# MSCI Inc. (MSCI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MSCI/thesis · /stocks/MSCI/memo

## Financial Snapshot

---
ticker: MSCI
step: 04
generated: 2026-05-13
source: quick-research
---

### MSCI Inc. (MSCI) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$2.25B | ~$2.53B | $2.860B | +12.9% |
| Adj. EBITDA Margin | ~58% | ~59% | ~60% | expanding |
| FCF Growth | — | — | +21% | — |
| Adj. EPS Growth | — | — | +12.4% | — |

*FY2025: Revenue $3.134B (+9.75%); Adj. EBITDA margin 62.2% (Q4 2025); Operating margin 56.4% (Q4 2025); 11th consecutive year of double-digit adjusted EPS growth; FCF and buybacks ongoing ($810M in FY2024); Q4 2025 adj. EPS $4.66 (+11.5% YoY), GAAP EPS $3.81 (-2.3% — impacted by one-time items). $18.3T AUM benchmarked to MSCI indexes. Client retention 94.7%. Recurring subscription revenues 7.5% growth (moderating); Asset-based fees +20.7% (driven by equity market appreciation). ABF growth projected to moderate to 15% in 2025 (from 20.8% in Q4 2024).*

#### Cash Flow & Balance Sheet

| Metric | Value |
|--------|-------|
| AUM Benchmarked to MSCI | $18.3 trillion |
| Client Retention Rate | 94.7% |
| Adj. EBITDA Margin | 62.2% |
| Recurring Revenue % | ~74% of operating income |
| Share Buybacks | $810M (FY2024); ongoing |
| Debt | Elevated (leveraged buyback program; investment grade) |

*MSCI operates with high financial leverage — the company borrows to fund share repurchases because the ROI on buybacks (retiring shares at 35–40x EBITDA) is accretive given the stable, high-margin recurring revenue. This is the "Warren Buffett toll booth" model: own a monopolistic toll road, lever it up, buy back stock, repeat.*

#### Key Ratios (approximate)
- P/E: ~35–40x (adj. EPS ~$17–18 annualized; stock ~$580–600)
- Adj. EBITDA Margin: 62.2%
- Revenue Growth (FY2025): +9.75% | FY2024: +12.9%
- Adj. EPS CAGR (11 years): ~12% compound

#### Growth Profile
MSCI has grown revenue from ~$2.25B (FY2022) to $3.134B (FY2025) — 1.39x in 3 years — with adj. EBITDA margins expanding from ~58% to 62%+. The operating leverage is exceptional: each incremental dollar of ABF revenue (from $18.3T × rising equity markets) flows almost entirely to profit. Revenue growth is moderating from ~13% (FY2024) toward ~10% (FY2025) as ABF growth normalizes. Subscription growth at 7.5% reflects high-base dynamics; ESG headwinds; and a pivot toward climate/private assets for next growth leg.

#### Forward Estimates
- FY2026: Revenue ~$3.4B; adj. EPS ~$19–20 (+12%); adj. EBITDA margin ~63%+
- Analyst consensus PT: ~$658–666 (8 analysts; Buy consensus)
- ~15–18% implied upside from ~$570 current
- Long-term growth: 12% adj. EPS CAGR projected through 2029 by analysts

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MSCI/fundamental

## Navigation

- Overview: /stocks/MSCI
- Financials (this page): /stocks/MSCI/financials
- Thesis: /stocks/MSCI/thesis
- Investment Memo: /stocks/MSCI/memo
- Coverage universe: /stocks