NYSE: MSCI
MSCI
Financials · Services-Business Services, NEC
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$38.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.13B |
| FY2017, ended Dec 31, 2017 | $11.4B |
| FY2018, ended Dec 31, 2018 | $12.4B |
| FY2019, ended Dec 31, 2019 | $21.9B |
| FY2020, ended Dec 31, 2020 | $36.9B |
| FY2021, ended Dec 31, 2021 | $49.8B |
| FY2022, ended Dec 31, 2022 | $37.2B |
| FY2023, ended Dec 31, 2023 | $44.7B |
| FY2024, ended Dec 31, 2024 | $46.6B |
| FY2025, ended Dec 31, 2025 | $42.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $38.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$3.43B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.15B |
| FY2017, ended Dec 31, 2017 | $1.27B |
| FY2018, ended Dec 31, 2018 | $1.43B |
| FY2019, ended Dec 31, 2019 | $1.56B |
| FY2020, ended Dec 31, 2020 | $1.70B |
| FY2021, ended Dec 31, 2021 | $2.04B |
| FY2022, ended Dec 31, 2022 | $2.25B |
| FY2023, ended Dec 31, 2023 | $2.53B |
| FY2024, ended Dec 31, 2024 | $2.86B |
| FY2025, ended Dec 31, 2025 | $3.13B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.43B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $261M | $410M |
| FY2017, ended Dec 31, 2017 | $304M | $371M |
| FY2018, ended Dec 31, 2018 | $508M | $583M |
| FY2019, ended Dec 31, 2019 | $564M | $680M |
| FY2020, ended Dec 31, 2020 | $602M | $789M |
| FY2021, ended Dec 31, 2021 | $726M | $923M |
| FY2022, ended Dec 31, 2022 | $871M | $1.08B |
| FY2023, ended Dec 31, 2023 | $1.15B | $1.21B |
| FY2024, ended Dec 31, 2024 | $1.11B | $1.47B |
| FY2025, ended Dec 31, 2025 | $1.20B | $1.55B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.38B | $1.58B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$261M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $792M |
| FY2017, ended Dec 31, 2017 | $890M |
| FY2018, ended Dec 31, 2018 | $904M |
| FY2019, ended Dec 31, 2019 | $1.51B |
| FY2020, ended Dec 31, 2020 | $1.30B |
| FY2021, ended Dec 31, 2021 | $1.42B |
| FY2022, ended Dec 31, 2022 | $994M |
| FY2023, ended Dec 31, 2023 | $462M |
| FY2024, ended Dec 31, 2024 | $409M |
| FY2025, ended Dec 31, 2025 | $515M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $261M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$6.72B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.08B |
| FY2017, ended Dec 31, 2017 | $2.08B |
| FY2018, ended Dec 31, 2018 | $2.58B |
| FY2019, ended Dec 31, 2019 | $3.07B |
| FY2020, ended Dec 31, 2020 | $3.37B |
| FY2021, ended Dec 31, 2021 | $4.16B |
| FY2022, ended Dec 31, 2022 | $4.51B |
| FY2023, ended Dec 31, 2023 | $4.51B |
| FY2024, ended Dec 31, 2024 | $4.51B |
| FY2025, ended Dec 31, 2025 | $6.20B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.72B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 21.0% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.71.5M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 90.5M |
| FY2017, ended Dec 31, 2017 | 89.9M |
| FY2018, ended Dec 31, 2018 | 84.3M |
| FY2019, ended Dec 31, 2019 | 84.8M |
| FY2020, ended Dec 31, 2020 | 82.6M |
| FY2021, ended Dec 31, 2021 | 81.3M |
| FY2022, ended Dec 31, 2022 | 80.0M |
| FY2023, ended Dec 31, 2023 | 79.1M |
| FY2024, ended Dec 31, 2024 | 77.7M |
| FY2025, ended Dec 31, 2025 | 73.5M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 71.5M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.92B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $775M | $32.0M |
| FY2017, ended Dec 31, 2017 | $150M | $36.6M |
| FY2018, ended Dec 31, 2018 | $950M | $38.9M |
| FY2019, ended Dec 31, 2019 | $292M | $41.2M |
| FY2020, ended Dec 31, 2020 | $779M | $51.1M |
| FY2021, ended Dec 31, 2021 | $198M | $54.9M |
| FY2022, ended Dec 31, 2022 | $1.40B | $58.1M |
| FY2023, ended Dec 31, 2023 | $504M | $71.7M |
| FY2024, ended Dec 31, 2024 | $885M | $95.2M |
| FY2025, ended Dec 31, 2025 | $2.48B | $111M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.04B | $126M |
Revenue (TTM)
$3.43B
+12.3% YoY
Net income (TTM)
$1.38B
+13.1% YoY
Cash
$261M
−34.8% YoY
Total debt
$6.72B
+22.0% YoY
Valuation
At current price- Market Cap
- $44.6B
- P/E
- 32.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 13.0×
- Price / Book
- n/m. Market cap / shareholders' equity
- EV / EBITDA
- 26.4×
Growth
Trailing 12 months- Revenue (TTM)
- $3.43B
- Revenue Growth YoY
- 12.3%
- Revenue CAGR 3Y
- 11.7%
- Revenue CAGR 5Y
- 13.1%
- EPS Growth YoY
- 19.9%
- Net Income Growth YoY
- 13.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 55.7%
- Net Margin
- 40.3%
- FCF Margin
- 45.9%
- Return on Equity
- n/m. Net income (TTM) / average equity
Earnings
Trailing 12 months- Net Income
- $1.38B
- EPS (diluted)
- $18.91
- EBITDA
- $1.94B
- Operating Income
- $1.91B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $261M
- Total Debt
- $6.72B
- Net Debt
- $6.46B
- Total Assets
- $5.60B
- Total Liabilities
- $8.61B
- Shareholders' Equity
- −$3.02B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.61B
- Capital Expenditure
- $39.6M
- Free Cash Flow
- $1.58B
Dividends and risk
Last 12 months- Dividend Yield
- 1.3%
- Dividend / Share
- $7.95
- Beta (5Y)
- 1.24
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 12.3% year over year, at $3.43B.
