MSCI · Msci Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $3.13B | $2.86B | $2.53B | $2.25B | $2.04B | $1.70B |
| Cost of Revenue | - | - | - | - | - | $291.70M |
| Gross Profit | - | - | - | - | - | $1.40B |
| R&D | $177.60M | $158.65M | $132.12M | $107.20M | $111.56M | $101.05M |
| SG&A | $180.22M | $182.34M | $153.97M | $146.86M | $147.89M | $114.63M |
| Total Operating Expenses | $1.42B | $1.33B | $1.14B | $1.04B | $970.82M | $810.63M |
| D&A | $23.41M | $16.98M | $21.01M | $26.89M | $28.90M | $29.80M |
| Operating Income | $1.71B | $1.53B | $1.38B | $1.21B | $1.07B | $884.76M |
| Interest Expense | $209.89M | $185.50M | $186.68M | $171.57M | $159.61M | $156.32M |
| Income Tax | $291.95M | $247.04M | $220.47M | $173.27M | $132.15M | $84.40M |
| Net Income | $1.20B | $1.11B | $1.15B | $870.57M | $725.98M | $601.82M |
| EPS - Basic | $15.72 | $14.09 | $14.45 | $10.78 | $8.80 | $7.19 |
| EPS - Diluted | $15.69 | $14.05 | $14.39 | $10.72 | $8.70 | $7.12 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $515.33M | $409.35M | $461.69M | $993.56M | $1.42B | $1.30B |
| Accounts Receivable | - | - | - | $663.24M | $664.51M | $558.57M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $15.34M | $14.52M | $9.81M | $15.04M | $13.45M | $14.25M |
| Current Assets | $1.64B | $1.34B | $1.42B | $1.75B | $2.14B | $1.93B |
| Total Assets | $5.70B | $5.45B | $5.52B | $5.00B | $5.51B | $4.20B |
| Current Liabilities | $1.83B | $1.59B | $1.52B | $1.25B | $1.25B | $1.02B |
| Long-term Debt | $6.20B | $4.51B | $4.50B | $4.50B | $4.16B | $3.37B |
| Total Liabilities | $8.36B | $6.39B | $6.26B | $6.01B | $5.67B | $4.64B |
| Stockholders' Equity | ($2.65B) | ($940.00M) | ($739.76M) | ($1.01B) | ($163.47M) | ($443.23M) |
| Retained Earnings | $5.43B | $4.78B | $4.18B | $3.47B | $2.98B | $2.55B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.59B | $1.50B | $1.24B | $1.10B | $936.07M | $811.11M |
| Investing Cash Flow | ($130.06M) | ($144.25M) | ($819.38M) | ($79.33M) | ($1.04B) | ($241.79M) |
| Financing Cash Flow | ($1.36B) | ($1.40B) | ($953.93M) | ($1.43B) | $229.50M | ($779.04M) |
| CapEx | $39.32M | $33.76M | $22.76M | $13.62M | $13.51M | $21.83M |
| Free Cash Flow | $1.55B | $1.47B | $1.21B | $1.08B | $922.56M | $789.28M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | 82.8% |
| Operating margin | 54.7% | 53.5% | 54.8% | 53.7% | 52.5% | 52.2% |
| EBITDA margin | 55.4% | 54.1% | 55.6% | 54.9% | 53.9% | 53.9% |
| Net margin | 38.4% | 38.8% | 45.4% | 38.7% | 35.5% | 35.5% |
| Free cash flow margin | 49.4% | 51.4% | 48.0% | 48.1% | 45.1% | 46.6% |
| FCF / Net income | 1.29 | 1.32 | 1.06 | 1.24 | 1.27 | 1.31 |
| R&D / Revenue | 5.7% | 5.6% | 5.2% | 4.8% | 5.5% | 6.0% |
| SG&A / Revenue | 5.7% | 6.4% | 6.1% | 6.5% | 7.2% | 6.8% |
| Effective tax rate | 19.5% | 18.2% | 16.1% | 16.6% | 15.4% | 12.3% |
| Return on assets | 21.1% | 20.4% | 20.8% | 17.4% | 13.2% | 14.3% |
| Return on equity | -45.3% | -118.0% | -155.3% | -86.4% | -444.1% | -135.8% |
| Return on invested capital | 38.9% | 35.0% | 30.9% | 28.8% | 22.7% | 26.5% |
| Liquidity | ||||||
| Current ratio | 0.90 | 0.85 | 0.93 | 1.40 | 1.71 | 1.88 |
| Quick ratio | 0.90 | 0.85 | 0.93 | 1.40 | 1.71 | 1.88 |
| Cash ratio | 0.28 | 0.26 | 0.30 | 0.79 | 1.14 | 1.27 |
| Leverage | ||||||
| Debt / Equity | -2.34 | -4.80 | -6.08 | -4.47 | -25.46 | -7.60 |
