What is MSCI, Inc.'s earnings per share (EPS)?

MSCI, Inc. (MSCI) reported diluted earnings per share of $15.69 for fiscal year 2025. This represents a 11.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

MSCI, Inc. (MSCI) Financials

MSCI

Trailing 12 months to June 30, 2026

Revenue $3.3B +11.6% YoY

Net Income $1.4B +15.2% YoY

EPS (Diluted) $18.29 +21.1% YoY

Free Cash Flow $1.6B +10.5% YoY

Market Cap $40.2B as of Oct 6, 2026

Price / Sales 12.0x on $3.3B revenue, trailing 12 months to June 30, 2026

Price / Earnings 29.6x on $1.4B net income, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 21, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 21, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MSCI SEC filings page.

MSCI, Inc. (MSCI) reported $3.3B in revenue over the twelve months to Jun 30, 2026, up 11.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MSCI FY2025 2026-10-03

MSCI converts recurring revenue into cash, but rising debt and shareholder distributions have pushed the balance sheet beyond a conventional equity cushion.

Cash conversion is stronger than the income statement alone suggests: in FY2025, operating cash flow reached $1.6B, exceeding net income of $1.2B, while free cash flow was $1.5B because capital spending remained modest. That cash generation did not fully cover shareholder distributions, which included $2.5B of buybacks, linking the stronger cash profile to a more leveraged financing structure.

Margin expansion has largely plateaued: operating margin was 54.7% in FY2025 versus 54.8% in FY2023, so additional revenue is not producing much more operating profit per dollar. Net margin fell from 45.4% to 38.4% over that span, indicating that financing and below-operating-line costs absorbed more of the operating result.

Balance-sheet leverage is the defining constraint: FY2025 liabilities of $8.4B exceeded assets of $5.7B, leaving negative equity rather than a conventional capital cushion. A current ratio of 0.9x also means short-term liabilities exceeded short-term assets, while long-term debt rose to $6.2B.

Financial Health Signals

Financial Health Score 66/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of MSCI, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

MSCI, Inc. has an operating margin of 54.7%, meaning the company retains $55 of operating profit per $100 of revenue. This strong profitability earns a score of 99/100, reflecting efficient cost management and pricing power. This is up from 53.5% the prior year.

Growth

MSCI, Inc.'s revenue grew 9.7% year-over-year to $3.1B, a solid pace of expansion. This earns a growth score of 68/100.

Leverage

Liquidity

MSCI, Inc.'s current ratio of 0.90 is below the typical benchmark, resulting in a score of 15/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

MSCI, Inc. converts 49.4% of revenue into free cash flow ($1.5B). This strong cash generation earns a score of 98/100.

Returns

Altman Z-Score Safe

5.72

MSCI, Inc. scores 5.72, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($40.2B) relative to total liabilities ($8.4B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong

8/9

MSCI, Inc. passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.32x

For every $1 of reported earnings, MSCI, Inc. generates $1.32 in operating cash flow ($1.6B OCF vs $1.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

8.16x

MSCI, Inc. earns $8.16 in operating income for every $1 of interest expense ($1.7B vs $209.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$867.0M

YoY+12.2%

QoQ+1.9%

5Y CAGR+11.7%

10Y CAGR+11.6%

MSCI, Inc. generated $867.0M in revenue in Q2 2026. This represents an increase of 12.2% from the same quarter a year earlier. Against the prior quarter it is up 1.9%.

EBITDA

$537.5M

YoY+13.3%

QoQ+16.1%

5Y CAGR+12.8%

10Y CAGR+13.9%

MSCI, Inc.'s EBITDA was $537.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.3% from the same quarter a year earlier. Against the prior quarter it is up 16.1%.

Net Income

$342.0M

YoY+12.6%

QoQ-15.8%

5Y CAGR+15.6%

10Y CAGR+17.7%

MSCI, Inc. reported $342.0M in net income in Q2 2026. This represents an increase of 12.6% from the same quarter a year earlier. Against the prior quarter it is down 15.8%.

EPS (Diluted)

$4.69

YoY+19.6%

QoQ-15.2%

5Y CAGR+18.7%

10Y CAGR+21.1%

MSCI, Inc. earned $4.69 per diluted share (EPS) in Q2 2026. This represents an increase of 19.6% from the same quarter a year earlier. Against the prior quarter it is down 15.2%.

Cash & Balance Sheet

Free Cash Flow

$359.8M

YoY+10.7%

QoQ+18.4%

5Y CAGR+10.0%

10Y CAGR+12.8%

MSCI, Inc. generated $359.8M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 10.7% from the same quarter a year earlier. Against the prior quarter it is up 18.4%.

