MSCI Inc. (MSCI)
Financials · Financial Exchanges & Data · US stock · S&P 500 component
$620.24
▲ +15.78 (2.61%)
Fair valueFair
$645 +4.0% to fair value
$323fair band $549–$782$968
Day's range
$600.87 – $624.18
52-week range
$501.08 – $644.77
Red flags⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity
About MSCI Inc.
MSCI provides investment decision support tools, including stock market indexes, portfolio and risk analytics, and environmental, social and governance research. Asset managers, banks and institutional investors use its products to build portfolios, benchmark performance and measure risk. A large share of revenue comes from subscriptions and licence fees, including fees based on assets in investment products that track its indexes, which creates a recurring revenue stream.
MSCI Inc. generated $3.3 billion of revenue in the last twelve months, with sales that expanded at 11.7% a year across three years. Leverage, measured as net debt to EBITDA, is 3.3 times. The operating margin is 55.7% and the return on invested capital is 45%. Shareholders receive a dividend, yielding 1.3%. Its X-Ray Score is 58 out of 100.
Price chart
52-wk range $501.08 – $644.77Volume 653,060Daily, split-adjusted
Vitals
Market cap$45.2B
52-week range$501.08 – $644.77
Volume (last day)653,060
P/E (TTM)34.2
EBIT / EV yield3.6%
Free-cash-flow yield3.5%
Dividend yield1.3%
Revenue (TTM)$3.3B
Net income (TTM)$1.4B
Operating margin55.7%
Return on capital45.3%
Debt incl. leases$6.5B
Cash & securities$356M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$645middle half of models $601 – $741
Fair
+4.0% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $620
Undervalued < $549Fair $549 – $782Overvalued > $782
P/E multiple
$638
P/S multiple
$607
EV/EBITDA multiple
$620
EV/EBIT multiple
$671
EV/revenue multiple
$599
10-year DCF, EBITDA exit
$746
5-year DCF, EBITDA exit
$750
10-year DCF, revenue exit
$740
5-year DCF, revenue exit
$741
10-year DCF, growth exit
$429
5-year DCF, growth exit
$392
Dividend discount, stable
$701
Dividend discount, multi-stage
$990
Earnings power value
$406
Growth the price implies
7.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Strong business at a fair price
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
28/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.6%
Free-cash-flow yield3.5%
Fair value vs price1.0×
Growth
Fair
65/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)11.7%
EPS growth (3y)13.5%
Growth consistency100%
Profitability
Strong
92/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital45.3%
Operating margin55.7%
Financial health
Weak
50/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA3.3×
Interest cover7.2×
Dividends
Fair
54/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.3%
Dividends vs free cash flow36%
Dividend growth14.3%
Quarterly results: last 6 quarters
+9.7%
Mar '25
+9.1%
Jun '25
+9.5%
Sep '25
+10.6%
Dec '25
+14.1%
Mar '26
+12.2%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $867M, diluted EPS $4.69.
Compare with peers
MCO Moodys Corp61 CBOE Cboe Global Markets, I...58 FDS Factset Research Syste...58 ICE Intercontinental Excha...52Other Financial Exchanges & Data companies by X-Ray Score.
SWOT analysis: MSCI Inc.
Strengthsinside the company
- Return on invested capital is 45.3%, against a median of 13.0% for industry peers.
- Operating margin of 55.7% is well above the 37.7% median of industry peers, a sign of pricing power or lower costs.
- Revenue has grown 11.7% a year over three years (median 9.7% for industry peers).
- Earnings per share have compounded at 13.5% a year over three years.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Dividends use only 36% of free cash flow, which leaves room to raise them.
- Our Market Compass rates the backdrop for Financials as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Our checks raised: Negative equity; Negative equity.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare MSCI with peers and sector
Medians of 8 Financial Exchanges & Data peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): SPGI 48, CME 42, ICE 52, MCO 61, NDAQ 44, COIN 38.
