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MSCI (MSCI) stock

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NYSE: MSCI NYSE Financial Exchanges & Data Next results ~January 27, 2027

B Fundamentals grade

MSCI is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$600

Cash-flow model

Base case. Range ~$430–$830 across our lower- and higher-growth cases (7.4%–17.4% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 5% above our base value.

Price used: $637.21, November 2, 2026

MSCI valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 3 selling32 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds496 adding, 491 cuttingOf 99 active managers that changed their stake, 50 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter MSCI files

10-Q filed October 20: MSCI

Revenue for the twelve months to September 2026 was $3.43bn, up 12.3% on a year earlier, faster than the 11.6% growth a quarter earlier. That growth ranks 2 of 11 among the financial exchanges & data companies we cover. Free-cash-flow margin fell to 45.9% from 48.3% a year earlier. The diluted share count is down 5.5% on a year earlier, which lifts each remaining share. Our model value is little changed at $599 a share, against a share price of $624. The rating stays Hold. At that price, our model says the market is pricing in about 12.2% a year of cash-flow growth for five years, close to the 10.9% a year revenue growth it has delivered.

Source: 10-Q filed October 20, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 21: MSCI

Revenue for the twelve months to June 2026 reached $3.43bn, up 12.3% on a year earlier and ahead of the 11.6% pace a quarter before. That ranks first of the eight financial exchanges and data companies we cover. Free-cash-flow margin slipped to 45.9% from 48.3% a year earlier. A 5.5% fall in the diluted share count on a year earlier lifts each remaining share. The fundamentals grade improves from C+ to B, and our model value rises from $516 to $547 against a share price of $592. The rating stays Hold. At $592, the model implies the market expects about 13.6% annual cash-flow growth for five years, ahead of the 10.9% annual revenue growth delivered.

10-Q on SEC EDGAR

Where MSCI stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.33bn, up 11.6% on a year earlier, faster than 10.9% a quarter earlier. Free-cash-flow margin held at 47.9%. The diluted share count is down 4.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $516 a share, against a share price of $582. At that price, our model says the market is pricing in about 14.2% a year of cash-flow growth for five years, faster than the 10.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

MSCI's trailing-twelve-month revenue grew 12.3% year on year, with a free-cash-flow margin of 45.9%. Where it stands out: operating margin of 55.7% ranks 2 of 11 financial exchanges & data companies we cover. Where it lags: long-term debt as % of assets of 120.0% ranks 8 of 8 financial exchanges & data companies we cover.

Our discounted-cash-flow model values the business at ~$600 per share in the base case (~$430–$830 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 12.3% (+0.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 55.7% of revenue is left as operating profit, against a median of 40.5% for financial exchanges & data companies we cover.
  • Strong cash generation. 45.9% of revenue turned into free cash flow, against a median of 37.6% for financial exchanges & data companies we cover.
  • Shrinking share count. Diluted shares fell 5.5% in a year, so each share owns more of the business.

Things to watch

  • High debt. Long-term debt exceeds cash by $6.5bn, more than 1.5 times annual revenue.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 120.0% ranks 8 of 8 financial exchanges & data companies we cover (median 21.7%).

Latest results: FY2026 Q3

Filed October 20, 2026
Earnings per share
$5.11 against an average estimate of $5.03: beat by 1.7%
Revenue
$892m, up 12.4% on a year earlier
Share reaction
+7.3% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Guidance given
operating Expense $1,535m to $1,575m (Full-Year 2026); adjusted EBITDA Expense $1,340m to $1,370m (Full-Year 2026)
Next report
October 20, 2026; average EPS estimate $5.09

MSCI's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.2%
  • 1 week+3.2%
  • 1 month+18.9%
  • This year+12.3%
  • 1 year+9.8%
  • 5 years+4.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.4B
Operating margin
55.7%
Net margin
40.3%
EPS (TTM, diluted)
$18.87

Growth

Revenue growth
+12.3%
Change in growth rate
+0.7 pts
Share count change
−5.5%

Cash

Free cash flow (TTM)
$1.6B
FCF margin
45.9%
Stock pay % of revenue
3.7%

Earnings

Last results
October 20, 2026
Next results (est.)
January 27, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Results

    MSCI reports third-quarter financial results

    MSCI released its financial results for the third quarter ended September 30, 2026, on October 20, 2026. The company filed a Form 8-K with the SEC to disclose this information. MSCI said the report includes non-GAAP financial measures and reconciliations to GAAP standards.

