MSCI (MSCI) Financials

$573.62 +6.35 (+1.12%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$570.00 -3.62 (-0.63%)

As of 08/22/2025 07:29 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	284	224	261	304	508	564	602	726	871	1,149	1,109
Consolidated Net Income / (Loss)	284	224	261	304	508	564	602	726	871	1,149	1,109
Net Income / (Loss) Continuing Operations	199	230	261	304	508	564	602	726	871	1,149	1,109
Total Pre-Tax Income	308	350	386	467	630	603	686	858	1,044	1,369	1,356
Total Operating Income	337	404	488	580	687	756	885	1,073	1,208	1,385	1,529
Total Gross Profit	720	807	899	1,000	1,147	1,263	1,404	1,685	1,844	2,082	2,342
Total Revenue	997	1,075	1,151	1,274	1,434	1,558	1,695	2,044	2,249	2,529	2,856
Operating Revenue	997	1,075	1,151	1,274	1,434	1,558	1,695	2,044	2,249	2,529	2,856
Total Cost of Revenue	277	268	252	274	287	295	292	359	404	447	514
Operating Cost of Revenue	277	268	252	274	287	295	292	359	404	447	514
Total Operating Expenses	383	403	410	421	460	507	519	612	637	698	813
Selling, General & Admin Expense	76	86	87	88	100	110	115	148	147	154	182
Marketing Expense	164	162	167	177	193	219	216	243	265	276	291
Research & Development Expense	71	77	75	76	81	98	101	112	107	132	159
Depreciation Expense	26	31	34	35	31	30	30	29	27	21	17
Amortization Expense	46	47	47	45	54	49	57	81	91	114	164
Total Other Income / (Expense), net	-29	-54	-102	-113	-57	-152	-199	-215	-164	-16	-172
Interest Expense	32	62	102	116	133	148	156	160	172	187	186
Interest & Investment Income	0.85	1.17	2.91	6.31	20	16	5.03	1.50	12	34	21
Other Income / (Expense), net	2.14	6.88	-3.42	-3.09	56	-21	-47	-56	-4.00	137	-8.13
Income Tax Expense	109	120	125	163	122	40	84	132	173	220	247
Basic Earnings per Share	$2.45	$2.05	$2.72	$3.36	$5.83	$6.66	$7.19	$8.80	$10.78	$14.45	$14.09
Weighted Average Basic Shares Outstanding	115.74M	109.12M	95.99M	90.34M	87.18M	84.64M	83.72M	82.51M	80.75M	79.46M	78.71M
Diluted Earnings per Share	$2.43	$2.03	$2.70	$3.31	$5.66	$6.59	$7.12	$8.70	$10.72	$14.39	$14.05
Weighted Average Diluted Shares Outstanding	116.71M	109.93M	96.54M	91.91M	89.70M	85.54M	84.52M	83.48M	81.22M	79.84M	78.96M
Weighted Average Basic & Diluted Shares Outstanding	116M	109.10M	95.90M	90.50M	88M	84.81M	82.57M	81.27M	79.96M	79.09M	77.65M
Cash Dividends to Common per Share	$0.18	$0.80	$1.00	$1.32	$1.92	$2.52	$2.92	$3.64	$4.58	$5.52	$6.40

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	215	239	247	260	403	256	267	281	306	289	304
Consolidated Net Income / (Loss)	215	239	247	260	403	256	267	281	306	289	304
Net Income / (Loss) Continuing Operations	215	239	247	260	403	256	267	281	306	289	304
Total Pre-Tax Income	266	276	307	318	468	296	340	357	363	331	378
Total Operating Income	309	315	346	353	371	339	383	401	405	377	425
Total Gross Profit	474	484	511	520	568	551	580	599	612	609	635
Total Revenue	576	592	621	625	690	680	708	725	744	746	773
Operating Revenue	576	592	621	625	690	680	708	725	744	746	773
Total Cost of Revenue	102	109	110	105	123	129	128	126	132	137	138
Operating Cost of Revenue	102	109	110	105	123	129	128	126	132	137	138
Total Operating Expenses	165	169	165	167	197	212	197	197	207	232	210
Selling, General & Admin Expense	34	41	36	37	40	57	40	42	44	57	38
Marketing Expense	72	66	68	67	75	72	71	71	77	79	78
Research & Development Expense	29	31	30	31	39	41	41	39	38	48	44
Depreciation Expense	6.47	5.46	5.20	5.25	5.10	4.08	4.23	4.33	4.34	4.75	5.39
Amortization Expense	24	25	26	27	37	39	41	42	43	44	44
Total Other Income / (Expense), net	-43	-38	-39	-36	97	-43	-43	-44	-42	-46	-47
Interest Expense	46	46	47	47	47	47	47	47	46	46	46
Interest & Investment Income	6.61	10	10	10	3.40	6.05	6.11	5.22	3.90	3.88	2.93
Other Income / (Expense), net	-4.09	-2.39	-2.58	0.94	141	-2.86	-2.09	-2.93	-0.25	-3.34	-4.14
Income Tax Expense	51	38	60	58	64	40	73	76	58	42	74
Basic Earnings per Share	$2.69	$2.98	$3.10	$3.28	$5.09	$3.23	$3.37	$3.58	$3.91	$3.72	$3.92
Weighted Average Basic Shares Outstanding	80.75M	80.04M	79.59M	79.12M	79.46M	79.20M	79.09M	78.50M	78.71M	77.63M	77.40M
Diluted Earnings per Share	$2.67	$2.97	$3.09	$3.27	$5.06	$3.22	$3.37	$3.57	$3.89	$3.71	$3.92
Weighted Average Diluted Shares Outstanding	81.22M	80.48M	79.91M	79.50M	79.84M	79.51M	79.25M	78.73M	78.96M	77.81M	77.50M
Weighted Average Basic & Diluted Shares Outstanding	79.96M	80.06M	79.09M	79.09M	79.09M	79.22M	78.65M	78.37M	77.65M	77.37M	77.37M
Cash Dividends to Common per Share	-	$1.38	$1.38	$1.38	-	$1.60	$1.60	$1.60	-	$1.80	$1.80

