MSCI Inc.

Financials Financial Exchanges & Data New York City, New York Last filing Feb 6, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.1B
                    3y CAGR +11.7%
                    
                    P50
                    
                    +9.7%
                    
                    Net income
                    FY2025
                
$1.2B
                    Net margin +38.4%
                    
                    P83
                    
                    +8.4%
                    
                    Total assets
                    FY2025
                
$5.7B
                    ROA +21.1%
                    
                    P99
                    
                    +4.7%
                    
                    Operating cash flow
                    FY2025
                
$1.6B
                    FCF margin +46.5%
                    
                    P76
                    
                    +5.8%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 10 years

Total assets $5.7B

Total liabilities $8.4B

Shareholders equity $-2.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	9.0%	7.5%	8.4%	19.9%	25.8%	31.0%	35.8%	26.7%	27.2%	25.7%
Accounts Receivable	17.3%	15.1%	15.2%	13.3%	12.1%	13.3%	11.9%	14.0%	10.0%	7.2%
Prepaid Expenses	2.5%	2.1%	2.1%	1.8%	1.0%	1.6%	1.8%	1.7%	1.5%	1.4%
Total Current Assets	28.8%	24.7%	25.7%	35.0%	38.9%	45.9%	49.5%	42.4%	38.7%	34.2%
Property,Plant and Equipment	1.5%	1.3%	1.0%	1.1%	1.2%	1.9%	2.2%	2.7%	2.9%	3.1%
Operating Lease Assets	2.0%	2.2%	2.1%	2.5%	2.6%	3.7%	4.0%	—	—	—
Goodwill	51.3%	53.5%	52.3%	44.6%	40.6%	37.3%	37.2%	45.6%	47.6%	50.5%
Intangible Assets	14.6%	16.7%	17.3%	11.2%	10.8%	5.6%	6.2%	8.3%	9.8%	11.3%
Deferred Tax Assets	0.8%	0.7%	0.7%	0.6%	0.7%	0.6%	0.5%	0.4%	0.4%	0.3%
Other Noncurrent Assets	1.0%	0.9%	0.8%	0.7%	1.2%	0.6%	0.5%	0.6%	0.6%	0.6%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	0.3%	0.3%	0.2%	0.3%	0.2%	0.3%	0.2%	0.1%	0.0%	0.0%
Accrued Liabilities	10.2%	8.2%	7.5%	6.9%	7.5%	7.9%	7.6%	7.9%	7.1%	6.5%
Deferred Revenue	21.6%	20.6%	19.6%	17.7%	15.0%	16.1%	13.7%	15.9%	11.4%	10.8%
Total Current Liabilities	32.1%	29.1%	27.5%	25.0%	22.7%	24.3%	21.4%	23.9%	18.6%	17.4%
Long Term Debt	108.8%	82.8%	81.5%	90.1%	75.6%	80.2%	73.1%	76.0%	63.4%	67.3%
Operating Lease Liabilities Noncurrent	1.9%	2.2%	2.2%	2.6%	2.7%	3.6%	3.9%	—	—	—
Deferred Tax Liabilities	1.8%	0.9%	0.5%	0.6%	0.1%	0.3%	1.6%	2.4%	2.4%	3.1%
Other Noncurrent Liabilities	2.0%	2.2%	1.8%	1.8%	1.9%	2.1%	1.8%	2.6%	3.4%	1.9%
Total Liabilities	146.6%	117.3%	113.4%	120.2%	103.0%	110.6%	101.8%	104.9%	87.8%	89.7%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	31.6%	30.9%	28.8%	30.3%	26.5%	33.4%	32.1%	38.6%	38.6%	39.8%
Retained Earnings	95.2%	87.8%	75.7%	69.5%	54.1%	60.8%	52.3%	54.8%	46.0%	42.9%
Treasury Stock	172.5%	134.7%	116.8%	118.8%	82.4%	103.4%	84.8%	96.6%	70.9%	70.4%
Accumulated Other Comprehensive Income	-0.9%	-1.3%	-1.1%	-1.2%	-1.1%	-1.4%	-1.5%	-1.7%	-1.5%	-2.0%
Total Stockholders Equity	-46.6%	-17.3%	-13.4%	-20.2%	-3.0%	-10.6%	-1.8%	-4.9%	12.2%	10.3%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $3.1B

