MSCI (MSCI) Financials

$557.28 -4.08 (-0.73%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$556.21 -1.07 (-0.19%)

As of 08/1/2025 07:28 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	224	261	304	508	564	602	726	871	1,149	1,109
Consolidated Net Income / (Loss)	224	261	304	508	564	602	726	871	1,149	1,109
Net Income / (Loss) Continuing Operations	230	261	304	508	564	602	726	871	1,149	1,109
Total Pre-Tax Income	350	386	467	630	603	686	858	1,044	1,369	1,356
Total Operating Income	404	488	580	687	756	885	1,073	1,208	1,385	1,529
Total Gross Profit	807	899	1,000	1,147	1,263	1,404	1,685	1,844	2,082	2,342
Total Revenue	1,075	1,151	1,274	1,434	1,558	1,695	2,044	2,249	2,529	2,856
Operating Revenue	1,075	1,151	1,274	1,434	1,558	1,695	2,044	2,249	2,529	2,856
Total Cost of Revenue	268	252	274	287	295	292	359	404	447	514
Operating Cost of Revenue	268	252	274	287	295	292	359	404	447	514
Total Operating Expenses	403	410	421	460	507	519	612	637	698	813
Selling, General & Admin Expense	86	87	88	100	110	115	148	147	154	182
Marketing Expense	162	167	177	193	219	216	243	265	276	291
Research & Development Expense	77	75	76	81	98	101	112	107	132	159
Depreciation Expense	31	34	35	31	30	30	29	27	21	17
Amortization Expense	47	47	45	54	49	57	81	91	114	164
Total Other Income / (Expense), net	-54	-102	-113	-57	-152	-199	-215	-164	-16	-172
Interest Expense	62	102	116	133	148	156	160	172	187	186
Interest & Investment Income	1.17	2.91	6.31	20	16	5.03	1.50	12	34	21
Other Income / (Expense), net	6.88	-3.42	-3.09	56	-21	-47	-56	-4.00	137	-8.13
Income Tax Expense	120	125	163	122	40	84	132	173	220	247
Basic Earnings per Share	$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	109.12M	95.99M	90.34M	87.18M	84.64M	83.72M	82.51M	80.75M	79.46M	78.71M
Diluted Earnings per Share	$2.03	$2.70	$3.31	$5.66	$6.59	$7.12	$8.70	$10.72	$14.39	$14.05
Weighted Average Diluted Shares Outstanding	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	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	$0.80	$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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Income / (Loss) Attributable to Common Shareholders	217	215	239	247	260	403	256	267	281	306	289
Consolidated Net Income / (Loss)	217	215	239	247	260	403	256	267	281	306	289
Net Income / (Loss) Continuing Operations	217	215	239	247	260	403	256	267	281	306	289
Total Pre-Tax Income	269	266	276	307	318	468	296	340	357	363	331
Total Operating Income	310	309	315	346	353	371	339	383	401	405	377
Total Gross Profit	462	474	484	511	520	568	551	580	599	612	609
Total Revenue	561	576	592	621	625	690	680	708	725	744	746
Operating Revenue	561	576	592	621	625	690	680	708	725	744	746
Total Cost of Revenue	98	102	109	110	105	123	129	128	126	132	137
Operating Cost of Revenue	98	102	109	110	105	123	129	128	126	132	137
Total Operating Expenses	153	165	169	165	167	197	212	197	197	207	232
Selling, General & Admin Expense	31	34	41	36	37	40	57	40	42	44	57
Marketing Expense	66	72	66	68	67	75	72	71	71	77	79
Research & Development Expense	26	29	31	30	31	39	41	41	39	38	48
Depreciation Expense	7.13	6.47	5.46	5.20	5.25	5.10	4.08	4.23	4.33	4.34	4.75
Amortization Expense	23	24	25	26	27	37	39	41	42	43	44
Total Other Income / (Expense), net	-40	-43	-38	-39	-36	97	-43	-43	-44	-42	-46
Interest Expense	44	46	46	47	47	47	47	47	47	46	46
Interest & Investment Income	3.94	6.61	10	10	10	3.40	6.05	6.11	5.22	3.90	3.88
Other Income / (Expense), net	-0.10	-4.09	-2.39	-2.58	0.94	141	-2.86	-2.09	-2.93	-0.25	-3.34
Income Tax Expense	53	51	38	60	58	64	40	73	76	58	42
Basic Earnings per Share	$2.69	$2.69	$2.98	$3.10	$3.28	$5.09	$3.23	$3.37	$3.58	$3.91	$3.72
Weighted Average Basic Shares Outstanding	80.50M	80.75M	80.04M	79.59M	79.12M	79.46M	79.20M	79.09M	78.50M	78.71M	77.63M
Diluted Earnings per Share	$2.68	$2.67	$2.97	$3.09	$3.27	$5.06	$3.22	$3.37	$3.57	$3.89	$3.71