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	150	269	14	98	21	602	-206	121	-428	-532	-52
Net Cash From Operating Activities	306	321	442	404	613	710	811	936	1,095	1,236	1,502
Net Cash From Continuing Operating Activities	306	321	442	404	613	706	811	936	1,095	1,236	1,502
Net Income / (Loss) Continuing Operations	284	224	261	304	508	564	602	726	871	1,149	1,109
Consolidated Net Income / (Loss)	284	224	261	304	508	564	602	726	871	1,149	1,109
Depreciation Expense	26	31	34	35	31	30	30	29	27	21	17
Amortization Expense	59	49	50	48	58	76	85	110	121	143	194
Non-Cash Adjustments To Reconcile Net Income	-59	26	33	37	-23	59	98	122	60	-64	94
Changes in Operating Assets and Liabilities, net	-3.93	-8.83	64	-20	38	-23	-3.72	-51	17	-13	87
Net Cash From Investing Activities	297	-49	-42	-48	35	-72	-242	-1,036	-79	-819	-144
Net Cash From Continuing Investing Activities	297	-49	-42	-48	35	-72	-242	-1,036	-79	-819	-144
Purchase of Property, Plant & Equipment	-51	-49	-43	-49	-49	-54	-51	-59	-73	-91	-115
Acquisitions	-15	-6.50	-0.06	-	0.00	-18	-191	-975	-0.01	-727	-27
Other Investing Activities, net	-	-	-	-	-	0.01	0.00	-1.06	-6.44	-1.19	-1.67
Net Cash From Financing Activities	-442	4.70	-373	-268	-626	-37	-779	230	-1,425	-954	-1,402
Net Cash From Continuing Financing Activities	-442	4.70	-373	-268	-626	-37	-779	230	-1,425	-954	-1,402
Repayment of Debt	-825	-10	-7.18	-	-6.26	-525	-1,159	-1,073	-9.75	-8.75	-563
Repurchase of Common Equity	-410	-701	-775	-150	-950	-292	-779	-198	-1,398	-504	-885
Payment of Dividends	-20	-88	-96	-120	-171	-223	-246	-302	-373	-441	-509
Issuance of Debt	800	800	500	-	500	1,000	1,405	1,804	355	0.00	557
Other Financing Activities, net	13	3.63	5.04	2.64	0.61	3.24	0.00	0.00	-0.21	0.00	-2.01
Effect of Exchange Rate Changes	-10	-8.18	-	-	-	-	-	-8.93	-19	5.41	-7.41
Cash Interest Paid	17	42	89	113	126	141	163	151	165	182	180
Cash Income Taxes Paid	120	130	98	129	143	73	114	223	181	240	201

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	126	87	-288	136	-467	58	-68	50	-92	-49	-13
Net Cash From Operating Activities	315	264	292	291	389	300	349	422	431	302	336
Net Cash From Continuing Operating Activities	315	264	292	291	389	300	349	422	431	302	336
Net Income / (Loss) Continuing Operations	215	239	247	260	403	256	267	281	306	289	304
Consolidated Net Income / (Loss)	215	239	247	260	403	256	267	281	306	289	304
Depreciation Expense	6.47	5.46	5.20	5.25	5.10	4.08	4.23	4.33	4.34	4.75	5.39
Amortization Expense	31	32	33	34	44	46	48	51	50	51	51
Non-Cash Adjustments To Reconcile Net Income	17	25	18	13	-121	32	20	30	12	47	36
Changes in Operating Assets and Liabilities, net	46	-37	-12	-21	57	-38	10	56	59	-90	-60
Net Cash From Investing Activities	-27	-22	-27	-21	-750	-32	-47	-28	-37	-33	-35
Net Cash From Continuing Investing Activities	-27	-22	-27	-21	-750	-32	-47	-28	-37	-33	-35
Purchase of Property, Plant & Equipment	-20	-22	-26	-21	-22	-24	-27	-28	-36	-33	-35
Net Cash From Financing Activities	-173	-158	-554	-130	-112	-207	-369	-350	-476	-322	-321
Net Cash From Continuing Financing Activities	-173	-158	-554	-130	-112	-207	-369	-350	-476	-322	-321
Repayment of Debt	-2.19	-2.19	-2.19	-2.19	-2.19	-343	-	-25	-195	-65	-150
Repurchase of Common Equity	-70	-44	-441	-19	-0.03	-70	-242	-200	-374	-213	-138
Payment of Dividends	-100	-112	-110	-109	-109	-131	-127	-126	-125	-144	-140
Issuance of Debt	-	0.00	-	-	-	337	-	-	220	100	115
Other Financing Activities, net	-	-	-	-	-	0.00	-	-	-	0.16	-7.99
Effect of Exchange Rate Changes	11	-	-	-3.62	5.72	-	-1.40	6.30	-9.35	4.21	6.17
Cash Interest Paid	58	34	57	34	57	34	57	34	55	34	56
Cash Income Taxes Paid	26	19	120	59	43	11	102	48	40	11	101

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,883	3,147	3,083	3,276	3,388	4,204	4,199	5,507	4,998	5,518	5,445
Total Current Assets	769	1,063	1,056	1,267	1,435	2,082	1,926	2,143	1,748	1,418	1,344
Cash & Equivalents	509	778	792	890	904	1,507	1,301	1,421	994	462	409
Accounts Receivable	179	208	222	328	473	499	559	665	663	840	821
Prepaid Expenses	31	31	30	35	38	44	46	51	55	58	66
Current Deferred & Refundable Income Taxes	51	46	12	15	19	32	20	5.95	37	59	48
Plant, Property, & Equipment, net	94	99	96	94	91	91	80	67	54	56	71
Total Noncurrent Assets	2,019	1,985	1,931	1,914	1,862	2,032	2,193	3,297	3,196	4,044	4,031
Goodwill	1,565	1,566	1,556	1,561	1,546	1,563	1,566	2,236	2,230	2,888	2,915
Intangible Assets	434	391	348	322	281	261	235	593	559	956	908
Noncurrent Deferred & Refundable Income Taxes	3.94	9.18	9.53	12	15	21	24	40	29	41	41
Other Noncurrent Operating Assets	17	18	18	20	21	187	177	208	164	159	167
Total Liabilities & Shareholders' Equity	2,883	3,147	3,083	3,276	3,388	4,204	4,199	5,507	4,998	5,518	5,445
Total Liabilities	1,450	2,246	2,765	2,875	3,554	4,281	4,642	5,670	6,005	6,258	6,385
Total Current Liabilities	473	498	537	608	809	901	1,022	1,251	1,251	1,517	1,586
Accounts Payable	2.84	2.51	0.57	1.61	3.89	6.50	14	13	15	9.81	15
Accrued Expenses	48	61	83	86	114	139	144	145	153	168	192
Current Deferred Revenue	311	318	334	374	538	575	676	825	883	1,084	1,123
Current Deferred & Payable Income Tax Liabilities	-	-	-	15	16	14	26	60	8.06	25	38
Current Employee Benefit Liabilities	111	117	119	131	137	166	162	208	182	219	217
Total Noncurrent Liabilities	977	1,747	2,228	2,267	2,745	3,380	3,620	4,419	4,755	4,741	4,800
Long-Term Debt	788	1,579	2,075	2,078	2,576	3,072	3,367	4,161	4,503	4,497	4,511
Noncurrent Deferred & Payable Income Tax Liabilities	138	111	94	78	82	67	13	3.65	29	27	48
Other Noncurrent Operating Liabilities	51	57	59	111	88	242	241	254	223	217	241
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,433	901	318	401	-166	-77	-443	-163	-1,008	-740	-940
Total Preferred & Common Equity	1,433	901	318	401	-166	-77	-443	-163	-1,008	-740	-940
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	1,433	901	318	401	-166	-77	-443	-163	-1,008	-740	-940
Common Stock	1,023	1,174	1,227	1,266	1,308	1,352	1,404	1,459	1,517	1,589	1,685
Retained Earnings	1,023	1,158	1,322	1,505	1,857	2,199	2,554	2,977	3,473	4,180	4,780
Treasury Stock	-588	-1,396	-2,171	-2,322	-3,273	-3,566	-4,343	-4,540	-5,938	-6,447	-7,334
Accumulated Other Comprehensive Income / (Loss)	-25	-36	-61	-48	-58	-63	-59	-59	-60	-61	-71

