MSCI (MSCI) Financials

$581.17 -1.10 (-0.19%)

As of 03:27 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	224	261	304	508	564	602	726	871	1,149	1,109	1,202
Consolidated Net Income / (Loss)	224	261	304	508	564	602	726	871	1,149	1,109	1,202
Net Income / (Loss) Continuing Operations	230	261	304	508	564	602	726	871	1,149	1,109	1,202
Total Pre-Tax Income	350	386	467	630	603	686	858	1,044	1,369	1,356	1,494
Total Operating Income	404	488	580	687	756	885	1,073	1,208	1,385	1,529	1,714
Total Gross Profit	807	899	1,000	1,147	1,263	1,404	1,685	1,844	2,082	2,342	2,584
Total Revenue	1,075	1,151	1,274	1,434	1,558	1,695	2,044	2,249	2,529	2,856	3,134
Operating Revenue	1,075	1,151	1,274	1,434	1,558	1,695	2,044	2,249	2,529	2,856	3,134
Total Cost of Revenue	268	252	274	287	295	292	359	404	447	514	550
Operating Cost of Revenue	268	252	274	287	295	292	359	404	447	514	550
Total Operating Expenses	403	410	421	460	507	519	612	637	698	813	871
Selling, General & Admin Expense	86	87	88	100	110	115	148	147	154	182	180
Marketing Expense	162	167	177	193	219	216	243	265	276	291	320
Research & Development Expense	77	75	76	81	98	101	112	107	132	159	178
Depreciation Expense	31	34	35	31	30	30	29	27	21	17	23
Amortization Expense	47	47	45	54	49	57	81	91	114	164	169
Total Other Income / (Expense), net	-54	-102	-113	-57	-152	-199	-215	-164	-16	-172	-219
Interest Expense	62	102	116	133	148	156	160	172	187	186	210
Interest & Investment Income	1.17	2.91	6.31	20	16	5.03	1.50	12	34	21	16
Other Income / (Expense), net	6.88	-3.42	-3.09	56	-21	-47	-56	-4.00	137	-8.13	-25
Income Tax Expense	120	125	163	122	40	84	132	173	220	247	292
Basic Earnings per Share	$2.05	$2.72	$3.36	$5.83	$6.66	$7.19	$8.80	$10.78	$14.45	$14.09	$15.72
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	76.50M
Diluted Earnings per Share	$2.03	$2.70	$3.31	$5.66	$6.59	$7.12	$8.70	$10.72	$14.39	$14.05	$15.69
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	76.64M
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	73.47M
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	$7.20

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	260	403	256	267	281	306	289	304	325	285	406
Consolidated Net Income / (Loss)	260	403	256	267	281	306	289	304	325	285	406
Net Income / (Loss) Continuing Operations	260	403	256	267	281	306	289	304	325	285	406
Total Pre-Tax Income	318	468	296	340	357	363	331	378	397	389	389
Total Operating Income	353	371	339	383	401	405	377	425	448	464	457
Total Gross Profit	520	568	551	580	599	612	609	635	661	679	709
Total Revenue	625	690	680	708	725	744	746	773	793	823	851
Operating Revenue	625	690	680	708	725	744	746	773	793	823	851
Total Cost of Revenue	105	123	129	128	126	132	137	138	133	143	142
Operating Cost of Revenue	105	123	129	128	126	132	137	138	133	143	142
Total Operating Expenses	167	197	212	197	197	207	232	210	213	216	252
Selling, General & Admin Expense	37	40	57	40	42	44	57	38	42	43	69
Marketing Expense	67	75	72	71	71	77	79	78	80	83	86
Research & Development Expense	31	39	41	41	39	38	48	44	45	41	50
Depreciation Expense	5.25	5.10	4.08	4.23	4.33	4.34	4.70	5.39	5.80	7.47	5.90
Amortization Expense	27	37	39	41	42	43	44	44	41	41	42
Total Other Income / (Expense), net	-36	97	-43	-43	-44	-42	-46	-47	-51	-75	-68
Interest Expense	47	47	47	47	47	46	47	46	54	64	69
Interest & Investment Income	10	3.40	6.05	6.11	5.22	3.90	3.90	2.93	5.11	4.10	2.80
Other Income / (Expense), net	0.94	141	-2.86	-2.09	-2.93	-0.25	-3.30	-4.14	-2.67	-15	-1.40
Income Tax Expense	58	64	40	73	76	58	43	74	71	104	-17
Basic Earnings per Share	$3.28	$5.09	$3.23	$3.37	$3.58	$3.91	$3.72	$3.92	$4.26	$3.82	$5.54
Weighted Average Basic Shares Outstanding	79.12M	79.46M	79.20M	79.09M	78.50M	78.71M	77.60M	77.40M	76.46M	76.50M	73.30M
Diluted Earnings per Share	$3.27	$5.06	$3.22	$3.37	$3.57	$3.89	$3.71	$3.92	$4.25	$3.81	$5.53
Weighted Average Diluted Shares Outstanding	79.50M	79.84M	79.51M	79.25M	78.73M	78.96M	77.80M	77.50M	76.58M	76.64M	73.40M
Weighted Average Basic & Diluted Shares Outstanding	79.09M	79.09M	79.22M	78.65M	78.37M	77.65M	77.37M	77.37M	75.14M	73.47M	72.80M
Cash Dividends to Common per Share	$1.38	-	$1.60	$1.60	-	-	$1.80	$1.80	-	-	$2.05