Cash & Debt

$356.4M

YoY+2.6%

QoQ-7.5%

5Y CAGR-29.0%

10Y CAGR-1.3%

MSCI, Inc. held $356.4M in cash against $6.4B in long-term debt as of Q2 2026.

Dividends Per Share

$2.05

YoY+13.9%

QoQ0.0%

5Y CAGR+21.3%

10Y CAGR+25.0%

MSCI, Inc. paid $2.05 per share in dividends in Q2 2026. This represents an increase of 13.9% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

73M

YoY-6.0%

QoQ-0.1%

5Y CAGR-2.5%

10Y CAGR-2.6%

MSCI, Inc. had 73M shares outstanding in Q2 2026. This represents a decrease of 6.0% from the same quarter a year earlier. Against the prior quarter it is down 0.1%.

Margins & Returns

Gross Margin

82.7%

YoY+0.5pp

QoQ-0.6pp

5Y change+0.2pp

10Y change+4.1pp

MSCI, Inc.'s gross margin was 82.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.6 percentage points.

Operating Margin

56.2%

YoY+1.2pp

QoQ+2.5pp

5Y change+4.5pp

10Y change+13.0pp

MSCI, Inc.'s operating margin was 56.2% in Q2 2026, reflecting core business profitability. This is up 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.5 percentage points.

Net Margin

39.5%

YoY+0.2pp

QoQ-8.3pp

5Y change+6.2pp

10Y change+16.4pp

MSCI, Inc.'s net profit margin was 39.5% in Q2 2026, showing the share of revenue converted to profit. This is up 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.3 percentage points.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$46.0M

YoY+4.3%

QoQ-7.3%

5Y CAGR+10.8%

10Y CAGR+9.5%

MSCI, Inc. invested $46.0M in research and development in Q2 2026. This represents an increase of 4.3% from the same quarter a year earlier. Against the prior quarter it is down 7.3%.

Share Buybacks

$168.4M

YoY+21.6%

QoQ-59.4%

5Y CAGR+206.8%

10Y CAGR+3.4%

MSCI, Inc. spent $168.4M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 21.6% from the same quarter a year earlier. Against the prior quarter it is down 59.4%.

Capital Expenditures

$11.0M

YoY-2.7%

QoQ+292.9%

5Y CAGR+43.5%

10Y CAGR+0.8%

MSCI, Inc. invested $11.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 2.7% from the same quarter a year earlier. Against the prior quarter it is up 292.9%.