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	4,998	5,059	4,763	4,865	5,518	5,479	5,457	5,409	5,445	5,344	5,374
Total Current Assets	1,748	1,811	1,524	1,639	1,418	1,365	1,315	1,286	1,344	1,236	1,271
Cash & Equivalents	994	1,081	792	929	462	519	451	501	409	361	347
Accounts Receivable	663	642	613	603	840	746	709	644	821	749	791
Prepaid Expenses	55	55	49	53	58	56	56	64	66	73	65
Current Deferred & Refundable Income Taxes	37	33	70	55	59	44	99	77	48	52	68
Plant, Property, & Equipment, net	54	59	61	58	56	56	64	62	71	86	86
Total Noncurrent Assets	3,196	3,189	3,178	3,168	4,044	4,058	4,078	4,061	4,031	4,023	4,017
Goodwill	2,230	2,231	2,232	2,230	2,888	2,891	2,909	2,916	2,915	2,919	2,926
Intangible Assets	559	551	546	536	956	948	949	931	908	887	869
Noncurrent Deferred & Refundable Income Taxes	29	29	28	35	41	39	40	42	41	41	42
Other Noncurrent Operating Assets	164	166	160	156	159	180	179	172	167	177	180
Total Liabilities & Shareholders' Equity	4,998	5,059	4,763	4,865	5,518	5,479	5,457	5,409	5,445	5,344	5,374
Total Liabilities	6,005	5,960	5,956	5,915	6,258	6,129	6,191	6,160	6,385	6,303	6,260
Total Current Liabilities	1,251	1,209	1,218	1,205	1,517	1,369	1,376	1,378	1,586	1,466	1,470
Accounts Payable	15	11	7.28	10	9.81	12	13	8.75	15	11	12
Accrued Expenses	153	166	161	171	168	174	191	209	192	208	188
Current Deferred Revenue	883	920	910	837	1,084	1,054	1,018	943	1,123	1,083	1,060
Current Deferred & Payable Income Tax Liabilities	8.06	27	12	20	25	45	25	39	38	72	65
Current Employee Benefit Liabilities	182	76	119	157	219	85	130	179	217	93	145
Total Noncurrent Liabilities	4,755	4,751	4,738	4,710	4,741	4,760	4,815	4,782	4,800	4,837	4,790
Long-Term Debt	4,503	4,502	4,501	4,500	4,497	4,508	4,509	4,485	4,511	4,547	4,513
Noncurrent Deferred & Payable Income Tax Liabilities	29	27	18	4.22	27	18	70	61	48	52	52
Other Noncurrent Operating Liabilities	223	222	220	206	217	235	236	236	241	238	224
Commitments & Contingencies	0.00	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-1,008	-901	-1,194	-1,049	-740	-651	-734	-751	-940	-959	-886
Total Preferred & Common Equity	-1,008	-901	-1,194	-1,049	-740	-651	-734	-751	-940	-959	-886
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	-1,008	-901	-1,194	-1,049	-740	-651	-734	-751	-940	-959	-886
Common Stock	1,517	1,538	1,555	1,573	1,589	1,624	1,644	1,662	1,685	1,726	1,753
Retained Earnings	3,473	3,600	3,736	3,886	4,180	4,306	4,446	4,600	4,780	4,928	5,091
Treasury Stock	-5,938	-5,982	-6,428	-6,447	-6,447	-6,517	-6,759	-6,961	-7,334	-7,548	-7,680
Accumulated Other Comprehensive Income / (Loss)	-60	-57	-57	-61	-61	-64	-65	-53	-71	-64	-50