Operating income $1.7B

Net income $1.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	55.0%	52.4%	45.8%	45.0%	37.1%	40.4%	37.1%	42.3%	38.9%	37.3%
Expenses Cost of Revenue	9.7%	9.4%	8.1%	8.1%	6.5%	6.9%	7.0%	8.5%	8.4%	8.2%
Expenses Research and Development	3.1%	2.9%	2.4%	2.1%	2.0%	2.4%	2.3%	2.4%	2.3%	2.4%
Expenses Selling,General and Administrative	8.8%	8.7%	7.8%	8.2%	7.1%	7.9%	7.8%	8.6%	8.1%	8.2%
Expenses Depreciation and Amortization	3.4%	3.3%	2.5%	2.4%	2.0%	2.1%	1.9%	2.5%	2.4%	1.5%
Other Income Expense Operating Income	30.0%	28.1%	25.1%	24.2%	19.5%	21.1%	18.0%	20.3%	17.7%	15.8%
Other Income Expense Interest Income	0.3%	0.4%	0.6%	0.2%	0.0%	0.1%	0.4%	0.6%	0.2%	0.1%
Other Income Expense Interest Expense	3.7%	3.4%	3.4%	3.4%	2.9%	3.7%	3.5%	3.9%	3.5%	3.3%
Other Income Expense Other Income/expense	-0.4%	-0.1%	2.5%	-0.1%	-1.0%	-1.1%	—	1.7%	-0.1%	—
Other Income Expense Income Before Tax	26.2%	24.9%	24.8%	20.9%	15.6%	16.3%	14.3%	18.6%	14.3%	12.5%
Income Tax Income Tax Expense	5.1%	4.5%	4.0%	3.5%	2.4%	2.0%	0.9%	3.6%	5.0%	4.1%
net Income net Income	21.1%	20.4%	20.8%	17.4%	13.2%	14.3%	13.4%	15.0%	9.3%	8.5%
net Income Comprehensive Income	21.4%	20.2%	20.8%	17.4%	13.2%	14.4%	13.3%	14.7%	9.7%	7.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	1.3%	1.5%	1.4%	1.6%	1.5%	2.0%	2.0%	2.6%	2.8%	3.1%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $1.6B

