MSCI (MSCI) Financials

$563.57 -2.43 (-0.43%)

Closing price 05/30/2025 03:59 PM Eastern

Extended Trading

$563.26 -0.31 (-0.06%)

As of 05/30/2025 05:22 PM Eastern

Annual Income Statements for MSCI

This table shows MSCI's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	1,109	1,149	871	726	602	564	508	304	261	224
Consolidated Net Income / (Loss)	1,109	1,149	871	726	602	564	508	304	261	224
Net Income / (Loss) Continuing Operations	1,109	1,149	871	726	602	564	508	304	261	230
Total Pre-Tax Income	1,356	1,369	1,044	858	686	603	630	467	386	350
Total Operating Income	1,529	1,385	1,208	1,073	885	756	687	580	488	404
Total Gross Profit	2,342	2,082	1,844	1,685	1,404	1,263	1,147	1,000	899	807
Total Revenue	2,856	2,529	2,249	2,044	1,695	1,558	1,434	1,274	1,151	1,075
Operating Revenue	2,856	2,529	2,249	2,044	1,695	1,558	1,434	1,274	1,151	1,075
Total Cost of Revenue	514	447	404	359	292	295	287	274	252	268
Operating Cost of Revenue	514	447	404	359	292	295	287	274	252	268
Total Operating Expenses	813	698	637	612	519	507	460	421	410	403
Selling, General & Admin Expense	182	154	147	148	115	110	100	88	87	86
Marketing Expense	291	276	265	243	216	219	193	177	167	162
Research & Development Expense	159	132	107	112	101	98	81	76	75	77
Depreciation Expense	17	21	27	29	30	30	31	35	34	31
Amortization Expense	164	114	91	81	57	49	54	45	47	47
Total Other Income / (Expense), net	-172	-16	-164	-215	-199	-152	-57	-113	-102	-54
Interest Expense	186	187	172	160	156	148	133	116	102	62
Interest & Investment Income	21	34	12	1.50	5.03	16	20	6.31	2.91	1.17
Other Income / (Expense), net	-8.13	137	-4.00	-56	-47	-21	56	-3.09	-3.42	6.88
Income Tax Expense	247	220	173	132	84	40	122	163	125	120
Basic Earnings per Share	$14.09	$14.45	$10.78	$8.80	$7.19	$6.66	$5.83	$3.36	$2.72	$2.05
Weighted Average Basic Shares Outstanding	78.71M	79.46M	80.75M	82.51M	83.72M	84.64M	87.18M	90.34M	95.99M	109.12M
Diluted Earnings per Share	$14.05	$14.39	$10.72	$8.70	$7.12	$6.59	$5.66	$3.31	$2.70	$2.03
Weighted Average Diluted Shares Outstanding	78.96M	79.84M	81.22M	83.48M	84.52M	85.54M	89.70M	91.91M	96.54M	109.93M
Weighted Average Basic & Diluted Shares Outstanding	77.65M	79.09M	79.96M	81.27M	82.57M	84.81M	88M	90.50M	95.90M	109.10M
Cash Dividends to Common per Share	$6.40	$5.52	$4.58	$3.64	$2.92	$2.52	$1.92	$1.32	$1.00	$0.80

This table shows MSCI's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	289	306	281	267	256	403	260	247	239	215	217
Consolidated Net Income / (Loss)	289	306	281	267	256	403	260	247	239	215	217
Net Income / (Loss) Continuing Operations	289	306	281	267	256	403	260	247	239	215	217
Total Pre-Tax Income	331	363	357	340	296	468	318	307	276	266	269
Total Operating Income	377	405	401	383	339	371	353	346	315	309	310
Total Gross Profit	609	612	599	580	551	568	520	511	484	474	462
Total Revenue	746	744	725	708	680	690	625	621	592	576	561
Operating Revenue	746	744	725	708	680	690	625	621	592	576	561
Total Cost of Revenue	137	132	126	128	129	123	105	110	109	102	98
Operating Cost of Revenue	137	132	126	128	129	123	105	110	109	102	98
Total Operating Expenses	232	207	197	197	212	197	167	165	169	165	153
Selling, General & Admin Expense	57	44	42	40	57	40	37	36	41	34	31
Marketing Expense	79	77	71	71	72	75	67	68	66	72	66
Research & Development Expense	48	38	39	41	41	39	31	30	31	29	26
Depreciation Expense	4.75	4.34	4.33	4.23	4.08	5.10	5.25	5.20	5.46	6.47	7.13
Amortization Expense	44	43	42	41	39	37	27	26	25	24	23
Total Other Income / (Expense), net	-46	-42	-44	-43	-43	97	-36	-39	-38	-43	-40
Interest Expense	46	46	47	47	47	47	47	47	46	46	44
Interest & Investment Income	3.88	3.90	5.22	6.11	6.05	3.40	10	10	10	6.61	3.94
Other Income / (Expense), net	-3.34	-0.25	-2.93	-2.09	-2.86	141	0.94	-2.58	-2.39	-4.09	-0.10
Income Tax Expense	42	58	76	73	40	64	58	60	38	51	53
Basic Earnings per Share	$3.72	$3.91	$3.58	$3.37	$3.23	$5.09	$3.28	$3.10	$2.98	$2.69	$2.69
Weighted Average Basic Shares Outstanding	77.63M	78.71M	78.50M	79.09M	79.20M	79.46M	79.12M	79.59M	80.04M	80.75M	80.50M
Diluted Earnings per Share	$3.71	$3.89	$3.57	$3.37	$3.22	$5.06	$3.27	$3.09	$2.97	$2.67	$2.68
Weighted Average Diluted Shares Outstanding	77.81M	78.96M	78.73M	79.25M	79.51M	79.84M	79.50M	79.91M	80.48M	81.22M	80.87M
Weighted Average Basic & Diluted Shares Outstanding	77.37M	77.65M	78.37M	78.65M	79.22M	79.09M	79.09M	79.09M	80.06M	79.96M	79.96M
Cash Dividends to Common per Share	$1.80	-	$1.60	$1.60	$1.60	-	$1.38	$1.38	$1.38	-	$1.25

