MSCI Inc. (MSCI) financials
NYSE · Financial Services · Financial - Data & Stock Exchanges · 6,268 employees · CEO Henry A. Fernandez
- Price
- $623.38 +0.78%
- Market cap
- $45.3B
- Enterprise value
- $51.9B
- Last report
- Q3 '26 filed 2026-10-20
- Next report
- 2027-01-26 EPS est. $5.09
Revenue (TTM)$3.43B+12.3% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)55.7%+1.5 pp vs a year agoOperating income $1.91B
Net income (TTM)$1.38B+13.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.54B+4.1% vs a year agoCapex $76.9M
Diluted EPS (TTM)$18.77+19.0% vs a year agoSum of the last 4 quarters
Net cash-$6.63B-27.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $45.3B EV $51.9B
- Revenue
- $3.43B Trailing 12 months
- Revenue growth
- +12% FY2026 consensus
- Profit margin
- 40.3% Net income / revenue, TTM
- P/E
- 33.2× Forward 31.7× (FY2026)
- P/S
- 13.2× Price / sales, TTM
- EV / EBITDA
- 24.5× TTM
- Free cash flow
- $1.54B Trailing 12 months
- Net income
- $1.38B Trailing 12 months
- Revenue estimate
- $3.52B FY2026 consensus
- Earnings
- 2027-01-26 Revenue est. $914M
- Dividend
- $7.95 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-20): revenue in line, EPS beat by 1.6%Revenue $892M vs $888M expected (+0.5%); EPS $5.11 vs $5.03 (+1.6%).
- Revenue growth steady: 12.4% year on yearQ3 '26 revenue $892M, against an average of 11.6% over the four quarters before.
- Operating margin 55.7% (TTM), +1.5 pp on a year agoOperating income grew 15.4% while revenue grew 12.3%.
- 17.7% of pre-tax profit is eaten by non-operating lossesPre-tax income $1.62B vs operating income $1.91B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 2.2% of revenue (a year ago 1.3%)$76.9M invested in the last 4 quarters (+87.1% on a year earlier). Free cash flow $1.54B = 111.1% of net income.
- Returned $2.63B to shareholders = 170.7% of free cash flowBuybacks $2.04B (a year earlier $1.95B), dividends $583M, stock-based pay $126M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 6.5% in a year72.3M diluted shares in Q3 '26, 77.3M a year earlier.
- Net debt $6.63BCash + short-term investments $261M, debt incl. leases $6.89B; a year ago net debt $5.22B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $892M | $793M | +12.4% |
| Gross margin | 82.9% | 83.3% | -0.4 pp |
| Operating income | $502M | $448M | +12.2% |
| Operating margin | 56.3% | 56.4% | -0.1 pp |
| Net income | $351M | $325M | +7.9% |
| Diluted EPS | $4.86 | $4.24 | +14.6% |
| Operating cash flow | $436M | $449M | -3.0% |
| Capex | $50.7M | $3.93M | +1,189.4% |
| Free cash flow | $385M | $446M | -13.5% |
| R&D | $47.6M | $44.8M | +6.2% |
| Stock-based compensation | $27.5M | $22.6M | +21.8% |
Reported vs consensus
2026-10-20| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $892M | $888M | +0.5% |
| EPS (as estimated) | $5.11 | $5.03 | +1.6% |
From the report of 2026-10-20 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Index | $533M | +18.1% | 59.7% | $2.02B | +16.8% | |
| Analytics | $191M | +4.8% | 21.4% | $753M | +6.8% | |
| E S G And Climate Segment | $93.7M | +4.0% | 10.5% | – | – | |
| All Other Segments | $74.7M | +6.8% | 8.4% | $293M | +7.0% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas | $396M | +10.2% | 22.2% | $1.87B | – | |
| United States | $356M | +9.8% | 20.0% | $1.68B | – | |
| E M E A | $361M | +15.2% | 20.3% | $1.69B | – | |
| Other Europe Middle East And Africa Countries | $197M | +12.5% | 11.1% | $935M | – | |
| United Kingdom | $164M | +18.7% | 9.2% | $752M | – | |