Weighted Average Diluted Shares Outstanding	80.87M	81.22M	80.48M	79.91M	79.50M	79.84M	79.51M	79.25M	78.73M	78.96M	77.81M
Weighted Average Basic & Diluted Shares Outstanding	79.96M	79.96M	80.06M	79.09M	79.09M	79.09M	79.22M	78.65M	78.37M	77.65M	77.37M
Cash Dividends to Common per Share	$1.25	-	$1.38	$1.38	$1.38	-	$1.60	$1.60	$1.60	-	$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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	269	14	98	21	602	-206	121	-428	-532	-52
Net Cash From Operating Activities	321	442	404	613	710	811	936	1,095	1,236	1,502
Net Cash From Continuing Operating Activities	321	442	404	613	706	811	936	1,095	1,236	1,502
Net Income / (Loss) Continuing Operations	224	261	304	508	564	602	726	871	1,149	1,109
Consolidated Net Income / (Loss)	224	261	304	508	564	602	726	871	1,149	1,109
Depreciation Expense	31	34	35	31	30	30	29	27	21	17
Amortization Expense	49	50	48	58	76	85	110	121	143	194
Non-Cash Adjustments To Reconcile Net Income	26	33	37	-23	59	98	122	60	-64	94
Changes in Operating Assets and Liabilities, net	-8.83	64	-20	38	-23	-3.72	-51	17	-13	87
Net Cash From Investing Activities	-49	-42	-48	35	-72	-242	-1,036	-79	-819	-144
Net Cash From Continuing Investing Activities	-49	-42	-48	35	-72	-242	-1,036	-79	-819	-144
Purchase of Property, Plant & Equipment	-49	-43	-49	-49	-54	-51	-59	-73	-91	-115
Acquisitions	-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	4.70	-373	-268	-626	-37	-779	230	-1,425	-954	-1,402
Net Cash From Continuing Financing Activities	4.70	-373	-268	-626	-37	-779	230	-1,425	-954	-1,402
Repayment of Debt	-10	-7.18	-	-6.26	-525	-1,159	-1,073	-9.75	-8.75	-563
Repurchase of Common Equity	-701	-775	-150	-950	-292	-779	-198	-1,398	-504	-885
Payment of Dividends	-88	-96	-120	-171	-223	-246	-302	-373	-441	-509
Issuance of Debt	800	500	-	500	1,000	1,405	1,804	355	0.00	557
Other Financing Activities, net	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	-8.18	-	-	-	-	-	-8.93	-19	5.41	-7.41
Cash Interest Paid	42	89	113	126	141	163	151	165	182	180
Cash Income Taxes Paid	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Change in Cash & Equivalents	25	126	87	-288	136	-467	58	-68	50	-92	-49
Net Cash From Operating Activities	323	315	264	292	291	389	300	349	422	431	302
Net Cash From Continuing Operating Activities	323	315	264	292	291	389	300	349	422	431	302
Net Income / (Loss) Continuing Operations	217	215	239	247	260	403	256	267	281	306	289
Consolidated Net Income / (Loss)	217	215	239	247	260	403	256	267	281	306	289
Depreciation Expense	7.13	6.47	5.46	5.20	5.25	5.10	4.08	4.23	4.33	4.34	4.75
Amortization Expense	31	31	32	33	34	44	46	48	51	50	51
Non-Cash Adjustments To Reconcile Net Income	5.85	17	25	18	13	-121	32	20	30	12	47
Changes in Operating Assets and Liabilities, net	63	46	-37	-12	-21	57	-38	10	56	59	-90
Net Cash From Investing Activities	-18	-27	-22	-27	-21	-750	-32	-47	-28	-37	-33
Net Cash From Continuing Investing Activities	-18	-27	-22	-27	-21	-750	-32	-47	-28	-37	-33
Purchase of Property, Plant & Equipment	-18	-20	-22	-26	-21	-22	-24	-27	-28	-36	-33
Acquisitions	-	-	0.00	-	-	-727	-7.82	-20	-	-	0.00
Other Investing Activities, net	0.00	-6.46	-0.19	-0.20	-	-0.80	-0.28	-0.15	-0.46	-0.78	-0.04
Net Cash From Financing Activities	-270	-173	-158	-554	-130	-112	-207	-369	-350	-476	-322
Net Cash From Continuing Financing Activities	-270	-173	-158	-554	-130	-112	-207	-369	-350	-476	-322
Repayment of Debt	-0.28	-2.19	-2.19	-2.19	-2.19	-2.19	-343	-	-25	-195	-65
Repurchase of Common Equity	-169	-70	-44	-441	-19	-0.03	-70	-242	-200	-374	-213
Payment of Dividends	-101	-100	-112	-110	-109	-109	-131	-127	-126	-125	-144
Issuance of Debt	-	-	0.00	-	-	-	337	-	-	220	100
Other Financing Activities, net	-0.00	-	-	-	-	-	-	-	-	-	0.16
Effect of Exchange Rate Changes	-10	11	-	-	-3.62	5.72	-2.96	-1.40	6.30	-9.35	4.21
Cash Interest Paid	29	58	34	57	34	57	34	57	34	55	34
Cash Income Taxes Paid	31	26	19	120	59	43	11	102	48	40	11