    SEC 8-KRead source ↗
  3. Guidance
  4. Insider trade
  5. Leadership
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

MSCI valuation models and calculator

What the price is pricing in

The share price implies about 12.3% a year of cash-flow growth for five years.That is close to the 10.9% a year revenue growth MSCI has delivered.

  • Priced in12.3%
  • Last 12 months12.3%
  • 3 years a year12.4%
  • 5 years a year10.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($629.35, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$600
Price used
$629.35close November 3, 2026
Implied change
▼ 4%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of MSCI's free cash flow after stock-based pay with after-tax interest added back ($1.7B, FY2026 Q3 TTM), growing 10.5% and 11.2% in the next two years (forecasts, guidance and its record), then back to 12.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$430–~$830 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of MSCI's free cash flow after stock-based pay ( $1.7B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value MSCI as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$600 ~$430–$830 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$320 ~$250–$510 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. — Does not apply: no positive book value in the latest twelve months
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. — Does not apply: earnings are not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$510 ~$320–$600 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare MSCI with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −5%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $258$382$547$765$1048$1415
8.5% $176$266$385$541$743$1003
10% $127$196$288$407$561$758

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$63.98$70.78$115.11$135.77$240.57$419.53$579.53$444.29$546.04$585.94$567.39$637.21
Market value$7.0bn$6.8bn$10.6bn$12.2bn$20.6bn$35.5bn$48.4bn$36.1bn$43.6bn$46.3bn$43.5bn$46.7bn
+ Net debt (− = net cash)$802m$1.3bn$1.2bn$1.7bn$1.6bn$2.1bn$2.7bn$3.6bn$4.1bn$4.1bn$5.7bn$6.5bn
Enterprise value$7.8bn$8.1bn$11.8bn$13.8bn$22.1bn$37.5bn$51.1bn$39.6bn$47.7bn$50.4bn$49.2bn$53.2bn
Multiples
Price / sales 6.5x5.9x8.3x8.5x13.2x20.9x23.7x16.0x17.2x16.2x13.9x13.6x
Price / earnings 31.4x26.2x34.8x24.0x36.5x58.9x66.6x41.4x38.0x41.7x36.2x33.8x
Price / free cash flow 25.1x16.7x28.5x20.9x30.2x44.9x52.4x33.4x35.9x31.5x28.1x29.7x
EV / EBITDA 18.0x15.5x19.1x19.3x28.2x41.0x46.4x32.1x33.9x32.6x28.3x27.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

92 /100

Strong moat

How hard MSCI's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 17.4% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 79.2%, moving by 3.4 percentage points (standard deviation) across 8 years.

  • Durability 20 / 20

    Operating margin has been a median 53.0%; its worst year was 44.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 46.5% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 12.2% over five years; stock-based pay has been a median 2.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (98 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $19.68 +14% $3.5bn +12%
Next $22.41 +14% $3.8bn +9%

Next year's EPS estimate has moved −0.1% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 5 analysts raised MSCI's forecast and 4 cut it.

Consensus EPS forecast MSCI, last 90 days
$19.00 $20.00 $21.00 $22.00 $23.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $19.66 Current fiscal year, 60 days ago: $19.67 Current fiscal year, 30 days ago: $19.72 Current fiscal year, 7 days ago: $19.64 Current fiscal year, Now: $19.68 $19.68 Next fiscal year, 90 days ago: $22.43 Next fiscal year, 60 days ago: $22.46 Next fiscal year, 30 days ago: $22.47 Next fiscal year, 7 days ago: $22.35 Next fiscal year, Now: $22.41 $22.41

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $19.66$22.43
60 days ago $19.67$22.46
30 days ago $19.72$22.47
7 days ago $19.64$22.35
Now $19.68$22.41