This table details how cash moves in and out of MSCI's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-52	-532	-428	121	-206	602	21	98	14	269
Net Cash From Operating Activities	1,502	1,236	1,095	936	811	710	613	404	442	321
Net Cash From Continuing Operating Activities	1,502	1,236	1,095	936	811	706	613	404	442	321
Net Income / (Loss) Continuing Operations	1,109	1,149	871	726	602	564	508	304	261	224
Consolidated Net Income / (Loss)	1,109	1,149	871	726	602	564	508	304	261	224
Depreciation Expense	17	21	27	29	30	30	31	35	34	31
Amortization Expense	194	143	121	110	85	76	58	48	50	49
Non-Cash Adjustments To Reconcile Net Income	94	-64	60	122	98	59	-23	37	33	26
Changes in Operating Assets and Liabilities, net	87	-13	17	-51	-3.72	-23	38	-20	64	-8.83
Net Cash From Investing Activities	-144	-819	-79	-1,036	-242	-72	35	-48	-42	-49
Net Cash From Continuing Investing Activities	-144	-819	-79	-1,036	-242	-72	35	-48	-42	-49
Purchase of Property, Plant & Equipment	-115	-91	-73	-59	-51	-54	-49	-49	-43	-49
Acquisitions	-27	-727	-0.01	-975	-191	-18	0.00	-	-0.06	-6.50
Other Investing Activities, net	-1.67	-1.19	-6.44	-1.06	0.00	0.01	-	-	-	-
Net Cash From Financing Activities	-1,402	-954	-1,425	230	-779	-37	-626	-268	-373	4.70
Net Cash From Continuing Financing Activities	-1,402	-954	-1,425	230	-779	-37	-626	-268	-373	4.70
Repayment of Debt	-563	-8.75	-9.75	-1,073	-1,159	-525	-6.26	-	-7.18	-10
Repurchase of Common Equity	-885	-504	-1,398	-198	-779	-292	-950	-150	-775	-701
Payment of Dividends	-509	-441	-373	-302	-246	-223	-171	-120	-96	-88
Issuance of Debt	557	0.00	355	1,804	1,405	1,000	500	-	500	800
Other Financing Activities, net	-2.01	0.00	-0.21	0.00	0.00	3.24	0.61	2.64	5.04	3.63
Effect of Exchange Rate Changes	-7.41	5.41	-19	-8.93	-	-	-	-	-	-8.18
Cash Interest Paid	180	182	165	151	163	141	126	113	89	42
Cash Income Taxes Paid	201	240	181	223	114	73	143	129	98	130

This table details how cash moves in and out of MSCI's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-49	-92	50	-68	58	-467	136	-288	87	126	25
Net Cash From Operating Activities	302	431	422	349	300	389	291	292	264	315	323
Net Cash From Continuing Operating Activities	302	431	422	349	300	389	291	292	264	315	323
Net Income / (Loss) Continuing Operations	289	306	281	267	256	403	260	247	239	215	217
Consolidated Net Income / (Loss)	289	306	281	267	256	403	260	247	239	215	217
Depreciation Expense	4.75	4.34	4.33	4.23	4.08	5.10	5.25	5.20	5.46	6.47	7.13
Amortization Expense	51	50	51	48	46	44	34	33	32	31	31
Non-Cash Adjustments To Reconcile Net Income	47	12	30	20	32	-121	13	18	25	17	5.85
Changes in Operating Assets and Liabilities, net	-90	59	56	10	-38	57	-21	-12	-37	46	63
Net Cash From Investing Activities	-33	-37	-28	-47	-32	-750	-21	-27	-22	-27	-18
Net Cash From Continuing Investing Activities	-33	-37	-28	-47	-32	-750	-21	-27	-22	-27	-18
Purchase of Property, Plant & Equipment	-33	-36	-28	-27	-24	-22	-21	-26	-22	-20	-18
Acquisitions	0.00	-	-	-20	-7.82	-727	-	-	0.00	-	-
Other Investing Activities, net	-0.04	-0.78	-0.46	-0.15	-0.28	-0.80	-	-0.20	-0.19	-6.46	0.00
Net Cash From Financing Activities	-322	-476	-350	-369	-207	-112	-130	-554	-158	-173	-270
Net Cash From Continuing Financing Activities	-322	-476	-350	-369	-207	-112	-130	-554	-158	-173	-270
Repayment of Debt	-65	-195	-25	-	-343	-2.19	-2.19	-2.19	-2.19	-2.19	-0.28
Repurchase of Common Equity	-213	-374	-200	-242	-70	-0.03	-19	-441	-44	-70	-169
Payment of Dividends	-144	-125	-126	-127	-131	-109	-109	-110	-112	-100	-101
Issuance of Debt	100	220	-	-	337	-	-	-	0.00	-	-
Other Financing Activities, net	0.16	-	-	-	-	-	-	-	-	-	-0.00
Effect of Exchange Rate Changes	4.21	-9.35	6.30	-1.40	-2.96	5.72	-3.62	-	-	11	-10
Cash Interest Paid	34	55	34	57	34	57	34	57	34	58	29
Cash Income Taxes Paid	11	40	48	102	11	43	59	120	19	26	31

This table presents MSCI's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	5,445	5,518	4,998	5,507	4,199	4,204	3,388	3,276	3,083	3,147
Total Current Assets	1,344	1,418	1,748	2,143	1,926	2,082	1,435	1,267	1,056	1,063
Cash & Equivalents	409	462	994	1,421	1,301	1,507	904	890	792	778
Accounts Receivable	821	840	663	665	559	499	473	328	222	208
Prepaid Expenses	66	58	55	51	46	44	38	35	30	31
Current Deferred & Refundable Income Taxes	48	59	37	5.95	20	32	19	15	12	46
Plant, Property, & Equipment, net	71	56	54	67	80	91	91	94	96	99
Total Noncurrent Assets	4,031	4,044	3,196	3,297	2,193	2,032	1,862	1,914	1,931	1,985
Goodwill	2,915	2,888	2,230	2,236	1,566	1,563	1,546	1,561	1,556	1,566
Intangible Assets	908	956	559	593	235	261	281	322	348	391
Noncurrent Deferred & Refundable Income Taxes	41	41	29	40	24	21	15	12	9.53	9.18
Other Noncurrent Operating Assets	167	159	164	208	177	187	21	20	18	18
Total Liabilities & Shareholders' Equity	5,445	5,518	4,998	5,507	4,199	4,204	3,388	3,276	3,083	3,147
Total Liabilities	6,385	6,258	6,005	5,670	4,642	4,281	3,554	2,875	2,765	2,246
Total Current Liabilities	1,586	1,517	1,251	1,251	1,022	901	809	608	537	498
Short-Term Debt	0.00	11	8.71	0.00	-	-	-	-	-	-
Accounts Payable	15	9.81	15	13	14	6.50	3.89	1.61	0.57	2.51
Accrued Expenses	192	168	153	145	144	139	114	86	83	61
Current Deferred Revenue	1,123	1,084	883	825	676	575	538	374	334	318
Current Deferred & Payable Income Tax Liabilities	38	25	8.06	60	26	14	16	15	-	-
Current Employee Benefit Liabilities	217	219	182	208	162	166	137	131	119	117
Total Noncurrent Liabilities	4,800	4,741	4,755	4,419	3,620	3,380	2,745	2,267	2,228	1,747
Long-Term Debt	4,511	4,497	4,503	4,161	3,367	3,072	2,576	2,078	2,075	1,579
Noncurrent Deferred & Payable Income Tax Liabilities	48	27	29	3.65	13	67	82	78	94	111
Other Noncurrent Operating Liabilities	241	217	223	254	241	242	88	111	59	57
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-940	-740	-1,008	-163	-443	-77	-166	401	318	901
Total Preferred & Common Equity	-940	-740	-1,008	-163	-443	-77	-166	401	318	901
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-940	-740	-1,008	-163	-443	-77	-166	401	318	901
Common Stock	1,685	1,589	1,517	1,459	1,404	1,352	1,308	1,266	1,227	1,174
Retained Earnings	4,780	4,180	3,473	2,977	2,554	2,199	1,857	1,505	1,322	1,158
Treasury Stock	-7,334	-6,447	-5,938	-4,540	-4,343	-3,566	-3,273	-2,322	-2,171	-1,396
Accumulated Other Comprehensive Income / (Loss)	-71	-61	-60	-59	-59	-63	-58	-48	-61	-36

