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NYSE · SERVICES-BUSINESS SERVICES, NEC · LARGE CAP

Msci Inc. MSCI

18 fiscal years on record · USD · FY2025 reported · SEC filings only
11 YEARS OF DIVIDEND GROWTH
$3.1B
▲ 9.7% YoY
$1.2B
▲ 8.4% YoY
$1.5B
▲ 5.5% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

MSCI's products and services include indexes, portfolio construction and risk management analytical models and tools, sustainability and climate solutions, and private asset data and analytics. As of December 31, 2025, it served approximately 6,800 clients in more than 100 countries. For the year ended December 31, 2025, its largest client organization by revenue, BlackRock, accounted for 10.8% of its consolidated operating revenues, with 96.5% of the operating revenues from BlackRock coming from fees based on the assets in BlackRock's ETFs and non-ETF products that are based on its indexes. For the year ended December 31, 2025, it had five operating segments, Index, Analytics, Sustainability and Climate, Real Assets and Private Capital Solutions, presented as three reportable segments: Index, Analytics, and Sustainability and Climate. Clients use its indexes to support many areas of the investment process, including developing indexed financial products such as ETFs, mutual funds, annuities, futures, options, structured products and over-the-counter derivatives, performance benchmarking, portfolio construction and rebalancing, asset allocation, and creating custom indexes. Its Analytics segment offers risk management, performance attribution and portfolio management content, applications and services that provide clients with tools for analyzing market, credit, liquidity, counterparty and climate risk across major asset classes, including public and private securities. The Sustainability and Climate segment offers products and services that help institutional investors understand how sustainability considerations can affect the long-term risk and return of their portfolios and individual security-level investments. Its private assets offerings provide data and analytics to evaluate fundamental information, measure and compare performance, understand exposures and manage risk across private equity, private credit, real estate, infrastructure and other private markets.

Written from the business description in MSCI Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 6 February 2026. Every sentence was checked against that document before publication.

Growth

USD 3.1B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 3.1 · Net income 1.2
2B3B
2008201120142017202020232025
Compound annual growth
+11.7%
+13.1%
+11.3%
+10.9%
+11.4%
+14.8%
+18.3%
+18.7%
+13.5%
+17.1%
+22.7%
+21.8%
+16.3%
+19.8%
+24.6%
+19.7%
+24.2%
+14.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +13.1% a year over the five years to FY2025 — but profit grew faster: net income at +14.8%, earnings per share at +17.1%.

The share count fell from 0.08B to 0.07B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

38 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 54.7% · Net 38.4%
20%40%
200820162025
ROE
FY2017 · ROE 84.6%
50%
200820162025
Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.

Return on equity has no reading this year — return on capital employed, just below, still does: 44%.

Cash & shareholders

USD 3.0B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 1.5
1B2B
200820162025
Net buybacks $B Dividends $B
FY2025 · Dividends 0.6 · Net buybacks 2.5
2B3BDividendsNet buybacks
2008201120142017202020232025

USD 556.5M in dividends and USD 2.5B in buybacks — 252% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 5.7B
EquityUSD -2.7B
CashUSD 515.3M
Gross debtUSD 6.2B
Net debtUSD 5.7B
Current ratio0.90×

Equity was zero or negative — liabilities equaled or exceeded assets. No ratio is shown.

The 18-year record

18 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
MSCI, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B3.12.92.52.22.01.71.61.41.31.21.11.00.90.80.90.70.40.4
Operating income $B1.71.51.41.21.10.90.80.70.60.50.40.30.30.30.30.20.20.1
EBITDA $B1.71.51.41.21.10.90.80.70.60.50.40.40.40.30.30.20.20.1
Income tax $B0.30.20.20.20.10.10.00.10.20.10.10.10.10.10.10.10.00.0
Net income $B1.21.11.10.90.70.60.60.50.30.30.20.30.20.20.20.10.10.1
Free cash flow $B1.51.51.21.10.90.80.70.60.40.40.30.30.30.30.20.20.10.1
EPS, diluted $15.6914.0514.3910.728.707.126.595.663.312.702.032.431.831.481.410.810.800.66
Dividend / sh $7.206.405.524.583.642.922.521.921.321.000.800.18◌◌◌◌◌◌
Payout %46463843424140343937397——————
ROE %————————84.642.819.219.014.913.614.611.620.623.8
Shares out B0.070.080.080.080.080.080.080.080.090.090.100.110.120.12◌◌◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures · 1 divergence in 70 reconciliationsAUDITED

Reconciled in 17 of the 18 fiscal years we could check. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. Four checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: EPS is not tagged before 2008. One check was skipped: revenue is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures1 divergent
ActivityServices-Business Services, NEC
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2008

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