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $5.03 $5.11 +1.7%
Jun 2026 $4.98 $4.94 −0.8%
Mar 2026 $4.46 $4.55 +2.1%
Dec 2025 $4.59 $4.66 +1.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026
  • Operating Expense Full-Year 2026 $1,535m to $1,575m
    “Operating Expense $1,535 to $1,575 million $1,535 to $1,575 million” source
  • Adjusted EBITDA Expense Full-Year 2026 $1,340m to $1,370m Non-GAAP
    “Adjusted EBITDA Expense $1,340 to $1,370 million $1,340 to $1,370 million” source
  • Interest Expense (including amortization of financing fees) Full-Year 2026 $288m to $291m
    “Interest Expense (including amortization of financing fees) 1 $288 to $291 million $282 to $286 million” source
  • Depreciation & Amortization Expense Full-Year 2026 $195m to $205m
    “Depreciation & Amortization Expense $195 to $205 million $195 to $205 million” source
  • Effective Tax Rate Full-Year 2026 18% to 19.5%
    “Effective Tax Rate 2 18.0% to 19.5% 18.0% to 20.0%” source
  • Capital Expenditures Full-Year 2026 $160m to $170m
    “Capital Expenditures $160 to $170 million $160 to $170 million” source
Show 2 more items
  • Net Cash Provided by Operating Activities Full-Year 2026 $1,655m to $1,705m
    “Net Cash Provided by Operating Activities $1,655 to $1,705 million $1,655 to $1,705 million” source
  • Free Cash Flow Full-Year 2026 $1,485m to $1,545m Non-GAAP
    “Free Cash Flow $1,485 to $1,545 million $1,485 to $1,545 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows MSCI's revenue by +10.5% next year and +11.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.6%, weight 69%) and the company's own record (+12.4%, weight 31%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy1689%
Hold16%
Sell16%

Monthly trend

  1. Oct 202641218
  2. Sep 202641218
  3. Aug 202641218
  4. Jul 202641218

Counts of recommendations published by analysts covering MSCI, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.4%
of tradable shares
Days to cover
2.64
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
3.7%
of shares
Employees
6,259
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +9.8%

$580.22 on October 31, 2025 to $637.21

ThenNowEffect
Revenue (last 12 months) $3.0bn $3.3bn +11.6%
Net margin 39.5% 40.7% +3.2%
P/E multiple 38.4x 34.9x −9.2%
Share count 78m 74m +5.0%

Biggest factor: revenue.

Last 3 years +33.0%

$479.17 on November 3, 2023 to $637.21

ThenNowEffect
Revenue (last 12 months) $2.4bn $3.3bn +41.8%
Net margin 39.0% 40.7% +4.4%
P/E multiple 42.0x 34.9x −16.9%
Share count 80m 74m +8.1%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MSCI+38%−23%+23%+7%−3%+12%
Industry peers (median)+44%−28%+33%+18%+6%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MSCI58%42%42%50%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MSCI−14%−38%−19%−26%−19%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 44% from November 16, 2021 to May 9, 2022. Getting back needed a 78% gain, reached on June 1, 2026, 1484 days after the low.

Price behaviour

52-week range
$506.19 – $641.54
From 52-week high
−0.7%
vs 50-day average
+12.1%
vs 200-day average
+11.6%
Volatility (1 year)
29%
Beta vs S&P 500
0.29

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.2%
After a week
6 up, 6 down
typical move ±5.2%
After a month
6 up, 5 down
typical move ±4.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 +7.3% +0.9% +6.8% —
July 21, 2026 −8.7% +0.7% −7.3% −9.2%
April 21, 2026 +7.2% +0.4% +4.9% +3.0%
January 28, 2026 +4.6% −0.2% −1.8% −1.3%
October 28, 2025 +3.8% +0.3% +5.1% +3.2%
July 22, 2025 −8.2% +0.9% −3.6% −0.3%
April 22, 2025 0.0% +4.2% +1.3% +5.3%
January 29, 2025 −6.0% +0.1% −7.4% −5.7%
October 29, 2024 −4.4% −0.1% −1.2% +1.9%
July 23, 2024 +5.6% −2.4% +8.0% +11.3%
April 23, 2024 −9.8% +1.1% −9.6% −1.9%
January 30, 2024 +8.7% −1.7% +5.6% +2.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How MSCI’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.15× the last 60 days’ realised volatility , richer than 44% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

MSCI MSCI Grade B $636.38

Own 100 shares, sell the $670 call expiring December 18, 2026 (46 days) for $10.20 a share — $1,020 per contract.

