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Builds and licenses global equity/fixed-income indexes and provides portfolio risk, ESG and analytics tools to investors.
Builds and licenses global equity/fixed-income indexes and provides portfolio risk, ESG and analytics tools to investors.
Charges licence subscriptions for its indexes and analytics, usually renewed annually, plus a small fee on the assets in funds that track its indexes, so rising markets and more index investing lift revenue without extra sales effort. Clients include asset managers, banks and ETF providers. It was part of Morgan Stanley until its 2007 IPO.
Moat: wide (network effects, switching costs, brand). Benchmark indexes are deeply embedded in mandates and ETFs, making switching costly for asset managers.
Headquarters: New York, New York, US · Founded: 1969 · Employees: 6,268
Size MSCI (MSCI) is a United States Financials company (Financial Publishing/Services) with a market value of $45.8B, the 274th largest of 3,117 United States companies the cockpit tracks. Shares closed at $641.01 on 6 Nov 2026.
Performance Over six months the shares gained 9.9%, against +10.2% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 12 in its peer set.
Growth Revenue grew 12.3% over the last twelve months (peer median +6.7%); the operating margin is 55.6% (peer median 30.5%).
Valuation It trades at 29.5× forward earnings against a peer median of 18.8× (most expensive of 11).
Backlog Backlog (remaining performance obligations) was $2.59B at 30 Sep 2026, up 17% on a year earlier — 0.8 years of trailing revenue. Backlog detail →
Credit MSCI has 7 bonds outstanding ($5.95B), rated BBB- by the agencies and trading like BBB at a weighted spread of 108 bp.
Short interest Short interest is 2.0% of the free float (15 Oct 2026).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.43B | $3.13B | $2.86B | $2.53B | $2.25B |
| Revenue growth | — | +10% | +13% | +12% | — |
| Gross profit | $2.65B | $2.39B | $2.16B | $1.95B | $1.73B |
| EBITDA | $2.14B | $1.93B | $1.74B | $1.55B | $1.35B |
| Net income | $1.38B | $1.20B | $1.11B | $1.15B | $871M |
| Free cash flow | $1.56B | $1.53B | $1.46B | $1.21B | $1.08B |
| Capital expenditure | $160M | $130M | $115M | $90.9M | $72.9M |
| Total debt | $6.89B | $6.34B | $4.66B | $4.65B | $4.67B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MSCI MSCI | $45.8B | +10% | +12% | 56% | 29.5× | n/a |
| S&P Global SPGI | $136B | +18% | +6% | 46% | 24.1× | n/a |
| London Stock Exchange LSEG.L | $60.9B | +1% | +6% | 26% | 19.6× | n/a |
| Morningstar MORN | $9.06B | +38% | +9% | 24% | 17.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MSCI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.1% | +9.9% | 4th highest of 12 |
| 6-month return | +9.9% | +10.2% | 6th lowest of 12 |
| Distance from 52-week high | -5.9% | -7.1% | 5th highest of 12 |
| Revenue growth (TTM) | +12.3% | +6.7% | 3rd highest of 12 |
| Operating margin | 55.6% | 30.5% | highest of 12 |
| Forward P/E | 29.5× | 18.8× | most expensive of 11 |
| Bond spread | 108 bp | 70 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MSCI MSCI | United States | $45.8B | +10% | +12% | 56% | 29.5× | n/a | n/a |
| London Stock Exchange LSEG.L | United Kingdom | $60.9B | +1% | +6% | 26% | 19.6× | n/a | n/a |
| Moody's MCO | United States | $87.2B | +12% | +9% | 46% | 28.1× | n/a | n/a |
| S&P Global SPGI | United States | $136B | +18% | +6% | 46% | 24.1× | n/a | n/a |
| FactSet FDS | United States | $11.6B | +47% | +7% | 31% | 16.7× | n/a | n/a |
| Morningstar MORN | United States | $9.06B | +38% | +9% | 24% | 17.3× | n/a | n/a |
| NICE Information Service 030190.KS | South Korea | $754M | +17% | +9% | 18% | 11.2× | n/a | n/a |
| CARE Ratings CARERATING.NS | India | $499M | -5% | +19% | 40% | 23.3× | n/a | n/a |
| ICRA ICRA.NS | India | $452M | -18% | +31% | 30% | 19.6× | n/a | n/a |
| Enento ENENTO.HE | Finland | $438M | +10% | +4% | 24% | 17.3× | n/a | n/a |
| Korea Ratings 034950.KS | South Korea | $330M | -5% | +1% | 31% | n/a | n/a | n/a |
| Credit Bureau Asia TCU.SI | Singapore | $179M | -20% | +1% | 47% | 18.1× | n/a | n/a |
MSCI has 7 bonds outstanding with $5.95B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 5.80%, a spread of 108 bp over government bonds.
MSCI reported $2.59B of remaining performance obligations at 30 Sep 2026, up 17% from a year earlier and up 7% from the previous quarter. That is 0.8 years of trailing revenue already under contract. Book-to-bill last quarter: 1.19.