This table presents MSCI's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	5,344	5,445	5,409	5,457	5,479	5,518	4,865	4,763	5,059	4,998	4,778
Total Current Assets	1,236	1,344	1,286	1,315	1,365	1,418	1,639	1,524	1,811	1,748	1,527
Cash & Equivalents	361	409	501	451	519	462	929	792	1,081	994	867
Accounts Receivable	749	821	644	709	746	840	603	613	642	663	525
Prepaid Expenses	73	66	64	56	56	58	53	49	55	55	52
Current Deferred & Refundable Income Taxes	52	48	77	99	44	59	55	70	33	37	83
Plant, Property, & Equipment, net	86	71	62	64	56	56	58	61	59	54	54
Total Noncurrent Assets	4,023	4,031	4,061	4,078	4,058	4,044	3,168	3,178	3,189	3,196	3,196
Goodwill	2,919	2,915	2,916	2,909	2,891	2,888	2,230	2,232	2,231	2,230	2,226
Intangible Assets	887	908	931	949	948	956	536	546	551	559	566
Noncurrent Deferred & Refundable Income Taxes	41	41	42	40	39	41	35	28	29	29	28
Other Noncurrent Operating Assets	177	167	172	179	180	159	156	160	166	164	161
Total Liabilities & Shareholders' Equity	5,344	5,445	5,409	5,457	5,479	5,518	4,865	4,763	5,059	4,998	4,778
Total Liabilities	6,303	6,385	6,160	6,191	6,129	6,258	5,915	5,956	5,960	6,005	5,855
Total Current Liabilities	1,466	1,586	1,378	1,376	1,369	1,517	1,205	1,218	1,209	1,251	1,067
Accounts Payable	11	15	8.75	13	12	9.81	10	7.28	11	15	5.30
Accrued Expenses	208	192	209	191	174	168	171	161	166	153	171
Current Deferred Revenue	1,083	1,123	943	1,018	1,054	1,084	837	910	920	883	736
Current Deferred & Payable Income Tax Liabilities	72	38	39	25	45	25	20	12	27	8.06	3.77
Current Employee Benefit Liabilities	93	217	179	130	85	219	157	119	76	182	142
Total Noncurrent Liabilities	4,837	4,800	4,782	4,815	4,760	4,741	4,710	4,738	4,751	4,755	4,788
Long-Term Debt	4,547	4,511	4,485	4,509	4,508	4,497	4,500	4,501	4,502	4,503	4,504
Noncurrent Deferred & Payable Income Tax Liabilities	52	48	61	70	18	27	4.22	18	27	29	47
Other Noncurrent Operating Liabilities	238	241	236	236	235	217	206	220	222	223	236
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	0.00	0.00
Total Equity & Noncontrolling Interests	-959	-940	-751	-734	-651	-740	-1,049	-1,194	-901	-1,008	-1,077
Total Preferred & Common Equity	-959	-940	-751	-734	-651	-740	-1,049	-1,194	-901	-1,008	-1,077
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-959	-940	-751	-734	-651	-740	-1,049	-1,194	-901	-1,008	-1,077
Common Stock	1,726	1,685	1,662	1,644	1,624	1,589	1,573	1,555	1,538	1,517	1,506
Retained Earnings	4,928	4,780	4,600	4,446	4,306	4,180	3,886	3,736	3,600	3,473	3,359
Treasury Stock	-7,548	-7,334	-6,961	-6,759	-6,517	-6,447	-6,447	-6,428	-5,982	-5,938	-5,868
Accumulated Other Comprehensive Income / (Loss)	-64	-71	-53	-65	-64	-61	-61	-57	-57	-60	-74