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	269	14	98	21	602	-206	121	-428	-532	-52	106
Net Cash From Operating Activities	321	442	404	613	710	811	936	1,095	1,236	1,502	1,588
Net Cash From Continuing Operating Activities	321	442	404	613	706	811	936	1,095	1,236	1,502	1,588
Net Income / (Loss) Continuing Operations	224	261	304	508	564	602	726	871	1,149	1,109	1,202
Consolidated Net Income / (Loss)	224	261	304	508	564	602	726	871	1,149	1,109	1,202
Depreciation Expense	31	34	35	31	30	30	29	27	21	17	23
Amortization Expense	49	50	48	58	76	85	110	121	143	194	201
Non-Cash Adjustments To Reconcile Net Income	26	33	37	-23	59	98	122	60	-64	94	139
Changes in Operating Assets and Liabilities, net	-8.83	64	-20	38	-23	-3.72	-51	17	-13	87	23
Net Cash From Investing Activities	-49	-42	-48	35	-72	-242	-1,036	-79	-819	-144	-130
Net Cash From Continuing Investing Activities	-49	-42	-48	35	-72	-242	-1,036	-79	-819	-144	-130
Purchase of Property, Plant & Equipment	-49	-43	-49	-49	-54	-51	-59	-73	-91	-115	-130
Acquisitions	-6.50	-0.06	-	0.00	-18	-191	-975	-0.01	-727	-27	0.00
Other Investing Activities, net	-	-	-	-	0.01	0.00	-1.06	-6.44	-1.19	-1.67	-0.20
Net Cash From Financing Activities	4.70	-373	-268	-626	-37	-779	230	-1,425	-954	-1,402	-1,362
Net Cash From Continuing Financing Activities	4.70	-373	-268	-626	-37	-779	230	-1,425	-954	-1,402	-1,362
Repayment of Debt	-10	-7.18	-	-6.26	-525	-1,159	-1,073	-9.75	-8.75	-563	-1,122
Repurchase of Common Equity	-701	-775	-150	-950	-292	-779	-198	-1,398	-504	-885	-2,484
Payment of Dividends	-88	-96	-120	-171	-223	-246	-302	-373	-441	-509	-557
Issuance of Debt	800	500	-	500	1,000	1,405	1,804	355	0.00	557	2,806
Other Financing Activities, net	3.63	5.04	2.64	0.61	3.24	0.00	0.00	-0.21	0.00	-2.01	-5.17
Other Net Changes in Cash	-	-13	9.10	-	1.47	3.67	-	-	-	-	9.59
Cash Interest Paid	42	89	113	126	141	163	151	165	182	180	173
Cash Income Taxes Paid	130	98	129	143	73	114	223	181	240	201	222

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	136	-467	58	-68	50	-92	-49	-13	53	115	-130
Net Cash From Operating Activities	291	389	300	349	422	431	302	336	449	501	307
Net Cash From Continuing Operating Activities	291	389	300	349	422	431	302	336	449	501	307
Net Income / (Loss) Continuing Operations	260	403	256	267	281	306	289	304	325	285	406
Consolidated Net Income / (Loss)	260	403	256	267	281	306	289	304	325	285	406
Depreciation Expense	5.25	5.10	4.08	4.23	4.33	4.34	4.70	5.39	5.80	7.47	5.90
Amortization Expense	34	44	46	48	51	50	51	51	49	50	51
Non-Cash Adjustments To Reconcile Net Income	13	-121	32	20	30	12	47	36	20	36	43
Changes in Operating Assets and Liabilities, net	-21	57	-38	10	56	59	-90	-60	50	123	-198
Net Cash From Investing Activities	-21	-750	-32	-47	-28	-37	-33	-35	-26	-36	-71
Net Cash From Continuing Investing Activities	-21	-750	-32	-47	-28	-37	-33	-35	-26	-36	-71
Purchase of Property, Plant & Equipment	-21	-22	-24	-27	-28	-36	-33	-35	-26	-36	-29
Acquisitions	-	-727	-7.82	-20	-	-	0.00	-	-	-	-42
Net Cash From Financing Activities	-130	-112	-207	-369	-350	-476	-322	-321	-369	-350	-365
Net Cash From Continuing Financing Activities	-130	-112	-207	-369	-350	-476	-322	-321	-369	-350	-365
Repayment of Debt	-2.19	-2.19	-343	-	-25	-195	-65	-150	-725	-182	-175
Repurchase of Common Equity	-19	-0.03	-70	-242	-200	-374	-213	-138	-1,226	-907	-415
Payment of Dividends	-109	-109	-131	-127	-126	-125	-144	-140	-138	-135	-151
Issuance of Debt	-	-	337	-	-	220	100	115	1,717	874	375
Other Financing Activities, net	-	-	0.00	-	-	-	0.20	-7.99	2.28	0.39	0.80
Effect of Exchange Rate Changes	-3.62	5.72	-	-1.40	6.30	-9.35	-	6.17	-1.15	-	-1.80
Cash Interest Paid	34	57	34	57	34	55	34	56	32	52	79
Cash Income Taxes Paid	59	43	11	102	48	40	11	101	44	66	56

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	2025
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	12/31/2025
Total Assets	3,147	3,083	3,276	3,388	4,204	4,199	5,507	4,998	5,518	5,445	5,703
Total Current Assets	1,063	1,056	1,267	1,435	2,082	1,926	2,143	1,748	1,418	1,344	1,645
Cash & Equivalents	778	792	890	904	1,507	1,301	1,421	994	462	409	515
Accounts Receivable	208	222	328	473	499	559	665	663	840	821	987
Prepaid Expenses	31	30	35	38	44	46	51	55	58	66	74
Current Deferred & Refundable Income Taxes	46	12	15	19	32	20	5.95	37	59	48	69
Plant, Property, & Equipment, net	99	96	94	91	91	80	67	54	56	71	87
Total Noncurrent Assets	1,985	1,931	1,914	1,862	2,032	2,193	3,297	3,196	4,044	4,031	3,970
Goodwill	1,566	1,556	1,561	1,546	1,563	1,566	2,236	2,230	2,888	2,915	2,923
Intangible Assets	391	348	322	281	261	235	593	559	956	908	833
Noncurrent Deferred & Refundable Income Taxes	9.18	9.53	12	15	21	24	40	29	41	41	46
Other Noncurrent Operating Assets	18	18	20	21	187	177	208	164	159	167	169
Total Liabilities & Shareholders' Equity	3,147	3,083	3,276	3,388	4,204	4,199	5,507	4,998	5,518	5,445	5,703
Total Liabilities	2,246	2,765	2,875	3,554	4,281	4,642	5,670	6,005	6,258	6,385	8,357
Total Current Liabilities	498	537	608	809	901	1,022	1,251	1,251	1,517	1,586	1,830
Accounts Payable	2.51	0.57	1.61	3.89	6.50	14	13	15	9.81	15	15
Accrued Expenses	61	83	86	114	139	144	145	153	168	192	265
Current Deferred Revenue	318	334	374	538	575	676	825	883	1,084	1,123	1,232
Current Deferred & Payable Income Tax Liabilities	-	-	15	16	14	26	60	8.06	25	38	74
Current Employee Benefit Liabilities	117	119	131	137	166	162	208	182	219	217	243
Total Noncurrent Liabilities	1,747	2,228	2,267	2,745	3,380	3,620	4,419	4,755	4,741	4,800	6,527
Long-Term Debt	1,579	2,075	2,078	2,576	3,072	3,367	4,161	4,503	4,497	4,511	6,202
Noncurrent Deferred & Payable Income Tax Liabilities	111	94	78	82	67	13	3.65	29	27	48	102
Other Noncurrent Operating Liabilities	57	59	111	88	242	241	254	223	217	241	223
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	901	318	401	-166	-77	-443	-163	-1,008	-740	-940	-2,655
Total Preferred & Common Equity	901	318	401	-166	-77	-443	-163	-1,008	-740	-940	-2,655
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	901	318	401	-166	-77	-443	-163	-1,008	-740	-940	-2,655
Common Stock	1,174	1,227	1,266	1,308	1,352	1,404	1,459	1,517	1,589	1,685	1,804
Retained Earnings	1,158	1,322	1,505	1,857	2,199	2,554	2,977	3,473	4,180	4,780	5,428
Treasury Stock	-1,396	-2,171	-2,322	-3,273	-3,566	-4,343	-4,540	-5,938	-6,447	-7,334	-9,834
Accumulated Other Comprehensive Income / (Loss)	-36	-61	-48	-58	-63	-59	-59	-60	-61	-71	-52