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.12%	7.86%	7.04%	10.73%	12.54%	8.63%	8.83%	20.54%	10.03%	12.47%	12.94%
EBITDA Growth	0.17%	15.78%	15.98%	15.98%	26.14%	1.00%	13.30%	21.26%	16.96%	24.74%	2.75%
EBIT Growth	0.33%	21.06%	17.99%	18.98%	28.90%	-1.13%	13.96%	21.34%	18.44%	26.39%	-0.06%
NOPAT Growth	0.03%	22.18%	24.12%	14.41%	46.73%	27.47%	9.91%	16.96%	10.98%	15.34%	7.61%
Net Income Growth	27.66%	-21.28%	16.64%	16.53%	67.08%	10.98%	6.77%	20.63%	19.92%	31.94%	-3.44%
EPS Growth	32.79%	-16.46%	33.00%	22.59%	71.00%	16.43%	8.04%	22.19%	23.22%	34.24%	-2.36%
Operating Cash Flow Growth	-4.83%	5.10%	37.70%	-8.64%	51.61%	15.79%	14.32%	15.41%	17.02%	12.84%	21.49%
Free Cash Flow Firm Growth	126.05%	-47.00%	57.13%	-10.02%	64.24%	13.09%	15.27%	-102.17%	6,007.34%	-85.83%	821.12%
Invested Capital Growth	-14.96%	-0.54%	-6.00%	-0.71%	-5.33%	-1.08%	-3.80%	64.63%	-2.62%	44.00%	-4.38%
Revenue Q/Q Growth	1.45%	2.07%	1.76%	3.41%	1.91%	2.97%	2.23%	5.48%	1.19%	4.72%	1.91%
EBITDA Q/Q Growth	1.87%	2.97%	3.47%	4.31%	8.29%	-3.32%	5.80%	5.57%	1.49%	14.92%	-5.56%
EBIT Q/Q Growth	0.78%	5.54%	3.72%	5.20%	9.31%	-4.62%	6.44%	5.56%	1.60%	15.73%	-6.55%
NOPAT Q/Q Growth	3.72%	9.39%	4.09%	-2.79%	11.80%	5.61%	2.39%	3.75%	2.93%	6.73%	1.26%
Net Income Q/Q Growth	-1.02%	7.22%	3.51%	-1.19%	20.82%	-4.95%	5.88%	5.47%	2.48%	19.62%	-8.11%
EPS Q/Q Growth	0.41%	7.98%	7.14%	-1.19%	23.85%	-4.91%	6.43%	5.45%	3.38%	19.92%	-7.69%
Operating Cash Flow Q/Q Growth	3.00%	-2.28%	10.57%	1.08%	5.15%	11.03%	-0.94%	4.90%	3.38%	6.32%	2.85%
Free Cash Flow Firm Q/Q Growth	0.89%	-1.72%	16.95%	-3.17%	7.67%	9.38%	1.41%	62.55%	3.32%	-86.49%	332.86%
Invested Capital Q/Q Growth	-1.66%	-0.08%	-3.09%	-2.99%	-2.34%	-3.91%	-3.63%	-2.14%	-2.42%	42.48%	-2.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.25%	75.10%	78.09%	78.52%	79.96%	81.07%	82.79%	82.45%	82.02%	82.34%	81.99%
EBITDA Margin	42.52%	45.65%	49.46%	51.80%	58.06%	53.98%	56.20%	56.53%	60.09%	66.65%	60.63%
Operating Margin	33.83%	37.57%	42.42%	45.50%	47.90%	48.51%	52.19%	52.49%	53.71%	54.75%	53.52%
EBIT Margin	34.04%	38.21%	42.12%	45.26%	51.84%	47.18%	49.40%	49.73%	53.53%	60.15%	53.23%
Profit (Net Income) Margin	28.51%	20.80%	22.67%	23.86%	35.42%	36.18%	35.50%	35.53%	38.72%	45.42%	38.83%
Tax Burden Percent	92.14%	63.98%	67.59%	65.10%	80.63%	93.42%	87.70%	84.60%	83.40%	83.90%	81.78%
Interest Burden Percent	90.87%	85.10%	79.63%	80.96%	84.74%	82.09%	81.94%	84.44%	86.72%	90.00%	89.20%
Effective Tax Rate	35.48%	34.19%	32.41%	34.90%	19.37%	6.58%	12.30%	15.40%	16.60%	16.10%	18.22%
Return on Invested Capital (ROIC)	11.68%	15.56%	19.97%	23.66%	35.80%	47.17%	53.13%	47.89%	43.28%	41.47%	38.66%
ROIC Less NNEP Spread (ROIC-NNEP)	29.94%	7.77%	13.35%	17.72%	32.58%	38.37%	43.01%	39.63%	38.59%	41.11%	35.20%
Return on Net Nonoperating Assets (RNNOA)	7.28%	3.60%	22.83%	60.94%	397.33%	-510.68%	-284.63%	-287.21%	-191.92%	-172.91%	-170.71%
Return on Equity (ROE)	18.96%	19.16%	42.80%	84.60%	433.13%	-463.51%	-231.49%	-239.32%	-148.64%	-131.44%	-132.06%
Cash Return on Invested Capital (CROIC)	27.85%	16.10%	26.16%	24.37%	41.28%	48.25%	57.00%	-0.95%	45.93%	5.41%	43.13%
Operating Return on Assets (OROA)	11.28%	13.63%	15.56%	18.14%	22.31%	19.36%	19.93%	20.94%	22.92%	28.93%	27.74%
Return on Assets (ROA)	9.44%	7.42%	8.37%	9.56%	15.24%	14.85%	14.32%	14.96%	16.58%	21.85%	20.23%
Return on Common Equity (ROCE)	18.96%	19.16%	42.80%	84.60%	433.13%	-463.51%	-231.49%	-239.32%	-148.64%	-131.44%	-132.06%
Return on Equity Simple (ROE_SIMPLE)	19.83%	24.81%	82.13%	75.80%	-305.05%	-734.74%	-135.78%	-444.12%	-86.37%	-155.26%	-117.99%
Net Operating Profit after Tax (NOPAT)	218	266	330	377	554	706	776	908	1,007	1,162	1,250
NOPAT Margin	21.83%	24.73%	28.67%	29.62%	38.62%	45.32%	45.77%	44.41%	44.79%	45.93%	43.77%
Net Nonoperating Expense Percent (NNEP)	-18.27%	7.80%	6.62%	5.95%	3.21%	8.80%	10.12%	8.26%	4.69%	0.35%	3.46%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	28.74%	30.83%	35.01%
Cost of Revenue to Revenue	27.75%	24.90%	21.91%	21.48%	20.04%	18.93%	17.21%	17.55%	17.98%	17.66%	18.01%
SG&A Expenses to Revenue	7.66%	8.00%	7.58%	6.89%	6.97%	7.07%	6.76%	7.24%	6.53%	6.09%	6.38%
R&D to Revenue	7.13%	7.19%	6.54%	5.95%	5.68%	6.31%	5.96%	5.46%	4.77%	5.22%	5.55%
Operating Expenses to Revenue	38.42%	37.53%	35.67%	33.02%	32.06%	32.55%	30.61%	29.95%	28.31%	27.59%	28.47%
Earnings before Interest and Taxes (EBIT)	339	411	485	577	743	735	838	1,016	1,204	1,521	1,520
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	424	491	569	660	833	841	953	1,155	1,351	1,686	1,732
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.34	7.48	21.54	26.54	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)	4.79	6.27	5.94	8.35	8.56	13.43	21.06	24.01	16.18	17.49	16.46
Price to Earnings (P/E)	16.82	30.16	26.22	35.02	24.16	37.12	59.33	67.57	41.79	38.50	42.40
Dividend Yield	0.42%	1.22%	1.38%	1.12%	1.38%	1.02%	0.68%	0.61%	1.01%	0.99%	1.07%
Earnings Yield	5.95%	3.32%	3.81%	2.86%	4.14%	2.69%	1.69%	1.48%	2.39%	2.60%	2.36%
Enterprise Value to Invested Capital (EV/IC)	2.95	4.43	5.07	7.44	9.27	15.11	26.24	21.88	17.28	14.60	16.17
Enterprise Value to Revenue (EV/Rev)	5.08	7.02	7.06	9.29	9.72	14.44	22.17	25.24	17.65	19.09	17.90
Enterprise Value to EBITDA (EV/EBITDA)	11.93	15.38	14.27	17.93	16.75	26.74	39.44	44.64	29.37	28.64	29.52
Enterprise Value to EBIT (EV/EBIT)	14.91	18.37	16.76	20.52	18.76	30.60	44.87	50.75	32.97	31.73	33.63
Enterprise Value to NOPAT (EV/NOPAT)	23.25	28.39	24.62	31.35	25.17	31.85	48.43	56.83	39.40	41.55	40.90
Enterprise Value to Operating Cash Flow (EV/OCF)	16.55	23.49	18.36	29.28	22.75	31.69	46.33	55.10	36.23	39.05	34.05
Enterprise Value to Free Cash Flow (EV/FCFF)	9.75	27.44	18.80	30.43	21.83	31.14	45.14	0.00	37.13	318.75	36.65
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.55	1.75	6.53	5.18	-15.47	-40.04	-7.60	-25.46	-4.48	-6.09	-4.80
Long-Term Debt to Equity	0.55	1.75	6.53	5.18	-15.47	-40.04	-7.60	-25.46	-4.47	-6.08	-4.80
Financial Leverage	0.24	0.46	1.71	3.44	12.19	-13.31	-6.62	-7.25	-4.97	-4.21	-4.85