This table displays calculated financial ratios and metrics derived from MSCI's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.94%	12.47%	10.03%	20.54%	8.83%	8.63%	12.54%	10.73%	7.04%	7.86%
EBITDA Growth	2.75%	24.74%	16.96%	21.26%	13.30%	1.00%	26.14%	15.98%	15.98%	15.78%
EBIT Growth	-0.06%	26.39%	18.44%	21.34%	13.96%	-1.13%	28.90%	18.98%	17.99%	21.06%
NOPAT Growth	7.61%	15.34%	10.98%	16.96%	9.91%	27.47%	46.73%	14.41%	24.12%	22.18%
Net Income Growth	-3.44%	31.94%	19.92%	20.63%	6.77%	10.98%	67.08%	16.53%	16.64%	-21.28%
EPS Growth	-2.36%	34.24%	23.22%	22.19%	8.04%	16.43%	71.00%	22.59%	33.00%	-16.46%
Operating Cash Flow Growth	21.49%	12.84%	17.02%	15.41%	14.32%	15.79%	51.61%	-8.64%	37.70%	5.10%
Free Cash Flow Firm Growth	821.12%	-85.83%	6,007.34%	-102.17%	15.27%	13.09%	64.24%	-10.02%	57.13%	-47.00%
Invested Capital Growth	-4.38%	44.00%	-2.62%	64.63%	-3.80%	-1.08%	-5.33%	-0.71%	-6.00%	-0.54%
Revenue Q/Q Growth	1.91%	4.72%	1.19%	5.48%	2.23%	2.97%	1.91%	3.41%	1.76%	2.07%
EBITDA Q/Q Growth	-5.56%	14.92%	1.49%	5.57%	5.80%	-3.32%	8.29%	4.31%	3.47%	2.97%
EBIT Q/Q Growth	-6.55%	15.73%	1.60%	5.56%	6.44%	-4.62%	9.31%	5.20%	3.72%	5.54%
NOPAT Q/Q Growth	1.26%	6.73%	2.93%	3.75%	2.39%	5.61%	11.80%	-2.79%	4.09%	9.39%
Net Income Q/Q Growth	-8.11%	19.62%	2.48%	5.47%	5.88%	-4.95%	20.82%	-1.19%	3.51%	7.22%
EPS Q/Q Growth	-7.69%	19.92%	3.38%	5.45%	6.43%	-4.91%	23.85%	-1.19%	7.14%	7.98%
Operating Cash Flow Q/Q Growth	2.85%	6.32%	3.38%	4.90%	-0.94%	11.03%	5.15%	1.08%	10.57%	-2.28%
Free Cash Flow Firm Q/Q Growth	332.86%	-86.49%	3.32%	62.55%	1.41%	9.38%	7.67%	-3.17%	16.95%	-1.72%
Invested Capital Q/Q Growth	-2.21%	42.48%	-2.42%	-2.14%	-3.63%	-3.91%	-2.34%	-2.99%	-3.09%	-0.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.99%	82.34%	82.02%	82.45%	82.79%	81.07%	79.96%	78.52%	78.09%	75.10%
EBITDA Margin	60.63%	66.65%	60.09%	56.53%	56.20%	53.98%	58.06%	51.80%	49.46%	45.65%
Operating Margin	53.52%	54.75%	53.71%	52.49%	52.19%	48.51%	47.90%	45.50%	42.42%	37.57%
EBIT Margin	53.23%	60.15%	53.53%	49.73%	49.40%	47.18%	51.84%	45.26%	42.12%	38.21%
Profit (Net Income) Margin	38.83%	45.42%	38.72%	35.53%	35.50%	36.18%	35.42%	23.86%	22.67%	20.80%
Tax Burden Percent	81.78%	83.90%	83.40%	84.60%	87.70%	93.42%	80.63%	65.10%	67.59%	63.98%
Interest Burden Percent	89.20%	90.00%	86.72%	84.44%	81.94%	82.09%	84.74%	80.96%	79.63%	85.10%
Effective Tax Rate	18.22%	16.10%	16.60%	15.40%	12.30%	6.58%	19.37%	34.90%	32.41%	34.19%
Return on Invested Capital (ROIC)	38.66%	41.47%	43.28%	47.89%	53.13%	47.17%	35.80%	23.66%	19.97%	15.56%
ROIC Less NNEP Spread (ROIC-NNEP)	35.20%	41.11%	38.59%	39.63%	43.01%	38.37%	32.58%	17.72%	13.35%	7.77%
Return on Net Nonoperating Assets (RNNOA)	-170.71%	-172.91%	-191.92%	-287.21%	-284.63%	-510.68%	397.33%	60.94%	22.83%	3.60%
Return on Equity (ROE)	-132.06%	-131.44%	-148.64%	-239.32%	-231.49%	-463.51%	433.13%	84.60%	42.80%	19.16%
Cash Return on Invested Capital (CROIC)	43.13%	5.41%	45.93%	-0.95%	57.00%	48.25%	41.28%	24.37%	26.16%	16.10%
Operating Return on Assets (OROA)	27.74%	28.93%	22.92%	20.94%	19.93%	19.36%	22.31%	18.14%	15.56%	13.63%
Return on Assets (ROA)	20.23%	21.85%	16.58%	14.96%	14.32%	14.85%	15.24%	9.56%	8.37%	7.42%
Return on Common Equity (ROCE)	-132.06%	-131.44%	-148.64%	-239.32%	-231.49%	-463.51%	433.13%	84.60%	42.80%	19.16%
Return on Equity Simple (ROE_SIMPLE)	-117.99%	-155.26%	-86.37%	-444.12%	-135.78%	-734.74%	-305.05%	75.80%	82.13%	24.81%
Net Operating Profit after Tax (NOPAT)	1,250	1,162	1,007	908	776	706	554	377	330	266
NOPAT Margin	43.77%	45.93%	44.79%	44.41%	45.77%	45.32%	38.62%	29.62%	28.67%	24.73%
Net Nonoperating Expense Percent (NNEP)	3.46%	0.35%	4.69%	8.26%	10.12%	8.80%	3.21%	5.95%	6.62%	7.80%
Return On Investment Capital (ROIC_SIMPLE)	35.01%	30.83%	28.74%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	18.01%	17.66%	17.98%	17.55%	17.21%	18.93%	20.04%	21.48%	21.91%	24.90%
SG&A Expenses to Revenue	6.38%	6.09%	6.53%	7.24%	6.76%	7.07%	6.97%	6.89%	7.58%	8.00%
R&D to Revenue	5.55%	5.22%	4.77%	5.46%	5.96%	6.31%	5.68%	5.95%	6.54%	7.19%
Operating Expenses to Revenue	28.47%	27.59%	28.31%	29.95%	30.61%	32.55%	32.06%	33.02%	35.67%	37.53%
Earnings before Interest and Taxes (EBIT)	1,520	1,521	1,204	1,016	838	735	743	577	485	411
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,732	1,686	1,351	1,155	953	841	833	660	569	491
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	26.54	21.54	7.48
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	16.46	17.49	16.18	24.01	21.06	13.43	8.56	8.35	5.94	6.27
Price to Earnings (P/E)	42.40	38.50	41.79	67.57	59.33	37.12	24.16	35.02	26.22	30.16
Dividend Yield	1.07%	0.99%	1.01%	0.61%	0.68%	1.02%	1.38%	1.12%	1.38%	1.22%
Earnings Yield	2.36%	2.60%	2.39%	1.48%	1.69%	2.69%	4.14%	2.86%	3.81%	3.32%
Enterprise Value to Invested Capital (EV/IC)	16.17	14.60	17.28	21.88	26.24	15.11	9.27	7.44	5.07	4.43
Enterprise Value to Revenue (EV/Rev)	17.90	19.09	17.65	25.24	22.17	14.44	9.72	9.29	7.06	7.02
Enterprise Value to EBITDA (EV/EBITDA)	29.52	28.64	29.37	44.64	39.44	26.74	16.75	17.93	14.27	15.38
Enterprise Value to EBIT (EV/EBIT)	33.63	31.73	32.97	50.75	44.87	30.60	18.76	20.52	16.76	18.37
Enterprise Value to NOPAT (EV/NOPAT)	40.90	41.55	39.40	56.83	48.43	31.85	25.17	31.35	24.62	28.39
Enterprise Value to Operating Cash Flow (EV/OCF)	34.05	39.05	36.23	55.10	46.33	31.69	22.75	29.28	18.36	23.49
Enterprise Value to Free Cash Flow (EV/FCFF)	36.65	318.75	37.13	0.00	45.14	31.14	21.83	30.43	18.80	27.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-4.80	-6.09	-4.48	-25.46	-7.60	-40.04	-15.47	5.18	6.53	1.75
Long-Term Debt to Equity	-4.80	-6.08	-4.47	-25.46	-7.60	-40.04	-15.47	5.18	6.53	1.75