| Debt / Assets | 1.09 | 0.83 | 0.81 | 0.90 | 0.76 | 0.80 |
| Debt / EBITDA | 3.57 | 2.92 | 3.20 | 3.65 | 3.78 | 3.68 |
| Interest coverage | 8.2x | 8.2x | 7.4x | 7.0x | 6.7x | 5.7x |
| Equity multiplier | -2.15 | -5.79 | -7.46 | -4.96 | -33.69 | -9.47 |
| Liabilities / Assets | 1.47 | 1.17 | 1.13 | 1.20 | 1.03 | 1.11 |
| Efficiency | ||||||
| Asset turnover | 0.55 | 0.52 | 0.46 | 0.45 | 0.37 | 0.40 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | 108d | 119d | 120d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | 18d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 36.6x | 42.7x | 39.3x | 43.4x | 70.4x | 62.7x |
| P / B | - | - | - | - | - | - |
| P / S | 14.0x | 16.6x | 17.9x | 16.8x | 25.0x | 22.3x |
| EV / EBITDA | 28.6x | 33.3x | 35.0x | 33.4x | 48.9x | 43.5x |
| Growth | ||||||
| Revenue growth (YoY) | 9.7% | 12.9% | 12.5% | 10.0% | 20.5% | 8.8% |
| Revenue CAGR (3y) | 11.7% | 11.8% | 14.3% | 13.0% | 21.1% | 10.0% |
| Revenue CAGR (5y) | 13.1% | 12.9% | 17.1% | 12.0% | 12.2% | 9.5% |
| Gross profit growth (YoY) | - | - | - | - | - | 11.2% |
| Operating income growth (YoY) | 12.1% | 10.4% | 14.7% | 12.6% | 21.2% | 17.1% |
| Net income growth (YoY) | 8.4% | -3.4% | 31.9% | 19.9% | 20.6% | 6.8% |
| EPS growth (YoY) | 11.7% | -2.4% | 34.2% | 23.2% | 22.2% | 8.0% |
| EPS CAGR (3y) | 13.5% | 17.3% | 26.4% | 17.6% | 15.4% | 29.1% |
| EPS CAGR (5y) | 17.1% | 16.3% | 20.5% | 26.5% | 26.4% | 28.5% |
| FCF growth (YoY) | 5.5% | 21.0% | 12.2% | 17.3% | 16.9% | 16.0% |
| FCF CAGR (5y) | 14.4% | 16.6% | 15.8% | 23.9% | 18.0% | 24.4% |
| Book value growth (YoY) | -182.4% | -27.1% | 26.6% | -516.6% | 63.1% | -477.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$5.99B totalReportable Segment Aggregation Before Other Operating Segment$2.86B · 47.7%
Index Segment$1.79B · 29.8%
Analytics Segment$714.40M · 11.9%
Sustainability And Climate Segment$353.92M · 5.9%
All Other Segments$279.34M · 4.7%
Product / service
$1.79B totalRecurring Subscriptions$957.90M · 53.6%
Asset Based Fees$770.67M · 43.1%
Non Recurring$58.24M · 3.3%
Geographic
$6.27B totalAmericas$1.41B · 22.5%
US$1.27B · 20.2%
EMEA$1.24B · 19.8%
Other Europe Middle East And Africa Countries$698.50M · 11.1%
GB$543.48M · 8.7%
Asia And Australia$484.37M · 7.7%
Other Asia And Australia Countries$356.76M · 5.7%
Other America Countries$140.70M · 2.2%
JP$127.61M · 2.0%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.13
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Business Services, NEC
Comparing MSCI Inc. against the 5 most active filers in the same SIC group.
Dividends
$7.70/share trailing 12 months · +13.2% YoY
| Ex-date | Per share |
|---|---|
| May 15, 2026 | $2.0500 |
| Feb 13, 2026 | $2.0500 |
| Nov 14, 2025 | $1.8000 |
| Aug 15, 2025 | $1.8000 |
| May 16, 2025 | $1.8000 |
| Feb 14, 2025 | $1.8000 |
| Nov 15, 2024 | $1.6000 |
| Aug 16, 2024 | $1.6000 |
| May 16, 2024 | $1.6000 |
| Feb 15, 2024 | $1.6000 |
| Nov 8, 2023 | $1.3800 |
| Aug 10, 2023 | $1.3800 |
| May 11, 2023 | $1.3800 |
| Feb 16, 2023 | $1.3800 |
| Nov 9, 2022 | $1.2500 |
| Aug 11, 2022 | $1.2500 |
| May 12, 2022 | $1.0400 |
| Feb 17, 2022 | $1.0400 |
| Nov 10, 2021 | $1.0400 |
| Aug 12, 2021 | $1.0400 |
| May 13, 2021 | $0.7800 |
| Feb 18, 2021 | $0.7800 |
| Nov 12, 2020 | $0.7800 |
| Aug 13, 2020 | $0.7800 |