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	4,763	4,865	5,518	5,479	5,457	5,409	5,445	5,344	5,374	5,389	5,545
Total Current Assets	1,524	1,639	1,418	1,365	1,315	1,286	1,344	1,236	1,271	1,309	1,394
Cash & Equivalents	792	929	462	519	451	501	409	361	347	400	385
Accounts Receivable	613	603	840	746	709	644	821	749	791	746	883
Prepaid Expenses	49	53	58	56	56	64	66	73	65	67	82
Current Deferred & Refundable Income Taxes	70	55	59	44	99	77	48	52	68	96	44
Plant, Property, & Equipment, net	61	58	56	56	64	62	71	86	86	83	87
Total Noncurrent Assets	3,178	3,168	4,044	4,058	4,078	4,061	4,031	4,023	4,017	3,998	4,064
Goodwill	2,232	2,230	2,888	2,891	2,909	2,916	2,915	2,919	2,926	2,923	2,962
Intangible Assets	546	536	956	948	949	931	908	887	869	850	851
Noncurrent Deferred & Refundable Income Taxes	28	35	41	39	40	42	41	41	42	42	47
Other Noncurrent Operating Assets	160	156	159	180	179	172	167	177	180	183	204
Total Liabilities & Shareholders' Equity	4,763	4,865	5,518	5,479	5,457	5,409	5,445	5,344	5,374	5,389	5,545
Total Liabilities	5,956	5,915	6,258	6,129	6,191	6,160	6,385	6,303	6,260	7,305	8,319
Total Current Liabilities	1,218	1,205	1,517	1,369	1,376	1,378	1,586	1,466	1,470	1,484	1,613
Accounts Payable	7.28	10	9.81	12	13	8.75	15	11	12	16	10
Accrued Expenses	161	171	168	174	191	209	192	208	188	223	268
Current Deferred Revenue	910	837	1,084	1,054	1,018	943	1,123	1,083	1,060	975	1,184
Current Deferred & Payable Income Tax Liabilities	12	20	25	45	25	39	38	72	65	77	57
Current Employee Benefit Liabilities	119	157	219	85	130	179	217	93	145	194	95
Total Noncurrent Liabilities	4,738	4,710	4,741	4,760	4,815	4,782	4,800	4,837	4,790	5,821	6,706
Long-Term Debt	4,501	4,500	4,497	4,508	4,509	4,485	4,511	4,547	4,513	5,508	6,404
Noncurrent Deferred & Payable Income Tax Liabilities	18	4.22	27	18	70	61	48	52	52	83	25
Other Noncurrent Operating Liabilities	220	206	217	235	236	236	241	238	224	230	278
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-1,194	-1,049	-740	-651	-734	-751	-940	-959	-886	-1,916	-2,774
Total Preferred & Common Equity	-1,194	-1,049	-740	-651	-734	-751	-940	-959	-886	-1,916	-2,774
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	-1,194	-1,049	-740	-651	-734	-751	-940	-959	-886	-1,916	-2,774
Common Stock	1,555	1,573	1,589	1,624	1,644	1,662	1,685	1,726	1,753	1,778	1,853
Retained Earnings	3,736	3,886	4,180	4,306	4,446	4,600	4,780	4,928	5,091	5,278	5,685
Treasury Stock	-6,428	-6,447	-6,447	-6,517	-6,759	-6,961	-7,334	-7,548	-7,680	-8,919	-10,253
Accumulated Other Comprehensive Income / (Loss)	-57	-61	-61	-64	-65	-53	-71	-64	-50	-54	-59

