MSCI Inc. MSCI
Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities, make better investment decisions and unlock innovation.
Investors all over the world use our tools and solutions to gain insights and improve transparency throughout their investment processes. Our offerings help them define their investment universe; make asset allocation decisions; construct and analyze portfolios and investment strategies; identify, measure and manage drivers of investment risk and performance; integrate sustainability and climate considerations into portfolio construction and risk management; design and manage indexed financial products such as exchange-traded funds ("ETFs"); and prepare regulatory and client reports.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.13B | $2.86B | $2.53B | $2.25B | $2.04B | $1.70B | $1.56B | $1.43B | $1.27B | $1.15B |
| Cost of revenue | — | — | — | — | — | $291.7M | $295.0M | $287.3M | $273.7M | $252.1M |
| Gross profit | — | — | — | — | — | $1.40B | $1.26B | $1.15B | $1.00B | $898.6M |
| R&D | $177.6M | $158.7M | $132.1M | $107.2M | $111.6M | $101.1M | $98.3M | $81.4M | $75.8M | $75.2M |
| SG&A | $180.2M | $182.3M | $154.0M | $146.9M | $147.9M | $114.6M | $110.1M | $99.9M | $87.8M | $87.2M |
| Total operating expenses | $1.42B | $1.33B | $1.14B | $1.04B | $970.8M | $810.6M | $802.1M | $747.1M | $694.4M | $662.6M |
| Operating income | $1.71B | $1.53B | $1.38B | $1.21B | $1.07B | $884.8M | $755.7M | $686.9M | $579.8M | $488.1M |
| Interest expense | $209.9M | $185.5M | $186.7M | $171.6M | $159.6M | $156.3M | $148.0M | $133.1M | $116.1M | $101.7M |
| Pre-tax income | $1.49B | $1.36B | $1.37B | $1.04B | $858.1M | $686.2M | $603.3M | $629.9M | $466.9M | $385.9M |
| Income tax | $292.0M | $247.0M | $220.5M | $173.3M | $132.2M | $84.4M | $39.7M | $122.0M | $162.9M | $125.1M |
| Net income | $1.20B | $1.11B | $1.15B | $870.6M | $726.0M | $601.8M | $563.6M | $507.9M | $304.0M | $260.9M |
| EPS, basic | 15.72 | 14.09 | 14.45 | 10.78 | 8.80 | 7.19 | 6.66 | 5.83 | 3.36 | 2.72 |
| EPS, diluted | 15.69 | 14.05 | 14.39 | 10.72 | 8.70 | 7.12 | 6.59 | 5.66 | 3.31 | 2.70 |
| Shares, diluted (wtd. avg.) | $76.6M | $79.0M | $79.8M | $81.2M | $83.5M | $84.5M | $85.5M | $89.7M | $91.9M | $96.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $515.3M | $409.4M | $461.7M | $993.6M | $1.42B | $1.30B | $1.51B | $904.2M | $889.5M | $791.8M |
| Receivables | — | — | — | $663.2M | $664.5M | $558.6M | $499.3M | $473.4M | $327.6M | $221.5M |
| Total current assets | $1.64B | $1.34B | $1.42B | $1.75B | $2.14B | $1.93B | $2.08B | $1.44B | $1.27B | $1.06B |
| Property, plant and equipment | $87.3M | $70.9M | $55.9M | $53.9M | $66.7M | $80.4M | $90.7M | $90.9M | $94.4M | $95.6M |
| Goodwill | $2.92B | $2.92B | $2.89B | $2.23B | $2.24B | $1.57B | $1.56B | $1.55B | $1.56B | $1.56B |
| Other intangibles | $832.5M | $907.6M | $956.2M | $558.5M | $593.3M | $234.7M | $261.5M | $280.8M | $321.8M | $347.6M |
| Total assets | $5.70B | $5.45B | $5.52B | $5.00B | $5.51B | $4.20B | $4.20B | $3.39B | $3.28B | $3.08B |
| Accounts payable | $15.3M | $14.5M | $9.8M | $15.0M | $13.4M | $14.3M | $6.5M | $3.9M | $1.6M | $568.0K |
| Short-term debt | — | $0 | $10.9M | $8.7M | $0 | — | — | — | — | — |
| Total current liabilities | $1.83B | $1.59B | $1.52B | $1.25B | $1.25B | $1.02B | $900.8M | $809.0M | $607.7M | $536.6M |
| Long-term debt | $6.20B | $4.51B | $4.50B | $4.50B | $4.16B | $3.37B | $3.07B | $2.58B | $2.08B | $2.08B |
| Total liabilities | $8.36B | $6.39B | $6.26B | $6.01B | $5.67B | $4.64B | $4.28B | $3.55B | $2.87B | $2.76B |
| Retained earnings | $5.43B | $4.78B | $4.18B | $3.47B | $2.98B | $2.55B | $2.20B | $1.86B | $1.51B | $1.32B |
| Total equity | -$2.65B | -$940.0M | -$739.8M | -$1.01B | -$163.5M | -$443.2M | -$76.7M | -$166.5M | $401.0M | $317.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.59B | $1.50B | $1.24B | $1.10B | $936.1M | $811.1M | $709.5M | $612.8M | $404.2M | $442.4M |
| Depreciation and amortisation | $23.4M | $17.0M | $21.0M | $26.9M | $28.9M | $29.8M | $30.0M | $31.3M | $35.4M | $34.3M |
| Stock-based compensation | $111.3M | $95.2M | $71.7M | $58.1M | $54.9M | $51.1M | $41.2M | $38.9M | $36.6M | $32.0M |
| Capital expenditure | $39.3M | $33.8M | $22.8M | $13.6M | $13.5M | $21.8M | $29.1M | $30.3M | $33.2M | $32.3M |
| Investing cash flow | -$130.1M | -$144.3M | -$819.4M | -$79.3M | -$1.04B | -$241.8M | -$71.9M | $34.9M | -$48.0M | -$42.0M |
| Financing cash flow | -$1.36B | -$1.40B | -$953.9M | -$1.43B | $229.5M | -$779.0M | -$36.7M | -$626.5M | -$267.5M | -$372.9M |
| Dividends paid | $556.5M | $509.1M | $441.0M | $372.9M | $302.4M | $246.4M | $222.9M | $170.9M | $119.7M | $96.2M |
| Buybacks | $2.48B | $885.3M | $504.2M | $1.40B | $198.4M | $778.5M | $292.1M | $949.9M | $150.5M | $774.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001408198-26-000011.
Others in SIC 7389
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MA | Mastercard Inc | $510.86B | 35.1x | 16.4% |
| RPAY | Repay Holdings Corp | $323.15B | — | -1.2% |
| UBER | Uber Technologies, Inc | $154.74B | 16.0x | 18.3% |
| ACN | Accenture plc | $114.31B | 15.4x | 7.4% |
| MELI | MERCADOLIBRE INC | $100.30B | 50.2x | 34.3% |
| DASH | DoorDash, Inc. | $91.98B | 99.4x | 27.9% |
| PYPL | PayPal Holdings, Inc. | $48.48B | 10.2x | 4.3% |
| EBAY | EBAY INC | $46.02B | 23.8x | 7.9% |