| Metric | MSCI | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 58 | 50 | 50 |
| Valuation | 28 | 25 | 52 |
| Growth | 65 | 62 | 54 |
| Profitability | 92 | 59 | 48 |
| Financial health | 49 | 48 | 51 |
| Dividends | 54 | 54 | 54 |
Sector leaders: highest X-Ray Score in Financials
MSCI ranks #17 of 71 in Financials and #2 of 9 in Financial Exchanges & Data by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for MSCI
Each factor is rated by where MSCI stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 8 Good · 3 Average · 7 Bad of 18
Growth: 2 · 1 · 0
Profitability: 3 · 0 · 0
Financial strength: 1 · 0 · 3
Valuation: 0 · 0 · 4
Cash flow: 2 · 2 · 0
| Factor | MSCI | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +11.7% | Good beats 75% | +8.3% | – | – |
| Revenue growth, last year | +9.7% | Good beats 73% | +6.9% | +12.5% | ▼ Worse |
| EPS growth, 3 years a year | +13.5% | Average beats 52% | +12.7% | – | – |
| Profitability | |||||
| Operating margin | 55.7% | Good beats 88% | 29.1% | 53.7% | ≈ In line |
| Net margin | 40.7% | Good beats 87% | 21.8% | 38.7% | ≈ In line |
| Return on invested capital | 45.3% | Good beats 93% | 13.5% | – | – |
| Financial strength | |||||
| Net debt / EBITDA | 3.3x | Bad beats 23% | 1.1x | 2.8x | ▼ Worse |
| Interest cover | 7.2x | Bad beats 19% | 50.0x | 7.4x | ≈ In line |
| Current ratio | 0.89 | Bad beats 20% | 1.05 | 0.93 | ≈ In line |
| Piotroski F-score | 8 / 9 | Good beats 74% | 7 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 33.3x | Bad beats 10% | 13.8x | 42.7x | ▲ Better |
| Price / sales | 13.6x | Bad beats 13% | 3.1x | 16.8x | ▲ Better |
| EV / EBITDA | 27.3x | Bad beats 5% | 10.8x | 33.5x | ▲ Better |
| Free cash flow yield | 3.5% | Bad beats 19% | 5.8% | 2.9% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 47.9% | Good beats 88% | 23.2% | 48.1% | ≈ In line |
| Cash from operations / net income | 1.20 | Average beats 46% | 1.25 | 1.29 | ≈ In line |
| Free cash flow growth, 3 years a year | +12.7% | Average beats 50% | +12.7% | – | – |
| Accruals (lower is better) | −4.8% | Good beats 89% | −1.0% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 7 Good · ● 3 Average · ● 5 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Return on invested capitalGood
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 56/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $2.0B | $2.2B | $2.5B | $2.9B | $3.1B |
| Operating income | $1.1B | $1.2B | $1.4B | $1.5B | $1.7B |
| Net income | $726M | $871M | $1.1B | $1.1B | $1.2B |
| Operating cash flow | $936M | $1.1B | $1.2B | $1.5B | $1.6B |
| Operating margin | 52.5% | 53.7% | 54.8% | 53.5% | 54.7% |
| Free cash flow | $923M | $1.1B | $1.2B | $1.5B | $1.5B |
| Diluted EPS | $8.70 | $10.72 | $14.39 | $14.05 | $15.69 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 577.9 | Bullish |
| EMA 10 | 582.9 | Bullish |
| SMA 20 | 562.8 | Bullish |
| EMA 20 | 571.4 | Bullish |
| SMA 50 | 561.2 | Bullish |
| EMA 50 | 566.1 | Bullish |
| SMA 100 | 574.2 | Bullish |
| EMA 100 | 568.1 | Bullish |
| SMA 200 | 569.9 | Bullish |
| EMA 200 | 567.7 | Bullish |
Oscillators (daily)
| RSI (14) | 73.54 | Bearish |
| MACD (12, 26) | 11.04 | Bullish |
| Momentum (12) | 11.77 | Bullish |
| Stochastic %K (14) | 95.56 | Bearish |
| Williams %R (14) | -4.44 | Bearish |
| CCI (20) | 238.7 | Bearish |
Pivot points (classic, last session)
S3 582.7 | S2 591.8 | S1 606.0 | Pivot 615.1 | R1 629.3 | R2 638.4 | R3 652.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
7.95 USD
Yield on today's price
1.28%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 2.0500 | |
| 2.0500 | |
| 2.0500 | |
| 1.8000 | |
| 1.8000 | |
| 1.8000 | |
| 1.8000 | |
| 1.6000 | |
| 1.6000 | |
| 1.6000 | |
| 1.6000 | |
| 1.3800 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold MSCI
| ETF | Share of the fund |
|---|---|
| VOT Vanguard Mid-Cap Growth | 0.86% |
| IYF iShares U.S. Financials | 0.61% |
| FMDE Fidelity Enhanced Mid Cap | 0.60% |
| FQAL Fidelity Quality Factor | 0.60% |
| VFH Vanguard Financials | 0.57% |
| OMFL Oppenheimer Russell 1000 Dynamic Multi... | 0.56% |
| XLF Financial Select Sector SPDR | 0.54% |
| TCAF T. Rowe Price Capital Appreciation Equ... | 0.52% |
The eight funds with the largest weight in MSCI among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
MSCI SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.