MSCINYSEServices-Business Services, NECFiscal year ends December 31
MSCI Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 20, 2026
$563.49−5.59 (-0.98%)
Close on Oct 19, 2026
- Market cap
- $41.08B
- P/E (TTM)
- 30.8
- Dividend yield
- 1.28%
Margins
Share of revenue, fiscal years 2010 to 2025
Gross margin
82.4%−0.4 pts over 5 years
Operating margin
54.7%+2.5 pts over 5 years
Net margin
38.4%+2.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.7% | +11.7% | +13.1% | +11.3% | |
| Gross profit | +10.3% | +11.9% | +13.0% | +12.3% | |
| Operating income | +12.1% | +12.4% | +14.1% | +15.5% | |
| Net income | +8.4% | +11.4% | +14.8% | +18.3% | |
| EPS, diluted | +11.7% | +13.5% | +17.1% | +22.7% | |
| Free cash flow | +5.5% | +12.7% | +14.4% | +18.6% | |
| Dividend per share | +12.5% | +16.3% | +19.8% | +24.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 42.8% | -231.5% | -66.9% | |
| Return on assets | 8.4% | 14.3% | 21.6% | |
| Current ratio | 1.97 | 1.88 | 0.90 | |
| Debt to equity | 6.53 | -7.60 | -2.34 | |
| Net debt to EBITDA | 2.46× | 2.26× | 3.27× | |
| Interest coverage | 4.8× | 5.7× | 8.2× | |
| Capex to revenue | 2.8% | 1.3% | 1.3% | |
| Diluted shares | 97M | 85M | 77M |
Where the cash went
Fiscal 2021 to 2025, five years combined
MSCI generated $6.36B from operations and spent $7.77B on capital expenditure, dividends and share buybacks. 2% of that went back into the business.
Generated
$6.36B
Used
$7.77B
Capital expenditure$122.96M2%Dividends$2.18B28%Share buybacks$5.47B70%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin38.4%
×Asset turnover0.56×
×Equity multiplier-3.10×
=Return on equity, FY2025-66.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 38.4% | 0.56× | -3.10× | -66.9% |
| FY2024 | 38.8% | 0.52× | -6.53× | -132.1% |
| FY2023 | 45.4% | 0.48× | -6.02× | -131.4% |
| FY2022 | 38.7% | 0.43× | -8.97× | -148.6% |
| FY2021 | 35.5% | 0.42× | -16.00× | -239.3% |
| FY2020 | 35.5% | 0.40× | -16.16× | -231.5% |
| FY2019 | 36.2% | 0.41× | -31.22× | -463.5% |
| FY2018 | 35.4% | 0.43× | 28.41× | 433.1% |
| FY2017 | 23.9% | 0.40× | 8.85× | 84.6% |
| FY2016 | 22.7% | 0.37× | 5.11× | 42.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.20B
- Cash generatingOperating cash flow above zero$1.59B
- Return on assets improvedROA up on the prior year20.1% → 22.1%
- Earnings backed by cashOperating cash flow above net income$1.59B vs $1.20B
- Less leverageLong-term debt to assets fell82.8% → 108.8%
- Better liquidityCurrent ratio rose0.85 → 0.90
- No dilutionShare count did not rise79M → 77M
- Gross margin improvedGross margin up on the prior year81.99% → 82.44%
- More efficientAsset turnover rose0.52 → 0.58