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.86%	7.04%	10.73%	12.54%	8.63%	8.83%	20.54%	10.03%	12.47%	12.94%	9.75%
EBITDA Growth	15.78%	15.98%	15.98%	26.14%	1.00%	13.30%	21.26%	16.96%	24.74%	2.75%	10.44%
EBIT Growth	21.06%	17.99%	18.98%	28.90%	-1.13%	13.96%	21.34%	18.44%	26.39%	-0.06%	11.03%
NOPAT Growth	22.18%	24.12%	14.41%	46.73%	27.47%	9.91%	16.96%	10.98%	15.34%	7.61%	10.29%
Net Income Growth	-21.28%	16.64%	16.53%	67.08%	10.98%	6.77%	20.63%	19.92%	31.94%	-3.44%	8.40%
EPS Growth	-16.46%	33.00%	22.59%	71.00%	16.43%	8.04%	22.19%	23.22%	34.24%	-2.36%	11.67%
Operating Cash Flow Growth	5.10%	37.70%	-8.64%	51.61%	15.79%	14.32%	15.41%	17.02%	12.84%	21.49%	5.78%
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%	8.10%
Invested Capital Growth	-0.54%	-6.00%	-0.71%	-5.33%	-1.08%	-3.80%	64.63%	-2.62%	44.00%	-4.38%	-4.08%
Revenue Q/Q Growth	2.07%	1.76%	3.41%	1.91%	2.97%	2.23%	5.48%	1.19%	4.72%	1.91%	2.59%
EBITDA Q/Q Growth	2.97%	3.47%	4.31%	8.29%	-3.32%	5.80%	5.57%	1.49%	14.92%	-5.56%	2.50%
EBIT Q/Q Growth	5.54%	3.72%	5.20%	9.31%	-4.62%	6.44%	5.56%	1.60%	15.73%	-6.55%	2.64%
NOPAT Q/Q Growth	9.39%	4.09%	-2.79%	11.80%	5.61%	2.39%	3.75%	2.93%	6.73%	1.26%	0.03%
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%	-1.70%
EPS Q/Q Growth	7.98%	7.14%	-1.19%	23.85%	-4.91%	6.43%	5.45%	3.38%	19.92%	-7.69%	-0.51%
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%	4.64%
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%	6.23%
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%	-4.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.10%	78.09%	78.52%	79.96%	81.07%	82.79%	82.45%	82.02%	82.34%	81.99%	82.44%
EBITDA Margin	45.65%	49.46%	51.80%	58.06%	53.98%	56.20%	56.53%	60.09%	66.65%	60.63%	61.02%
Operating Margin	37.57%	42.42%	45.50%	47.90%	48.51%	52.19%	52.49%	53.71%	54.75%	53.52%	54.67%
EBIT Margin	38.21%	42.12%	45.26%	51.84%	47.18%	49.40%	49.73%	53.53%	60.15%	53.23%	53.86%
Profit (Net Income) Margin	20.80%	22.67%	23.86%	35.42%	36.18%	35.50%	35.53%	38.72%	45.42%	38.83%	38.36%
Tax Burden Percent	63.98%	67.59%	65.10%	80.63%	93.42%	87.70%	84.60%	83.40%	83.90%	81.78%	80.46%
Interest Burden Percent	85.10%	79.63%	80.96%	84.74%	82.09%	81.94%	84.44%	86.72%	90.00%	89.20%	88.52%
Effective Tax Rate	34.19%	32.41%	34.90%	19.37%	6.58%	12.30%	15.40%	16.60%	16.10%	18.22%	19.54%
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%	44.52%
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%	40.91%
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%	-111.42%
Return on Equity (ROE)	19.16%	42.80%	84.60%	433.13%	-463.51%	-231.49%	-239.32%	-148.64%	-131.44%	-132.06%	-66.90%
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%	48.69%
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%	30.29%
Return on Assets (ROA)	7.42%	8.37%	9.56%	15.24%	14.85%	14.32%	14.96%	16.58%	21.85%	20.23%	21.57%
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%	-66.90%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	266	330	377	554	706	776	908	1,007	1,162	1,250	1,379
NOPAT Margin	24.73%	28.67%	29.62%	38.62%	45.32%	45.77%	44.41%	44.79%	45.93%	43.77%	43.99%
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%	3.61%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	28.74%	30.83%	35.01%	38.86%
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%	17.56%
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%	5.75%
R&D to Revenue	7.19%	6.54%	5.95%	5.68%	6.31%	5.96%	5.46%	4.77%	5.22%	5.55%	5.67%
Operating Expenses to Revenue	37.53%	35.67%	33.02%	32.06%	32.55%	30.61%	29.95%	28.31%	27.59%	28.47%	27.77%
Earnings before Interest and Taxes (EBIT)	411	485	577	743	735	838	1,016	1,204	1,521	1,520	1,688
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	491	569	660	833	841	953	1,155	1,351	1,686	1,732	1,913
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	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)	6.27	5.94	8.35	8.56	13.43	21.06	24.01	16.18	17.49	16.46	13.75
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	35.86
Dividend Yield	1.22%	1.38%	1.12%	1.38%	1.02%	0.68%	0.61%	1.01%	0.99%	1.07%	1.25%
Earnings Yield	3.32%	3.81%	2.86%	4.14%	2.69%	1.69%	1.48%	2.39%	2.60%	2.36%	2.79%
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	16.09
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	15.57
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	25.51
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	28.91
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	35.39
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	30.72
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	32.36
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	-2.34
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	-2.34
Financial Leverage	0.46	1.71	3.44	12.19	-13.31	-6.62	-7.25	-4.97	-4.21	-4.85	-2.72
Leverage Ratio	2.58	5.11	8.85	28.41	-31.22	-16.16	-16.00	-8.97	-6.02	-6.53	-3.10
Compound Leverage Factor	2.20	4.07	7.16	24.08	-25.63	-13.24	-13.51	-7.78	-5.42	-5.82	-2.75
Debt to Total Capital	63.66%	86.73%	83.82%	106.91%	102.56%	115.16%	104.09%	128.76%	119.63%	126.32%	174.82%
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%	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%	174.82%
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	36.34%	13.27%	16.18%	-6.91%	-2.56%	-15.16%	-4.09%	-28.76%	-19.63%	-26.32%	-74.82%
Debt to EBITDA	3.22	3.65	3.15	3.09	3.65	3.53	3.60	3.34	2.67	2.60	3.24
Net Debt to EBITDA	1.63	2.26	1.80	2.01	1.86	1.97	2.18	2.45	2.40	2.37	2.97
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	3.24
