NYSE : MSCI
MSCI Inc. — Financial statements
Financials · Financial Data & Stock Exchanges · United States
Last price 618.55 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 44.23B
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Financial statements
MSCI Inc. (MSCI) reported revenue of 3.43B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.43B | 3.13B | 2.86B | 2.53B | 2.25B | 2.04B |
| Cost of Revenue | 587.27M | 550.37M | 514.38M | 446.58M | 404.34M | 358.68M |
| Gross Profit | 2.85B | 2.58B | 2.34B | 2.08B | 1.84B | 1.68B |
| Selling, General & Admin | 551.82M | 503.52M | 474.85M | 430.94M | 407.66M | 376.74M |
| Research & Development | 184.30M | 177.60M | 158.65M | 132.12M | 107.20M | 111.56M |
| Amortization of Goodwill & Intangibles | 171.78M | 169.48M | 164.04M | 114.43M | 91.08M | 64.58M |
| Operating Expenses | 934.00M | 874.00M | 814.52M | 698.85M | 633.57M | 583.20M |
| Operating Income | 1.91B | 1.71B | 1.53B | 1.38B | 1.21B | 1.10B |
| Interest Expense | -278.49M | -209.89M | -185.50M | -186.68M | -171.57M | -159.61M |
| Interest & Investment Income | 12.31M | 16.01M | 21.28M | 34.48M | 11.77M | 1.50M |
| Currency Exchange Gain (Loss) | -9.10M | -9.10M | -4.80M | |||
| Other Non Operating Income (Expenses) | 3.61M | -1.09M | -529.00K | -5.26M | -2.28M | 4.96M |
| EBT Excluding Unusual Items | 1.64B | 1.51B | 1.36B | 1.23B | 1.05B | 948.51M |
| Merger & Restructuring Charges | -4.06M | -6.87M | ||||
| Gain (Loss) on Sale of Investments | -11.77M | -11.77M | 143.03M | |||
| Asset Writedown | -705.00K | -24.40M | ||||
| Other Unusual Items | -4.40M | -1.51M | -59.10M | |||
| Pretax Income | 1.62B | 1.49B | 1.36B | 1.37B | 1.04B | 858.14M |
| Income Tax Expense | 239.55M | 291.95M | 247.04M | 220.47M | 173.27M | 132.15M |
| Earnings From Continuing Operations | 1.38B | 1.20B | 1.11B | 1.15B | 870.57M | 725.98M |
| Net Income | 1.38B | 1.20B | 1.11B | 1.15B | 870.57M | 725.98M |
| Net Income to Common | 1.38B | 1.20B | 1.11B | 1.15B | 870.57M | 725.98M |
| Shares Outstanding (Basic) | 73.13M | 76.50M | 78.71M | 79.46M | 80.75M | 82.51M |
| Shares Outstanding (Diluted) | 73.26M | 76.64M | 78.96M | 79.84M | 81.22M | 83.48M |
| EPS (Basic) | 18.92 | 15.72 | 14.09 | 14.45 | 10.78 | 8.80 |
| EPS (Diluted) | 18.88 | 15.69 | 14.05 | 14.39 | 10.72 | 8.70 |
| Free Cash Flow | 1.58B | 1.55B | 1.47B | 1.21B | 1.08B | 916.05M |
| Free Cash Flow Per Share | 21.50 | 20.21 | 18.59 | 15.20 | 13.32 | 10.97 |
| Dividend Per Share | 7.95 | 7.20 | 6.40 | 5.52 | 4.58 | 3.64 |
| Gross Margin | 82.89% | 82.44% | 81.99% | 82.34% | 82.02% | 82.45% |
| Operating Margin | 55.68% | 54.56% | 53.47% | 54.71% | 53.84% | 53.91% |
| Profit Margin | 40.31% | 38.36% | 38.83% | 45.42% | 38.72% | 35.53% |
| Free Cash Flow Margin | 45.89% | 49.42% | 51.39% | 47.98% | 48.11% | 44.83% |
| EBITDA | 2.02B | 1.82B | 1.65B | 1.48B | 1.30B | 1.17B |
| EBITDA Margin | 58.81% | 58.19% | 57.67% | 58.40% | 57.86% | 57.39% |
| D&A For EBITDA | 107.41M | 114.01M | 120.02M | 93.31M | 90.26M | 71.14M |
| EBIT | 1.91B | 1.71B | 1.53B | 1.38B | 1.21B | 1.10B |