Financial Leverage	-4.85	-4.21	-4.97	-7.25	-6.62	-13.31	12.19	3.44	1.71	0.46
Leverage Ratio	-6.53	-6.02	-8.97	-16.00	-16.16	-31.22	28.41	8.85	5.11	2.58
Compound Leverage Factor	-5.82	-5.42	-7.78	-13.51	-13.24	-25.63	24.08	7.16	4.07	2.20
Debt to Total Capital	126.32%	119.63%	128.76%	104.09%	115.16%	102.56%	106.91%	83.82%	86.73%	63.66%
Short-Term Debt to Total Capital	0.00%	0.29%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	126.32%	119.34%	128.52%	104.09%	115.16%	102.56%	106.91%	83.82%	86.73%	63.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-26.32%	-19.63%	-28.76%	-4.09%	-15.16%	-2.56%	-6.91%	16.18%	13.27%	36.34%
Debt to EBITDA	2.60	2.67	3.34	3.60	3.53	3.65	3.09	3.15	3.65	3.22
Net Debt to EBITDA	2.37	2.40	2.45	2.18	1.97	1.86	2.01	1.80	2.26	1.63
Long-Term Debt to EBITDA	2.60	2.67	3.33	3.60	3.53	3.65	3.09	3.15	3.65	3.22
Debt to NOPAT	3.61	3.88	4.48	4.59	4.34	4.35	4.65	5.51	6.29	5.94
Net Debt to NOPAT	3.28	3.48	3.28	2.78	2.42	2.22	3.02	3.15	3.89	3.02
Long-Term Debt to NOPAT	3.61	3.87	4.47	4.59	4.34	4.35	4.65	5.51	6.29	5.94
Altman Z-Score	7.04	6.65	5.97	7.12	6.79	4.95	4.21	4.08	3.18	3.31
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.85	0.93	1.40	1.71	1.88	2.31	1.77	2.09	1.97	2.13
Quick Ratio	0.78	0.86	1.32	1.67	1.82	2.23	1.70	2.00	1.89	1.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,395	151	1,069	-18	832	722	639	389	432	275
Operating Cash Flow to CapEx	1,304.42%	1,360.50%	1,502.67%	1,578.37%	1,591.19%	1,319.55%	1,251.79%	827.90%	1,037.73%	654.31%
Free Cash Flow to Firm to Interest Expense	7.52	0.81	6.23	-0.11	5.33	4.88	4.80	3.35	4.25	4.41
Operating Cash Flow to Interest Expense	8.10	6.62	6.38	5.86	5.19	4.79	4.60	3.48	4.35	5.15
Operating Cash Flow Less CapEx to Interest Expense	7.47	6.13	5.96	5.49	4.86	4.43	4.24	3.06	3.93	4.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.48	0.43	0.42	0.40	0.41	0.43	0.40	0.37	0.36
Accounts Receivable Turnover	3.44	3.37	3.39	3.34	3.21	3.20	3.58	4.64	5.36	5.56
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	45.05	46.08	37.30	27.77	19.81	17.16	15.48	13.41	11.83	11.14
Accounts Payable Turnover	42.29	35.94	28.39	25.90	28.11	56.78	104.41	251.08	163.71	100.13
Days Sales Outstanding (DSO)	106.09	108.45	107.76	109.23	113.87	113.95	101.95	78.65	68.16	65.69
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	8.63	10.16	12.86	14.09	12.98	6.43	3.50	1.45	2.23	3.65
Cash Conversion Cycle (CCC)	97.46	98.29	94.90	95.13	100.89	107.53	98.45	77.19	65.93	62.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,161	3,306	2,296	2,358	1,432	1,489	1,505	1,590	1,601	1,703
Invested Capital Turnover	0.88	0.90	0.97	1.08	1.16	1.04	0.93	0.80	0.70	0.63
Increase / (Decrease) in Invested Capital	-145	1,010	-62	926	-57	-16	-85	-11	-102	-9.21
Enterprise Value (EV)	51,125	48,270	39,681	51,578	37,581	22,488	13,943	11,833	8,124	7,547
Market Capitalization	47,024	44,224	36,377	49,057	35,706	20,923	12,271	10,645	6,840	6,745
Book Value per Share	($11.99)	($9.35)	($12.61)	($1.98)	($5.35)	($0.91)	($1.89)	$4.45	$3.37	$8.78
Tangible Book Value per Share	($60.77)	($57.95)	($47.48)	($36.30)	($27.07)	($22.44)	($22.64)	($16.45)	($16.85)	($10.28)
Total Capital	3,571	3,768	3,504	3,998	2,924	2,995	2,409	2,479	2,393	2,481
Total Debt	4,511	4,508	4,512	4,161	3,367	3,072	2,576	2,078	2,075	1,579
Total Long-Term Debt	4,511	4,497	4,503	4,161	3,367	3,072	2,576	2,078	2,075	1,579
Net Debt	4,101	4,046	3,304	2,521	1,875	1,565	1,671	1,189	1,283	802
Capital Expenditures (CapEx)	115	91	73	59	51	54	49	49	43	49
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-651	-550	-487	-529	-397	-326	-278	-230	-273	-213
Debt-free Net Working Capital (DFNWC)	-242	-88	506	892	904	1,181	626	659	519	565
Net Working Capital (NWC)	-242	-99	497	892	904	1,181	626	659	519	565
Net Nonoperating Expense (NNE)	141	13	137	182	174	142	46	73	69	42
Net Nonoperating Obligations (NNO)	4,101	4,046	3,304	2,521	1,875	1,565	1,671	1,189	1,283	802
Total Depreciation and Amortization (D&A)	211	164	148	139	115	106	89	83	84	80
Debt-free, Cash-free Net Working Capital to Revenue	-22.79%	-21.74%	-21.68%	-25.89%	-23.40%	-20.90%	-19.39%	-18.05%	-23.70%	-19.77%
Debt-free Net Working Capital to Revenue	-8.46%	-3.48%	22.51%	43.67%	53.31%	75.81%	43.66%	51.76%	45.11%	52.57%
Net Working Capital to Revenue	-8.46%	-3.91%	22.12%	43.67%	53.31%	75.81%	43.66%	51.76%	45.11%	52.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$14.09	$14.45	$10.78	$8.80	$7.19	$6.66	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	78.71M	79.46M	80.75M	82.51M	83.72M	84.64M	0.00	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	$14.05	$14.39	$10.72	$8.70	$7.12	$6.59	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	78.96M	79.84M	81.22M	83.48M	84.52M	85.54M	0.00	0.00	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	77.65M	79.09M	79.96M	81.27M	82.57M	84.81M	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	1,250	1,162	1,007	908	776	706	554	377	330	266
Normalized NOPAT Margin	43.77%	45.93%	44.79%	44.41%	45.77%	45.32%	38.62%	29.62%	28.67%	24.73%
Pre Tax Income Margin	47.48%	54.14%	46.42%	41.99%	40.48%	38.73%	43.93%	36.64%	33.54%	32.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.20	8.15	7.02	6.37	5.36	4.96	5.58	4.97	4.77	6.58
NOPAT to Interest Expense	6.74	6.22	5.87	5.69	4.96	4.77	4.16	3.25	3.25	4.26
EBIT Less CapEx to Interest Expense	7.58	7.66	6.59	6.00	5.03	4.60	5.22	4.55	4.35	5.80
NOPAT Less CapEx to Interest Expense	6.12	5.74	5.45	5.31	4.64	4.41	3.79	2.83	2.83	3.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.90%	38.39%	42.84%	41.66%	40.95%	39.55%	33.66%	39.38%	36.88%	39.23%
Augmented Payout Ratio	125.72%	82.29%	203.36%	68.99%	170.31%	91.37%	220.69%	88.88%	333.81%	352.54%