Previous session · Bid $10.20, ask $12.60, quoted Mon 2 Nov, 17:30 New York time with MSCI at $636.38. Option prices move with the shares: check the live chain at your broker before trading.

  • If MSCI ends below $670: you keep your shares and the $1,020 — 1.6% extra on the position, 12.7% a year at that pace.
  • If it ends above $670: your shares are sold at $670, a total return of 6.9% including the premium — at or above our value of ~$600.
$4.4k $0 −$12.5k Our value $600 Break-even $626.18 Price $636.38
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,020
Annualised
12.7%
Break-even
$626.18
Max gain
$4,382
Chance of selling
~33%

Collar

Own the shares, buy the $600 put and sell the $670 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.60 a share ($60.00 per contract of 100 shares).
  • Worst case at expiry: -5.8%, if the shares fall below $600 (-5.7% from today).
  • Best case at expiry: +5.2%, if the shares rise above $670 (+5.3%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $600: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

MSCI in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) MSCI
$2.5B $3B $3.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.5B Revenue (TTM), FY24 Q1: $2.6B Revenue (TTM), FY24 Q2: $2.7B Revenue (TTM), FY24 Q3: $2.8B Revenue (TTM), FY24 Q4: $2.9B Revenue (TTM), FY25 Q1: $2.9B Revenue (TTM), FY25 Q2: $3B Revenue (TTM), FY25 Q3: $3.1B Revenue (TTM), FY25 Q4: $3.1B Revenue (TTM), FY26 Q1: $3.2B Revenue (TTM), FY26 Q2: $3.3B Revenue (TTM), FY26 Q3: $3.4B $3.4B