Leverage Ratio	2.01	2.58	5.11	8.85	28.41	-31.22	-16.16	-16.00	-8.97	-6.02	-6.53
Compound Leverage Factor	1.82	2.20	4.07	7.16	24.08	-25.63	-13.24	-13.51	-7.78	-5.42	-5.82
Debt to Total Capital	35.49%	63.66%	86.73%	83.82%	106.91%	102.56%	115.16%	104.09%	128.76%	119.63%	126.32%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.29%	0.00%
Long-Term Debt to Total Capital	35.49%	63.66%	86.73%	83.82%	106.91%	102.56%	115.16%	104.09%	128.52%	119.34%	126.32%
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	64.51%	36.34%	13.27%	16.18%	-6.91%	-2.56%	-15.16%	-4.09%	-28.76%	-19.63%	-26.32%
Debt to EBITDA	1.86	3.22	3.65	3.15	3.09	3.65	3.53	3.60	3.34	2.67	2.60
Net Debt to EBITDA	0.66	1.63	2.26	1.80	2.01	1.86	1.97	2.18	2.45	2.40	2.37
Long-Term Debt to EBITDA	1.86	3.22	3.65	3.15	3.09	3.65	3.53	3.60	3.33	2.67	2.60
Debt to NOPAT	3.62	5.94	6.29	5.51	4.65	4.35	4.34	4.59	4.48	3.88	3.61
Net Debt to NOPAT	1.29	3.02	3.89	3.15	3.02	2.22	2.42	2.78	3.28	3.48	3.28
Long-Term Debt to NOPAT	3.62	5.94	6.29	5.51	4.65	4.35	4.34	4.59	4.47	3.87	3.61
Altman Z-Score	3.33	3.31	3.18	4.08	4.21	4.95	6.79	7.12	5.97	6.65	7.04
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	1.63	2.13	1.97	2.09	1.77	2.31	1.88	1.71	1.40	0.93	0.85
Quick Ratio	1.45	1.98	1.89	2.00	1.70	2.23	1.82	1.67	1.32	0.86	0.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	519	275	432	389	639	722	832	-18	1,069	151	1,395
Operating Cash Flow to CapEx	601.09%	654.31%	1,037.73%	827.90%	1,251.79%	1,319.55%	1,591.19%	1,578.37%	1,502.67%	1,360.50%	1,304.42%
Free Cash Flow to Firm to Interest Expense	16.31	4.41	4.25	3.35	4.80	4.88	5.33	-0.11	6.23	0.81	7.52
Operating Cash Flow to Interest Expense	9.61	5.15	4.35	3.48	4.60	4.79	5.19	5.86	6.38	6.62	8.10
Operating Cash Flow Less CapEx to Interest Expense	8.01	4.36	3.93	3.06	4.24	4.43	4.86	5.49	5.96	6.13	7.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.36	0.37	0.40	0.43	0.41	0.40	0.42	0.43	0.48	0.52
Accounts Receivable Turnover	5.72	5.56	5.36	4.64	3.58	3.20	3.21	3.34	3.39	3.37	3.44
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	11.10	11.14	11.83	13.41	15.48	17.16	19.81	27.77	37.30	46.08	45.05
Accounts Payable Turnover	137.18	100.13	163.71	251.08	104.41	56.78	28.11	25.90	28.39	35.94	42.29
Days Sales Outstanding (DSO)	63.76	65.69	68.16	78.65	101.95	113.95	113.87	109.23	107.76	108.45	106.09
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)	2.66	3.65	2.23	1.45	3.50	6.43	12.98	14.09	12.86	10.16	8.63
Cash Conversion Cycle (CCC)	61.10	62.05	65.93	77.19	98.45	107.53	100.89	95.13	94.90	98.29	97.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,712	1,703	1,601	1,590	1,505	1,489	1,432	2,358	2,296	3,306	3,161
Invested Capital Turnover	0.54	0.63	0.70	0.80	0.93	1.04	1.16	1.08	0.97	0.90	0.88
Increase / (Decrease) in Invested Capital	-301	-9.21	-102	-11	-85	-16	-57	926	-62	1,010	-145
Enterprise Value (EV)	5,058	7,547	8,124	11,833	13,943	22,488	37,581	51,578	39,681	48,270	51,125
Market Capitalization	4,779	6,745	6,840	10,645	12,271	20,923	35,706	49,057	36,377	44,224	47,024
Book Value per Share	$12.79	$8.78	$3.37	$4.45	($1.89)	($0.91)	($5.35)	($1.98)	($12.61)	($9.35)	($11.99)
Tangible Book Value per Share	($5.05)	($10.28)	($16.85)	($16.45)	($22.64)	($22.44)	($27.07)	($36.30)	($47.48)	($57.95)	($60.77)
Total Capital	2,221	2,481	2,393	2,479	2,409	2,995	2,924	3,998	3,504	3,768	3,571
Total Debt	788	1,579	2,075	2,078	2,576	3,072	3,367	4,161	4,512	4,508	4,511
Total Long-Term Debt	788	1,579	2,075	2,078	2,576	3,072	3,367	4,161	4,503	4,497	4,511
Net Debt	280	802	1,283	1,189	1,671	1,565	1,875	2,521	3,304	4,046	4,101
Capital Expenditures (CapEx)	51	49	43	49	49	54	51	59	73	91	115
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-212	-213	-273	-230	-278	-326	-397	-529	-487	-550	-651
Debt-free Net Working Capital (DFNWC)	297	565	519	659	626	1,181	904	892	506	-88	-242
Net Working Capital (NWC)	297	565	519	659	626	1,181	904	892	497	-99	-242
Net Nonoperating Expense (NNE)	-67	42	69	73	46	142	174	182	137	13	141
Net Nonoperating Obligations (NNO)	280	802	1,283	1,189	1,671	1,565	1,875	2,521	3,304	4,046	4,101
Total Depreciation and Amortization (D&A)	85	80	84	83	89	106	115	139	148	164	211
Debt-free, Cash-free Net Working Capital to Revenue	-21.30%	-19.77%	-23.70%	-18.05%	-19.39%	-20.90%	-23.40%	-25.89%	-21.68%	-21.74%	-22.79%
Debt-free Net Working Capital to Revenue	29.75%	52.57%	45.11%	51.76%	43.66%	75.81%	53.31%	43.67%	22.51%	-3.48%	-8.46%
Net Working Capital to Revenue	29.75%	52.57%	45.11%	51.76%	43.66%	75.81%	53.31%	43.67%	22.12%	-3.91%	-8.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$6.66	$7.19	$8.80	$10.78	$14.45	$14.09
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	84.64M	83.72M	82.51M	80.75M	79.46M	78.71M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$6.59	$7.12	$8.70	$10.72	$14.39	$14.05
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	85.54M	84.52M	83.48M	81.22M	79.84M	78.96M
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	0.00	0.00	0.00	0.00	0.00	84.81M	82.57M	81.27M	79.96M	79.09M	77.65M
Normalized Net Operating Profit after Tax (NOPAT)	218	266	330	377	554	706	776	908	1,007	1,162	1,250
Normalized NOPAT Margin	21.83%	24.73%	28.67%	29.62%	38.62%	45.32%	45.77%	44.41%	44.79%	45.93%	43.77%
Pre Tax Income Margin	30.94%	32.52%	33.54%	36.64%	43.93%	38.73%	40.48%	41.99%	46.42%	54.14%	47.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.66	6.58	4.77	4.97	5.58	4.96	5.36	6.37	7.02	8.15	8.20
NOPAT to Interest Expense	6.84	4.26	3.25	3.25	4.16	4.77	4.96	5.69	5.87	6.22	6.74
EBIT Less CapEx to Interest Expense	9.07	5.80	4.35	4.55	5.22	4.60	5.03	6.00	6.59	7.66	7.58
NOPAT Less CapEx to Interest Expense	5.24	3.47	2.83	2.83	3.79	4.41	4.64	5.31	5.45	5.74	6.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	7.18%	39.23%	36.88%	39.38%	33.66%	39.55%	40.95%	41.66%	42.84%	38.39%	45.90%
Augmented Payout Ratio	151.36%	352.54%	333.81%	88.88%	220.69%	91.37%	170.31%	68.99%	203.36%	82.29%	125.72%