This table displays calculated financial ratios and metrics derived from MSCI's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.69%	7.74%	15.87%	13.97%	14.82%	19.77%	11.56%	12.57%	5.76%	4.80%	8.42%
EBITDA Growth	11.19%	-18.18%	15.34%	13.37%	10.56%	63.95%	13.28%	13.45%	7.40%	6.16%	28.26%
EBIT Growth	11.04%	-20.82%	12.47%	10.82%	7.78%	67.87%	14.48%	14.38%	7.90%	6.63%	27.66%
NOPAT Growth	11.95%	6.59%	9.36%	7.98%	8.03%	27.94%	15.97%	14.28%	2.49%	12.88%	4.97%
Net Income Growth	12.75%	-24.26%	8.18%	8.08%	7.22%	87.64%	19.88%	17.21%	4.51%	10.89%	27.50%
EPS Growth	15.22%	-23.12%	9.17%	9.06%	8.42%	89.51%	22.01%	19.31%	6.83%	15.09%	32.02%
Operating Cash Flow Growth	0.53%	10.72%	44.82%	19.69%	13.63%	23.31%	-9.89%	37.20%	8.17%	12.79%	49.64%
Free Cash Flow Firm Growth	160.35%	170.31%	-285.56%	-235.44%	-313.54%	-321.68%	5.36%	159.55%	150.73%	144.23%	144.49%
Invested Capital Growth	-3.30%	-4.38%	39.32%	43.64%	44.06%	44.00%	-1.39%	-9.60%	-2.89%	-2.62%	-2.33%
Revenue Q/Q Growth	0.31%	2.59%	2.37%	4.12%	-1.47%	10.34%	0.69%	4.89%	2.78%	2.78%	1.60%
EBITDA Q/Q Growth	-6.42%	1.16%	4.83%	12.05%	-31.14%	42.60%	3.04%	9.27%	2.11%	-1.46%	3.18%
EBIT Q/Q Growth	-7.72%	1.64%	4.70%	13.07%	-34.20%	44.37%	3.17%	9.98%	2.48%	-1.54%	3.08%
NOPAT Q/Q Growth	-3.54%	7.87%	5.21%	2.25%	-8.15%	10.68%	3.89%	2.30%	8.77%	0.32%	2.37%
Net Income Q/Q Growth	-5.54%	8.76%	5.30%	4.22%	-36.55%	55.35%	5.20%	3.39%	11.05%	-0.75%	2.85%
EPS Q/Q Growth	-4.63%	8.96%	5.93%	4.66%	-36.36%	54.74%	5.83%	4.04%	11.24%	-0.37%	3.47%
Operating Cash Flow Q/Q Growth	-29.93%	2.14%	20.72%	16.36%	-22.83%	33.60%	-0.23%	10.47%	-16.26%	-2.37%	51.90%
Free Cash Flow Firm Q/Q Growth	-9.60%	181.40%	15.91%	2.47%	-5.32%	-314.82%	-38.62%	53.77%	9.33%	2.10%	134.69%
Invested Capital Q/Q Growth	2.09%	-2.21%	-2.71%	-0.45%	0.96%	42.48%	0.31%	-0.16%	0.91%	-2.42%	-8.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.66%	82.30%	82.59%	81.90%	81.10%	82.24%	83.16%	82.28%	81.65%	82.23%	82.45%
EBITDA Margin	57.59%	61.73%	62.61%	61.14%	56.81%	81.29%	62.90%	61.46%	59.00%	59.38%	61.94%
Operating Margin	50.55%	54.50%	55.38%	54.04%	49.91%	53.72%	56.49%	55.69%	53.12%	53.58%	55.21%
EBIT Margin	50.10%	54.46%	54.98%	53.75%	49.49%	74.11%	56.64%	55.28%	52.72%	52.87%	55.19%
Profit (Net Income) Margin	38.70%	41.09%	38.76%	37.68%	37.64%	58.45%	41.52%	39.74%	40.31%	37.31%	38.63%
Tax Burden Percent	87.17%	84.08%	78.70%	78.46%	86.50%	86.22%	81.74%	80.36%	86.38%	80.92%	80.46%
Interest Burden Percent	88.60%	89.73%	89.59%	89.35%	87.93%	91.48%	89.67%	89.45%	88.52%	87.20%	87.00%
Effective Tax Rate	12.83%	15.92%	21.30%	21.54%	13.50%	13.78%	18.26%	19.64%	13.62%	19.08%	19.54%
Return on Invested Capital (ROIC)	39.22%	40.47%	43.99%	40.68%	39.96%	41.82%	47.72%	43.18%	44.51%	41.90%	41.46%
ROIC Less NNEP Spread (ROIC-NNEP)	38.24%	39.61%	43.04%	39.79%	38.91%	44.09%	46.86%	42.30%	43.49%	40.70%	40.40%
Return on Net Nonoperating Assets (RNNOA)	-194.29%	-192.11%	-175.82%	-156.12%	-180.70%	-185.44%	-149.86%	-135.12%	-158.36%	-202.41%	-182.12%
Return on Equity (ROE)	-155.06%	-151.64%	-131.83%	-115.44%	-140.75%	-143.63%	-102.14%	-91.95%	-113.85%	-160.51%	-140.66%
Cash Return on Invested Capital (CROIC)	42.51%	43.13%	11.61%	6.98%	5.74%	5.41%	47.97%	53.13%	46.05%	45.93%	43.45%
Operating Return on Assets (OROA)	27.05%	28.38%	29.99%	28.44%	24.58%	35.64%	28.37%	27.08%	24.66%	22.64%	24.73%
Return on Assets (ROA)	20.89%	21.41%	21.15%	19.94%	18.70%	28.11%	20.79%	19.46%	18.86%	15.97%	17.31%
Return on Common Equity (ROCE)	-155.06%	-151.64%	-131.83%	-115.44%	-140.75%	-143.63%	-102.14%	-91.95%	-113.85%	-160.51%	-140.66%
Return on Equity Simple (ROE_SIMPLE)	-119.11%	0.00%	-160.72%	-161.44%	-179.21%	0.00%	-91.52%	-76.83%	-97.73%	0.00%	-78.84%
Net Operating Profit after Tax (NOPAT)	329	341	316	300	294	320	289	278	272	250	249
NOPAT Margin	44.07%	45.82%	43.58%	42.40%	43.17%	46.32%	46.18%	44.76%	45.89%	43.36%	44.42%
Net Nonoperating Expense Percent (NNEP)	0.98%	0.86%	0.95%	0.88%	1.04%	-2.28%	0.86%	0.88%	1.02%	1.20%	1.06%
Return On Investment Capital (ROIC_SIMPLE)	9.16%	9.54%	-	-	-	8.48%	-	-	-	7.13%	-
Cost of Revenue to Revenue	18.34%	17.70%	17.41%	18.10%	18.90%	17.76%	16.84%	17.72%	18.35%	17.77%	17.55%
SG&A Expenses to Revenue	7.66%	5.97%	5.73%	5.61%	8.34%	5.86%	5.89%	5.74%	6.93%	5.88%	5.48%
R&D to Revenue	6.38%	5.17%	5.32%	5.80%	5.96%	5.68%	5.03%	4.85%	5.29%	5.04%	4.63%
Operating Expenses to Revenue	31.11%	27.81%	27.21%	27.86%	31.19%	28.52%	26.67%	26.59%	28.53%	28.65%	27.24%
Earnings before Interest and Taxes (EBIT)	374	405	398	381	337	511	354	343	312	305	309
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	430	459	454	433	386	561	393	382	349	342	347
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	15.03	16.46	16.36	14.08	16.84	17.49	16.61	15.76	19.29	16.18	14.94
Price to Earnings (P/E)	38.46	42.40	37.98	32.10	37.79	38.50	41.77	40.39	49.94	41.79	39.09
Dividend Yield	1.17%	1.07%	1.06%	1.24%	1.03%	0.99%	1.06%	1.14%	0.89%	1.01%	1.06%
Earnings Yield	2.60%	2.36%	2.63%	3.12%	2.65%	2.60%	2.39%	2.48%	2.00%	2.39%	2.56%
Enterprise Value to Invested Capital (EV/IC)	14.90	16.17	15.41	12.67	14.39	14.60	18.74	17.53	20.38	17.28	15.57
Enterprise Value to Revenue (EV/Rev)	16.46	17.90	17.78	15.58	18.36	19.09	18.00	17.25	20.70	17.65	16.49
Enterprise Value to EBITDA (EV/EBITDA)	27.10	29.52	27.17	23.75	27.89	28.64	29.64	28.54	34.33	29.37	27.52
Enterprise Value to EBIT (EV/EBIT)	30.88	33.63	30.63	26.61	31.09	31.73	33.07	31.94	38.49	32.97	30.93
Enterprise Value to NOPAT (EV/NOPAT)	37.42	40.90	40.36	34.91	40.60	41.55	39.95	38.67	46.56	39.40	37.44
Enterprise Value to Operating Cash Flow (EV/OCF)	32.00	34.05	34.13	31.68	37.77	39.05	37.40	33.95	42.33	36.23	34.58
Enterprise Value to Free Cash Flow (EV/FCFF)	34.47	36.65	154.64	214.01	295.79	318.75	38.78	31.33	43.60	37.13	35.42
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-4.74	-4.80	-5.97	-6.14	-6.93	-6.09	-4.30	-3.78	-5.00	-4.48	-4.19
Long-Term Debt to Equity	-4.74	-4.80	-5.97	-6.14	-6.93	-6.08	-4.29	-3.77	-4.99	-4.47	-4.18
Financial Leverage	-5.08	-4.85	-4.09	-3.92	-4.64	-4.21	-3.20	-3.19	-3.64	-4.97	-4.51