MSCI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MSCI quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$3.3B	$3.1B+9.7%	$2.9B+12.9%	$2.5B+12.5%	$2.2B+10.0%	$2.0B+20.5%	$1.7B+8.8%	$1.6B+8.6%	$1.4B+12.5%	$1.3B+10.7%	$1.2B+7.0%	$1.1B+7.9%	$996.7M+9.1%	$913.4M+10.4%	$827.0M-8.2%	$900.9M
Cost of Revenue	$567.6M	$550.4M+7.0%	$514.4M+15.2%	$446.6M+10.4%	$404.3M+12.7%	$358.7M+23.0%	$291.7M-1.1%	$295.0M+2.7%	$287.3M+5.0%	$273.7M+8.6%	$252.1M-5.8%	$267.7M-3.2%	$276.6M+14.9%	$240.7M	N/A	N/A
Gross Profit	$2.8B	$2.6B+10.3%	$2.3B+12.5%	$2.1B+12.9%	$1.8B+9.5%	$1.7B+20.0%	$1.4B+11.2%	$1.3B+10.1%	$1.1B+14.6%	$1.0B+11.3%	$898.6M+11.3%	$807.3M+12.1%	$720.1M+7.0%	$672.7M	N/A	N/A
R&D Expenses	$181.5M	$177.6M+11.9%	$158.7M+20.1%	$132.1M+23.2%	$107.2M-3.9%	$111.6M+10.4%	$101.1M+2.8%	$98.3M+20.8%	$81.4M+7.3%	$75.8M+0.9%	$75.2M-2.7%	$77.3M+8.8%	$71.1M+16.5%	$61.0M	N/A	N/A
SG&A Expenses	$200.0M	$180.2M-1.2%	$182.3M+18.4%	$154.0M+4.8%	$146.9M-0.7%	$147.9M+29.0%	$114.6M+4.1%	$110.1M+10.2%	$99.9M+13.8%	$87.8M+0.6%	$87.2M+1.4%	$86.0M-69.2%	$279.4M+20.2%	$232.4M+9.7%	$211.9M-0.5%	$213.0M
Operating Income	$1.9B	$1.7B+12.1%	$1.5B+10.4%	$1.4B+14.7%	$1.2B+12.6%	$1.1B+21.2%	$884.8M+17.1%	$755.7M+10.0%	$686.9M+18.5%	$579.8M+18.8%	$488.1M+20.8%	$403.9M+19.8%	$337.2M-0.9%	$340.3M+6.9%	$318.2M-1.2%	$322.0M
EBITDA	N/A	$1.7B+12.4%	$1.5B+10.0%	$1.4B+13.9%	$1.2B+12.1%	$1.1B+20.5%	$914.6M+16.4%	$785.7M+9.4%	$718.2M+16.7%	$615.2M+17.8%	$522.4M+20.2%	$434.8M+19.7%	$363.1M+0.1%	$362.6M+7.6%	$336.9M-1.3%	$341.4M
Interest Expense	$257.3M	$209.9M+13.1%	$185.5M-0.6%	$186.7M+8.8%	$171.6M+7.5%	$159.6M+2.1%	$156.3M+5.6%	$148.0M+11.2%	$133.1M+14.7%	$116.1M+14.2%	$101.7M+62.9%	$62.4M+96.1%	$31.8M+21.2%	$26.3M-53.4%	$56.4M+1.0%	$55.8M
Income Tax	$233.9M	$292.0M+18.2%	$247.0M+12.1%	$220.5M+27.2%	$173.3M+31.1%	$132.2M+56.6%	$84.4M+112.8%	$39.7M-67.5%	$122.0M-25.1%	$162.9M+30.3%	$125.1M+4.7%	$119.5M+9.3%	$109.4M-3.1%	$112.9M+17.6%	$96.0M+6.7%	$90.0M
Net Income	$1.4B	$1.2B+8.4%	$1.1B-3.4%	$1.1B+31.9%	$870.6M+19.9%	$726.0M+20.6%	$601.8M+6.8%	$563.6M+11.0%	$507.9M+67.1%	$304.0M+16.5%	$260.9M+16.6%	$223.6M-21.3%	$284.1M+27.7%	$222.6M+20.8%	$184.2M+6.2%	$173.5M