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.5B
FY24 Q1 $2.6B
FY24 Q2 $2.7B
FY24 Q3 $2.8B
FY24 Q4 $2.9B
FY25 Q1 $2.9B
FY25 Q2 $3B
FY25 Q3 $3.1B
FY25 Q4 $3.1B
FY26 Q1 $3.2B
FY26 Q2 $3.3B
FY26 Q3 $3.4B
Revenue growth, TTM YoY MSCI
8% 10% 12% 14% 16% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 12.5% Revenue growth, TTM YoY, FY24 Q1: 14.7% Revenue growth, TTM YoY, FY24 Q2: 15.0% Revenue growth, TTM YoY, FY24 Q3: 16.1% Revenue growth, TTM YoY, FY24 Q4: 12.9% Revenue growth, TTM YoY, FY25 Q1: 11.7% Revenue growth, TTM YoY, FY25 Q2: 10.5% Revenue growth, TTM YoY, FY25 Q3: 9.0% Revenue growth, TTM YoY, FY25 Q4: 9.7% Revenue growth, TTM YoY, FY26 Q1: 10.9% Revenue growth, TTM YoY, FY26 Q2: 11.6% Revenue growth, TTM YoY, FY26 Q3: 12.3% 12.3%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 12.5%
FY24 Q1 14.7%
FY24 Q2 15.0%
FY24 Q3 16.1%
FY24 Q4 12.9%
FY25 Q1 11.7%
FY25 Q2 10.5%
FY25 Q3 9.0%
FY25 Q4 9.7%
FY26 Q1 10.9%
FY26 Q2 11.6%
FY26 Q3 12.3%
Operating margin (TTM) MSCI
53% 54% 55% 56% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 54.8% Operating margin (TTM), FY24 Q1: 53.9% Operating margin (TTM), FY24 Q2: 53.5% Operating margin (TTM), FY24 Q3: 53.3% Operating margin (TTM), FY24 Q4: 53.5% Operating margin (TTM), FY25 Q1: 53.6% Operating margin (TTM), FY25 Q2: 53.9% Operating margin (TTM), FY25 Q3: 54.2% Operating margin (TTM), FY25 Q4: 54.7% Operating margin (TTM), FY26 Q1: 55.4% Operating margin (TTM), FY26 Q2: 55.7% Operating margin (TTM), FY26 Q3: 55.7% 55.7%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 54.8%
FY24 Q1 53.9%
FY24 Q2 53.5%
FY24 Q3 53.3%
FY24 Q4 53.5%
FY25 Q1 53.6%
FY25 Q2 53.9%
FY25 Q3 54.2%
FY25 Q4 54.7%
FY26 Q1 55.4%
FY26 Q2 55.7%
FY26 Q3 55.7%
FCF margin (TTM) MSCI
44% 46% 48% 50% 52% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 48.0% FCF margin (TTM), FY24 Q1: 47.8% FCF margin (TTM), FY24 Q2: 48.4% FCF margin (TTM), FY24 Q3: 51.3% FCF margin (TTM), FY24 Q4: 51.4% FCF margin (TTM), FY25 Q1: 50.0% FCF margin (TTM), FY25 Q2: 48.4% FCF margin (TTM), FY25 Q3: 48.3% FCF margin (TTM), FY25 Q4: 49.4% FCF margin (TTM), FY26 Q1: 48.2% FCF margin (TTM), FY26 Q2: 47.9% FCF margin (TTM), FY26 Q3: 45.9% 45.9%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 48.0%
FY24 Q1 47.8%
FY24 Q2 48.4%
FY24 Q3 51.3%
FY24 Q4 51.4%
FY25 Q1 50.0%
FY25 Q2 48.4%
FY25 Q3 48.3%
FY25 Q4 49.4%
FY26 Q1 48.2%
FY26 Q2 47.9%
FY26 Q3 45.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar MSCI took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $3.1B
  2. Research and development $178M · 5.7%
  3. Selling, general and admin $500M · 16.0%
  4. Other operating costs $743M · 23.7%
  5. Operating income $1.7B · 54.7%
  6. Income tax $292M · 9.3%
  7. Interest and other $219M · 7.0%
  8. Net income $1.2B · 38.4%

