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MSCI

MSCI Inc.

MSCI

MSCI Inc. • NYSE
$563.72 ▲ 0.17% (+0.98)
Market Cap $43.62 B
52w High $642.45
52w Low $486.74
Dividend Yield 7.20%
P/E 35.72
Volume 249.66K
Outstanding Shares 77.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $793.426M ▲ $213.208M ▲ $325.386M ▲ 41.01% ▲ $4.25 ▲ $496.868M ▲
Q2-2025 $772.679M ▲ $209.778M ▼ $303.65M ▲ 39.298% ▲ $3.92 ▲ $429.409M ▼
Q1-2025 $745.826M ▲ $232.013M ▲ $288.6M ▼ 38.695% ▼ $3.72 ▼ $432.111M ▼
Q4-2024 $743.509M ▲ $206.748M ▲ $305.515M ▲ 41.091% ▲ $3.9 ▲ $461.588M ▲
Q3-2024 $724.705M $197.179M $280.901M 38.761% $3.58 $457.64M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $400.089M ▲ $5.389B ▲ $7.305B ▲ $-1.916B ▼
Q2-2025 $343.683M ▼ $5.374B ▲ $6.26B ▼ $-886.208M ▲
Q1-2025 $357.106M ▼ $5.344B ▼ $6.303B ▼ $-958.57M ▼
Q4-2024 $405.854M ▼ $5.445B ▲ $6.385B ▲ $-939.997M ▼
Q3-2024 $497.07M $5.409B $6.16B $-750.998M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $325.386M ▲ $449.441M ▲ $-26.147M ▲ $-369.376M ▼ $52.771M ▲ $445.509M ▲
Q2-2025 $303.65M ▲ $336.138M ▲ $-34.563M ▼ $-321.102M ▲ $-13.353M ▲ $324.69M ▲
Q1-2025 $288.6M ▼ $301.737M ▼ $-32.904M ▲ $-321.722M ▲ $-48.68M ▲ $290.237M ▼
Q4-2024 $305.515M ▲ $430.633M ▲ $-36.733M ▼ $-476.183M ▼ $-91.628M ▼ $416.386M ▲
Q3-2024 $280.901M $421.609M $-28.064M $-350.266M $49.578M $414.983M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q3-2025
Asset Based Fees
Asset Based Fees
 $170.00M ▲$330.00M ▲$180.00M ▼$200.00M ▲
Non Recurring
Non Recurring
 $20.00M ▲$40.00M ▲$20.00M ▼$20.00M ▲
Recurring Subscriptions
Recurring Subscriptions
 $540.00M ▲$1.06Bn ▲$550.00M ▼$580.00M ▲

Five-Year Company Overview

Income Statement

Income Statement MSCI’s income statement shows a business that has grown steadily and remains highly profitable. Revenue has climbed each year, and profit margins are strong, reflecting the power of its subscription and licensing model. Operating profit has risen consistently, showing good cost control and significant operating leverage as the business scales. One nuance: net income and earnings per share dipped slightly most recently despite higher revenue. That suggests some pressure from items below the operating line, such as interest expense or taxes, rather than a deterioration in the core business. Overall, profitability remains robust, but the latest year hints that growth in bottom‑line earnings is not perfectly smooth and can be affected by financing and tax dynamics.

Balance Sheet

Balance Sheet The balance sheet is the main point of caution. MSCI operates with a high level of debt and negative reported equity, which is often a result of heavy share repurchases, intangible assets, and its capital‑light model. This structure can be tax‑efficient and common for mature, cash‑generative firms, but it does mean the company is financially leveraged. Cash on hand has trended down from earlier elevated levels, while total assets have stayed relatively stable. The combination of sizable debt and modest cash means the company depends on its ongoing strong cash generation and access to capital markets. The balance sheet is efficient but carries refinancing and interest‑rate sensitivity that investors should keep in mind.