Strength
Keeps 55.7% of revenue as operating profit.
Strength
Turns 45.9% of revenue into free cash flow.
Strength
Share count is down 4.8% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 20, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K65Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 6, 2026 · Read the filing on EDGAR
- Revenue rose 9.7% to $3.13 billion, operating income rose 12.1% to $1.71 billion and net income rose 8.4% to $1.20 billion.
- Cancellations fell 5.3% and the yearly customer retention rate rose to 94.4% from 93.7%, reversing last year's slide.
- Sales in the Sustainability and Climate unit weakened: net new subscription sales fell 47.9%, although that unit's profit rose 22.7%.
- The private-assets units now have more room before a goodwill write-down: fair value is 39% and 15% above book value, up from about 30% and 10%.
Business momentum
Improving
“Total operating revenues increased 9.7% for the year ended December 31, 2025.”
Outlook
Neutral
“While some markets may face greater near-term challenges and uncertainty, we believe the long-term shift toward integrating financially material sustainability and climate factors into investment and risk management processes will support continued adoption”
Financial stress
Low
“As of December 31, 2025, our Consolidated Leverage Ratio was 2.97.”
Tone against the previous report
More positive
Red flags
- Minor
Other
“an $11.8 million loss resulting from the full write-off of the investment in a minority investee”
Positives
Fees tied to fund assets surged as ETF assets grew
“Asset-based fees 770,670 657,501 17.2 %”
Fewer cancellations and better client retention
“Subscription cancellations (124,508) (131,510) (5.3 %)”
Strong cash generation and higher dividend
“the Board of Directors declared a quarterly cash dividend of $2.05 per share of common stock”
Concerns
Debt rising to fund share buybacks
“Total other expense (income), net increased 27.2% for the year ended December 31, 2025, primarily driven by higher interest expenses reflecting higher debt levels”
Weak year-end retention in private-assets and sustainability units
“Three Months Ended December 31, 95.3% 93.7% 91.0% 89.2% 93.4%”
Growing dependence on BlackRock
“our largest client organization by revenue, BlackRock, accounted for 10.8% of our consolidated operating revenues.”
New risks since the previous report
Sharp drop in Sustainability and Climate sales
“Net new recurring subscription sales $ 16,885 $ 32,408 (47.9 %)”
AI tools could let clients or rivals replace MSCI products
“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”
EU ESG-ratings licensing begins July 2026
“The regulation becomes effective in July 2026 and imposes requirements relating to governance, conflicts of interest, transparency of methodologies and ongoing supervisory obligations.”
Ageing technology systems ('technical debt') raise outage risk
“This “technical debt” can increase the risk of outages, disruptions, performance degradation, defects, and cybersecurity incidents.”
Changes to UK and EU index-regulation status
“Depending on the outcome, these changes could affect the regulatory status of certain of our benchmarks, alter our compliance obligations or impact our ability to offer certain products to UK-regulated clients.”
Biggest risks named
- Market declines cutting fees tied to fund assets
- Dependence on BlackRock and other large clients
- Political pushback on ESG and new ESG-ratings rules
- AI-driven competition and clients building their own tools
- Possible goodwill write-downs in private-assets units
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 65 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 20, 2026 | Pro | |||
| 10-K | Feb 6, 2026 | 65 | Improving | 1 minor | |
| 10-K | Feb 7, 2025 | 64 | Improving | None | |
| 10-K | Feb 9, 2024 | 70 | Strong improvement | None | |
| 10-K | Feb 10, 2023 | 64 | Improving | None | |
| 10-K | Feb 11, 2022 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 12, 2021 | 64 | Improving | None | |
| 10-K | Feb 18, 2020 | 66 | Improving | None | |
| 10-K | Feb 22, 2019 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 26, 2018 | 71 | Strong improvement | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 20, 2026. View filings on SEC EDGAR