EPS (Basic)	N/A	$15.72+11.6%	$14.09-2.5%	$14.45+34.0%	$10.78+22.5%	$8.80+22.4%	$7.19+8.0%	$6.66+14.2%	$5.83+73.5%	$3.36+23.5%	$2.72+32.7%	$2.05-16.3%	$2.45+32.4%	$1.85+23.3%	$1.50+4.9%	$1.43
EPS (Diluted)	$18.29	$15.69+11.7%	$14.05-2.4%	$14.39+34.2%	$10.72+23.2%	$8.70+22.2%	$7.12+8.0%	$6.59+16.4%	$5.66+71.0%	$3.31+22.6%	$2.70+33.0%	$2.03-16.5%	$2.43+32.8%	$1.83+23.6%	$1.48+5.0%	$1.41
Diluted Shares (Avg)	N/A	77M-2.9%	79M-1.1%	80M-1.7%	81M-2.7%	83M-1.2%	85M-1.2%	86M-4.6%	90M-2.4%	92M-4.8%	97M-12.2%	110M-5.8%	117M-3.6%	121M-1.7%	123M+0.8%	122M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$867.0M+12.2%	$850.8M+14.1%	$822.5M+10.6%	$793.4M+9.5%	$772.7M+9.1%	$745.8M+9.7%	$743.5M+7.7%	$724.7M+15.9%
Cost of Revenue	$149.9M+8.9%	$141.8M+3.7%	$143.3M+8.9%	$132.5M+5.0%	$137.7M+7.5%	$136.8M+6.4%	$131.6M+7.4%	$126.2M+19.8%
Gross Profit	$717.1M+12.9%	$709.0M+16.4%	$679.2M+11.0%	$660.9M+10.4%	$635.0M+9.5%	$609.0M+10.4%	$611.9M+7.8%	$598.5M+15.1%
R&D Expenses	$46.0M+4.3%	$49.6M+4.2%	$41.1M+6.8%	$44.8M+16.1%	$44.1M+7.4%	$47.6M+17.5%	$38.5M-1.9%	$38.6M+22.7%
SG&A Expenses	$46.2M+20.6%	$69.0M+20.8%	$43.0M-3.1%	$41.8M+0.6%	$38.3M-3.5%	$57.1M+0.7%	$44.4M+9.7%	$41.6M+12.9%
Operating Income	$487.5M+14.6%	$456.9M+21.2%	$463.6M+14.4%	$447.7M+11.6%	$425.3M+11.2%	$377.0M+11.1%	$405.2M+9.3%	$401.3M+13.6%
EBITDA	$537.5M+13.3%	$462.8M+21.2%	$386.4M+18.2%	$494.4M+10.5%	$474.4M+10.9%	$381.7M+11.1%	$326.8M+1.2%	$447.6M+16.2%
Interest Expense	$71.0M+53.7%	$69.1M+48.6%	$63.6M+39.7%	$53.6M+14.8%	$46.2M-0.9%	$46.5M-0.4%	$45.5M-3.1%	$46.7M-0.5%
Income Tax	$75.3M+1.6%	-$16.8M-139.5%	$104.2M+80.2%	$71.1M-6.5%	$74.1M+1.2%	$42.5M+6.4%	$57.8M-10.3%	$76.0M+31.1%
Net Income	$342.0M+12.6%	$406.0M+40.7%	$284.6M-6.8%	$325.4M+15.8%	$303.7M+13.8%	$288.6M+12.8%	$305.5M-24.3%	$280.9M+8.2%
EPS (Basic)	$4.70+19.9%	$5.54+48.9%	$3.83-2.0%	$4.26+19.0%	$3.92+16.3%	$3.72+15.2%	$3.91-23.2%	$3.58+9.1%
EPS (Diluted)	$4.69+19.6%	$5.53+49.1%	$3.82-2.1%	$4.25+19.0%	$3.92+16.3%	$3.71+15.2%	$3.90-23.1%	$3.57+9.2%
Diluted Shares (Avg)	73M-5.9%	73M-5.7%	N/A	77M-2.7%	78M-2.2%	78M-2.1%	N/A	79M-1.0%