Debt to NOPAT	5.94	6.29	5.51	4.65	4.35	4.34	4.59	4.48	3.88	3.61	4.50
Net Debt to NOPAT	3.02	3.89	3.15	3.02	2.22	2.42	2.78	3.28	3.48	3.28	4.12
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	4.50
Altman Z-Score	3.31	3.18	4.08	4.21	4.95	6.79	7.12	5.97	6.65	7.04	5.92
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	2.13	1.97	2.09	1.77	2.31	1.88	1.71	1.40	0.93	0.85	0.90
Quick Ratio	1.98	1.89	2.00	1.70	2.23	1.82	1.67	1.32	0.86	0.78	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	275	432	389	639	722	832	-18	1,069	151	1,395	1,508
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%	1,223.19%
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	7.18
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	7.57
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	6.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.37	0.40	0.43	0.41	0.40	0.42	0.43	0.48	0.52	0.56
Accounts Receivable Turnover	5.56	5.36	4.64	3.58	3.20	3.21	3.34	3.39	3.37	3.44	3.47
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	11.14	11.83	13.41	15.48	17.16	19.81	27.77	37.30	46.08	45.05	39.63
Accounts Payable Turnover	100.13	163.71	251.08	104.41	56.78	28.11	25.90	28.39	35.94	42.29	36.87
Days Sales Outstanding (DSO)	65.69	68.16	78.65	101.95	113.95	113.87	109.23	107.76	108.45	106.09	105.23
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)	3.65	2.23	1.45	3.50	6.43	12.98	14.09	12.86	10.16	8.63	9.90
Cash Conversion Cycle (CCC)	62.05	65.93	77.19	98.45	107.53	100.89	95.13	94.90	98.29	97.46	95.33
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	3,032
Invested Capital Turnover	0.63	0.70	0.80	0.93	1.04	1.16	1.08	0.97	0.90	0.88	1.01
Increase / (Decrease) in Invested Capital	-9.21	-102	-11	-85	-16	-57	926	-62	1,010	-145	-129
Enterprise Value (EV)	7,547	8,124	11,833	13,943	22,488	37,581	51,578	39,681	48,270	51,125	48,797
Market Capitalization	6,745	6,840	10,645	12,271	20,923	35,706	49,057	36,377	44,224	47,024	43,110
Book Value per Share	$8.78	$3.37	$4.45	($1.89)	($0.91)	($5.35)	($1.98)	($12.61)	($9.35)	($11.99)	($35.33)
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)	($85.31)
Total Capital	2,481	2,393	2,479	2,409	2,995	2,924	3,998	3,504	3,768	3,571	3,548
Total Debt	1,579	2,075	2,078	2,576	3,072	3,367	4,161	4,512	4,508	4,511	6,202
Total Long-Term Debt	1,579	2,075	2,078	2,576	3,072	3,367	4,161	4,503	4,497	4,511	6,202
Net Debt	802	1,283	1,189	1,671	1,565	1,875	2,521	3,304	4,046	4,101	5,687
Capital Expenditures (CapEx)	49	43	49	49	54	51	59	73	91	115	130
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-213	-273	-230	-278	-326	-397	-529	-487	-550	-651	-700
Debt-free Net Working Capital (DFNWC)	565	519	659	626	1,181	904	892	506	-88	-242	-185
Net Working Capital (NWC)	565	519	659	626	1,181	904	892	497	-99	-242	-185
Net Nonoperating Expense (NNE)	42	69	73	46	142	174	182	137	13	141	176
Net Nonoperating Obligations (NNO)	802	1,283	1,189	1,671	1,565	1,875	2,521	3,304	4,046	4,101	5,687
Total Depreciation and Amortization (D&A)	80	84	83	89	106	115	139	148	164	211	224
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%	-22.34%
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%	-5.90%
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%	-5.90%
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	$15.72
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	76.50M
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	$15.69
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	76.64M
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	84.81M	82.57M	81.27M	79.96M	79.09M	77.65M	73.47M
Normalized Net Operating Profit after Tax (NOPAT)	266	330	377	554	706	776	908	1,007	1,162	1,250	1,379
Normalized NOPAT Margin	24.73%	28.67%	29.62%	38.62%	45.32%	45.77%	44.41%	44.79%	45.93%	43.77%	43.99%
Pre Tax Income Margin	32.52%	33.54%	36.64%	43.93%	38.73%	40.48%	41.99%	46.42%	54.14%	47.48%	47.67%
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	8.04
NOPAT to Interest Expense	4.26	3.25	3.25	4.16	4.77	4.96	5.69	5.87	6.22	6.74	6.57
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	7.42
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	5.95
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%	46.29%
Augmented Payout Ratio	352.54%	333.81%	88.88%	220.69%	91.37%	170.31%	68.99%	203.36%	82.29%	125.72%	252.92%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	73,474,042.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	73,474,042.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	5.53
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.56%	19.77%	14.82%	13.97%	15.87%	7.74%	9.69%	9.14%	9.48%	10.63%	14.08%
EBITDA Growth	13.28%	63.95%	10.56%	13.37%	15.34%	-18.18%	11.19%	10.37%	10.13%	10.18%	19.19%
EBIT Growth	14.48%	67.87%	7.78%	10.82%	12.47%	-20.82%	11.04%	10.66%	11.70%	10.71%	21.89%
NOPAT Growth	15.97%	27.94%	8.03%	7.98%	9.36%	6.59%	11.95%	13.84%	16.32%	-0.38%	45.04%
Net Income Growth	19.88%	87.64%	7.22%	8.08%	8.18%	-24.26%	12.75%	13.83%	15.84%	-6.82%	40.68%
EPS Growth	22.01%	89.51%	8.42%	9.06%	9.17%	-23.12%	15.22%	16.32%	19.05%	-2.06%	49.06%
Operating Cash Flow Growth	-9.89%	23.31%	13.63%	19.69%	44.82%	10.72%	0.53%	-3.75%	6.60%	16.37%	1.69%
Free Cash Flow Firm Growth	5.36%	-321.68%	-313.54%	-235.44%	-285.56%	170.31%	160.35%	154.29%	168.48%	-3.51%	4.78%
Invested Capital Growth	-1.39%	44.00%	44.06%	43.64%	39.32%	-4.38%	-3.30%	-1.30%	-1.27%	-4.08%	0.52%
Revenue Q/Q Growth	0.69%	10.34%	-1.47%	4.12%	2.37%	2.59%	0.31%	3.60%	2.69%	3.67%	3.44%
EBITDA Q/Q Growth	3.04%	42.60%	-31.14%	12.05%	4.83%	1.16%	-6.42%	11.22%	4.60%	1.20%	1.23%