Leverage Ratio	-6.73	-6.53	-5.71	-5.30	-6.79	-6.02	-4.53	-4.32	-5.48	-8.97	-7.31
Compound Leverage Factor	-5.96	-5.86	-5.11	-4.74	-5.97	-5.50	-4.07	-3.87	-4.85	-7.82	-6.36
Debt to Total Capital	126.71%	126.32%	120.11%	119.46%	116.87%	119.63%	130.32%	136.00%	124.97%	128.76%	131.36%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.29%	0.25%	0.26%	0.24%	0.25%	0.25%
Long-Term Debt to Total Capital	126.71%	126.32%	120.11%	119.46%	116.87%	119.34%	130.07%	135.73%	124.73%	128.52%	131.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-26.71%	-26.32%	-20.11%	-19.46%	-16.87%	-19.63%	-30.32%	-36.00%	-24.97%	-28.76%	-31.36%
Debt to EBITDA	2.56	2.60	2.45	2.54	2.62	2.67	3.07	3.17	3.28	3.34	3.39
Net Debt to EBITDA	2.36	2.37	2.17	2.29	2.32	2.40	2.30	2.47	2.34	2.45	2.58
Long-Term Debt to EBITDA	2.56	2.60	2.45	2.54	2.62	2.67	3.07	3.17	3.27	3.33	3.38
Debt to NOPAT	3.54	3.61	3.63	3.74	3.81	3.88	4.14	4.30	4.45	4.48	4.61
Net Debt to NOPAT	3.26	3.28	3.23	3.36	3.37	3.48	3.10	3.34	3.17	3.28	3.51
Long-Term Debt to NOPAT	3.54	3.61	3.63	3.74	3.81	3.87	4.13	4.29	4.44	4.47	4.60
Altman Z-Score	6.20	6.36	6.40	5.54	6.09	6.04	6.03	5.64	6.22	5.38	5.18
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.84	0.85	0.93	0.96	1.00	0.93	1.36	1.25	1.50	1.40	1.43
Quick Ratio	0.76	0.78	0.83	0.84	0.92	0.86	1.27	1.15	1.43	1.32	1.30
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	439	486	-596	-709	-727	-691	321	524	341	312	305
Operating Cash Flow to CapEx	918.22%	1,197.70%	1,527.51%	1,278.13%	1,238.34%	1,781.82%	1,387.59%	1,102.60%	1,224.24%	1,541.83%	1,794.73%
Free Cash Flow to Firm to Interest Expense	9.44	10.67	-12.78	-15.21	-15.58	-14.71	6.85	11.23	7.37	6.83	6.91
Operating Cash Flow to Interest Expense	6.49	9.46	9.03	7.49	6.43	8.28	6.21	6.26	5.72	6.92	7.32
Operating Cash Flow Less CapEx to Interest Expense	5.78	8.67	8.44	6.90	5.91	7.82	5.76	5.69	5.25	6.47	6.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.52	0.55	0.53	0.50	0.48	0.50	0.49	0.47	0.43	0.45
Accounts Receivable Turnover	3.91	3.44	4.49	4.09	3.77	3.37	4.28	3.92	3.70	3.39	4.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	41.32	45.05	46.58	43.28	45.65	46.08	42.98	39.05	36.93	37.30	35.59
Accounts Payable Turnover	46.04	42.29	53.28	47.97	40.93	35.94	54.92	50.63	34.61	28.39	52.39
Days Sales Outstanding (DSO)	93.37	106.09	81.20	89.27	96.75	108.45	85.29	93.16	98.73	107.76	83.94
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	7.93	8.63	6.85	7.61	8.92	10.16	6.65	7.21	10.54	12.86	6.97
Cash Conversion Cycle (CCC)	85.44	97.46	74.35	81.66	87.83	98.29	78.64	85.95	88.18	94.90	76.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,228	3,161	3,233	3,323	3,338	3,306	2,320	2,313	2,317	2,296	2,353
Invested Capital Turnover	0.89	0.88	1.01	0.96	0.93	0.90	1.03	0.96	0.97	0.97	0.93
Increase / (Decrease) in Invested Capital	-110	-145	912	1,010	1,021	1,010	-33	-246	-69	-62	-56
Enterprise Value (EV)	48,098	51,125	49,831	42,115	48,045	48,270	43,477	40,549	47,211	39,681	36,639
Market Capitalization	43,912	47,024	45,847	38,058	44,056	44,224	40,107	37,042	43,993	36,377	33,209
Book Value per Share	($12.34)	($11.99)	($9.55)	($9.27)	($8.21)	($9.35)	($13.26)	($14.91)	($11.27)	($12.61)	($13.38)
Tangible Book Value per Share	($61.35)	($60.77)	($58.47)	($57.98)	($56.69)	($57.95)	($48.24)	($49.62)	($46.07)	($47.48)	($48.06)
Total Capital	3,588	3,571	3,734	3,774	3,857	3,768	3,460	3,316	3,610	3,504	3,436
Total Debt	4,547	4,511	4,485	4,509	4,508	4,508	4,509	4,510	4,511	4,512	4,513
Total Long-Term Debt	4,547	4,511	4,485	4,509	4,508	4,497	4,500	4,501	4,502	4,503	4,504
Net Debt	4,186	4,101	3,984	4,057	3,988	4,046	3,370	3,507	3,218	3,304	3,431
Capital Expenditures (CapEx)	33	36	28	27	24	22	21	26	22	20	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-591	-651	-593	-513	-523	-550	-485	-478	-470	-487	-399
Debt-free Net Working Capital (DFNWC)	-231	-242	-92	-61	-4.04	-88	443	315	611	506	468
Net Working Capital (NWC)	-231	-242	-92	-61	-4.04	-99	435	306	602	497	460
Net Nonoperating Expense (NNE)	40	35	35	33	38	-84	29	31	33	35	32
Net Nonoperating Obligations (NNO)	4,186	4,101	3,984	4,057	3,988	4,046	3,370	3,507	3,218	3,304	3,431
Total Depreciation and Amortization (D&A)	56	54	55	52	50	50	39	38	37	38	38
Debt-free, Cash-free Net Working Capital to Revenue	-20.24%	-22.79%	-21.16%	-18.97%	-20.00%	-21.74%	-20.09%	-20.32%	-20.60%	-21.68%	-17.94%
Debt-free Net Working Capital to Revenue	-7.90%	-8.46%	-3.29%	-2.27%	-0.15%	-3.48%	18.36%	13.39%	26.77%	22.51%	21.08%
Net Working Capital to Revenue	-7.90%	-8.46%	-3.29%	-2.27%	-0.15%	-3.91%	18.00%	13.02%	26.39%	22.12%	20.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.72	$3.91	$3.58	$3.37	$3.23	$5.09	$3.28	$3.10	$2.98	$2.69	$2.69
Adjusted Weighted Average Basic Shares Outstanding	77.63M	78.71M	78.50M	79.09M	79.20M	79.46M	79.12M	79.59M	80.04M	80.75M	80.50M
Adjusted Diluted Earnings per Share	$3.71	$3.89	$3.57	$3.37	$3.22	$5.06	$3.27	$3.09	$2.97	$2.67	$2.68
Adjusted Weighted Average Diluted Shares Outstanding	77.81M	78.96M	78.73M	79.25M	79.51M	79.84M	79.50M	79.91M	80.48M	81.22M	80.87M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	77.37M	77.65M	78.37M	78.65M	79.22M	79.09M	79.09M	79.09M	80.06M	79.96M	79.96M
Normalized Net Operating Profit after Tax (NOPAT)	329	341	316	300	294	320	289	278	272	250	249
Normalized NOPAT Margin	44.07%	45.82%	43.58%	42.40%	43.17%	46.32%	46.18%	44.76%	45.89%	43.36%	44.42%
Pre Tax Income Margin	44.39%	48.87%	49.25%	48.03%	43.52%	67.80%	50.79%	49.45%	46.67%	46.11%	48.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.04	8.90	8.53	8.16	7.21	10.89	7.55	7.37	6.76	6.68	7.01
NOPAT to Interest Expense	7.07	7.49	6.76	6.44	6.29	6.81	6.16	5.96	5.88	5.48	5.64
EBIT Less CapEx to Interest Expense	7.33	8.11	7.94	7.57	6.69	10.43	7.11	6.80	6.29	6.23	6.60
NOPAT Less CapEx to Interest Expense	6.36	6.70	6.17	5.85	5.77	6.34	5.71	5.40	5.41	5.03	5.23
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.68%	45.90%	40.87%	40.22%	39.47%	38.39%	44.97%	46.15%	45.10%	42.84%	42.23%
Augmented Payout Ratio	135.75%	125.72%	83.23%	68.09%	84.95%	82.29%	104.79%	125.14%	109.11%	203.36%	199.10%