MSCI Balance Sheet

MSCI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$5.7B+4.7%	$5.4B-1.3%	$5.5B+10.4%	$5.0B-9.2%	$5.5B+31.2%	$4.2B-0.1%	$4.2B+24.1%	$3.4B+3.4%	$3.3B+6.3%	$3.1B-2.0%	$3.1B+9.2%	$2.9B-8.1%	$3.1B+3.9%	$3.0B-2.4%	$3.1B
Current Assets	$1.6B+22.4%	$1.3B-5.2%	$1.4B-18.9%	$1.7B-18.4%	$2.1B+11.3%	$1.9B-7.5%	$2.1B+45.1%	$1.4B+13.3%	$1.3B+20.0%	$1.1B-0.7%	$1.1B+38.2%	$769.5M+23.3%	$624.3M+21.3%	$514.8M-24.1%	$677.9M
Cash & Equivalents	$515.3M+25.9%	$409.4M-11.3%	$461.7M-53.5%	$993.6M-30.1%	$1.4B+9.3%	$1.3B-13.7%	$1.5B+66.6%	$904.2M+1.6%	$889.5M+12.3%	$791.8M+1.8%	$777.7M+52.9%	$508.8M+42.0%	$358.4M+95.5%	$183.3M-27.3%	$252.2M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$70.9M-49.5%	$140.5M
Accounts Receivable	$986.7M+20.2%	$820.7M-2.2%	$839.6M+26.6%	$663.2M-0.2%	$664.5M+19.0%	$558.6M+11.9%	$499.3M+5.5%	$473.4M+44.5%	$327.6M+47.9%	$221.5M+6.4%	$208.2M+16.5%	$178.7M+5.4%	$169.5M+10.4%	$153.6M-15.0%	$180.6M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$2.9B+0.3%	$2.9B+1.0%	$2.9B+29.5%	$2.2B-0.3%	$2.2B+42.8%	$1.6B+0.2%	$1.6B+1.1%	$1.5B-1.0%	$1.6B+0.3%	$1.6B-0.6%	$1.6B0.0%	$1.6B-13.7%	$1.8B+0.9%	$1.8B+5.2%	$1.7B
Total Liabilities	$8.4B+30.9%	$6.4B+2.0%	$6.3B+4.2%	$6.0B+5.9%	$5.7B+22.2%	$4.6B+8.4%	$4.3B+20.4%	$3.6B+23.6%	$2.9B+4.0%	$2.8B+23.1%	$2.2B+54.9%	$1.4B-7.8%	$1.6B-1.4%	$1.6B-10.8%	$1.8B
Current Liabilities	$1.8B+15.4%	$1.6B+4.5%	$1.5B+21.3%	$1.3B0.0%	$1.3B+22.4%	$1.0B+13.4%	$900.8M+11.3%	$809.0M+33.1%	$607.7M+13.3%	$536.6M+7.7%	$498.1M+5.3%	$472.9M-6.0%	$503.0M-1.4%	$509.9M+12.6%	$452.8M
Non-Current Liabilities	$6.5B+36.0%	$4.8B+1.2%	$4.7B-0.3%	$4.8B+7.6%	$4.4B+22.1%	$3.6B+7.1%	$3.4B+23.1%	$2.7B+21.1%	$2.3B+1.7%	$2.2B+27.5%	$1.7B+78.9%	$976.8M-8.6%	$1.1B-1.5%	$1.1B-18.8%	$1.3B
Long-Term Debt	$6.2B+37.5%	$4.5B+0.3%	$4.5B-0.1%	$4.5B+8.2%	$4.2B+23.6%	$3.4B+9.6%	$3.1B+19.3%	$2.6B+23.9%	$2.1B+0.1%	$2.1B+31.4%	$1.6B+100.3%	$788.4M0.0%	$788.0M-2.9%	$811.6M-23.9%	$1.1B
Total Equity	-$2.7B-182.4%	-$940.0M-27.1%	-$739.8M+26.6%	-$1.0B-516.6%	-$163.5M+63.1%	-$443.2M-477.8%	-$76.7M+53.9%	-$166.5M-141.5%	$401.0M+26.3%	$317.6M-64.8%	$901.5M-37.1%	$1.4B-8.4%	$1.6B+10.6%	$1.4B+9.3%	$1.3B
Retained Earnings	$5.4B+13.5%	$4.8B+14.4%	$4.2B+20.3%	$3.5B+16.7%	$3.0B+16.5%	$2.6B+16.1%	$2.2B+18.4%	$1.9B+23.4%	$1.5B+13.8%	$1.3B+14.1%	$1.2B+13.3%	$1.0B+34.7%	$759.0M+38.6%	$547.7M+55.5%	$352.2M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$5.6B+4.3%	$5.5B+3.8%	$5.7B+4.7%	$5.4B-0.4%	$5.4B-1.5%	$5.3B-2.4%	$5.4B-1.3%	$5.4B+11.2%
Current Assets	$1.4B+13.0%	$1.4B+12.8%	$1.6B+22.4%	$1.3B+1.8%	$1.3B-3.3%	$1.2B-9.5%	$1.3B-5.2%	$1.3B-21.6%
Cash & Equivalents	$356.4M+2.6%	$385.3M+6.8%	$515.3M+25.9%	$400.1M-20.1%	$347.3M-23.1%	$360.7M-30.5%	$409.4M-11.3%	$501.0M-46.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$884.4M+11.9%	$883.2M+17.9%	$986.7M+20.2%	$745.9M+15.9%	$790.6M+11.4%	$749.2M+0.5%	$820.7M-2.2%	$643.8M+6.7%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$3.0B+1.7%	$3.0B+1.5%	$2.9B+0.3%	$2.9B+0.3%	$2.9B+0.6%	$2.9B+1.0%	$2.9B+1.0%	$2.9B+30.7%
Total Liabilities	$8.3B+32.5%	$8.3B+32.0%	$8.4B+30.9%	$7.3B+18.6%	$6.3B+1.1%	$6.3B+2.8%	$6.4B+2.0%	$6.2B+4.1%
Current Liabilities	$1.6B+9.2%	$1.6B+10.0%	$1.8B+15.4%	$1.5B+7.7%	$1.5B+6.8%	$1.5B+7.1%	$1.6B+4.5%	$1.4B+14.4%
Non-Current Liabilities	$6.7B+39.6%	$6.7B+38.7%	$6.5B+36.0%	$5.8B+21.7%	$4.8B-0.5%	$4.8B+1.6%	$4.8B+1.2%	$4.8B+1.5%
Long-Term Debt	$6.4B+41.4%	$6.4B+40.8%	$6.2B+37.5%	$5.5B+22.8%	$4.5B+0.1%	$4.5B+0.9%	$4.5B+0.3%	$4.5B-0.3%
Total Equity	-$2.7B-203.5%	-$2.8B-189.4%	-$2.7B-182.4%	-$1.9B-155.1%	-$886.2M-20.7%	-$958.6M-47.4%	-$940.0M-27.1%	-$751.0M+28.4%
Retained Earnings	$5.9B+15.4%	$5.7B+15.4%	$5.4B+13.5%	$5.3B+14.7%	$5.1B+14.5%	$4.9B+14.4%	$4.8B+14.4%	$4.6B+18.4%

Not reported in any period shown, so not listed: Inventory.