EBIT Q/Q Growth	3.17%	44.37%	-34.20%	13.07%	4.70%	1.64%	-7.72%	12.69%	5.68%	0.74%	1.60%
NOPAT Q/Q Growth	3.89%	10.68%	-8.15%	2.25%	5.21%	7.87%	-3.54%	3.98%	7.51%	-7.61%	40.42%
Net Income Q/Q Growth	5.20%	55.35%	-36.55%	4.22%	5.30%	8.76%	-5.54%	5.21%	7.16%	-12.51%	42.62%
EPS Q/Q Growth	5.83%	54.74%	-36.36%	4.66%	5.93%	8.96%	-4.63%	5.66%	8.42%	-10.35%	45.14%
Operating Cash Flow Q/Q Growth	-0.23%	33.60%	-22.83%	16.36%	20.72%	2.14%	-29.93%	11.40%	33.71%	11.50%	-38.78%
Free Cash Flow Firm Q/Q Growth	-38.62%	-314.82%	-5.32%	2.47%	15.91%	181.40%	-9.60%	-12.26%	6.08%	14.69%	-1.84%
Invested Capital Q/Q Growth	0.31%	42.48%	0.96%	-0.45%	-2.71%	-2.21%	2.09%	1.61%	-2.68%	-4.99%	6.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	83.16%	82.24%	81.10%	81.90%	82.59%	82.30%	81.66%	82.18%	83.30%	82.57%	83.33%
EBITDA Margin	62.90%	81.29%	56.81%	61.14%	62.61%	61.73%	57.59%	61.83%	62.98%	61.48%	60.17%
Operating Margin	56.49%	53.72%	49.91%	54.04%	55.38%	54.50%	50.55%	55.03%	56.42%	56.37%	53.70%
EBIT Margin	56.64%	74.11%	49.49%	53.75%	54.98%	54.46%	50.10%	54.50%	56.09%	54.51%	53.54%
Profit (Net Income) Margin	41.52%	58.45%	37.64%	37.68%	38.76%	41.09%	38.70%	39.30%	41.01%	34.61%	47.72%
Tax Burden Percent	81.74%	86.22%	86.50%	78.46%	78.70%	84.08%	87.17%	80.36%	82.06%	73.21%	104.32%
Interest Burden Percent	89.67%	91.48%	87.93%	89.35%	89.59%	89.73%	88.60%	89.73%	89.10%	86.73%	85.44%
Effective Tax Rate	18.26%	13.78%	13.50%	21.54%	21.30%	15.92%	12.83%	19.64%	17.94%	26.79%	-4.32%
Return on Invested Capital (ROIC)	47.72%	41.82%	39.96%	40.68%	43.99%	40.47%	39.22%	40.01%	44.04%	41.77%	56.08%
ROIC Less NNEP Spread (ROIC-NNEP)	46.86%	44.09%	38.91%	39.79%	43.04%	39.61%	38.24%	39.09%	43.12%	40.65%	54.70%
Return on Net Nonoperating Assets (RNNOA)	-149.86%	-185.44%	-180.70%	-156.12%	-175.82%	-192.11%	-194.29%	-198.33%	-146.99%	-110.69%	-149.53%
Return on Equity (ROE)	-102.14%	-143.63%	-140.75%	-115.44%	-131.83%	-151.64%	-155.06%	-158.31%	-102.95%	-68.92%	-93.45%
Cash Return on Invested Capital (CROIC)	47.97%	5.41%	5.74%	6.98%	11.61%	43.13%	42.51%	41.50%	44.19%	48.69%	46.60%
Operating Return on Assets (OROA)	28.37%	35.64%	24.58%	28.44%	29.99%	28.38%	27.05%	30.06%	31.74%	30.65%	31.85%
Return on Assets (ROA)	20.79%	28.11%	18.70%	19.94%	21.15%	21.41%	20.89%	21.67%	23.21%	19.46%	28.39%
Return on Common Equity (ROCE)	-102.14%	-143.63%	-140.75%	-115.44%	-131.83%	-151.64%	-155.06%	-158.31%	-102.95%	-68.92%	-93.45%
Return on Equity Simple (ROE_SIMPLE)	-91.52%	0.00%	-179.21%	-161.44%	-160.72%	0.00%	-119.11%	-133.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	289	320	294	300	316	341	329	342	367	339	477
NOPAT Margin	46.18%	46.32%	43.17%	42.40%	43.58%	45.82%	44.07%	44.23%	46.30%	41.27%	56.02%
Net Nonoperating Expense Percent (NNEP)	0.86%	-2.28%	1.04%	0.88%	0.95%	0.86%	0.98%	0.93%	0.92%	1.12%	1.38%
Return On Investment Capital (ROIC_SIMPLE)	-	8.48%	-	-	-	9.54%	9.16%	9.42%	10.23%	9.57%	13.13%
Cost of Revenue to Revenue	16.84%	17.76%	18.90%	18.10%	17.41%	17.70%	18.34%	17.82%	16.70%	17.43%	16.67%
SG&A Expenses to Revenue	5.89%	5.86%	8.34%	5.61%	5.73%	5.97%	7.66%	4.96%	5.27%	5.22%	8.11%
R&D to Revenue	5.03%	5.68%	5.96%	5.80%	5.32%	5.17%	6.38%	5.70%	5.65%	5.00%	5.83%
Operating Expenses to Revenue	26.67%	28.52%	31.19%	27.86%	27.21%	27.81%	31.11%	27.15%	26.87%	26.20%	29.63%
Earnings before Interest and Taxes (EBIT)	354	511	337	381	398	405	374	421	445	448	456
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	393	561	386	433	454	459	430	478	500	506	512
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)	16.61	17.49	16.84	14.08	16.36	16.46	15.03	14.94	14.37	13.75	12.23
Price to Earnings (P/E)	41.77	38.50	37.79	32.10	37.98	42.40	38.46	37.86	35.89	35.86	30.01
Dividend Yield	1.06%	0.99%	1.03%	1.24%	1.06%	1.07%	1.17%	1.18%	1.23%	1.25%	1.38%
Earnings Yield	2.39%	2.60%	2.65%	3.12%	2.63%	2.36%	2.60%	2.64%	2.79%	2.79%	3.33%
Enterprise Value to Invested Capital (EV/IC)	18.74	14.60	14.39	12.67	15.41	16.17	14.90	14.88	15.35	16.09	14.06
Enterprise Value to Revenue (EV/Rev)	18.00	19.09	18.36	15.58	17.78	17.90	16.46	16.34	16.04	15.57	14.08
Enterprise Value to EBITDA (EV/EBITDA)	29.64	28.64	27.89	23.75	27.17	29.52	27.10	26.81	26.26	25.51	22.87
Enterprise Value to EBIT (EV/EBIT)	33.07	31.73	31.09	26.61	30.63	33.63	30.88	30.53	29.80	28.91	25.78
Enterprise Value to NOPAT (EV/NOPAT)	39.95	41.55	40.60	34.91	40.36	40.90	37.42	36.77	35.55	35.39	29.92
Enterprise Value to Operating Cash Flow (EV/OCF)	37.40	39.05	37.77	31.68	34.13	34.05	32.00	32.74	32.28	30.72	28.63
Enterprise Value to Free Cash Flow (EV/FCFF)	38.78	318.75	295.79	214.01	154.64	36.65	34.47	35.61	34.52	32.36	30.26
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-4.30	-6.09	-6.93	-6.14	-5.97	-4.80	-4.74	-5.09	-2.87	-2.34	-2.31
Long-Term Debt to Equity	-4.29	-6.08	-6.93	-6.14	-5.97	-4.80	-4.74	-5.09	-2.87	-2.34	-2.31
Financial Leverage	-3.20	-4.21	-4.64	-3.92	-4.09	-4.85	-5.08	-5.07	-3.41	-2.72	-2.73
Leverage Ratio	-4.53	-6.02	-6.79	-5.30	-5.71	-6.53	-6.73	-6.68	-4.05	-3.10	-2.92
Compound Leverage Factor	-4.07	-5.50	-5.97	-4.74	-5.11	-5.86	-5.96	-6.00	-3.61	-2.69	-2.49
Debt to Total Capital	130.32%	119.63%	116.87%	119.46%	120.11%	126.32%	126.71%	124.43%	153.34%	174.82%	176.43%
Short-Term Debt to Total Capital	0.25%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	130.07%	119.34%	116.87%	119.46%	120.11%	126.32%	126.71%	124.43%	153.34%	174.82%	176.43%
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	-30.32%	-19.63%	-16.87%	-19.46%	-20.11%	-26.32%	-26.71%	-24.43%	-53.34%	-74.82%	-76.43%
