Detailed financial statements for MSCI Inc. (MSCI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
MSCI Inc., alongside its subsidiaries, offers sophisticated tools and services to support global investment decision-making and process management for its clients. The company is structured into four key segments: Index, Analytics, ESG and Climate, and Private Assets.
Analysis Summary
MSCI Inc. reported revenue of $3.13B in the most recent fiscal year, growing at a 5-year CAGR of 13.1%. Net income reached $1.20B, with a 14.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 82.9%, operating margin 55.7%, net margin 40.3%. Free cash flow grew at 15.3% CAGR over 5 years.
At $623.38 (closing price, October 30, 2026), MSCI trades at a P/E of 33.21 and an ROE of -49.71%. Market capitalisation stands at $45.3B, placing it among large-cap names.
Balance sheet quality for MSCI: current ratio of 0.9, net debt of $5.82B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.55B represents 129% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.15B | $1.27B | $1.43B | $1.56B | $1.70B | $2.04B | $2.25B | $2.53B | $2.86B | $3.13B |
| Cost of Revenue | $252.1M | $273.9M | $287.3M | $295.0M | $291.7M | $358.7M | $404.3M | $446.6M | $514.4M | $550.4M |
| Gross Profit | $898.6M | $1.00B | $1.15B | $1.26B | $1.40B | $1.68B | $1.84B | $2.08B | $2.34B | $2.58B |
| Research & Development | $75.2M | $75.9M | $81.4M | $98.3M | $101.1M | $111.6M | $107.2M | $132.1M | $158.7M | $177.6M |
| Selling, General & Admin | $253.9M | $265.2M | $292.8M | $329.4M | $331.1M | $391.1M | $411.4M | $430.2M | $473.6M | $500.0M |
| Operating Expenses | $410.5M | $421.1M | $459.8M | $507.1M | $518.9M | $612.1M | $636.6M | $697.7M | $813.2M | $870.5M |
| Operating Income | $488.1M | $579.8M | $686.9M | $755.7M | $884.8M | $1.07B | $1.21B | $1.38B | $1.53B | $1.71B |
| EBITDA | $568.9M | $661.1M | $848.5M | $853.3M | $953.3M | $1.15B | $1.36B | $1.71B | $1.75B | $1.93B |
| Interest Expense | $101.7M | $116.1M | $133.1M | $148.0M | $156.3M | $159.6M | $171.6M | $186.7M | $185.5M | $209.9M |
| Pre-tax Income | $385.9M | $466.9M | $629.9M | $603.3M | $686.2M | $858.1M | $1.04B | $1.37B | $1.36B | $1.49B |
| Income Tax | $125.1M | $162.9M | $122.0M | $39.7M | $84.4M | $132.2M | $173.3M | $220.5M | $247.0M | $292.0M |
| Net Income | $260.9M | $304.0M | $507.9M | $563.6M | $601.8M | $726.0M | $870.6M | $1.15B | $1.11B | $1.20B |
| EPS | $2.72 | $3.36 | $5.83 | $6.66 | $7.19 | $8.80 | $10.78 | $14.45 | $14.09 | $15.58 |
| EPS (Diluted) | $2.70 | $3.31 | $5.66 | $6.59 | $7.12 | $8.70 | $10.72 | $14.39 | $14.05 | $15.56 |
| Shares Outstanding (Diluted) | 96.5 M | 91.9 M | 89.7 M | 85.5 M | 84.5 M | 83.5 M | 81.2 M | 79.8 M | 79.0 M | 77.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $822.5M | $850.8M | $867.0M | $892.0M |
| Gross Profit | $679.1M | $709.0M | $717.1M | $739.8M |
| Operating Income | $463.6M | $456.9M | $487.5M | $502.1M |
| EBITDA | $508.0M | $512.9M | $545.0M | $554.4M |
| Net Income | $284.7M | $406.0M | $342.0M | $351.0M |
| EPS | $3.69 | $5.54 | $4.70 | $4.87 |