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	3,147	3,083	3,276	3,388	4,204	4,199	5,507	4,998	5,518	5,445
Total Current Assets	1,063	1,056	1,267	1,435	2,082	1,926	2,143	1,748	1,418	1,344
Cash & Equivalents	778	792	890	904	1,507	1,301	1,421	994	462	409
Accounts Receivable	208	222	328	473	499	559	665	663	840	821
Prepaid Expenses	31	30	35	38	44	46	51	55	58	66
Current Deferred & Refundable Income Taxes	46	12	15	19	32	20	5.95	37	59	48
Plant, Property, & Equipment, net	99	96	94	91	91	80	67	54	56	71
Total Noncurrent Assets	1,985	1,931	1,914	1,862	2,032	2,193	3,297	3,196	4,044	4,031
Goodwill	1,566	1,556	1,561	1,546	1,563	1,566	2,236	2,230	2,888	2,915
Intangible Assets	391	348	322	281	261	235	593	559	956	908
Noncurrent Deferred & Refundable Income Taxes	9.18	9.53	12	15	21	24	40	29	41	41
Other Noncurrent Operating Assets	18	18	20	21	187	177	208	164	159	167
Total Liabilities & Shareholders' Equity	3,147	3,083	3,276	3,388	4,204	4,199	5,507	4,998	5,518	5,445
Total Liabilities	2,246	2,765	2,875	3,554	4,281	4,642	5,670	6,005	6,258	6,385
Total Current Liabilities	498	537	608	809	901	1,022	1,251	1,251	1,517	1,586
Short-Term Debt	-	-	-	-	-	-	0.00	8.71	11	0.00
Accounts Payable	2.51	0.57	1.61	3.89	6.50	14	13	15	9.81	15
Accrued Expenses	61	83	86	114	139	144	145	153	168	192
Current Deferred Revenue	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	117	119	131	137	166	162	208	182	219	217
Total Noncurrent Liabilities	1,747	2,228	2,267	2,745	3,380	3,620	4,419	4,755	4,741	4,800
Long-Term Debt	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	111	94	78	82	67	13	3.65	29	27	48
Other Noncurrent Operating Liabilities	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
Total Equity & Noncontrolling Interests	901	318	401	-166	-77	-443	-163	-1,008	-740	-940
Total Preferred & Common Equity	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
Total Common Equity	901	318	401	-166	-77	-443	-163	-1,008	-740	-940
Common Stock	1,174	1,227	1,266	1,308	1,352	1,404	1,459	1,517	1,589	1,685
Retained Earnings	1,158	1,322	1,505	1,857	2,199	2,554	2,977	3,473	4,180	4,780
Treasury Stock	-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)	-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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Total Assets	4,778	4,998	5,059	4,763	4,865	5,518	5,479	5,457	5,409	5,445	5,344
Total Current Assets	1,527	1,748	1,811	1,524	1,639	1,418	1,365	1,315	1,286	1,344	1,236
Cash & Equivalents	867	994	1,081	792	929	462	519	451	501	409	361
Accounts Receivable	525	663	642	613	603	840	746	709	644	821	749
Prepaid Expenses	52	55	55	49	53	58	56	56	64	66	73
Current Deferred & Refundable Income Taxes	83	37	33	70	55	59	44	99	77	48	52
Plant, Property, & Equipment, net	54	54	59	61	58	56	56	64	62	71	86
Total Noncurrent Assets	3,196	3,196	3,189	3,178	3,168	4,044	4,058	4,078	4,061	4,031	4,023
Goodwill	2,226	2,230	2,231	2,232	2,230	2,888	2,891	2,909	2,916	2,915	2,919
Intangible Assets	566	559	551	546	536	956	948	949	931	908	887
Noncurrent Deferred & Refundable Income Taxes	28	29	29	28	35	41	39	40	42	41	41
Other Noncurrent Operating Assets	161	164	166	160	156	159	180	179	172	167	177
Total Liabilities & Shareholders' Equity	4,778	4,998	5,059	4,763	4,865	5,518	5,479	5,457	5,409	5,445	5,344
Total Liabilities	5,855	6,005	5,960	5,956	5,915	6,258	6,129	6,191	6,160	6,385	6,303
Total Current Liabilities	1,067	1,251	1,209	1,218	1,205	1,517	1,369	1,376	1,378	1,586	1,466
Accounts Payable	5.30	15	11	7.28	10	9.81	12	13	8.75	15	11
Accrued Expenses	171	153	166	161	171	168	174	191	209	192	208
Current Deferred Revenue	736	883	920	910	837	1,084	1,054	1,018	943	1,123	1,083
Current Deferred & Payable Income Tax Liabilities	3.77	8.06	27	12	20	25	45	25	39	38	72
Current Employee Benefit Liabilities	142	182	76	119	157	219	85	130	179	217	93
Total Noncurrent Liabilities	4,788	4,755	4,751	4,738	4,710	4,741	4,760	4,815	4,782	4,800	4,837
Long-Term Debt	4,504	4,503	4,502	4,501	4,500	4,497	4,508	4,509	4,485	4,511	4,547
Noncurrent Deferred & Payable Income Tax Liabilities	47	29	27	18	4.22	27	18	70	61	48	52
Other Noncurrent Operating Liabilities	236	223	222	220	206	217	235	236	236	241	238
Commitments & Contingencies	0.00	0.00	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-1,077	-1,008	-901	-1,194	-1,049	-740	-651	-734	-751	-940	-959
Total Preferred & Common Equity	-1,077	-1,008	-901	-1,194	-1,049	-740	-651	-734	-751	-940	-959
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	-1,077	-1,008	-901	-1,194	-1,049	-740	-651	-734	-751	-940	-959
Common Stock	1,506	1,517	1,538	1,555	1,573	1,589	1,624	1,644	1,662	1,685	1,726
Retained Earnings	3,359	3,473	3,600	3,736	3,886	4,180	4,306	4,446	4,600	4,780	4,928
Treasury Stock	-5,868	-5,938	-5,982	-6,428	-6,447	-6,447	-6,517	-6,759	-6,961	-7,334	-7,548
Accumulated Other Comprehensive Income / (Loss)	-74	-60	-57	-57	-61	-61	-64	-65	-53	-71	-64