MSCI Cash Flow Statement

MSCI quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$1.6B	$1.6B+5.8%	$1.5B+21.5%	$1.2B+12.8%	$1.1B+17.0%	$936.1M+15.4%	$811.1M+14.3%	$709.5M+15.8%	$612.8M+51.6%	$404.2M-8.6%	$442.4M+37.7%	$321.2M+5.1%	$305.7M-4.8%	$321.2M-7.5%	$347.1M+36.1%	$255.0M
Depreciation & Amortization	N/A	$23.4M+37.9%	$17.0M-19.2%	$21.0M-21.9%	$26.9M-6.9%	$28.9M-3.0%	$29.8M-0.6%	$30.0M-4.3%	$31.3M-11.6%	$35.4M+3.3%	$34.3M+11.1%	$30.9M+19.1%	$25.9M+16.3%	$22.3M+19.3%	$18.7M-3.7%	$19.4M
Stock-Based Compensation	N/A	$111.3M+17.0%	$95.2M+32.9%	$71.7M+23.3%	$58.1M+5.8%	$54.9M+7.5%	$51.1M+24.0%	$41.2M+5.9%	$38.9M+6.3%	$36.6M+14.3%	$32.0M+12.1%	$28.6M+7.4%	$26.6M+6.3%	$25.0M-1.3%	$25.3M-20.2%	$31.7M
Capital Expenditures	$30.2M	$39.3M+16.5%	$33.8M+48.4%	$22.8M+67.1%	$13.6M+0.8%	$13.5M-38.1%	$21.8M-25.0%	$29.1M-3.8%	$30.3M-8.8%	$33.2M+2.8%	$32.3M-20.6%	$40.7M-4.7%	$42.7M+6.0%	$40.3M-10.3%	$44.9M+94.2%	$23.1M
Free Cash Flow	$1.6B	$1.5B+5.5%	$1.5B+21.0%	$1.2B+12.2%	$1.1B+17.3%	$922.6M+16.9%	$789.3M+16.0%	$680.4M+16.8%	$582.5M+57.0%	$371.0M-9.5%	$410.1M+46.1%	$280.6M+6.7%	$263.0M-6.4%	$280.9M-7.0%	$302.2M+30.3%	$231.9M
Investing Cash Flow	-$194.6M	-$130.1M+9.8%	-$144.3M+82.4%	-$819.4M-932.8%	-$79.3M+92.3%	-$1.0B-328.4%	-$241.8M-236.1%	-$71.9M-306.3%	$34.9M+172.6%	-$48.0M-14.3%	-$42.0M+14.0%	-$48.9M-116.4%	$297.0M+7107.9%	$4.1M+104.4%	-$94.4M-4.1%	-$90.6M
Financing Cash Flow	-$1.4B	-$1.4B+2.9%	-$1.4B-47.0%	-$953.9M+33.1%	-$1.4B-721.1%	$229.5M+129.5%	-$779.0M-2024.6%	-$36.7M+94.1%	-$626.5M-134.2%	-$267.5M+28.3%	-$372.9M-8040.8%	$4.7M+101.1%	-$442.3M-201.8%	-$146.6M+54.6%	-$323.0M-81.5%	-$178.0M
Dividends Paid	$573.8M	$556.5M+9.3%	$509.1M+15.4%	$441.0M+18.3%	$372.9M+23.3%	$302.4M+22.7%	$246.4M+10.6%	$222.9M+30.3%	$171.0M+42.8%	$119.8M+24.4%	$96.3M+9.6%	$87.8M+330.5%	$20.4M	N/A	N/A	N/A
Share Buybacks	$2.7B	$2.5B+180.6%	$885.3M+75.6%	$504.2M-63.9%	$1.4B+604.5%	$198.4M-74.5%	$778.5M+166.5%	$292.1M-69.3%	$949.9M+531.3%	$150.5M-80.6%	$774.6M+10.5%	$700.7M+71.1%	$409.7M+265.2%	$112.2M+5.8%	$106.0M+624.7%	$14.6M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$370.8M+10.3%	$306.8M+1.7%	$501.1M+16.4%	$449.4M+6.6%	$336.2M-3.7%	$301.7M+0.5%	$430.6M+10.7%	$421.6M+44.8%
Depreciation & Amortization	$50.0M+1.8%	$5.9M+25.5%	$7.5M+72.2%	$46.7M+1.0%	$49.1M+9.1%	$4.7M+15.2%	$4.3M-14.9%	$46.3M+44.7%
Stock-Based Compensation	N/A	$47.7M+19.3%	N/A	N/A	N/A	$40.0M+16.5%	N/A	N/A
Capital Expenditures	$11.0M-2.7%	$2.8M-75.9%	$12.4M-12.7%	$4.0M-39.9%	$11.3M+31.1%	$11.6M+171.6%	$14.2M+273.4%	$6.6M+85.9%
Free Cash Flow	$359.8M+10.7%	$304.0M+4.8%	$488.7M+17.4%	$445.4M+7.3%	$324.9M-4.6%	$290.1M-1.9%	$416.4M+8.1%	$415.0M+44.3%
Investing Cash Flow	-$61.5M-77.7%	-$70.5M-114.3%	-$36.5M+0.8%	-$26.1M+6.9%	-$34.6M+26.6%	-$32.9M-1.8%	-$36.7M+95.1%	-$28.1M-33.8%
Financing Cash Flow	-$339.4M-5.7%	-$364.5M-13.3%	-$349.8M+26.5%	-$369.4M-5.5%	-$321.1M+12.9%	-$321.7M-55.2%	-$476.2M-326.8%	-$350.3M-168.8%
Dividends Paid	$150.0M+7.1%	$150.5M+4.7%	$135.1M+8.0%	$138.1M+9.5%	$140.0M+10.0%	$143.8M+9.5%	$125.1M+14.4%	$126.2M+14.9%
Share Buybacks	$168.4M+21.6%	$414.8M+94.7%	$906.8M+142.4%	$1.2B+514.4%	$138.5M-42.7%	$213.1M+204.5%	$374.0M+1385263.0%	$199.5M+964.4%