| Asia And Australia | $135M | +11.7% | 7.6% | $649M | – | |
| Other Asia And Australia Countries | $98.2M | +11.2% | 5.5% | $475M | – | |
| Other America Countries | $39.7M | +13.9% | 2.2% | $188M | – | |
| JAPAN | $36.8M | +13.1% | 2.1% | $174M | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.61B
- Capex
- -$76.9M
- Buybacks
- -$2.04B
- Dividends
- -$583M
- Acquisitions
- -$175M
- Net debt issued
- $1.22B
- Stock-based compensation
- $126M
- Free cash flow
- $1.54B
- Returned to shareholders / FCF
- 170.7%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 33.2× | 46.3× | 36.8× – 69.6× |
| EV / EBITDA | 24.5× | 32.2× | 25.9× – 46.4× |
| EV / Sales | 15.1× | 19.6× | 16.0× – 26.2× |
| Price / FCF | 29.5× | 38.8× | 28.6× – 57.2× |
| Price / Book | -14.9× | – | – |
| FCF yield | 3.4% | 2.7% | 1.7% – 3.5% |
| Return on invested capital | 40.3% | 28.9% | 21.2% – 35.3% |
| Return on equity | -49.7% | -169.8% | -444.1% – -45.3% |
Analysts
Consensus target $687.70 (+10.3%)
range $615.00 – $735.00 · rating Buy
Strong buy1
Buy19
Hold6
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $3.52B | +12.4% | $19.70 | +26.6% | 31.7× | 11 |
| FY2027 | $3.84B | +9.0% | $22.52 | +14.3% | 27.7× | 11 |
| FY2028 | $4.18B | +8.7% | $25.59 | +13.6% | 24.4× | 8 |
| FY2029 | $4.46B | +6.8% | $28.51 | +11.4% | 21.9× | 5 |
| FY2030 | $4.83B | +8.4% | $31.96 | +12.1% | 19.5× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 263 figures MSCI Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $5.9M | $16M | -63.2% | $15.3M | $14.5M | +5.7% |
| Accounts Receivable, after Allowance for Credit Loss | $860M | $746M | +15.3% | $987M | $821M | +20.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $7.4M | $5.9M | +25.5% | $6.42M | $5.28M | +21.5% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $500K | $520K | -3.8% | $2.9M | $2.67M | +8.5% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $700K | $710K | -1.4% | $4M | $3.99M | +0.3% |
| Accrued Income Taxes, Current | $57.9M | $77.2M | -25.0% | $74.4M | $38M | +95.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $181M2025-12-31 | $180M | +0.6% | $181M | $180M | +0.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$58.5M | -$53.8M | -8.8% | -$51.6M | -$71M | +27.4% |
| Additional Paid in Capital, Common Stock | $1.92B | $1.78B | +8.0% | $1.8B | $1.68B | +7.1% |
| Amortization of Debt Issuance Costs | $1.9M | $1.5M | +26.7% | $5.88M | $5.14M | +14.3% |
| Amortization of Intangible Assets | $45.2M | $41M | +10.2% | $169M | $164M | +3.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $27.7M | $22.5M | +23.1% | $112M | $95.9M | +16.6% |
| Assets | $5.6B | $5.39B | +3.8% | $5.7B | $5.45B | +4.7% |
| Assets, Current | $1.3B | $1.31B | -0.8% | $1.64B | $1.34B | +22.4% |
| Business Combination, Contingent Consideration, Liability | $14.6M2025-12-31 | $28.6M | -49.0% | $14.6M | $28.6M | -49.0% |
| Business Combination, Contingent Consideration, Liability, Current | $9.6M2025-12-31 | $9.4M | +2.1% | $9.6M | $9.4M | +2.1% |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $5M2025-12-31 | $19.2M | -74.0% | $5M | $19.2M | -74.0% |
| Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | – | – | – | $0 | $0 | – |
| Capital Expenditures Incurred but Not yet Paid | -$3M | -$2M | -50.0% | $2.38M | $2.63M | -9.7% |
| Cash and Cash Equivalents, at Carrying Value | $261M | $400M | -34.8% | $515M | $409M | +25.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $261M | $400M | -34.8% | $515M | $409M | +25.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$95.4M | $52.7M | -281.0% | $106M | -$52.3M | +302.5% |
