Financials · Financial Exchanges & Data · US stock · price as of 22 Oct 2026
Key indicators
Price
$620.24
52-week range
$501.08 – $644.77
Market cap
$45.2B
P/E (trailing)
34.2×
EV / EBITDA
27.2×
Free-cash-flow yield
3.5%
Dividend yield
1.3%
Revenue (last 12 months)
$3.3B
Revenue growth (3y a year)
11.7%
Operating margin
55.7%
Return on invested capital
45.3%
Net debt / EBITDA
3.3×
Fair value
Fair value (average of valid models)$645.01 middle half of models $601 – $741
Versus priceFair+4% to fair value
P/E multiple
$638.25
P/S multiple
$606.96
EV/EBITDA multiple
$619.72
EV/EBIT multiple
$670.81
EV/revenue multiple
$599.19
10-year DCF, EBITDA exit
$746.09
5-year DCF, EBITDA exit
$750.22
10-year DCF, revenue exit
$739.57
5-year DCF, revenue exit
$741.45
10-year DCF, growth exit
$429.16
5-year DCF, growth exit
$391.93
Dividend discount, stable
$700.98
Dividend discount, multi-stage
$989.61
Earnings power value
$406.21
Model uncertainty
High
X-Ray Score
58/ 100 · High confidence · ahead of 76% of sector peers
Valuation28
Growth65
Profitability92
Financial health49
Dividends54
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives MSCI Inc. an X-Ray Score of 58 out of 100 (high confidence), ahead of 76% of the S&P 500 stocks in its sector. Its strongest lens is profitability (92) and its weakest is valuation (28).
Our fair value (the average of the valid models) is $645.01 (range $601.13 to $740.98). At $620.24 the stock trades 4% below that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
MSCI Inc. (MSCI)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$579.53
$444.29
$546.04
$585.94
$567.39
$620.24
Market cap
$48.4B
$36.1B
$43.6B
$46.3B
$43.5B
$45.2B
P/E
66.6×
41.4×
37.9×
41.7×
36.2×
34.2×
EV / revenue
25.0×
17.6×
18.8×
17.6×
15.7×
15.4×
EV / EBITDA
46.4×
32.1×
33.9×
32.6×
28.3×
27.2×
Price / free cash flow
52.4×
33.4×
35.9×
31.5×
28.1×
28.3×
Free-cash-flow yield
1.9%
3.0%
2.8%
3.2%
3.6%
3.5%
Price / book
–
–
–
–
–
–
Dividend yield
0.63%
1.03%
1.01%
1.09%
1.27%
1.28%
Fundamentals checklist ● 7 Good · ● 3 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.8%Good
Free-cash-flow yield3.5%Bad
Risk models
Altman Z score5.1×Good
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)13.5%Average
Free-cash-flow growth (3y)12.7%Average
Revenue growth (3y)11.7%Good
Growth consistency100%Good
Balance sheet
Current ratio0.9×Bad
Net debt / EBITDA3.3×Bad
Interest cover7.2×Bad
Valuation
Fair value vs price1.0×Average
EBIT / EV yield3.6%Bad
Profitability
Return on invested capital45.3%Good
Operating margin55.7%Good
Red flags
Negative equity — Book equity is negative
Negative equity — Book equity is negative
Negative equity — Book equity is negative
Negative equity — Book equity is negative
Negative equity — Book equity is negative
XStocksXray
MSCI Inc. (MSCI)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
2,044
2,249
2,529
2,856
3,134
3,334
Gross profit
–
–
–
–
–
–
Operating income
1,073
1,208
1,385
1,529
1,714
1,856
Net income
726
871
1,149
1,109
1,202
1,358
Diluted EPS ($)
8.70
10.72
14.39
14.05
15.69
18.14
Free cash flow
923
1,082
1,213
1,468
1,549
1,598
Gross margin
–
–
–
–
–
–
Operating margin
52.5%
53.7%
54.8%
53.5%
54.7%
55.7%
Net margin
35.5%
38.7%
45.4%
38.8%
38.4%
40.7%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
5,507
4,998
5,518
5,445
5,703
5,603
Cash
1,421
994
462
409
515
356
Total debt
4,161
4,512
4,508
4,511
6,202
6,380
Equity
-163
-1,008
-740
-940
-2,655
-2,690
Dividend per share ($)
3.64
4.58
5.52
6.40
7.20
7.70
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