MSCI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MSCI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	82.4%+0.5pp	82.0%-0.4pp	82.3%+0.3pp	82.0%-0.4pp	82.5%-0.3pp	82.8%+1.7pp	81.1%+1.1pp	80.0%+1.4pp	78.5%+0.4pp	78.1%+3.0pp	75.1%+2.8pp	72.3%-1.4pp	73.7%	N/A	N/A
Operating Margin	54.7%+1.1pp	53.5%-1.2pp	54.8%+1.0pp	53.7%+1.2pp	52.5%+0.3pp	52.2%+3.7pp	48.5%+0.6pp	47.9%+2.4pp	45.5%+3.1pp	42.4%+4.9pp	37.6%+3.7pp	33.8%-3.4pp	37.3%-1.2pp	38.5%+2.7pp	35.7%
Net Margin	38.4%-0.5pp	38.8%-6.6pp	45.4%+6.7pp	38.7%+3.2pp	35.5%0.0pp	35.5%-0.7pp	36.2%+0.8pp	35.4%+11.6pp	23.9%+1.2pp	22.7%+1.9pp	20.8%-7.7pp	28.5%+4.1pp	24.4%+2.1pp	22.3%+3.0pp	19.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	75.8%-6.3pp	82.1%+57.3pp	24.8%+5.0pp	19.8%+5.6pp	14.2%+1.2pp	13.0%-0.4pp	13.4%
Return on Assets	21.1%+0.7pp	20.4%-0.4pp	20.8%+3.4pp	17.4%+4.2pp	13.2%-1.2pp	14.3%+0.9pp	13.4%-1.6pp	15.0%+5.7pp	9.3%+0.8pp	8.5%+1.3pp	7.1%-2.7pp	9.9%+2.8pp	7.1%+1.0pp	6.1%+0.5pp	5.6%
Current Ratio	0.90+0.1x	0.85-0.1x	0.93-0.5x	1.40-0.3x	1.71-0.2x	1.88-0.4x	2.31+0.5x	1.77-0.3x	2.09+0.1x	1.97-0.2x	2.13+0.5x	1.63+0.4x	1.24+0.2x	1.01-0.5x	1.50
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	5.18-1.4x	6.53+4.8x	1.75+1.2x	0.550.0x	0.50-0.1x	0.57-0.3x	0.82
Asset Turnover	0.550.0x	0.52+0.1x	0.460.0x	0.45+0.1x	0.370.0x	0.400.0x	0.37-0.1x	0.420.0x	0.390.0x	0.370.0x	0.340.0x	0.35+0.1x	0.290.0x	0.270.0x	0.29
FCF Margin	49.4%-2.0pp	51.4%+3.4pp	48.0%-0.1pp	48.1%+3.0pp	45.1%-1.4pp	46.6%+2.9pp	43.7%+3.1pp	40.6%+11.5pp	29.1%-6.5pp	35.6%+9.5pp	26.1%-0.3pp	26.4%-4.4pp	30.8%-5.8pp	36.5%+10.8pp	25.7%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	82.7%+0.5pp	83.3%+1.7pp	82.6%+0.3pp	83.3%+0.7pp	82.2%+0.3pp	81.7%+0.6pp	82.3%+0.1pp	82.6%-0.6pp
Operating Margin	56.2%+1.2pp	53.7%+3.2pp	56.4%+1.9pp	56.4%+1.0pp	55.0%+1.0pp	50.5%+0.6pp	54.5%+0.8pp	55.4%-1.1pp
Net Margin	39.5%+0.2pp	47.7%+9.0pp	34.6%-6.5pp	41.0%+2.3pp	39.3%+1.6pp	38.7%+1.1pp	41.1%-17.4pp	38.8%-2.8pp
Return on Assets	6.1%+0.4pp	7.3%+1.9pp	5.0%-0.6pp	6.0%+0.9pp	5.7%+0.8pp	5.4%+0.7pp	5.6%-1.7pp	5.2%-0.2pp
Current Ratio	0.890.0x	0.860.0x	0.90+0.1x	0.88-0.1x	0.86-0.1x	0.84-0.2x	0.85-0.1x	0.93-0.4x
Asset Turnover	0.150.0x	0.150.0x	0.140.0x	0.150.0x	0.140.0x	0.140.0x	0.140.0x	0.130.0x
FCF Margin	41.5%-0.6pp	35.7%-3.2pp	59.4%+3.4pp	56.1%-1.1pp	42.0%-6.1pp	38.9%-4.6pp	56.0%+0.2pp	57.3%+11.3pp

Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.