| EBIT Margin | 55.68% | 54.56% | 53.47% | 54.71% | 53.84% | 53.91% |
| Effective Tax Rate | 14.76% | 19.54% | 18.22% | 16.10% | 16.60% | 15.40% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 257.40M | 511.67M | 405.85M | 457.81M | 993.20M | 1.42B |
| Cash & Short-Term Investments | 257.40M | 511.67M | 405.85M | 457.81M | 993.20M | 1.42B |
| Receivables | 860.10M | 986.71M | 820.71M | 839.55M | 663.24M | 664.51M |
| Prepaid Expenses | 85.80M | 72.24M | 65.80M | 57.90M | 54.52M | 51.50M |
| Restricted Cash | 3.60M | 3.67M | 3.50M | 3.88M | 368.00K | |
| Other Current Assets | 92.00M | 70.48M | 48.16M | 59.00M | 36.65M | 5.95M |
| Total Current Assets | 1.30B | 1.64B | 1.34B | 1.42B | 1.75B | 2.14B |
| Property, Plant & Equipment | 250.50M | 200.17M | 190.32M | 171.16M | 180.44M | 211.30M |
| Long-Term Investments | 214.39M | 218.76M | ||||
| Goodwill | 3.05B | 2.92B | 2.92B | 2.89B | 2.23B | 2.24B |
| Other Intangible Assets | 899.10M | 832.51M | 907.61M | 956.23M | 558.52M | 593.34M |
| Long-Term Deferred Tax Assets | 45.60M | 45.88M | 40.63M | 41.07M | 29.21M | 40.12M |
| Long-Term Deferred Charges | 3.50M | 4.40M | ||||
| Other Long-Term Assets | 49.90M | 51.37M | 47.69M | 43.90M | 37.34M | 63.38M |
| Total Assets | 5.60B | 5.70B | 5.45B | 5.52B | 5.00B | 5.51B |
| Accounts Payable | 5.90M | 15.34M | 14.52M | 9.81M | 15.04M | 13.45M |
| Accrued Expenses | 431.20M | 470.01M | 409.73M | 387.74M | 335.83M | 352.94M |
| Current Portion of Long-Term Debt | 10.90M | 8.71M | ||||
| Current Portion of Leases | 24.40M | 28.59M | ||||
| Current Income Taxes Payable | 57.90M | 74.40M | 37.99M | 24.71M | 8.06M | 59.63M |
| Current Unearned Revenue | 1.04B | 1.23B | 1.12B | 1.08B | 882.89M | 824.91M |
| Other Current Liabilities | 18.80M | 9.60M | ||||
| Total Current Liabilities | 1.57B | 1.83B | 1.59B | 1.52B | 1.25B | 1.25B |
| Long-Term Debt | 6.72B | 6.20B | 4.51B | 4.50B | 4.50B | 4.16B |
| Long-Term Leases | 149.20M | 107.53M | 121.15M | 120.13M | 131.57M | 150.03M |
| Long-Term Unearned Revenue | 32.50M | 34.00M | 32.20M | 28.80M | 29.40M | 23.40M |
| Pension & Post-Retirement Benefits | 40.10M | 37.30M | 31.90M | 20.10M | 34.50M | |
| Long-Term Deferred Tax Liabilities | 29.70M | 101.64M | 47.62M | 27.03M | 29.10M | 3.65M |
| Other Long-Term Liabilities | 108.50M | 41.73M | 50.69M | 36.27M | 41.53M | 46.23M |
| Total Liabilities | 8.61B | 8.36B | 6.39B | 6.26B | 6.01B | 5.67B |
| Common Stock | 1.30M | 1.34M | 1.34M | 1.34M | 1.34M | 1.33M |
| Additional Paid-In Capital | 1.92B | 1.80B | 1.68B | 1.59B | 1.52B | 1.46B |
| Retained Earnings | 6.08B | 5.43B | 4.78B | 4.18B | 3.47B | 2.98B |
| Treasury Stock | -10.96B | -9.83B | -7.33B | -6.45B | -5.94B | -4.54B |
| Comprehensive Income & Other | -58.50M | -51.57M | -71.04M | -61.35M | -60.21M | -58.80M |
| Shareholders' Equity | -3.02B | -2.65B | -940.00M | -739.76M | -1.01B | -163.47M |
| Total Liabilities & Equity | 5.60B | 5.70B | 5.45B | 5.52B | 5.00B | 5.51B |
| Total Debt | 6.89B | 6.34B | 4.63B | 4.63B | 4.64B | 4.31B |