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	7.86%	7.04%	10.73%	12.54%	8.63%	8.83%	20.54%	10.03%	12.47%	12.94%
EBITDA Growth	15.78%	15.98%	15.98%	26.14%	1.00%	13.30%	21.26%	16.96%	24.74%	2.75%
EBIT Growth	21.06%	17.99%	18.98%	28.90%	-1.13%	13.96%	21.34%	18.44%	26.39%	-0.06%
NOPAT Growth	22.18%	24.12%	14.41%	46.73%	27.47%	9.91%	16.96%	10.98%	15.34%	7.61%
Net Income Growth	-21.28%	16.64%	16.53%	67.08%	10.98%	6.77%	20.63%	19.92%	31.94%	-3.44%
EPS Growth	-16.46%	33.00%	22.59%	71.00%	16.43%	8.04%	22.19%	23.22%	34.24%	-2.36%
Operating Cash Flow Growth	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	-47.00%	57.13%	-10.02%	64.24%	13.09%	15.27%	-102.17%	6,007.34%	-85.83%	821.12%
Invested Capital Growth	-0.54%	-6.00%	-0.71%	-5.33%	-1.08%	-3.80%	64.63%	-2.62%	44.00%	-4.38%
Revenue Q/Q Growth	2.07%	1.76%	3.41%	1.91%	2.97%	2.23%	5.48%	1.19%	4.72%	1.91%
EBITDA Q/Q Growth	2.97%	3.47%	4.31%	8.29%	-3.32%	5.80%	5.57%	1.49%	14.92%	-5.56%
EBIT Q/Q Growth	5.54%	3.72%	5.20%	9.31%	-4.62%	6.44%	5.56%	1.60%	15.73%	-6.55%
NOPAT Q/Q Growth	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	7.22%	3.51%	-1.19%	20.82%	-4.95%	5.88%	5.47%	2.48%	19.62%	-8.11%
EPS Q/Q Growth	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	-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	-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	-0.08%	-3.09%	-2.99%	-2.34%	-3.91%	-3.63%	-2.14%	-2.42%	42.48%	-2.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.10%	78.09%	78.52%	79.96%	81.07%	82.79%	82.45%	82.02%	82.34%	81.99%
EBITDA Margin	45.65%	49.46%	51.80%	58.06%	53.98%	56.20%	56.53%	60.09%	66.65%	60.63%
Operating Margin	37.57%	42.42%	45.50%	47.90%	48.51%	52.19%	52.49%	53.71%	54.75%	53.52%
EBIT Margin	38.21%	42.12%	45.26%	51.84%	47.18%	49.40%	49.73%	53.53%	60.15%	53.23%
Profit (Net Income) Margin	20.80%	22.67%	23.86%	35.42%	36.18%	35.50%	35.53%	38.72%	45.42%	38.83%
Tax Burden Percent	63.98%	67.59%	65.10%	80.63%	93.42%	87.70%	84.60%	83.40%	83.90%	81.78%
Interest Burden Percent	85.10%	79.63%	80.96%	84.74%	82.09%	81.94%	84.44%	86.72%	90.00%	89.20%
Effective Tax Rate	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)	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)	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)	3.60%	22.83%	60.94%	397.33%	-510.68%	-284.63%	-287.21%	-191.92%	-172.91%	-170.71%
Return on Equity (ROE)	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)	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)	13.63%	15.56%	18.14%	22.31%	19.36%	19.93%	20.94%	22.92%	28.93%	27.74%
Return on Assets (ROA)	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)	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)	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)	266	330	377	554	706	776	908	1,007	1,162	1,250
NOPAT Margin	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)	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	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	8.00%	7.58%	6.89%	6.97%	7.07%	6.76%	7.24%	6.53%	6.09%	6.38%
R&D to Revenue	7.19%	6.54%	5.95%	5.68%	6.31%	5.96%	5.46%	4.77%	5.22%	5.55%
Operating Expenses to Revenue	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)	411	485	577	743	735	838	1,016	1,204	1,521	1,520
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	491	569	660	833	841	953	1,155	1,351	1,686	1,732
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	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
Price to Revenue (P/Rev)	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)	30.16	26.22	35.02	24.16	37.12	59.33	67.57	41.79	38.50	42.40
Dividend Yield	1.22%	1.38%	1.12%	1.38%	1.02%	0.68%	0.61%	1.01%	0.99%	1.07%
Earnings Yield	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)	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)	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)	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)	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)	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)	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)	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	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	1.75	6.53	5.18	-15.47	-40.04	-7.60	-25.46	-4.47	-6.08	-4.80
Financial Leverage	0.46	1.71	3.44	12.19	-13.31	-6.62	-7.25	-4.97	-4.21	-4.85
Leverage Ratio	2.58	5.11	8.85	28.41	-31.22	-16.16	-16.00	-8.97	-6.02	-6.53
Compound Leverage Factor	2.20	4.07	7.16	24.08	-25.63	-13.24	-13.51	-7.78	-5.42	-5.82
Debt to Total Capital	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%	0.25%	0.29%	0.00%
Long-Term Debt to Total Capital	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%
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	36.34%	13.27%	16.18%	-6.91%	-2.56%	-15.16%	-4.09%	-28.76%	-19.63%	-26.32%
Debt to EBITDA	3.22	3.65	3.15	3.09	3.65	3.53	3.60	3.34	2.67	2.60
Net Debt to EBITDA	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	3.22	3.65	3.15	3.09	3.65	3.53	3.60	3.33	2.67	2.60
Debt to NOPAT	5.94	6.29	5.51	4.65	4.35	4.34	4.59	4.48	3.88	3.61
Net Debt to NOPAT	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	5.94	6.29	5.51	4.65	4.35	4.34	4.59	4.47	3.87	3.61