Debt to EBITDA	3.07	2.67	2.62	2.54	2.45	2.60	2.56	2.48	2.95	3.24	3.21
Net Debt to EBITDA	2.30	2.40	2.32	2.29	2.17	2.37	2.36	2.29	2.74	2.97	3.02
Long-Term Debt to EBITDA	3.07	2.67	2.62	2.54	2.45	2.60	2.56	2.48	2.95	3.24	3.21
Debt to NOPAT	4.14	3.88	3.81	3.74	3.63	3.61	3.54	3.40	4.00	4.50	4.20
Net Debt to NOPAT	3.10	3.48	3.37	3.36	3.23	3.28	3.26	3.14	3.71	4.12	3.95
Long-Term Debt to NOPAT	4.13	3.87	3.81	3.74	3.63	3.61	3.54	3.40	4.00	4.50	4.20
Altman Z-Score	6.03	6.04	6.09	5.54	6.40	6.36	6.20	6.37	5.78	5.20	5.10
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	1.36	0.93	1.00	0.96	0.93	0.85	0.84	0.86	0.88	0.90	0.86
Quick Ratio	1.27	0.86	0.92	0.84	0.83	0.78	0.76	0.77	0.77	0.82	0.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	321	-691	-727	-709	-596	486	439	385	408	468	460
Operating Cash Flow to CapEx	1,387.59%	1,781.82%	1,238.34%	1,278.13%	1,527.51%	1,197.70%	918.22%	972.54%	1,718.90%	1,380.90%	1,065.28%
Free Cash Flow to Firm to Interest Expense	6.85	-14.71	-15.58	-15.21	-12.78	10.67	9.44	8.34	7.62	7.37	6.65
Operating Cash Flow to Interest Expense	6.21	8.28	6.43	7.49	9.03	9.46	6.49	7.28	8.38	7.88	4.44
Operating Cash Flow Less CapEx to Interest Expense	5.76	7.82	5.91	6.90	8.44	8.67	5.78	6.53	7.89	7.31	4.02
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.48	0.50	0.53	0.55	0.52	0.54	0.55	0.57	0.56	0.60
Accounts Receivable Turnover	4.28	3.37	3.77	4.09	4.49	3.44	3.91	3.98	4.40	3.47	3.97
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	42.98	46.08	45.65	43.28	46.58	45.05	41.32	39.93	42.18	39.63	37.47
Accounts Payable Turnover	54.92	35.94	40.93	47.97	53.28	42.29	46.04	43.12	43.44	36.87	53.00
Days Sales Outstanding (DSO)	85.29	108.45	96.75	89.27	81.20	106.09	93.37	91.66	83.00	105.23	91.97
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)	6.65	10.16	8.92	7.61	6.85	8.63	7.93	8.46	8.40	9.90	6.89
Cash Conversion Cycle (CCC)	78.64	98.29	87.83	81.66	74.35	97.46	85.44	83.20	74.60	95.33	85.08
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,320	3,306	3,338	3,323	3,233	3,161	3,228	3,280	3,192	3,032	3,244
Invested Capital Turnover	1.03	0.90	0.93	0.96	1.01	0.88	0.89	0.90	0.95	1.01	1.00
Increase / (Decrease) in Invested Capital	-33	1,010	1,021	1,010	912	-145	-110	-43	-41	-129	17
Enterprise Value (EV)	43,477	48,270	48,045	42,115	49,831	51,125	48,098	48,789	49,005	48,797	45,622
Market Capitalization	40,107	44,224	44,056	38,058	45,847	47,024	43,912	44,623	43,898	43,110	39,603
Book Value per Share	($13.26)	($9.35)	($8.21)	($9.27)	($9.55)	($11.99)	($12.34)	($11.45)	($24.77)	($35.33)	($37.76)
Tangible Book Value per Share	($48.24)	($57.95)	($56.69)	($57.98)	($58.47)	($60.77)	($61.35)	($60.50)	($73.54)	($85.31)	($89.66)
Total Capital	3,460	3,768	3,857	3,774	3,734	3,571	3,588	3,627	3,592	3,548	3,630
Total Debt	4,509	4,508	4,508	4,509	4,485	4,511	4,547	4,513	5,508	6,202	6,404
Total Long-Term Debt	4,500	4,497	4,508	4,509	4,485	4,511	4,547	4,513	5,508	6,202	6,404
Net Debt	3,370	4,046	3,988	4,057	3,984	4,101	4,186	4,166	5,108	5,687	6,019
Capital Expenditures (CapEx)	21	22	24	27	28	36	33	35	26	36	29
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-485	-550	-523	-513	-593	-651	-591	-546	-576	-700	-604
Debt-free Net Working Capital (DFNWC)	443	-88	-4.04	-61	-92	-242	-231	-199	-176	-185	-219
Net Working Capital (NWC)	435	-99	-4.04	-61	-92	-242	-231	-199	-176	-185	-219
Net Nonoperating Expense (NNE)	29	-84	38	33	35	35	40	38	42	55	71
Net Nonoperating Obligations (NNO)	3,370	4,046	3,988	4,057	3,984	4,101	4,186	4,166	5,108	5,687	6,019
Total Depreciation and Amortization (D&A)	39	50	50	52	55	54	56	57	55	57	56
Debt-free, Cash-free Net Working Capital to Revenue	-20.09%	-21.74%	-20.00%	-18.97%	-21.16%	-22.79%	-20.24%	-18.29%	-18.84%	-22.34%	-18.66%
Debt-free Net Working Capital to Revenue	18.36%	-3.48%	-0.15%	-2.27%	-3.29%	-8.46%	-7.90%	-6.66%	-5.74%	-5.90%	-6.76%
Net Working Capital to Revenue	18.00%	-3.91%	-0.15%	-2.27%	-3.29%	-8.46%	-7.90%	-6.66%	-5.74%	-5.90%	-6.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.28	$5.09	$3.23	$3.37	$3.58	$3.91	$3.72	$3.92	$4.26	$3.82	$5.54
Adjusted Weighted Average Basic Shares Outstanding	79.12M	79.46M	79.20M	79.09M	78.50M	78.71M	77.63M	77.40M	76.46M	76.50M	73.30M
Adjusted Diluted Earnings per Share	$3.27	$5.06	$3.22	$3.37	$3.57	$3.89	$3.71	$3.92	$4.25	$3.81	$5.53
Adjusted Weighted Average Diluted Shares Outstanding	79.50M	79.84M	79.51M	79.25M	78.73M	78.96M	77.81M	77.50M	76.58M	76.64M	73.40M
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	79.09M	79.09M	79.22M	78.65M	78.37M	77.65M	77.37M	77.37M	75.14M	73.47M	72.80M
Normalized Net Operating Profit after Tax (NOPAT)	289	320	294	300	316	341	329	342	367	339	320
Normalized NOPAT Margin	46.18%	46.32%	43.17%	42.40%	43.58%	45.82%	44.07%	44.23%	46.30%	41.27%	37.59%
Pre Tax Income Margin	50.79%	67.80%	43.52%	48.03%	49.25%	48.87%	44.39%	48.90%	49.97%	47.27%	45.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.55	10.89	7.21	8.16	8.53	8.90	8.04	9.12	8.30	7.05	6.59
NOPAT to Interest Expense	6.16	6.81	6.29	6.44	6.76	7.49	7.07	7.40	6.85	5.34	6.90
EBIT Less CapEx to Interest Expense	7.11	10.43	6.69	7.57	7.94	8.11	7.33	8.37	7.81	6.48	6.18
NOPAT Less CapEx to Interest Expense	5.71	6.34	5.77	5.85	6.17	6.70	6.36	6.65	6.36	4.77	6.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	44.97%	38.39%	39.47%	40.22%	40.87%	45.90%	45.68%	45.34%	44.68%	46.29%	42.68%
Augmented Payout Ratio	104.79%	82.29%	84.95%	68.09%	83.23%	125.72%	135.75%	123.83%	204.23%	252.92%	246.21%