| Net Cash (Debt) | -6.63B | -5.83B | -4.23B | -4.17B | -3.65B | -2.89B |
| Net Cash Per Share | -90.54 | -76.03 | -53.52 | -52.23 | -44.95 | -34.62 |
| Filing Date Shares Outstanding | 71.50M | 73.47M | 77.65M | 79.09M | 79.96M | 81.27M |
| Total Common Shares Outstanding | 71.70M | 73.56M | 77.74M | 79.09M | 79.96M | 82.44M |
| Working Capital | -276.00M | -184.94M | -241.63M | -98.87M | 497.45M | 892.47M |
| Book Value Per Share | -42.07 | -36.09 | -12.09 | -9.35 | -12.61 | -1.98 |
| Tangible Book Value | -6.96B | -6.41B | -4.76B | -4.58B | -3.80B | -2.99B |
| Tangible Book Value Per Share | -97.12 | -87.14 | -61.26 | -57.95 | -47.48 | -36.31 |
| Machinery | 208.87M | 192.84M | 208.18M | 195.79M | 193.75M | |
| Construction In Progress | 5.78M | 1.54M | 897.00K | 2.37M | 2.70M | |
| Leasehold Improvements | 53.65M | 56.41M | 58.58M | 54.04M | 56.31M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.38B | 1.20B | 1.11B | 1.15B | 870.57M | 725.98M |
| Depreciation & Amortization | 136.60M | 139.70M | 145.28M | 117.09M | 114.79M | 95.78M |
| Other Amortization | 97.85M | 84.75M | 66.14M | 47.18M | 32.84M | 27.26M |
| Asset Writedown & Restructuring Costs | 477.00K | 705.00K | 24.40M | |||
| Loss (Gain) From Sale of Investments | 11.77M | 11.77M | ||||
| Loss (Gain) on Equity Investments | -143.03M | |||||
| Stock-Based Compensation | 126.14M | 111.34M | 95.20M | 71.65M | 58.09M | 54.92M |
| Other Operating Activities | -70.69M | 62.61M | 13.13M | -8.39M | 37.80M | -52.41M |
| Change in Accounts Receivable | -116.74M | -164.24M | 10.23M | -149.53M | -6.62M | -99.20M |
| Change in Accounts Payable | -10.04M | 559.00K | 4.96M | -6.04M | 1.34M | -2.19M |
| Change in Unearned Revenue | 58.33M | 96.43M | 46.06M | 171.97M | 72.75M | 116.86M |
| Change in Income Taxes | -13.84M | 7.76M | 26.90M | -7.21M | -80.98M | 49.17M |
| Change in Other Net Operating Assets | 11.77M | 35.47M | -15.41M | -6.73M | -5.91M | -4.48M |
| Operating Cash Flow | 1.61B | 1.59B | 1.50B | 1.24B | 1.10B | 936.07M |
| Capital Expenditures | -39.62M | -39.32M | -33.76M | -22.76M | -13.62M | -20.02M |
| Cash Acquisitions | -174.70M | -27.47M | -727.34M | -948.99M | ||
| Sale (Purchase) of Intangibles | -120.54M | -90.54M | -81.36M | -68.09M | -59.28M | -39.28M |
| Investment in Securities | -5.00K | -26.36M | ||||
| Other Investing Activities | -203.00K | -203.00K | -1.67M | -1.19M | -6.43M | -1.06M |
| Investing Cash Flow | -335.06M | -130.06M | -144.25M | -819.38M | -79.33M | -1.04B |
| Long-Term Debt Issued | 2.81B | 556.88M | 355.00M | 1.80B | ||
| Long-Term Debt Repaid | -1.10B | -559.06M | -8.75M | -7.19M | -1.05B | |
| Net Debt Issued (Repaid) | 1.21B | 1.70B | -2.19M | -8.75M | 347.81M | 751.94M |
| Issuance of Common Stock | 16.18M | 6.97M | ||||
| Repurchase of Common Stock | -2.04B | -2.48B | -885.27M | -504.19M | -1.40B | -198.37M |
| Common Dividends Paid | -582.92M | -556.52M | -509.11M | -440.99M | -372.92M | -302.45M |
| Other Financing Activities | -18.23M | -32.23M | -5.75M | -2.77M | -21.61M | |
| Financing Cash Flow | -1.42B | -1.36B | -1.40B | -953.93M | -1.43B | 229.50M |