Altman Z-Score	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%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.13	1.97	2.09	1.77	2.31	1.88	1.71	1.40	0.93	0.85
Quick Ratio	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)	275	432	389	639	722	832	-18	1,069	151	1,395
Operating Cash Flow to CapEx	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	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	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	4.36	3.93	3.06	4.24	4.43	4.86	5.49	5.96	6.13	7.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.37	0.40	0.43	0.41	0.40	0.42	0.43	0.48	0.52
Accounts Receivable Turnover	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
Fixed Asset Turnover	11.14	11.83	13.41	15.48	17.16	19.81	27.77	37.30	46.08	45.05
Accounts Payable Turnover	100.13	163.71	251.08	104.41	56.78	28.11	25.90	28.39	35.94	42.29
Days Sales Outstanding (DSO)	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
Days Payable Outstanding (DPO)	3.65	2.23	1.45	3.50	6.43	12.98	14.09	12.86	10.16	8.63
Cash Conversion Cycle (CCC)	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	1,703	1,601	1,590	1,505	1,489	1,432	2,358	2,296	3,306	3,161
Invested Capital Turnover	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	-9.21	-102	-11	-85	-16	-57	926	-62	1,010	-145
Enterprise Value (EV)	7,547	8,124	11,833	13,943	22,488	37,581	51,578	39,681	48,270	51,125
Market Capitalization	6,745	6,840	10,645	12,271	20,923	35,706	49,057	36,377	44,224	47,024
Book Value per Share	$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	($10.28)	($16.85)	($16.45)	($22.64)	($22.44)	($27.07)	($36.30)	($47.48)	($57.95)	($60.77)
Total Capital	2,481	2,393	2,479	2,409	2,995	2,924	3,998	3,504	3,768	3,571
Total Debt	1,579	2,075	2,078	2,576	3,072	3,367	4,161	4,512	4,508	4,511
Total Long-Term Debt	1,579	2,075	2,078	2,576	3,072	3,367	4,161	4,503	4,497	4,511
Net Debt	802	1,283	1,189	1,671	1,565	1,875	2,521	3,304	4,046	4,101
Capital Expenditures (CapEx)	49	43	49	49	54	51	59	73	91	115
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-213	-273	-230	-278	-326	-397	-529	-487	-550	-651
Debt-free Net Working Capital (DFNWC)	565	519	659	626	1,181	904	892	506	-88	-242
Net Working Capital (NWC)	565	519	659	626	1,181	904	892	497	-99	-242
Net Nonoperating Expense (NNE)	42	69	73	46	142	174	182	137	13	141
Net Nonoperating Obligations (NNO)	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)	80	84	83	89	106	115	139	148	164	211
Debt-free, Cash-free Net Working Capital to Revenue	-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	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	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	$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	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	$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	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	266	330	377	554	706	776	908	1,007	1,162	1,250
Normalized NOPAT Margin	24.73%	28.67%	29.62%	38.62%	45.32%	45.77%	44.41%	44.79%	45.93%	43.77%
Pre Tax Income Margin	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	6.58	4.77	4.97	5.58	4.96	5.36	6.37	7.02	8.15	8.20
NOPAT to Interest Expense	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	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	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	39.23%	36.88%	39.38%	33.66%	39.55%	40.95%	41.66%	42.84%	38.39%	45.90%
Augmented Payout Ratio	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.42%	4.80%	5.76%	12.57%	11.56%	19.77%	14.82%	13.97%	15.87%	7.74%	9.69%
EBITDA Growth	28.26%	6.16%	7.40%	13.45%	13.28%	63.95%	10.56%	13.37%	15.34%	-18.18%	11.19%
EBIT Growth	27.66%	6.63%	7.90%	14.38%	14.48%	67.87%	7.78%	10.82%	12.47%	-20.82%	11.04%
NOPAT Growth	4.97%	12.88%	2.49%	14.28%	15.97%	27.94%	8.03%	7.98%	9.36%	6.59%	11.95%
Net Income Growth	27.50%	10.89%	4.51%	17.21%	19.88%	87.64%	7.22%	8.08%	8.18%	-24.26%	12.75%
EPS Growth	32.02%	15.09%	6.83%	19.31%	22.01%	89.51%	8.42%	9.06%	9.17%	-23.12%	15.22%
Operating Cash Flow Growth	49.64%	12.79%	8.17%	37.20%	-9.89%	23.31%	13.63%	19.69%	44.82%	10.72%	0.53%
Free Cash Flow Firm Growth	144.49%	144.23%	150.73%	159.55%	5.36%	-321.68%	-313.54%	-235.44%	-285.56%	170.31%	160.35%
Invested Capital Growth	-2.33%	-2.62%	-2.89%	-9.60%	-1.39%	44.00%	44.06%	43.64%	39.32%	-4.38%	-3.30%
Revenue Q/Q Growth	1.60%	2.78%	2.78%	4.89%	0.69%	10.34%	-1.47%	4.12%	2.37%	2.59%	0.31%
EBITDA Q/Q Growth	3.18%	-1.46%	2.11%	9.27%	3.04%	42.60%	-31.14%	12.05%	4.83%	1.16%	-6.42%
EBIT Q/Q Growth	3.08%	-1.54%	2.48%	9.98%	3.17%	44.37%	-34.20%	13.07%	4.70%	1.64%	-7.72%
NOPAT Q/Q Growth	2.37%	0.32%	8.77%	2.30%	3.89%	10.68%	-8.15%	2.25%	5.21%	7.87%	-3.54%
Net Income Q/Q Growth	2.85%	-0.75%	11.05%	3.39%	5.20%	55.35%	-36.55%	4.22%	5.30%	8.76%	-5.54%
EPS Q/Q Growth	3.47%	-0.37%	11.24%	4.04%	5.83%	54.74%	-36.36%	4.66%	5.93%	8.96%	-4.63%
Operating Cash Flow Q/Q Growth	51.90%	-2.37%	-16.26%	10.47%	-0.23%	33.60%	-22.83%	16.36%	20.72%	2.14%	-29.93%
Free Cash Flow Firm Q/Q Growth	134.69%	2.10%	9.33%	53.77%	-38.62%	-314.82%	-5.32%	2.47%	15.91%	181.40%	-9.60%
