Morningstar vs MSCI
MSCI is the larger business, with $3.13bn of revenue in fiscal 2025 against $2.45bn for Morningstar (1.3 times as much). MSCI grew faster (9.7% against 7.5%). MSCI kept more of each dollar of sales as profit: a net margin of 38.4% against 15.3%.
| Latest fiscal year | MorningstarMORN, 2025 | MSCIMSCI, 2025 |
|---|---|---|
| Revenue | $2.45bn | $3.13bn |
| Revenue growth | 7.5% | 9.7% |
| Net income | $374m | $1.20bn |
| Operating margin | 21.5% | 54.7% |
| Net margin | 15.3% | 38.4% |
| Return on equity | 26.3% | — |
| Free cash flow | $443m | $1.55bn |
| Cash | $475m | $515m |
| Total debt | $1.07bn | $6.25bn |
| Debt to equity | 88.0% | — |
| Dividend per share | $1.87 | $7.20 |
| Dividend yield | 0.9% | 1.3% |
| Share buybacks | $787m | $2.48bn |
| Employees | 10,973 | 6,268 |
| Market value | $8.84bn | $45.99bn |
| Price vs our value range | — | Within our value range |
| Moat score | 79 (Strong) | 92 (Strong) |
| Insider trades, 12 months | 1 buys, 259 sales | 32 buys, 8 sales |