| EPS (Diluted) | $3.68 | $5.53 | $4.70 | $4.86 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $791.8M | $889.5M | $904.2M | $1.51B | $1.30B | $1.42B | $993.2M | $457.8M | $405.9M | $515.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $221.5M | $327.6M | $473.4M | $499.3M | $558.6M | $664.5M | $663.2M | $839.6M | $820.7M | $986.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.06B | $1.27B | $1.44B | $2.08B | $1.93B | $2.14B | $1.75B | $1.42B | $1.34B | $1.64B |
| Property, Plant & Equipment | $95.6M | $94.4M | $90.9M | $257.1M | $233.8M | $211.3M | $180.4M | $171.2M | $190.3M | $200.2M |
| Goodwill | $1.56B | $1.56B | $1.55B | $1.56B | $1.57B | $2.24B | $2.23B | $2.89B | $2.92B | $2.92B |
| Intangible Assets | $347.6M | $321.8M | $280.8M | $261.5M | $234.7M | $593.3M | $558.5M | $956.2M | $907.6M | $832.5M |
| Total Assets | $3.08B | $3.28B | $3.39B | $4.20B | $4.20B | $5.51B | $5.00B | $5.52B | $5.45B | $5.70B |
| Accounts Payable | $568,000 | $1.6M | $3.9M | $6.5M | $14.3M | $13.4M | $15.0M | $9.8M | $14.5M | $15.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | $22.7M | $23.3M | $8.7M | $10.9M | $24.9M | $28.6M |
| Total Current Liabilities | $536.6M | $607.7M | $809.0M | $900.8M | $1.02B | $1.25B | $1.25B | $1.52B | $1.59B | $1.83B |
| Long-term Debt | $2.08B | $2.08B | $2.58B | $3.07B | $3.37B | $4.16B | $4.50B | $4.50B | $4.51B | $6.20B |
| Total Liabilities | $2.76B | $2.87B | $3.55B | $4.28B | $4.64B | $5.67B | $6.01B | $6.26B | $6.39B | $8.36B |
| Retained Earnings | $1.32B | $1.51B | $1.86B | $2.20B | $2.55B | $2.98B | $3.47B | $4.18B | $4.78B | $5.43B |
| Total Equity | $317.6M | $401.0M | -$166.5M | -$76.7M | -$443.2M | -$163.5M | -$1.01B | -$739.8M | -$940.0M | -$2.65B |
| Total Debt | $2.08B | $2.08B | $2.58B | $3.24B | $3.52B | $4.33B | $4.64B | $4.63B | $4.66B | $6.34B |
| Net Debt | $1.28B | $1.19B | $1.67B | $1.73B | $2.22B | $2.91B | $3.65B | $4.17B | $4.25B | $5.82B |
| Working Capital | $519.1M | $659.5M | $626.1M | $1.18B | $903.8M | $892.5M | $497.4M | -$98.9M | -$241.6M | -$184.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $515.3M | $385.3M | $356.4M | $261.0M |
| Total Assets | $5.70B | $5.55B | $5.60B | $5.60B |
| Total Liabilities | $8.36B | $8.32B | $8.29B | $8.61B |
| Total Equity | -$2.65B | -$2.77B | -$2.69B | -$3.02B |
| Total Debt | $6.34B | $6.57B | $6.54B | $6.89B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $260.9M | $304.0M | $507.9M | $563.6M | $601.8M | $726.0M | $870.6M | $1.15B | $1.11B | $1.20B |
| Depreciation & Amortization | $81.4M | $80.0M | $85.5M | $101.9M | $110.8M | $134.1M | $142.5M | $159.2M | $206.3M | $218.6M |
| Stock-based Compensation | $32.0M | $36.6M | $38.9M | $41.2M | $51.1M | $54.9M | $58.1M | $71.7M | $95.2M | $111.3M |
| Change in Working Capital | $81.3M | -$1.6M | $39.1M | $1.6M | $51.9M | $60.1M | -$19.4M | $2.5M | $72.7M | -$24.0M |
| Operating Cash Flow | $434.7M | $404.2M | $612.8M | $709.5M | $811.1M | $936.1M | $1.10B | $1.24B | $1.50B | $1.59B |
| Capital Expenditure | -$42.6M | -$48.8M | -$49.0M | -$53.8M | -$51.0M | -$52.8M | -$72.9M | -$90.9M | -$33.8M | -$39.3M |
| Acquisitions | $597,000 | 0 | $83.8M | -$18.2M | -$190.8M | -$975.4M | -$5,000 | -$727.3M | -$27.5M | 0 |