Note: Shareholder equity is negative (-$2.7B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.90), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
MSCI, Inc. MSCI	FY2025	$3.1B	$1.2B	38.4%	$40.2B	66/100
Nasdaq, Inc. NDAQ	FY2025	$8.3B	$1.8B	21.6%	$51.5B	61/100
Cboe Global Markets, Inc. CBOE	FY2025	$4.7B	$1.1B	23.3%	$29.0B	—
Moody's Corporation MCO	FY2025	$7.7B	$2.5B	31.9%	$77.6B	75/100
CME Group Inc. CME	FY2025	$6.5B	$4.1B	62.5%	$97.1B	60/100
Intercontinental Exchange Inc. ICE	FY2025	$12.6B	$3.3B	26.2%	$85.4B	64/100

Where MSCI, Inc. Ranks

Frequently Asked Questions

What is MSCI, Inc.'s annual revenue?

MSCI, Inc. (MSCI) reported $3.1B in total revenue for fiscal year 2025. This represents a 9.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is MSCI, Inc.'s revenue growing?

MSCI, Inc. (MSCI) revenue grew by 9.7% year-over-year, from $2.9B to $3.1B in fiscal year 2025.

Is MSCI, Inc. profitable?

Yes, MSCI, Inc. (MSCI) reported a net income of $1.2B in fiscal year 2025, with a net profit margin of 38.4%.

What is MSCI, Inc.'s EBITDA?

MSCI, Inc. (MSCI) had EBITDA of $1.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does MSCI, Inc. have?

As of fiscal year 2025, MSCI, Inc. (MSCI) had $515.3M in cash and equivalents against $6.2B in long-term debt.

What is MSCI, Inc.'s gross margin?

MSCI, Inc. (MSCI) had a gross margin of 82.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is MSCI, Inc.'s operating margin?

MSCI, Inc. (MSCI) had an operating margin of 54.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is MSCI, Inc.'s net profit margin?

MSCI, Inc. (MSCI) had a net profit margin of 38.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does MSCI, Inc. pay dividends?

Yes, MSCI, Inc. (MSCI) paid $7.20 per share in dividends during fiscal year 2025.

What is MSCI, Inc.'s free cash flow?

MSCI, Inc. (MSCI) generated $1.5B in free cash flow during fiscal year 2025. This represents a 5.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is MSCI, Inc.'s operating cash flow?

MSCI, Inc. (MSCI) generated $1.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are MSCI, Inc.'s total assets?

MSCI, Inc. (MSCI) had $5.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are MSCI, Inc.'s capital expenditures?

MSCI, Inc. (MSCI) invested $39.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does MSCI, Inc. spend on research and development?

MSCI, Inc. (MSCI) invested $177.6M in research and development during fiscal year 2025.

Does MSCI, Inc. buy back shares?

Yes, MSCI, Inc. (MSCI) spent $2.5B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does MSCI, Inc. have outstanding?

MSCI, Inc. (MSCI) had 73M shares outstanding as of fiscal year 2025.

What is MSCI, Inc.'s current ratio?

MSCI, Inc. (MSCI) had a current ratio of 0.90 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is MSCI, Inc.'s return on assets (ROA)?

MSCI, Inc. (MSCI) had a return on assets of 21.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is MSCI, Inc.'s P/E ratio?

MSCI, Inc. (MSCI) trades at 29.6x earnings, its market capitalization divided by net income of $1.4B net income, trailing 12 months to June 30, 2026. The market capitalization is $40.2B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is MSCI, Inc.'s price-to-sales ratio?

MSCI, Inc. (MSCI) trades at 12.0x sales, its market capitalization divided by revenue of $3.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $40.2B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Why is MSCI, Inc.'s debt-to-equity ratio negative or not reported?

MSCI, Inc. (MSCI) has negative shareholder equity of -$2.7B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is MSCI, Inc.'s Altman Z-Score?

MSCI, Inc. (MSCI) has an Altman Z-Score of 5.72, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is MSCI, Inc.'s Piotroski F-Score?

MSCI, Inc. (MSCI) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are MSCI, Inc.'s earnings high quality?

MSCI, Inc. (MSCI) has an earnings quality ratio of 1.32x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can MSCI, Inc. cover its interest payments?

MSCI, Inc. (MSCI) has an interest coverage ratio of 8.16x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is MSCI, Inc.?

MSCI, Inc. (MSCI) scores 66 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.