M | -441.0M | -372.9M | -302.4M |
| Debt Issuance | 2.8B | 556.9M | 0 | 355.0M | 1.8B |
| Debt Repayment | -1.1B | -559.1M | -8.8M | -7.2M | -1.1B |
| Financing Cash Flow | -1.4B | -1.4B | -953.9M | -1.4B | 229.5M |
| Free Cash Flow | 1.5B | 1.4B | 1.1B | 1.0B | 883.3M |
| Net Change in Cash | 125.1M | 35.4M | -325.0M | -240.6M | 36.8M |
Cash Flow Trend
MSCI Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
34.73
Forward P/E
27.11
Price to Book
-15.80
Price to Sales
13.72
PEG Ratio
0.71
Profitability Ratios
Profit Margin
40.74%
Operating Margin
53.70%
Return on Equity
-45.29%
Return on Assets
20.55%
Financial Health
Current Ratio
0.86
Debt to Equity
-2.37
Beta
1.29
Per Share Data
EPS (TTM)
$17.51
Book Value per Share
$-38.05
Revenue per Share
$42.95
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| MSCI | 43.7B | 34.73 | -15.80 | -45.29% | 40.74% | -2.37 |
| S&P Global | 130.5B | 29.75 | 4.19 | 13.09% | 29.15% | 37.91 |
| CME | 103.4B | 24.34 | 3.57 | 15.92% | 63.31% | 12.86 |
| Intercontinental | 89.4B | 27.53 | 3.11 | 11.89% | 33.38% | 70.08 |
| Moody's | 79.7B | 32.74 | 26.93 | 71.36% | 31.69% | 232.68 |
| Coinbase Global | 52.8B | 45.19 | 3.64 | 10.06% | 18.31% | 53.12 |
Financial data is updated regularly. All figures are in the company's reporting currency.