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.80%	5.76%	12.57%	11.56%	19.77%	14.82%	13.97%	15.87%	7.74%	9.69%	9.14%
EBITDA Growth	6.16%	7.40%	13.45%	13.28%	63.95%	10.56%	13.37%	15.34%	-18.18%	11.19%	10.37%
EBIT Growth	6.63%	7.90%	14.38%	14.48%	67.87%	7.78%	10.82%	12.47%	-20.82%	11.04%	10.66%
NOPAT Growth	12.88%	2.49%	14.28%	15.97%	27.94%	8.03%	7.98%	9.36%	6.59%	11.95%	13.84%
Net Income Growth	10.89%	4.51%	17.21%	19.88%	87.64%	7.22%	8.08%	8.18%	-24.26%	12.75%	13.83%
EPS Growth	15.09%	6.83%	19.31%	22.01%	89.51%	8.42%	9.06%	9.17%	-23.12%	15.22%	16.32%
Operating Cash Flow Growth	12.79%	8.17%	37.20%	-9.89%	23.31%	13.63%	19.69%	44.82%	10.72%	0.53%	-3.75%
Free Cash Flow Firm Growth	144.23%	150.73%	159.55%	5.36%	-321.68%	-313.54%	-235.44%	-285.56%	170.31%	160.35%	154.29%
Invested Capital Growth	-2.62%	-2.89%	-9.60%	-1.39%	44.00%	44.06%	43.64%	39.32%	-4.38%	-3.30%	-1.30%
Revenue Q/Q Growth	2.78%	2.78%	4.89%	0.69%	10.34%	-1.47%	4.12%	2.37%	2.59%	0.31%	3.60%
EBITDA Q/Q Growth	-1.46%	2.11%	9.27%	3.04%	42.60%	-31.14%	12.05%	4.83%	1.16%	-6.42%	11.22%
EBIT Q/Q Growth	-1.54%	2.48%	9.98%	3.17%	44.37%	-34.20%	13.07%	4.70%	1.64%	-7.72%	12.69%
NOPAT Q/Q Growth	0.32%	8.77%	2.30%	3.89%	10.68%	-8.15%	2.25%	5.21%	7.87%	-3.54%	3.98%
Net Income Q/Q Growth	-0.75%	11.05%	3.39%	5.20%	55.35%	-36.55%	4.22%	5.30%	8.76%	-5.54%	5.21%
EPS Q/Q Growth	-0.37%	11.24%	4.04%	5.83%	54.74%	-36.36%	4.66%	5.93%	8.96%	-4.63%	5.66%
Operating Cash Flow Q/Q Growth	-2.37%	-16.26%	10.47%	-0.23%	33.60%	-22.83%	16.36%	20.72%	2.14%	-29.93%	11.40%
Free Cash Flow Firm Q/Q Growth	2.10%	9.33%	53.77%	-38.62%	-314.82%	-5.32%	2.47%	15.91%	181.40%	-9.60%	-12.26%
Invested Capital Q/Q Growth	-2.42%	0.91%	-0.16%	0.31%	42.48%	0.96%	-0.45%	-2.71%	-2.21%	2.09%	1.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	82.23%	81.65%	82.28%	83.16%	82.24%	81.10%	81.90%	82.59%	82.30%	81.66%	82.18%
EBITDA Margin	59.38%	59.00%	61.46%	62.90%	81.29%	56.81%	61.14%	62.61%	61.73%	57.59%	61.83%
Operating Margin	53.58%	53.12%	55.69%	56.49%	53.72%	49.91%	54.04%	55.38%	54.50%	50.55%	55.03%
EBIT Margin	52.87%	52.72%	55.28%	56.64%	74.11%	49.49%	53.75%	54.98%	54.46%	50.10%	54.50%
Profit (Net Income) Margin	37.31%	40.31%	39.74%	41.52%	58.45%	37.64%	37.68%	38.76%	41.09%	38.70%	39.30%
Tax Burden Percent	80.92%	86.38%	80.36%	81.74%	86.22%	86.50%	78.46%	78.70%	84.08%	87.17%	80.36%
Interest Burden Percent	87.20%	88.52%	89.45%	89.67%	91.48%	87.93%	89.35%	89.59%	89.73%	88.60%	89.73%
Effective Tax Rate	19.08%	13.62%	19.64%	18.26%	13.78%	13.50%	21.54%	21.30%	15.92%	12.83%	19.64%
Return on Invested Capital (ROIC)	41.90%	44.51%	43.18%	47.72%	41.82%	39.96%	40.68%	43.99%	40.47%	39.22%	40.01%
ROIC Less NNEP Spread (ROIC-NNEP)	40.70%	43.49%	42.30%	46.86%	44.09%	38.91%	39.79%	43.04%	39.61%	38.24%	39.09%
Return on Net Nonoperating Assets (RNNOA)	-202.41%	-158.36%	-135.12%	-149.86%	-185.44%	-180.70%	-156.12%	-175.82%	-192.11%	-194.29%	-198.33%
Return on Equity (ROE)	-160.51%	-113.85%	-91.95%	-102.14%	-143.63%	-140.75%	-115.44%	-131.83%	-151.64%	-155.06%	-158.31%
Cash Return on Invested Capital (CROIC)	45.93%	46.05%	53.13%	47.97%	5.41%	5.74%	6.98%	11.61%	43.13%	42.51%	41.50%
Operating Return on Assets (OROA)	22.64%	24.66%	27.08%	28.37%	35.64%	24.58%	28.44%	29.99%	28.38%	27.05%	30.06%
Return on Assets (ROA)	15.97%	18.86%	19.46%	20.79%	28.11%	18.70%	19.94%	21.15%	21.41%	20.89%	21.67%
Return on Common Equity (ROCE)	-160.51%	-113.85%	-91.95%	-102.14%	-143.63%	-140.75%	-115.44%	-131.83%	-151.64%	-155.06%	-158.31%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-97.73%	-76.83%	-91.52%	0.00%	-179.21%	-161.44%	-160.72%	0.00%	-119.11%	-133.00%
Net Operating Profit after Tax (NOPAT)	250	272	278	289	320	294	300	316	341	329	342
NOPAT Margin	43.36%	45.89%	44.76%	46.18%	46.32%	43.17%	42.40%	43.58%	45.82%	44.07%	44.23%
Net Nonoperating Expense Percent (NNEP)	1.20%	1.02%	0.88%	0.86%	-2.28%	1.04%	0.88%	0.95%	0.86%	0.98%	0.93%
Return On Investment Capital (ROIC_SIMPLE)	7.13%	-	-	-	8.48%	-	-	-	9.54%	9.16%	9.42%
Cost of Revenue to Revenue	17.77%	18.35%	17.72%	16.84%	17.76%	18.90%	18.10%	17.41%	17.70%	18.34%	17.82%
SG&A Expenses to Revenue	5.88%	6.93%	5.74%	5.89%	5.86%	8.34%	5.61%	5.73%	5.97%	7.66%	4.96%
R&D to Revenue	5.04%	5.29%	4.85%	5.03%	5.68%	5.96%	5.80%	5.32%	5.17%	6.38%	5.70%
Operating Expenses to Revenue	28.65%	28.53%	26.59%	26.67%	28.52%	31.19%	27.86%	27.21%	27.81%	31.11%	27.15%
Earnings before Interest and Taxes (EBIT)	305	312	343	354	511	337	381	398	405	374	421
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	342	349	382	393	561	386	433	454	459	430	478
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)	16.18	19.29	15.76	16.61	17.49	16.84	14.08	16.36	16.46	15.03	14.94
Price to Earnings (P/E)	41.79	49.94	40.39	41.77	38.50	37.79	32.10	37.98	42.40	38.46	37.86
Dividend Yield	1.01%	0.89%	1.14%	1.06%	0.99%	1.03%	1.24%	1.06%	1.07%	1.17%	1.18%
Earnings Yield	2.39%	2.00%	2.48%	2.39%	2.60%	2.65%	3.12%	2.63%	2.36%	2.60%	2.64%
Enterprise Value to Invested Capital (EV/IC)	17.28	20.38	17.53	18.74	14.60	14.39	12.67	15.41	16.17	14.90	14.88
Enterprise Value to Revenue (EV/Rev)	17.65	20.70	17.25	18.00	19.09	18.36	15.58	17.78	17.90	16.46	16.34
Enterprise Value to EBITDA (EV/EBITDA)	29.37	34.33	28.54	29.64	28.64	27.89	23.75	27.17	29.52	27.10	26.81
Enterprise Value to EBIT (EV/EBIT)	32.97	38.49	31.94	33.07	31.73	31.09	26.61	30.63	33.63	30.88	30.53
Enterprise Value to NOPAT (EV/NOPAT)	39.40	46.56	38.67	39.95	41.55	40.60	34.91	40.36	40.90	37.42	36.77
Enterprise Value to Operating Cash Flow (EV/OCF)	36.23	42.33	33.95	37.40	39.05	37.77	31.68	34.13	34.05	32.00	32.74
Enterprise Value to Free Cash Flow (EV/FCFF)	37.13	43.60	31.33	38.78	318.75	295.79	214.01	154.64	36.65	34.47	35.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-4.48	-5.00	-3.78	-4.30	-6.09	-6.93	-6.14	-5.97	-4.80	-4.74	-5.09
Long-Term Debt to Equity	-4.47	-4.99	-3.77	-4.29	-6.08	-6.93	-6.14	-5.97	-4.80	-4.74	-5.09
Financial Leverage	-4.97	-3.64	-3.19	-3.20	-4.21	-4.64	-3.92	-4.09	-4.85	-5.08	-5.07
Leverage Ratio	-8.97	-5.48	-4.32	-4.53	-6.02	-6.79	-5.30	-5.71	-6.53	-6.73	-6.68