| Common Stock, Dividends, Per Share, Declared | $2.05 | $1.80 | +13.9% | $7.20 | $6.40 | +12.5% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 750M | 750M | 0.0% | 750M | 750M | 0.0% |
| Common Stock, Shares, Issued | 135M | 134M | +0.1% | 134M | 134M | +0.2% |
| Common Stock, Shares, Outstanding | 71.7M | 75.2M | -4.6% | 73.6M | 77.7M | -5.4% |
| Common Stock, Value, Issued | $1.3M | $1.34M | -3.2% | $1.34M | $1.34M | +0.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $350M | $322M | +8.8% | $1.22B | $1.1B | +11.1% |
| Construction in Progress, Gross | $5.78M2025-12-31 | $1.54M | +274.8% | $5.78M | $1.54M | +274.8% |
| Contract with Customer, Liability, Current | $1.04B | $975M | +6.4% | $1.23B | $1.12B | +9.6% |
| Contract with Customer, Liability, Noncurrent | $32.5M | – | – | $34M | $32.2M | +5.6% |
| Contract with Customer, Liability, Revenue Recognized | $252M | $239M | +5.3% | $1.12B | $1.02B | +9.8% |
| Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | $152M | $133M | +14.9% | $550M | $514M | +7.0% |
| Costs and Expenses | $390M | $346M | +12.8% | $1.42B | $1.33B | +7.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $95.3M | $115M | -17.1% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $135M | $98.6M | +37.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $245M | $231M | +6.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $14.8M | $17.5M | -15.8% |
| Debt Instrument, Fair Value Disclosure | $6.24B | $5.34B | +16.8% | $6.06B | $4.15B | +46.1% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $47.7M | $48.1M | -0.8% | $53.3M | $30.1M | +77.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $42.3M | $14M | +201.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$4.54M | -$1.59M | -184.7% |
| Deferred Income Tax Assets, Net | $45.6M | $41.5M | +9.8% | $45.9M | $40.6M | +12.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $46.7M | $15.9M | +193.3% |
| Deferred Income Tax Liabilities, Net | $29.7M | $82.8M | -64.1% | $102M | $47.6M | +113.4% |
| Deferred Income Taxes and Tax Credits | $500K | $31.8M | -98.4% | $46.7M | $14.3M | +225.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $8.94M | $3.5M | +155.2% |
| Deferred Tax Assets, Gross | $191M2025-12-31 | $188M | +1.9% | $191M | $188M | +1.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $190M2025-12-31 | $183M | +3.9% | $190M | $183M | +3.9% |
| Deferred Tax Assets, Operating Loss Carryforwards | $8.18M2025-12-31 | $7.06M | +15.8% | $8.18M | $7.06M | +15.8% |
| Deferred Tax Assets, Other | $32.7M2025-12-31 | $11.9M | +175.7% | $32.7M | $11.9M | +175.7% |
| Deferred Tax Assets, Tax Credit Carryforwards | $41.8M2025-12-31 | $28.1M | +48.8% | $41.8M | $28.1M | +48.8% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $48.3M2025-12-31 | $37.4M | +29.3% | $48.3M | $37.4M | +29.3% |
| Deferred Tax Assets, Valuation Allowance | $1.38M2025-12-31 | $4.88M | -71.7% | $1.38M | $4.88M | -71.7% |
| Deferred Tax Liabilities, Gross | $246M2025-12-31 | $190M | +29.4% | $246M | $190M | +29.4% |
| Deferred Tax Liabilities, Intangible Assets | $116M2025-12-31 | $116M | +0.2% | $116M | $116M | +0.2% |
| Deferred Tax Liabilities, Leasing Arrangements | $23.6M2025-12-31 | $25.2M | -6.5% | $23.6M | $25.2M | -6.5% |
| Deferred Tax Liabilities, Net | $55.8M2025-12-31 | $7M | +697.0% | $55.8M | $7M | +697.0% |
| Deferred Tax Liabilities, Other | $14.1M2025-12-31 | $5.15M | +173.4% | $14.1M | $5.15M | +173.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02