Financials Breakdown Chart

Key Financial Trends

Here's a concise, investor‑friendly snapshot of MSCI’s recent quarterly trends using the last four years of data you provided. Key figures are shown in USD and rounded for readability.

Material revenue growth: Operating Revenue rose from about $576.2M in 2022 Q4 to $822.5M in 2025 Q4, roughly a 43% increase over four years.
High, stable gross margin: Total Gross Profit margin has stayed around 82%–83% across 2022–2025 (e.g., ~82.5% in 2025 Q4 vs ~82.3% in 2024 Q4), indicating strong recurring revenue economics.
Operating margin expansion: Total Operating Income as a share of revenue improved from about 54.5% in 2024 Q4 to about 56.4% in 2025 Q4, signaling improved efficiency or mix.
Consistent, strong operating cash flow: Net cash from continuing operating activities was about $501.1M in 2025 Q4, with solid quarterly cash generation trending higher across 2025 (Q3: $449.4M; Q2: $336.1M; Q1: $301.7M).
Aggressive share buybacks: MSCI returned capital via large share repurchases—approximately $1.226B in 2025 Q3 and $906.8M in 2025 Q4 (cumulative buybacks over these quarters well above $2B).
Steady dividend payments: Quarterly cash dividends remained substantial, around $135–$144M per quarter in 2025 (e.g., $135.1M in Q4 2025).
Healthy earnings per share (EPS) levels: Diluted EPS hovered in the $3.8–4.3 range across 2025 quarters (Q3 2025: $4.25; Q4 2025: $3.81).
Higher interest expense: Interest expense rose to about $63.6M in 2025 Q4 from about $45.6M in 2024 Q4, contributing to a tighter net income margin.
Net income margin compression in 2025 Q4: Net income (continuing operations) was about $284.7M on $822.5M revenue in 2025 Q4 (~34.6% margin) versus about $305.5M on $743.5M in 2024 Q4 (~41.1% margin).
Financing activity remained cash‑heavy for returns: Net cash from financing activities was negative in 2025 quarters (Q4: about −$349.8M; Q3: −$369.4M; Q2: −$321.1M; Q1: −$321.7M), reflecting ongoing buybacks and dividends that reduce cash despite strong operations.

05/05/26 03:28 PM ETAI 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 2025 ended on December 31, 2025.

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 $1.20 billion in 2025, rising from $223.65 million in 2015. The previous period was $1.11 billion in 2024. See MSCI's forecast for analyst expectations on whatâ€™s next for the company.

What is MSCI's operating income?

MSCI's total operating income in 2025 was $1.71 billion, based on the following breakdown:

Total Gross Profit: $2.58 billion
Total Operating Expenses: $870.53 million

How has MSCI's revenue changed over the last 10 years?

Over the last 10 years, MSCI's total revenue changed from $1.08 billion in 2015 to $3.13 billion in 2025, a change of 191.6%.

How much debt does MSCI have?

MSCI's total liabilities were at $8.36 billion at the end of 2025, a 30.9% increase from 2024, and a 272.2% increase since 2015.

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 $515.30 million as of their latest financial filing in 2025.

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 8.78 in 2015 to -35.33 in 2025, a change of -502.4%.

Related Companies

Financial statements for NYSE:MSCI last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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MSCI (MSCI) Financials

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