Compound Leverage Factor	-7.82	-4.85	-3.87	-4.07	-5.50	-5.97	-4.74	-5.11	-5.86	-5.96	-6.00
Debt to Total Capital	128.76%	124.97%	136.00%	130.32%	119.63%	116.87%	119.46%	120.11%	126.32%	126.71%	124.43%
Short-Term Debt to Total Capital	0.25%	0.24%	0.26%	0.25%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	128.52%	124.73%	135.73%	130.07%	119.34%	116.87%	119.46%	120.11%	126.32%	126.71%	124.43%
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	-28.76%	-24.97%	-36.00%	-30.32%	-19.63%	-16.87%	-19.46%	-20.11%	-26.32%	-26.71%	-24.43%
Debt to EBITDA	3.34	3.28	3.17	3.07	2.67	2.62	2.54	2.45	2.60	2.56	2.48
Net Debt to EBITDA	2.45	2.34	2.47	2.30	2.40	2.32	2.29	2.17	2.37	2.36	2.29
Long-Term Debt to EBITDA	3.33	3.27	3.17	3.07	2.67	2.62	2.54	2.45	2.60	2.56	2.48
Debt to NOPAT	4.48	4.45	4.30	4.14	3.88	3.81	3.74	3.63	3.61	3.54	3.40
Net Debt to NOPAT	3.28	3.17	3.34	3.10	3.48	3.37	3.36	3.23	3.28	3.26	3.14
Long-Term Debt to NOPAT	4.47	4.44	4.29	4.13	3.87	3.81	3.74	3.63	3.61	3.54	3.40
Altman Z-Score	5.38	6.22	5.64	6.03	6.04	6.09	5.54	6.40	6.36	6.20	6.37
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	1.40	1.50	1.25	1.36	0.93	1.00	0.96	0.93	0.85	0.84	0.86
Quick Ratio	1.32	1.43	1.15	1.27	0.86	0.92	0.84	0.83	0.78	0.76	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	312	341	524	321	-691	-727	-709	-596	486	439	385
Operating Cash Flow to CapEx	1,541.83%	1,224.24%	1,102.60%	1,387.59%	1,781.82%	1,238.34%	1,278.13%	1,527.51%	1,197.70%	918.22%	972.54%
Free Cash Flow to Firm to Interest Expense	6.83	7.37	11.23	6.85	-14.71	-15.58	-15.21	-12.78	10.67	9.44	8.34
Operating Cash Flow to Interest Expense	6.92	5.72	6.26	6.21	8.28	6.43	7.49	9.03	9.46	6.49	7.28
Operating Cash Flow Less CapEx to Interest Expense	6.47	5.25	5.69	5.76	7.82	5.91	6.90	8.44	8.67	5.78	6.53
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.47	0.49	0.50	0.48	0.50	0.53	0.55	0.52	0.54	0.55
Accounts Receivable Turnover	3.39	3.70	3.92	4.28	3.37	3.77	4.09	4.49	3.44	3.91	3.98
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	37.30	36.93	39.05	42.98	46.08	45.65	43.28	46.58	45.05	41.32	39.93
Accounts Payable Turnover	28.39	34.61	50.63	54.92	35.94	40.93	47.97	53.28	42.29	46.04	43.12
Days Sales Outstanding (DSO)	107.76	98.73	93.16	85.29	108.45	96.75	89.27	81.20	106.09	93.37	91.66
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)	12.86	10.54	7.21	6.65	10.16	8.92	7.61	6.85	8.63	7.93	8.46
Cash Conversion Cycle (CCC)	94.90	88.18	85.95	78.64	98.29	87.83	81.66	74.35	97.46	85.44	83.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,296	2,317	2,313	2,320	3,306	3,338	3,323	3,233	3,161	3,228	3,280
Invested Capital Turnover	0.97	0.97	0.96	1.03	0.90	0.93	0.96	1.01	0.88	0.89	0.90
Increase / (Decrease) in Invested Capital	-62	-69	-246	-33	1,010	1,021	1,010	912	-145	-110	-43
Enterprise Value (EV)	39,681	47,211	40,549	43,477	48,270	48,045	42,115	49,831	51,125	48,098	48,789
Market Capitalization	36,377	43,993	37,042	40,107	44,224	44,056	38,058	45,847	47,024	43,912	44,623
Book Value per Share	($12.61)	($11.27)	($14.91)	($13.26)	($9.35)	($8.21)	($9.27)	($9.55)	($11.99)	($12.34)	($11.45)
Tangible Book Value per Share	($47.48)	($46.07)	($49.62)	($48.24)	($57.95)	($56.69)	($57.98)	($58.47)	($60.77)	($61.35)	($60.50)
Total Capital	3,504	3,610	3,316	3,460	3,768	3,857	3,774	3,734	3,571	3,588	3,627
Total Debt	4,512	4,511	4,510	4,509	4,508	4,508	4,509	4,485	4,511	4,547	4,513
Total Long-Term Debt	4,503	4,502	4,501	4,500	4,497	4,508	4,509	4,485	4,511	4,547	4,513
Net Debt	3,304	3,218	3,507	3,370	4,046	3,988	4,057	3,984	4,101	4,186	4,166
Capital Expenditures (CapEx)	20	22	26	21	22	24	27	28	36	33	35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-487	-470	-478	-485	-550	-523	-513	-593	-651	-591	-546
Debt-free Net Working Capital (DFNWC)	506	611	315	443	-88	-4.04	-61	-92	-242	-231	-199
Net Working Capital (NWC)	497	602	306	435	-99	-4.04	-61	-92	-242	-231	-199
Net Nonoperating Expense (NNE)	35	33	31	29	-84	38	33	35	35	40	38
Net Nonoperating Obligations (NNO)	3,304	3,218	3,507	3,370	4,046	3,988	4,057	3,984	4,101	4,186	4,166
Total Depreciation and Amortization (D&A)	38	37	38	39	50	50	52	55	54	56	57
Debt-free, Cash-free Net Working Capital to Revenue	-21.68%	-20.60%	-20.32%	-20.09%	-21.74%	-20.00%	-18.97%	-21.16%	-22.79%	-20.24%	-18.29%
Debt-free Net Working Capital to Revenue	22.51%	26.77%	13.39%	18.36%	-3.48%	-0.15%	-2.27%	-3.29%	-8.46%	-7.90%	-6.66%
Net Working Capital to Revenue	22.12%	26.39%	13.02%	18.00%	-3.91%	-0.15%	-2.27%	-3.29%	-8.46%	-7.90%	-6.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.69	$2.98	$3.10	$3.28	$5.09	$3.23	$3.37	$3.58	$3.91	$3.72	$3.92
Adjusted Weighted Average Basic Shares Outstanding	80.75M	80.04M	79.59M	79.12M	79.46M	79.20M	79.09M	78.50M	78.71M	77.63M	77.40M
Adjusted Diluted Earnings per Share	$2.67	$2.97	$3.09	$3.27	$5.06	$3.22	$3.37	$3.57	$3.89	$3.71	$3.92
Adjusted Weighted Average Diluted Shares Outstanding	81.22M	80.48M	79.91M	79.50M	79.84M	79.51M	79.25M	78.73M	78.96M	77.81M	77.50M
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	79.96M	80.06M	79.09M	79.09M	79.09M	79.22M	78.65M	78.37M	77.65M	77.37M	77.37M
Normalized Net Operating Profit after Tax (NOPAT)	250	272	278	289	320	294	300	316	341	329	342
Normalized NOPAT Margin	43.36%	45.89%	44.76%	46.18%	46.32%	43.17%	42.40%	43.58%	45.82%	44.07%	44.23%
Pre Tax Income Margin	46.11%	46.67%	49.45%	50.79%	67.80%	43.52%	48.03%	49.25%	48.87%	44.39%	48.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.68	6.76	7.37	7.55	10.89	7.21	8.16	8.53	8.90	8.04	9.12
NOPAT to Interest Expense	5.48	5.88	5.96	6.16	6.81	6.29	6.44	6.76	7.49	7.07	7.40
EBIT Less CapEx to Interest Expense	6.23	6.29	6.80	7.11	10.43	6.69	7.57	7.94	8.11	7.33	8.37
NOPAT Less CapEx to Interest Expense	5.03	5.41	5.40	5.71	6.34	5.77	5.85	6.17	6.70	6.36	6.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	42.84%	45.10%	46.15%	44.97%	38.39%	39.47%	40.22%	40.87%	45.90%	45.68%	45.34%
Augmented Payout Ratio	203.36%	109.11%	125.14%	104.79%	82.29%	84.95%	68.09%	83.23%	125.72%	135.75%	123.83%