Invested Capital Q/Q Growth	-8.05%	-2.42%	0.91%	-0.16%	0.31%	42.48%	0.96%	-0.45%	-2.71%	-2.21%	2.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	82.45%	82.23%	81.65%	82.28%	83.16%	82.24%	81.10%	81.90%	82.59%	82.30%	81.66%
EBITDA Margin	61.94%	59.38%	59.00%	61.46%	62.90%	81.29%	56.81%	61.14%	62.61%	61.73%	57.59%
Operating Margin	55.21%	53.58%	53.12%	55.69%	56.49%	53.72%	49.91%	54.04%	55.38%	54.50%	50.55%
EBIT Margin	55.19%	52.87%	52.72%	55.28%	56.64%	74.11%	49.49%	53.75%	54.98%	54.46%	50.10%
Profit (Net Income) Margin	38.63%	37.31%	40.31%	39.74%	41.52%	58.45%	37.64%	37.68%	38.76%	41.09%	38.70%
Tax Burden Percent	80.46%	80.92%	86.38%	80.36%	81.74%	86.22%	86.50%	78.46%	78.70%	84.08%	87.17%
Interest Burden Percent	87.00%	87.20%	88.52%	89.45%	89.67%	91.48%	87.93%	89.35%	89.59%	89.73%	88.60%
Effective Tax Rate	19.54%	19.08%	13.62%	19.64%	18.26%	13.78%	13.50%	21.54%	21.30%	15.92%	12.83%
Return on Invested Capital (ROIC)	41.46%	41.90%	44.51%	43.18%	47.72%	41.82%	39.96%	40.68%	43.99%	40.47%	39.22%
ROIC Less NNEP Spread (ROIC-NNEP)	40.40%	40.70%	43.49%	42.30%	46.86%	44.09%	38.91%	39.79%	43.04%	39.61%	38.24%
Return on Net Nonoperating Assets (RNNOA)	-182.12%	-202.41%	-158.36%	-135.12%	-149.86%	-185.44%	-180.70%	-156.12%	-175.82%	-192.11%	-194.29%
Return on Equity (ROE)	-140.66%	-160.51%	-113.85%	-91.95%	-102.14%	-143.63%	-140.75%	-115.44%	-131.83%	-151.64%	-155.06%
Cash Return on Invested Capital (CROIC)	43.45%	45.93%	46.05%	53.13%	47.97%	5.41%	5.74%	6.98%	11.61%	43.13%	42.51%
Operating Return on Assets (OROA)	24.73%	22.64%	24.66%	27.08%	28.37%	35.64%	24.58%	28.44%	29.99%	28.38%	27.05%
Return on Assets (ROA)	17.31%	15.97%	18.86%	19.46%	20.79%	28.11%	18.70%	19.94%	21.15%	21.41%	20.89%
Return on Common Equity (ROCE)	-140.66%	-160.51%	-113.85%	-91.95%	-102.14%	-143.63%	-140.75%	-115.44%	-131.83%	-151.64%	-155.06%
Return on Equity Simple (ROE_SIMPLE)	-78.84%	0.00%	-97.73%	-76.83%	-91.52%	0.00%	-179.21%	-161.44%	-160.72%	0.00%	-119.11%
Net Operating Profit after Tax (NOPAT)	249	250	272	278	289	320	294	300	316	341	329
NOPAT Margin	44.42%	43.36%	45.89%	44.76%	46.18%	46.32%	43.17%	42.40%	43.58%	45.82%	44.07%
Net Nonoperating Expense Percent (NNEP)	1.06%	1.20%	1.02%	0.88%	0.86%	-2.28%	1.04%	0.88%	0.95%	0.86%	0.98%
Return On Investment Capital (ROIC_SIMPLE)	-	7.13%	-	-	-	8.48%	-	-	-	9.54%	9.16%
Cost of Revenue to Revenue	17.55%	17.77%	18.35%	17.72%	16.84%	17.76%	18.90%	18.10%	17.41%	17.70%	18.34%
SG&A Expenses to Revenue	5.48%	5.88%	6.93%	5.74%	5.89%	5.86%	8.34%	5.61%	5.73%	5.97%	7.66%
R&D to Revenue	4.63%	5.04%	5.29%	4.85%	5.03%	5.68%	5.96%	5.80%	5.32%	5.17%	6.38%
Operating Expenses to Revenue	27.24%	28.65%	28.53%	26.59%	26.67%	28.52%	31.19%	27.86%	27.21%	27.81%	31.11%
Earnings before Interest and Taxes (EBIT)	309	305	312	343	354	511	337	381	398	405	374
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	347	342	349	382	393	561	386	433	454	459	430
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)	14.94	16.18	19.29	15.76	16.61	17.49	16.84	14.08	16.36	16.46	15.03
Price to Earnings (P/E)	39.09	41.79	49.94	40.39	41.77	38.50	37.79	32.10	37.98	42.40	38.46
Dividend Yield	1.06%	1.01%	0.89%	1.14%	1.06%	0.99%	1.03%	1.24%	1.06%	1.07%	1.17%
Earnings Yield	2.56%	2.39%	2.00%	2.48%	2.39%	2.60%	2.65%	3.12%	2.63%	2.36%	2.60%
Enterprise Value to Invested Capital (EV/IC)	15.57	17.28	20.38	17.53	18.74	14.60	14.39	12.67	15.41	16.17	14.90
Enterprise Value to Revenue (EV/Rev)	16.49	17.65	20.70	17.25	18.00	19.09	18.36	15.58	17.78	17.90	16.46
Enterprise Value to EBITDA (EV/EBITDA)	27.52	29.37	34.33	28.54	29.64	28.64	27.89	23.75	27.17	29.52	27.10
Enterprise Value to EBIT (EV/EBIT)	30.93	32.97	38.49	31.94	33.07	31.73	31.09	26.61	30.63	33.63	30.88
Enterprise Value to NOPAT (EV/NOPAT)	37.44	39.40	46.56	38.67	39.95	41.55	40.60	34.91	40.36	40.90	37.42
Enterprise Value to Operating Cash Flow (EV/OCF)	34.58	36.23	42.33	33.95	37.40	39.05	37.77	31.68	34.13	34.05	32.00
Enterprise Value to Free Cash Flow (EV/FCFF)	35.42	37.13	43.60	31.33	38.78	318.75	295.79	214.01	154.64	36.65	34.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-4.19	-4.48	-5.00	-3.78	-4.30	-6.09	-6.93	-6.14	-5.97	-4.80	-4.74
Long-Term Debt to Equity	-4.18	-4.47	-4.99	-3.77	-4.29	-6.08	-6.93	-6.14	-5.97	-4.80	-4.74
Financial Leverage	-4.51	-4.97	-3.64	-3.19	-3.20	-4.21	-4.64	-3.92	-4.09	-4.85	-5.08
Leverage Ratio	-7.31	-8.97	-5.48	-4.32	-4.53	-6.02	-6.79	-5.30	-5.71	-6.53	-6.73
Compound Leverage Factor	-6.36	-7.82	-4.85	-3.87	-4.07	-5.50	-5.97	-4.74	-5.11	-5.86	-5.96
Debt to Total Capital	131.36%	128.76%	124.97%	136.00%	130.32%	119.63%	116.87%	119.46%	120.11%	126.32%	126.71%
Short-Term Debt to Total Capital	0.25%	0.25%	0.24%	0.26%	0.25%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	131.11%	128.52%	124.73%	135.73%	130.07%	119.34%	116.87%	119.46%	120.11%	126.32%	126.71%
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	-31.36%	-28.76%	-24.97%	-36.00%	-30.32%	-19.63%	-16.87%	-19.46%	-20.11%	-26.32%	-26.71%
Debt to EBITDA	3.39	3.34	3.28	3.17	3.07	2.67	2.62	2.54	2.45	2.60	2.56
Net Debt to EBITDA	2.58	2.45	2.34	2.47	2.30	2.40	2.32	2.29	2.17	2.37	2.36
Long-Term Debt to EBITDA	3.38	3.33	3.27	3.17	3.07	2.67	2.62	2.54	2.45	2.60	2.56