Shares of revenue. Source: MSCI's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Nov 2009 2010 Nov 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 443 663 901 827 913 997 1,075 1,151 1,274 1,434 1,558 1,695 2,044 2,249 2,529 2,856 3,134 3,432
Gross profit — — — — 673 720 807 899 1,000 1,147 1,263 1,404 — — — — — —
EBITDA 163 224 341 337 363 363 435 522 615 718 786 915 1,102 1,235 1,406 1,545 1,737 1,936
Operating income 151 206 322 318 340 337 404 488 580 687 756 885 1,073 1,208 1,385 1,529 1,714 1,910
Net income 82 92 173 184 223 284 224 261 304 508 564 602 726 871 1,149 1,109 1,202 1,384
Diluted EPS $0.80 $0.81 $1.41 $1.48 $1.83 $2.43 $2.03 $2.70 $3.31 $5.66 $6.59 $7.12 $8.70 $10.72 $14.39 $14.05 $15.69 $18.87
Growth (year on year)
Revenue +2.8% +49.7% +35.9% −8.2% +10.4% +9.1% +7.9% +7.0% +10.7% +12.5% +8.6% +8.8% +20.5% +10.0% +12.5% +12.9% +9.7% +12.3%
EBITDA +15.8% +37.2% +52.7% −1.3% +7.6% +0.1% +19.7% +20.2% +17.8% +16.7% +9.4% +16.4% +20.5% +12.1% +13.9% +10.0% +12.4% +15.6%
Operating income +11.2% +36.5% +56.2% −1.2% +6.9% −0.9% +19.8% +20.8% +18.8% +18.5% +10.0% +17.1% +21.2% +12.6% +14.7% +10.4% +12.1% +15.4%
Net income +19.8% +12.7% +88.2% +6.2% +20.8% +27.7% −21.3% +16.6% +16.5% +67.1% +11.0% +6.8% +20.6% +19.9% +31.9% −3.4% +8.4% +13.1%
Diluted EPS +21.2% +1.3% +74.1% +5.0% +23.6% +32.8% −16.5% +33.0% +22.6% +71.0% +16.4% +8.0% +22.2% +23.2% +34.2% −2.4% +11.7% +19.7%
Margins
Gross margin — — — — 73.6% 72.2% 75.1% 78.1% 78.5% 80.0% 81.1% 82.8% — — — — — —
EBITDA margin 36.8% 33.7% 37.9% 40.7% 39.7% 36.4% 40.4% 45.4% 48.3% 50.1% 50.4% 53.9% 53.9% 54.9% 55.6% 54.1% 55.4% 56.4%
Operating margin 34.1% 31.1% 35.7% 38.5% 37.3% 33.8% 37.6% 42.4% 45.5% 47.9% 48.5% 52.2% 52.5% 53.7% 54.8% 53.5% 54.7% 55.7%
Net margin 18.5% 13.9% 19.3% 22.3% 24.4% 28.5% 20.8% 22.7% 23.9% 35.4% 36.2% 35.5% 35.5% 38.7% 45.4% 38.8% 38.4% 40.3%
Free-cash-flow margin 26.5% 25.7% 25.7% 36.5% 30.8% 26.4% 26.1% 35.6% 29.1% 40.6% 43.7% 46.6% 45.1% 48.1% 48.0% 51.4% 49.4% 45.9%
Cash flow
Cash from operations 131 183 255 347 321 306 321 442 404 613 710 811 936 1,095 1,236 1,502 1,588 1,615
Capital spending 13 13 23 45 40 43 41 32 33 30 29 22 14 14 23 34 39 40
Free cash flow 118 170 232 302 281 263 281 410 371 583 680 789 923 1,082 1,213 1,468 1,549 1,575
Stock-based pay 35 32 32 25 25 27 29 32 37 39 41 51 55 58 72 95 111 126
Free cash flow after stock pay 82 138 200 277 256 236 252 378 334 544 639 738 868 1,024 1,142 1,373 1,438 1,449
Balance sheet
Cash — — 252 183 358 509 778 792 890 904 1,507 1,301 1,421 994 462 409 515 261
Total debt — — 1,082 858 810 788 1,579 2,075 2,078 2,576 3,072 3,367 4,161 4,548 4,539 4,537 6,250 6,760
Net debt (negative = net cash) — — 829 675 452 280 802 1,283 1,189 1,671 1,565 2,066 2,740 3,554 4,077 4,128 5,735 6,499
Diluted shares 101m 113m 122m 123m 121m 117m 110m 97m 92m 90m 86m 85m 83m 81m 80m 79m 77m 73m
Returned to shareholders
Dividends — — — — — 20 88 96 120 171 223 246 302 373 441 509 557 583
Buybacks 18 14 15 106 112 410 701 775 150 950 292 779 198 1,398 504 885 2,484 2,043
Total returned 18 14 15 106 112 430 789 871 270 1,121 515 1,025 501 1,770 945 1,394 3,041 2,626

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · September 30, 2026
What it owns · $5.6bn
Short-term assets $1.3bnLonger-term assets $4.3bn
What it owes, and who funded it · $8.6bn
Short-term liabilities $1.6bnLonger-term liabilities $7.0bnShareholders' equity $-3.0bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $1.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $7.0bn of longer-dated liabilities.
  • More cash than debt $261m of cash against $6.7bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $6.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.9bn against $278m of interest.

