MSCI vs Tradeweb Markets
MSCI is the larger business, with $3.13bn of revenue in fiscal 2025 against $2.05bn for Tradeweb Markets (1.5 times as much). Tradeweb Markets grew faster (18.9% against 9.7%). Tradeweb Markets kept more of each dollar of sales as profit: a net margin of 39.6% against 38.4%.
| Latest fiscal year | MSCIMSCI, 2025 | Tradeweb MarketsTW, 2025 |
|---|---|---|
| Revenue | $3.13bn | $2.05bn |
| Revenue growth | 9.7% | 18.9% |
| Net income | $1.20bn | $813m |
| Operating margin | 54.7% | — |
| Net margin | 38.4% | 39.6% |
| Return on equity | — | 13.2% |
| Free cash flow | $1.55bn | $1.13bn |
| Cash | $515m | $2.08bn |
| Total debt | $6.25bn | $0 |
| Debt to equity | — | — |
| Dividend per share | $7.20 | $0.48 |
| Dividend yield | 1.3% | 0.4% |
| Share buybacks | $2.48bn | $104m |
| Employees | 6,268 | 1,569 |
| Market value | $45.99bn | $26.56bn |
| Price vs our value range | Within our value range | — |
| Moat score | 92 (Strong) | 66 (Moderate) |
| Insider trades, 12 months | 32 buys, 8 sales | 0 buys, 23 sales |