Investing cash flow $-130.1M

Financing cash flow $-1.4B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	21.1%	20.4%	20.8%	17.4%	13.2%	14.3%	13.4%	15.0%	9.3%	8.5%
Operating Activities Depreciation and Amortization	3.4%	3.3%	2.5%	2.4%	2.0%	2.1%	2.4%	2.5%	2.4%	1.5%
Operating Activities Stock Based Compensation	2.0%	1.7%	1.3%	1.2%	1.0%	1.2%	1.0%	1.1%	1.1%	1.0%
Operating Activities Deferred Income Taxes	0.8%	0.3%	-0.3%	0.7%	-2.0%	-1.3%	-0.5%	-0.0%	-0.6%	-0.6%
Operating Activities Changes In Operating Assets and Liabilities	-0.4%	1.3%	0.0%	-0.4%	1.1%	1.2%	0.0%	1.2%	-0.0%	2.6%
Operating Activities Other Non Cash Items	1.0%	0.5%	-1.9%	0.6%	1.8%	1.8%	0.5%	-1.7%	0.1%	0.1%
Operating Activities net Cash From Operating Activities	27.9%	27.6%	22.4%	21.9%	17.0%	19.3%	16.9%	18.1%	12.3%	14.4%
Investing Activities Capital Expenditures	-2.3%	-2.1%	-1.6%	-1.5%	-1.0%	-1.2%	-1.3%	-1.4%	-1.5%	-1.4%
Investing Activities Business Acquisitions	0.0%	-0.5%	-13.2%	0.0%	-17.2%	0.0%	-0.4%	2.5%	—	0.0%
Investing Activities Other Investing Activities	-0.0%	-0.0%	-0.0%	-0.1%	-0.1%	0.0%	0.0%	0.0%	—	—
Investing Activities net Cash From Investing Activities	-2.3%	-2.6%	-14.8%	-1.6%	-18.8%	-5.8%	-1.7%	1.0%	-1.5%	-1.4%
Financing Activities Proceeds From Debt	49.2%	10.2%	0.0%	7.1%	32.8%	33.5%	23.8%	14.8%	—	16.2%
Financing Activities Repayment of Debt	-19.3%	-10.3%	-0.2%	-0.1%	-19.1%	-27.2%	-12.2%	—	—	—
Financing Activities Repurchase of Common Stock	-43.6%	-16.3%	-9.1%	-28.0%	-3.6%	-18.5%	-6.9%	-28.0%	-4.6%	-25.1%
Financing Activities Dividends Paid	-9.8%	-9.3%	-8.0%	-7.5%	-5.5%	-5.9%	-5.3%	-5.0%	-3.7%	-3.1%
Financing Activities Proceeds From Stock Issuance	0.1%	0.0%	0.0%	—	—	—	0.1%	0.0%	0.1%	0.2%
Financing Activities Other Financing Activities	-0.6%	-0.1%	0.0%	-0.1%	-0.4%	-0.4%	-0.3%	-0.2%	—	-0.2%
Financing Activities net Cash From Financing Activities	-23.9%	-25.8%	-17.3%	-28.5%	4.2%	-18.6%	-0.9%	-18.5%	-8.2%	-12.1%
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%	-0.1%	0.1%	-0.4%	-0.2%	0.1%	0.0%	-0.2%	0.3%	-0.4%
Cash Reconciliation net Change In Cash	1.9%	-1.0%	-9.6%	-8.6%	2.2%	-4.9%	14.3%	0.4%	3.0%	0.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+82.4%	+82.0%	+82.3%	+82.0%	+82.4%	+82.8%	+81.1%	+80.0%	+78.5%	+78.1%
Operating margin	+54.7%	+53.5%	+54.8%	+53.7%	+52.5%	+52.2%	+48.5%	+47.9%	+45.5%	+42.4%
Net margin	+38.4%	+38.8%	+45.4%	+38.7%	+35.5%	+35.5%	+36.2%	+35.4%	+23.9%	+22.7%
FCF margin	+46.5%	+48.5%	+45.3%	+45.5%	+43.2%	+44.8%	+42.1%	+39.3%	+27.9%	+34.7%
Growth
Revenue CAGR (3y)	+11.7%	+11.8%	+14.3%	+13.0%	+12.5%	+10.0%	+10.6%	+10.1%	+8.5%	+8.0%
Returns
ROE	-45.3%	-118.0%	-155.3%	-86.4%	-444.1%	-135.8%	-734.7%	-305.0%	+75.8%	+82.1%
ROA	+21.1%	+20.4%	+20.8%	+17.4%	+13.2%	+14.3%	+13.4%	+15.0%	+9.3%	+8.5%
ROIC	+45.5%	+39.5%	+35.1%	+40.1%	+35.2%	+47.8%	+47.4%	+36.8%	+23.7%	+20.6%
Liquidity
Current ratio	0.90x	0.85x	0.93x	1.40x	1.71x	1.88x	2.31x	1.77x	2.09x	1.97x
Quick ratio	0.82x	0.78x	0.86x	1.32x	1.67x	1.82x	2.23x	1.70x	2.00x	1.89x
Leverage
D/E	-3.15x	-6.79x	-8.46x	-5.96x	-34.69x	-10.47x	-55.81x	-21.35x	7.17x	8.71x
Interest coverage	8.16x	8.24x	7.42x	7.04x	6.72x	5.66x	5.10x	5.16x	4.99x	4.80x
Efficiency
Asset turnover	0.55x	0.52x	0.46x	0.45x	0.37x	0.40x	0.37x	0.42x	0.39x	0.37x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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