| Stock Repurchased | -$774.6M | -$150.5M | -$949.9M | -$292.1M | -$778.5M | -$198.4M | -$1.40B | -$504.2M | -$885.3M | -$2.48B |
| Dividends Paid | -$96.2M | -$119.7M | -$170.9M | -$222.9M | -$246.4M | -$302.4M | -$372.9M | -$441.0M | -$509.1M | -$556.5M |
| Free Cash Flow | $392.1M | $355.3M | $563.8M | $655.8M | $760.1M | $883.3M | $1.02B | $1.15B | $1.47B | $1.55B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $501.1M | $306.8M | $370.8M | $436.1M |
| Capital Expenditure | -$12.4M | -$28.8M | $15.0M | -$50.7M |
| Free Cash Flow | $488.7M | $278.0M | $385.8M | $385.4M |
| Dividends Paid | -$135.1M | -$150.5M | -$149.5M | -$147.8M |
| Stock-based Compensation | $25.6M | $47.7M | $25.4M | $27.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.7% | +12.5% | +8.6% | +8.8% | +20.5% | +10.0% | +12.5% | +12.9% | +9.7% | |
| Net Income Growth (YoY) | +16.5% | +67.1% | +11.0% | +6.8% | +20.6% | +19.9% | +31.9% | -3.4% | +8.4% | |
| EPS Growth (YoY) | +23.5% | +73.5% | +14.2% | +8.0% | +22.4% | +22.5% | +34.0% | -2.5% | +10.6% | |
| Shares Change (YoY) | -4.8% | -2.4% | -4.6% | -1.2% | -1.2% | -2.7% | -1.7% | -1.1% | -2.1% | |
| FCF Growth (YoY) | -9.4% | +58.7% | +16.3% | +15.9% | +16.2% | +15.8% | +12.0% | +28.2% | +5.5% | |
| Gross Margin | 78.1% | 78.5% | 80.0% | 81.1% | 82.8% | 82.4% | 82.0% | 82.3% | 82.0% | 82.4% |
| Operating Margin | 42.4% | 45.5% | 47.9% | 48.5% | 52.2% | 52.5% | 53.7% | 54.8% | 53.5% | 54.7% |
| EBITDA Margin | 49.4% | 51.9% | 59.2% | 54.8% | 56.2% | 56.4% | 60.4% | 67.8% | 61.2% | 61.6% |
| Net Margin | 22.7% | 23.9% | 35.4% | 36.2% | 35.5% | 35.5% | 38.7% | 45.4% | 38.8% | 38.4% |
| FCF Margin | 34.1% | 27.9% | 39.3% | 42.1% | 44.8% | 43.2% | 45.5% | 45.3% | 51.4% | 49.4% |
| Effective Tax Rate | 32.4% | 34.9% | 19.4% | 6.6% | 12.3% | 15.4% | 16.6% | 16.1% | 18.2% | 19.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.06 | $3.87 | $6.29 | $7.67 | $8.99 | $10.58 | $12.59 | $14.34 | $18.59 | $20.04 |
| Dividends Per Share | $1.00 | $1.30 | $1.91 | $2.61 | $2.92 | $3.62 | $4.59 | $5.52 | $6.45 | $7.20 |
| Shares Outstanding (Basic) | 96.0 M | 90.3 M | 87.2 M | 84.6 M | 83.7 M | 82.5 M | 80.7 M | 79.5 M | 78.7 M | 77.2 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -49.71% |
| Return on Invested Capital | 40.25% |
| Return on Assets | 24.73% |
| Gross Margin | 82.89% |
| Operating Margin | 55.65% |
| Net Margin | 40.31% |
Financial Health
| Debt / Equity | -2.28 |
| Current Ratio | 0.82 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 6.01 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 28.96 | 37.66 | 25.29 | 38.77 | 62.10 | 69.62 | 43.15 | 39.15 | 42.58 | 36.82 |
| P/B | 23.81 | 28.51 | -77.20 | -284.87 | -84.34 | -309.25 | -37.27 | -60.76 | -50.24 | -16.68 |
| P/S | 6.57 | 8.97 | 8.96 | 14.03 | 22.05 | 24.74 | 16.70 | 17.77 | 16.54 | 14.12 |
| Gross Margin | 78.1% | 78.5% | 80.0% | 81.1% | 82.8% | 82.4% | 82.0% | 82.3% | 82.0% | 82.4% |
| Operating Margin | 42.4% | 45.5% | 47.9% | 48.5% | 52.2% | 52.5% | 53.7% | 54.8% | 53.5% | 54.7% |
| Net Margin | 22.7% | 23.9% | 35.4% | 36.2% | 35.5% | 35.5% | 38.7% | 45.4% | 38.8% | 38.4% |
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