From MSCI's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2B
Dividends (TTM)
$583M
Returned to shareholders
167%
of free cash flow
Buybacks, last 3 fiscal years
$3.9B
Diluted share count
−5.5%
year over year
Total shareholder yield
5.8%
dividends 1.3% + buybacks 4.5% of market value
Dividend payout ratio
42%
of net income paid out
R&D spending
5.4%
of revenue

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated MSCI MORN FDS TW CBOE COIN Median
Revenue, last 12 months $3.4bn $2.6bn $2.5bn $2.3bn $5.3bn $5.6bn $5.3bn
Revenue growth, last 12 months 12.3% 9.4% 6.7% 14.4% 14.3% −26.6% 9.4%
Revenue growth, 3-year average 12.4% 9.9% 5.9% 21.9% 11.5% 26.5% 12.4%
Revenue growth, latest quarter 12.4% 8.9% 6.3% 14.9% 19.0% −35.0% 12.4%
Gross margin 82.4% 63.1% 50.6% — 53.9% — 63.1%
Operating margin 55.7% 24.5% 28.3% 44.1% 36.4% 3.6% 40.5%
Operating margin, 3-year average 54.4% 21.8% 30.8% 41.0% 31.2% 19.6% 38.4%
Net margin 40.3% 17.0% 21.5% 39.8% 28.0% −12.5% 29.6%
Cash from operations / revenue 47.0% 24.5% 33.2% 52.6% 49.7% 25.0% 40.7%
Free-cash-flow margin 45.9% 18.8% 28.6% 50.6% 47.9% 25.0% 36.4%
Free-cash-flow margin, 3-year average 48.5% 18.4% 27.7% 51.6% 33.6% 31.2% 34.0%
Stock pay / revenue 3.7% 2.5% 3.4% 4.8% 1.0% 16.9% 2.9%
Change in share count −5.5% −8.7% −4.6% −0.9% −0.1% −0.9% −1.7%

Median of all 11 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 financial exchanges & data companies
Measure Company Peer median Rank
Revenue growth Growth 12.3% 9.4% 3 of 11
Change in growth rate Growth +0.7pp +0.4pp 5 of 11
Operating margin Profitability 55.7% 40.5% 2 of 11
Net margin Profitability 40.3% 29.6% 2 of 11
Free-cash-flow margin Cash generation 45.9% 37.6% 3 of 8
Stock pay as % of revenue Cash generation 3.7% 2.9% 8 of 11
Long-term debt as % of assets Balance sheet 120.0% 21.7% 8 of 8
Change in share count Balance sheet -5.5% -1.7% 2 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Reportable Segment Aggregation Before Other Operating $2.9B 91.1% ▲ 9.9%
Index $1.8B 62.6% ▲ 11.9%
Analytics $714M 25.0% ▲ 5.8%
Sustainability and Climate $354M 12.4% ▲ 8.4%
All Other Segments $279M 8.9% ▲ 8.1%
Products and services
Line of business Revenue Share YoY
Recurring Subscriptions $2.3B 72.7% ▲ 7.8%
Asset Based Fees $771M 24.6% ▲ 17.2%
Non Recurring $85.1M 2.7% ▲ 1.1%
Geography
Region Revenue Share YoY
Americas $1.4B 44.9% ▲ 8.5%
United States $1.3B 90.0% ▲ 8.4%
Other America Countries $141M 10.0% ▲ 9.1%
EMEA $1.2B 39.6% ▲ 11.7%
Other Europe Middle East and Africa Countries $698M 56.2% ▲ 10.5%
United Kingdom $543M 43.8% ▲ 13.3%
Asia and Australia $484M 15.5% ▲ 8.5%
Other Asia and Australia Countries $357M 73.7% ▲ 7.4%
Japan $128M 26.3% ▲ 11.8%

From MSCI's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$37.7B
Institutions reporting
1,072
Shares held vs prior quarter
▲ 3.7%
Positions opened / closed
105 / 85