Cash Flow

Cash Flow Cash flow is a clear strength. Operating cash flow has grown steadily over the past five years, largely tracking the rise in profits. Free cash flow is very close to operating cash flow because capital spending needs are low. This reflects the asset‑light, data and software‑driven nature of the business. Strong and recurring free cash flow gives MSCI flexibility to service debt, invest in new products, and return capital to shareholders. The flip side is that with a smaller cash cushion and higher leverage, the company has less room if cash flows were ever to weaken sharply. For now, however, the cash generation profile looks both strong and consistent.

Competitive Edge

Competitive Edge MSCI enjoys a powerful competitive position built on brand, data, and integration into clients’ workflows. Its indexes are embedded as benchmarks across global markets, creating network effects: the more investors use MSCI benchmarks, the harder it becomes for rivals to displace them. This “default standard” status underpins pricing power and client stickiness. Beyond indexes, MSCI’s analytics, ESG and climate tools, and risk models are deeply woven into institutional processes. Switching to a competitor can be disruptive and costly for clients, which raises switching costs and strengthens retention. The company also benefits from enormous historical data sets and economies of scale that are hard for newer entrants to replicate. Competition remains intense—from other index providers, major asset managers’ platforms, and data vendors—but MSCI’s entrenched role, trusted brand, and integrated offerings give it a durable moat in its core areas.

Innovation and R&D

Innovation and R&D MSCI is actively leaning into innovation, especially in data, analytics, and AI. It is rolling out generative AI tools like AI Portfolio Insights, which turns raw risk and performance data into more intuitive, on‑demand analysis. The Macro Finance Analyzer and the cloud‑based MSCI ONE platform show a push to make its analytics more interactive, real‑time, and deeply embedded in client workflows. The partnership with Microsoft and migration to Azure add technology depth and scalability, while also enabling joint development in ESG and climate solutions. MSCI is investing heavily in expanding ESG, climate, and private‑asset analytics—areas with structural growth and rising regulatory focus. Its move toward “Investment Solutions as a Service,” delivered through APIs and cloud, is an attempt to future‑proof the business and lock in relevance as clients modernize their own systems. The main risk is execution: MSCI must keep its data quality high and ensure new AI‑driven tools genuinely enhance decision‑making rather than just add complexity. But its current trajectory suggests a clear commitment to staying on the leading edge of financial data and analytics.

Summary

Overall, MSCI combines strong, recurring profitability and cash generation with a very solid competitive moat, but it does so on top of a leveraged balance sheet. On the positive side, revenue and operating profits have grown steadily, margins are high, and free cash flow is both large and reliable. The business is capital‑light, subscription‑driven, and deeply embedded in clients’ investment processes. Its global index franchise, ESG and climate leadership, and risk analytics create meaningful barriers to entry and sustain pricing power. On the more cautious side, MSCI carries substantial debt and negative equity, relying on ongoing robust cash flows and capital‑market access. Net income has shown that it can be influenced by financing and tax factors even when the core business is performing well. The company also faces competitive and political scrutiny, particularly around ESG. In short, MSCI looks like a high‑quality, asset‑light, and innovation‑driven franchise with strong economics and a notable financial leverage overlay. Future performance will hinge on its ability to keep innovating in AI, ESG, climate, and private assets while managing its balance sheet discipline and navigating competitive and regulatory pressures.

NEWS

November 25, 2025 · 12:23 PM UTC

MSCI Publishes Investor Presentation

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November 19, 2025 · 11:46 AM UTC

MSCI Publishes Corporate Responsibility Presentation for Investors

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November 17, 2025 · 7:00 AM UTC

MSCI Announces Baer Pettit to Retire as President

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November 13, 2025 · 1:19 PM UTC

MSCI to Participate in Upcoming Investor Conferences

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November 5, 2025 · 7:02 PM UTC

MSCI Equity Indexes November 2025 Index Review

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