| Foreign Exchange Rate Adjustments | -311.00K | 9.59M | -7.41M | 5.41M | -18.54M | -8.93M |
| Net Cash Flow | -139.02M | 105.98M | -52.34M | -531.87M | -427.88M | 120.93M |
| Free Cash Flow | 1.58B | 1.55B | 1.47B | 1.21B | 1.08B | 916.05M |
| Free Cash Flow Margin | 45.89% | 49.42% | 51.39% | 47.98% | 48.11% | 44.83% |
| Free Cash Flow Per Share | 21.50 | 20.21 | 18.59 | 15.20 | 13.32 | 10.97 |
| Levered Free Cash Flow | 1.19B | 1.16B | 1.13B | 953.22M | 740.33M | 843.28M |
| Unlevered Free Cash Flow | 1.35B | 1.29B | 1.24B | 1.06B | 842.43M | 938.12M |
| Cash Interest Paid | 272.51M | 173.31M | 179.95M | 182.31M | 165.12M | 151.34M |
| Cash Income Tax Paid | 308.77M | 222.27M | 201.03M | 240.48M | 180.69M | 222.62M |
| Change in Working Capital | -70.52M | -24.02M | 72.74M | 2.46M | -19.43M | 60.15M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 45.50B | 43.11B | 47.02B | 44.74B | 37.19B | 50.51B |
| Enterprise Value | 52.13B | 48.36B | 51.16B | 48.47B | 41.00B | 53.56B |
| Last Close Price | 623.38 | 567.39 | 585.94 | 546.04 | 444.29 | 579.53 |
| PE Ratio | 33.70 | 35.86 | 42.40 | 38.95 | 42.72 | 69.58 |
| Forward PE | 29.36 | 30.59 | 36.30 | 40.25 | 38.68 | 56.86 |
| PS Ratio | 13.27 | 13.75 | 16.46 | 17.69 | 16.54 | 24.72 |
| PB Ratio | -16.24 | -50.02 | -60.48 | -36.90 | -309.02 | |
| P/FCF Ratio | 28.91 | 27.83 | 32.03 | 36.87 | 34.38 | 55.14 |
| P/OCF Ratio | 28.20 | 27.14 | 31.32 | 36.20 | 33.96 | 53.96 |
| PEG Ratio | 2.19 | 2.57 | 3.06 | 3.04 | 2.73 | 3.65 |
| EV/Sales Ratio | 15.20 | 15.43 | 17.91 | 19.16 | 18.23 | 26.21 |
| EV/EBITDA Ratio | 25.85 | 26.51 | 31.06 | 32.82 | 31.52 | 45.67 |
| EV/EBIT Ratio | 27.30 | 28.28 | 33.50 | 35.03 | 33.87 | 48.62 |
| EV/FCF Ratio | 33.12 | 31.22 | 34.85 | 39.95 | 37.90 | 58.47 |
| Debt / Equity Ratio | -2.28 | -2.39 | -4.93 | -6.26 | -4.61 | -26.38 |
| Debt / EBITDA Ratio | 3.35 | 3.42 | 2.76 | 3.07 | 3.49 | 3.58 |
| Debt / FCF Ratio | 4.37 | 4.09 | 3.16 | 3.81 | 4.29 | 4.71 |
| Net Debt / Equity Ratio | -2.20 | -2.19 | -4.50 | -5.64 | -3.62 | -17.68 |
| Net Debt / EBITDA Ratio | 3.29 | 3.19 | 2.57 | 2.82 | 2.81 | 2.46 |
| Net Debt / FCF Ratio | 4.21 | 3.76 | 2.88 | 3.44 | 3.37 | 3.15 |
| Asset Turnover | 0.62 | 0.56 | 0.52 | 0.48 | 0.43 | 0.42 |
| Quick Ratio | 0.71 | 0.82 | 0.77 | 0.85 | 1.32 | 1.67 |
| Current Ratio | 0.82 | 0.90 | 0.85 | 0.94 | 1.40 | 1.71 |
| Return on Assets (ROA) | 21.75% | 19.18% | 17.41% | 16.45% | 14.41% | 14.19% |
| Return on Invested Capital (ROIC) | 40.64% | 35.59% | 31.78% | 29.96% | 25.23% | 25.08% |
| Return on Capital Employed (ROCE) | 47.50% | 44.20% | 39.60% | 34.60% | 32.30% | 25.90% |
| Earnings Yield | 2.97% | 2.79% | 2.36% | 2.57% | 2.34% | 1.44% |
| FCF Yield | 3.46% | 3.59% | 3.12% | 2.71% | 2.91% | 1.81% |
| Dividend Yield | 1.29% | 1.23% | 1.06% | 0.98% | 0.98% | 0.59% |
| Payout Ratio | 43.42% | 46.29% | 45.90% | 38.39% | 42.84% | 41.66% |
| Buyback Yield / Dilution | 5.55% | 2.94% | 1.11% | 1.69% | 2.71% | 1.23% |
| Total Shareholder Return | 6.84% | 4.17% | 2.16% | 2.67% | 3.70% | 1.82% |