Top buyers and sellers, Q2 2026: 496 institutions bought and 491 sold ; the biggest buyer was Viking Global Investors LP (+1.2M shares) and the biggest seller Edgewood Management LLC (−738K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.1B 5.5M 8.1% ▼ 4.7%
Vanguard Capital Management LLC $2.6B 4.6M 6.9% ▼ 0.2%
Vanguard Portfolio Management LLC $2.3B 4.2M 6.2% ▲ 3.5%
BAMCO Inc $1.8B 3.2M 4.8% ▲ 19.0%
State Street Corp $1.8B 3.2M 4.7% ▲ 2.6%
Morgan Stanley $1.2B 2.1M 3.2% ▼ 5.2%
T. Rowe Price Investment Management, Inc. $1.1B 2.0M 3.0% ▲ 36.0%
Geode Capital Management, LLC $1.1B 2.0M 2.9% ▼ 2.5%
Viking Global Investors LP $650M 1.2M 1.7% New
Principal Financial Group Inc $631M 1.1M 1.7% ▼ 16.3%
Pinestone Asset Management Inc. $528M 944K 1.4% ▼ 3.4%
Fiera Capital Corp $484M 865K 1.3% ▼ 11.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not MSCI's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $15.5M 32 trades by 3 insiders, last 12 months Insider sales History → $8.8M 8 trades by 3 insiders · 12% under pre-set plans
Net ▲ $6.7M net buying
Insider Date Trade Shares Price Value
Gutowski Robert J. General Counsel October 22, 2026 Sell 2,381 $623.66 $1.5M
Wiechmann Andrew C. Chief Financial Officer October 12, 2026 Sell pre-set plan 450 $570.00 $256,500
Taneja Rajat Director September 2, 2026 Buy 1,786 $560.00 $1M
Wiechmann Andrew C. Chief Financial Officer June 10, 2026 Sell pre-set plan 450 $604.56 $272,052
Fernandez Henry A Chairman and CEO May 15, 2026 Buy 80 $565.17 $45,214
Fernandez Henry A Chairman and CEO May 15, 2026 Buy 400 $564.42 $225,768
Fernandez Henry A Chairman and CEO May 15, 2026 Buy 800 $563.39 $450,712
Fernandez Henry A Chairman and CEO May 15, 2026 Buy 1,122 $562.47 $631,091
Fernandez Henry A Chairman and CEO May 15, 2026 Buy 1,238 $561.56 $695,211
Fernandez Henry A Chairman and CEO May 15, 2026 Buy 240 $560.28 $134,467
Fernandez Henry A Chairman and CEO May 15, 2026 Buy 120 $559.40 $67,128
Munari Alvise J. Chief Product Officer April 24, 2026 Sell 40 $593.31 $23,732

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 45 trades and filings

No trades in MSCI disclosed in the last 12 months; 45 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded April 1, 2025, filed May 14, 2025
  • Byron Donalds(R-FL 19):Sale (full), $1,001 - $15,000, traded March 20, 2025, filed April 14, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 21, 2026
  • April 21, 2026
  • January 28, 2026
  • October 28, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on MSCI was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

MSCI in brief

What does MSCI do?
MSCI is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is MSCI's stock ticker?
MSCI trades under the ticker MSCI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is MSCI's revenue, and how fast is it growing?
Over its most recent trailing twelve months, MSCI reported revenue of $3.4B, 12.3% higher than a year earlier, according to its SEC filings.
What is MSCI's free cash flow?
MSCI's free-cash-flow margin is 45.9% of revenue over the trailing twelve months, ranking 3 of the 8 financial exchanges & data companies we cover.
What is MSCI's fair value (intrinsic value) per share?
Our discounted-cash-flow model of MSCI's free cash flow after stock-based pay gives ~$600 per share in the base case, and ~$430–$830 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are MSCI's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is MSCI buying back stock, and does it pay a dividend?
MSCI spent $2B on share repurchases over the trailing twelve months, and its diluted share count fell 5.5% over the year.
What is MSCI's market cap?
On November 2, 2026, MSCI's market capitalisation was about $46.7B, with a price-to-earnings ratio of 33.8 and net debt of $6.5B. Market figures come from third-party market data and may be delayed.
Does MSCI pay a dividend?
Yes: MSCI paid $583M in dividends over the trailing twelve months, a dividend yield of 1.28% and a payout ratio of 42.1%.
Who are MSCI's competitors?
In our Financial Exchanges & Data peer group, the companies closest to MSCI are Morningstar, Inc., Factset Research Systems Inc, Tradeweb Markets Inc., Cboe Global Markets and Coinbase. The side-by-side comparison below sets their revenue, margins and growth against MSCI's.
Are insiders buying or selling MSCI stock?
Over the last 12 months, MSCI's directors and officers reported 32 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is MSCI's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — MSCI announces its own schedule.