Debt to NOPAT	4.61	4.48	4.45	4.30	4.14	3.88	3.81	3.74	3.63	3.61	3.54
Net Debt to NOPAT	3.51	3.28	3.17	3.34	3.10	3.48	3.37	3.36	3.23	3.28	3.26
Long-Term Debt to NOPAT	4.60	4.47	4.44	4.29	4.13	3.87	3.81	3.74	3.63	3.61	3.54
Altman Z-Score	5.18	5.38	6.22	5.64	6.03	6.04	6.09	5.54	6.40	6.36	6.20
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	1.43	1.40	1.50	1.25	1.36	0.93	1.00	0.96	0.93	0.85	0.84
Quick Ratio	1.30	1.32	1.43	1.15	1.27	0.86	0.92	0.84	0.83	0.78	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	305	312	341	524	321	-691	-727	-709	-596	486	439
Operating Cash Flow to CapEx	1,794.73%	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%
Free Cash Flow to Firm to Interest Expense	6.91	6.83	7.37	11.23	6.85	-14.71	-15.58	-15.21	-12.78	10.67	9.44
Operating Cash Flow to Interest Expense	7.32	6.92	5.72	6.26	6.21	8.28	6.43	7.49	9.03	9.46	6.49
Operating Cash Flow Less CapEx to Interest Expense	6.91	6.47	5.25	5.69	5.76	7.82	5.91	6.90	8.44	8.67	5.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.43	0.47	0.49	0.50	0.48	0.50	0.53	0.55	0.52	0.54
Accounts Receivable Turnover	4.35	3.39	3.70	3.92	4.28	3.37	3.77	4.09	4.49	3.44	3.91
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	35.59	37.30	36.93	39.05	42.98	46.08	45.65	43.28	46.58	45.05	41.32
Accounts Payable Turnover	52.39	28.39	34.61	50.63	54.92	35.94	40.93	47.97	53.28	42.29	46.04
Days Sales Outstanding (DSO)	83.94	107.76	98.73	93.16	85.29	108.45	96.75	89.27	81.20	106.09	93.37
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)	6.97	12.86	10.54	7.21	6.65	10.16	8.92	7.61	6.85	8.63	7.93
Cash Conversion Cycle (CCC)	76.97	94.90	88.18	85.95	78.64	98.29	87.83	81.66	74.35	97.46	85.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,353	2,296	2,317	2,313	2,320	3,306	3,338	3,323	3,233	3,161	3,228
Invested Capital Turnover	0.93	0.97	0.97	0.96	1.03	0.90	0.93	0.96	1.01	0.88	0.89
Increase / (Decrease) in Invested Capital	-56	-62	-69	-246	-33	1,010	1,021	1,010	912	-145	-110
Enterprise Value (EV)	36,639	39,681	47,211	40,549	43,477	48,270	48,045	42,115	49,831	51,125	48,098
Market Capitalization	33,209	36,377	43,993	37,042	40,107	44,224	44,056	38,058	45,847	47,024	43,912
Book Value per Share	($13.38)	($12.61)	($11.27)	($14.91)	($13.26)	($9.35)	($8.21)	($9.27)	($9.55)	($11.99)	($12.34)
Tangible Book Value per Share	($48.06)	($47.48)	($46.07)	($49.62)	($48.24)	($57.95)	($56.69)	($57.98)	($58.47)	($60.77)	($61.35)
Total Capital	3,436	3,504	3,610	3,316	3,460	3,768	3,857	3,774	3,734	3,571	3,588
Total Debt	4,513	4,512	4,511	4,510	4,509	4,508	4,508	4,509	4,485	4,511	4,547
Total Long-Term Debt	4,504	4,503	4,502	4,501	4,500	4,497	4,508	4,509	4,485	4,511	4,547
Net Debt	3,431	3,304	3,218	3,507	3,370	4,046	3,988	4,057	3,984	4,101	4,186
Capital Expenditures (CapEx)	18	20	22	26	21	22	24	27	28	36	33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-399	-487	-470	-478	-485	-550	-523	-513	-593	-651	-591
Debt-free Net Working Capital (DFNWC)	468	506	611	315	443	-88	-4.04	-61	-92	-242	-231
Net Working Capital (NWC)	460	497	602	306	435	-99	-4.04	-61	-92	-242	-231
Net Nonoperating Expense (NNE)	32	35	33	31	29	-84	38	33	35	35	40
Net Nonoperating Obligations (NNO)	3,431	3,304	3,218	3,507	3,370	4,046	3,988	4,057	3,984	4,101	4,186
Total Depreciation and Amortization (D&A)	38	38	37	38	39	50	50	52	55	54	56
Debt-free, Cash-free Net Working Capital to Revenue	-17.94%	-21.68%	-20.60%	-20.32%	-20.09%	-21.74%	-20.00%	-18.97%	-21.16%	-22.79%	-20.24%
Debt-free Net Working Capital to Revenue	21.08%	22.51%	26.77%	13.39%	18.36%	-3.48%	-0.15%	-2.27%	-3.29%	-8.46%	-7.90%
Net Working Capital to Revenue	20.68%	22.12%	26.39%	13.02%	18.00%	-3.91%	-0.15%	-2.27%	-3.29%	-8.46%	-7.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.69	$2.69	$2.98	$3.10	$3.28	$5.09	$3.23	$3.37	$3.58	$3.91	$3.72
Adjusted Weighted Average Basic Shares Outstanding	80.50M	80.75M	80.04M	79.59M	79.12M	79.46M	79.20M	79.09M	78.50M	78.71M	77.63M
Adjusted Diluted Earnings per Share	$2.68	$2.67	$2.97	$3.09	$3.27	$5.06	$3.22	$3.37	$3.57	$3.89	$3.71
Adjusted Weighted Average Diluted Shares Outstanding	80.87M	81.22M	80.48M	79.91M	79.50M	79.84M	79.51M	79.25M	78.73M	78.96M	77.81M
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	79.96M	80.06M	79.09M	79.09M	79.09M	79.22M	78.65M	78.37M	77.65M	77.37M
Normalized Net Operating Profit after Tax (NOPAT)	249	250	272	278	289	320	294	300	316	341	329
Normalized NOPAT Margin	44.42%	43.36%	45.89%	44.76%	46.18%	46.32%	43.17%	42.40%	43.58%	45.82%	44.07%
Pre Tax Income Margin	48.02%	46.11%	46.67%	49.45%	50.79%	67.80%	43.52%	48.03%	49.25%	48.87%	44.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.01	6.68	6.76	7.37	7.55	10.89	7.21	8.16	8.53	8.90	8.04
NOPAT to Interest Expense	5.64	5.48	5.88	5.96	6.16	6.81	6.29	6.44	6.76	7.49	7.07
EBIT Less CapEx to Interest Expense	6.60	6.23	6.29	6.80	7.11	10.43	6.69	7.57	7.94	8.11	7.33
NOPAT Less CapEx to Interest Expense	5.23	5.03	5.41	5.40	5.71	6.34	5.77	5.85	6.17	6.70	6.36
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	42.23%	42.84%	45.10%	46.15%	44.97%	38.39%	39.47%	40.22%	40.87%	45.90%	45.68%
Augmented Payout Ratio	199.10%	203.36%	109.11%	125.14%	104.79%	82.29%	84.95%	68.09%	83.23%	125.72%	135.75%