Key Financial Trends

MSCI Inc. (NYSE: MSCI) has shown solid financial performance through the last several years, with steady revenue growth, strong profitability, and consistent cash flow generation. Below are the key highlights observed from the analysis of MSCI’s income statements, cash flow statements, and balance sheets over the past four years, including the most recent quarter Q2 2025.

Revenue Growth: MSCI's total revenue has steadily increased from approximately $560.6 million in Q3 2022 to $772.7 million in Q2 2025, demonstrating consistent growth in its operating business.
Strong Profitability: Net income has grown from $216.6 million in Q3 2022 to $303.6 million in Q2 2025. Earnings per share (diluted) also rose from $2.68 to $3.92 over the same period, indicating improved profitability per share.
Healthy Gross Margins: Gross profit margins remain high, with gross profit around 82% of operating revenue in recent quarters, reflecting efficient cost control and a premium pricing model.
Operating Efficiency: MSCI manages to keep operating expenses relatively controlled compared to revenue, with operating expenses around 27% of total revenue in Q2 2025, allowing for strong operating income of $425.2 million in Q2 2025.
Strong Operating Cash Flow: Net cash from operating activities has increased from $264 million in Q1 2023 to $336 million in Q2 2025, reflecting steady cash conversion from earnings.
Capital Expenditures Investment: Consistent investments in property, plant, and equipment ($20 to $35 million quarterly) suggest ongoing efforts to maintain and upgrade infrastructure supporting growth.
Shareholder Returns: MSCI has steadily increased its dividend per share from $1.25 in early 2022 to $1.80 by mid-2025 and continues substantial share repurchases, supporting shareholder value.

Debt and Leverage: MSCI carries long-term debt of around $4.5 billion consistently over recent years. While manageable given the strong earnings and cash flow, it does mean leverage is a relevant factor for risk consideration.
Negative Equity on Balance Sheet: The total common equity is negative due to significant treasury stock (share repurchases). This technical accounting treatment is typical for companies engaged in large buybacks and does not directly imply financial distress.
Fluctuations in Working Capital: Changes in operating assets and liabilities sometimes cause sizable swings in operating cash flow quarter-to-quarter, such as receivables and deferred revenues.

Increasing Interest Expense: Interest expense has slightly increased and is a meaningful cost (around $45-47 million per quarter) due to the sizeable debt, which may pressure net income in a rising interest rate environment.
Significant Share Repurchases Impacting Cash: The company spends a substantial amount on repurchasing common equity (up to $440 million in a quarter, e.g., Q2 2023 and Q4 2024), which reduces cash reserves and may limit financial flexibility.
Large Acquisitions in Past Period: Notably, the company made significant acquisitions (e.g., $727 million in Q4 2023), which increased intangible assets and goodwill, potentially adding integration risk and goodwill impairment risk in the future.
Negative Cash Flow Quarters: There were some quarters with notable net decreases in cash and equivalents, e.g., Q4 2023 had a large cash reduction of $467 million, largely due to investing and financing activities.

Summary: MSCI displays sustained revenue and earnings growth with robust margins and operating cash flow generation. The company’s strategy to reward shareholders through increased dividends and share buybacks is evident, although it leads to negative equity accounting and reduced cash reserves. The relatively high debt level requires monitoring, particularly for interest rate impacts. Overall, MSCI’s financial trends suggest a mature, profitable firm continuing its growth trajectory, balanced with active capital allocation choices.

08/23/25 04:52 AMAI Generated. May Contain Errors.

Frequently Asked Questions About MSCI's Financials

When does MSCI's fiscal year end?

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

How has MSCI's net income changed over the last 10 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 $284.11 million in 2014. The previous period was $1.15 billion in 2023. Find out what analysts predict for MSCI in the coming months.

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's revenue changed over the last 10 years?

Over the last 10 years, MSCI's total revenue changed from $996.68 million in 2014 to $2.86 billion in 2024, a change of 186.6%.

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 340.5% increase since 2014.

How much cash does MSCI have?

In the past 10 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 10 years?

Over the last 10 years, MSCI's book value per share changed from 12.79 in 2014 to -11.99 in 2024, a change of -193.8%.

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This page (NYSE:MSCI) was last updated on 8/23/2025 by MarketBeat.com Staff

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