Frequently Asked Questions About MSCI's Financials

When does MSCI's financial year end?

According to the most recent income statement we have on file, MSCI's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has MSCI's net income changed over the last 9 years?

MSCI's net income appears to be on an upward trend, with a most recent value of $1.11 billion in 2024, rising from $223.65 million in 2015. The previous period was $1.15 billion in 2023. See where experts think MSCI is headed by visiting MSCI's forecast page.

What is MSCI's operating income?

MSCI's total operating income in 2024 was $1.53 billion, based on the following breakdown:

Total Gross Profit: $2.34 billion
Total Operating Expenses: $813.23 million

How has MSCI revenue changed over the last 9 years?

Over the last 9 years, MSCI's total revenue changed from $1.08 billion in 2015 to $2.86 billion in 2024, a change of 165.7%.

How much debt does MSCI have?

MSCI's total liabilities were at $6.39 billion at the end of 2024, a 2.0% increase from 2023, and a 184.4% increase since 2015.

How much cash does MSCI have?

In the past 9 years, MSCI's cash and equivalents has ranged from $409.35 million in 2024 to $1.51 billion in 2019, and is currently $409.35 million as of their latest financial filing in 2024.

How has MSCI's book value per share changed over the last 9 years?

Over the last 9 years, MSCI's book value per share changed from 8.78 in 2015 to -11.99 in 2024, a change of -236.6%.

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This page (NYSE:MSCI) was last updated on 5/31/2025 by MarketBeat.com Staff

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MSCI (MSCI) Financials

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MSCI (MSCI) Financials

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