Key Financial Trends

MSCI has demonstrated consistent revenue growth over the past four years, increasing from approximately $560.6 million in Q3 2022 to $745.8 million in Q1 2025. This reflects a steady expansion in its operating revenue base, suggesting healthy demand for its products and services.

Gross profit has tracked this growth favorable, rising from $462.2 million in Q3 2022 to $609 million in Q1 2025, indicating effective cost management of direct operational costs relative to revenue growth.

Operating expenses have increased over the period, particularly in selling, general & administrative (SG&A), marketing, research & development (R&D), and amortization expenses. The rise in marketing and R&D expenses highlights ongoing investments in product development and market expansion, which may drive future growth.

Nevertheless, total operating income has remained strong, though showing some variability from $309.5 million in Q3 2022 to $377 million in Q1 2025, with quarterly fluctuations likely reflecting seasonality or strategic investments.

Net income attributable to common shareholders has followed a generally upward trend, rising from $216.6 million in Q3 2022 to $288.6 million in Q1 2025, alongside improved earnings per share (diluted EPS rose from $3.27 to $3.71), indicating enhanced profitability on a per-share basis.

The company pays a consistent and growing cash dividend per share, increasing from $1.25 in Q3 2022 to $1.80 in Q1 2025, illustrating a commitment to returning value to shareholders.

On the balance sheet, total assets have expanded modestly from about $4.8 billion in Q3 2022 to $5.3 billion in Q1 2025. Goodwill and intangible assets form a significant portion of non-current assets, indicating acquisitions or significant intellectual property investments.

MSCI maintains significant long-term debt levels, roughly stable around $4.5 billion, which suggests steady use of leverage to finance operations or acquisitions.

The company has a negative total common equity position, a result of substantial treasury stock (share repurchases) exceeding retained earnings and other equity components. This reflects aggressive share buyback programs aimed at enhancing shareholder value but warrants monitoring for financial flexibility.

Cash flow from operating activities remains robust, consistently generating several hundred million dollars per quarter, supporting investments in capital expenditures and shareholder returns, including dividends and sizable share repurchases.

Steady growth in operating revenue and gross profit over the past four years.
Increasing net income and diluted EPS, signaling improving profitability.
Consistent and rising dividend payments per share, reflecting shareholder return focus.
Robust cash flow from operations each quarter, supporting growth and financing activities.
Continued investment in marketing and R&D expenses to fuel future growth prospects.
Stable level of long-term debt around $4.5 billion, indicating reliance on leverage.
Significant intangible assets and goodwill, associated with acquisitions and intellectual property.
Negative total common equity due to large treasury stock balances from aggressive share buybacks, which may constrain financial flexibility.
Fluctuations in total operating income suggesting potential impacts of seasonality or strategic spending changes.
Substantial cash outflows in financing activities, primarily from debt repayment and share repurchases.

08/02/25 05:31 PMAI 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 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 MSCI's forecast for analyst expectations on what’s next for the company.

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 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 8/2/2025 by MarketBeat.com Staff

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MSCI (MSCI) Financials

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