XStocksXray

Research report · 16 October 2026

MSCI Inc. (MSCI)

Financials · Financial Exchanges & Data · US stock · price as of 16 Oct 2026

Key indicators

Price	$569.08
52-week range	$495.54 – $642.47
Market cap	$41.5B
P/E (trailing)	31.4×
EV / EBITDA	25.3×
Free-cash-flow yield	3.9%
Dividend yield	1.4%
Revenue (last 12 months)	$3.3B
Revenue growth (3y a year)	11.7%
Operating margin	55.7%
Return on invested capital	45.3%
Net debt / EBITDA	3.3×

Fair value

Blended fair value$308.66 range $309 – $414

Versus priceOvervalued−46% to fair value

Peer multiples	$252.73
Fundamentals-adjusted multiple	$364.60
10-year DCF (market-scaled)	$1,104.23
Earnings power value (floor, not blended)	$241.82
Model uncertainty	Medium

X-Ray Score

56/ 100 · High confidence · ahead of 72% of sector peers

Valuation16

Growth65

Profitability92

Financial health49

Dividends56

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

MSCI provides investment decision support tools, including stock market indexes, portfolio and risk analytics, and environmental, social and governance research. Asset managers, banks and institutional investors use its products to build portfolios, benchmark performance and measure risk. A large share of revenue comes from subscriptions and licence fees, including fees based on assets in investment products that track its indexes, which creates a recurring revenue stream.

MSCI Inc. generated $3.3 billion of revenue in the last twelve months, with sales that expanded at 11.7% a year across three years. Leverage, measured as net debt to EBITDA, is 3.3 times. The operating margin is 55.7% and the return on invested capital is 45%. Shareholders receive a dividend, yielding 1.4%.

StocksXray gives MSCI Inc. an X-Ray Score of 56 out of 100 (high confidence), ahead of 72% of the S&P 500 stocks in its sector. Its strongest lens is profitability (92) and its weakest is valuation (16).

Our fair value blend is $308.66 (range $308.66 to $414.34). At $569.08 the stock trades 84% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

MSCI Inc. (MSCI)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$579.53	$444.29	$546.04	$585.94	$567.39	$569.08
Market cap	$48.4B	$36.1B	$43.6B	$46.3B	$43.5B	$41.5B
P/E	66.6×	41.4×	37.9×	41.7×	36.2×	31.4×
EV / revenue	25.0×	17.6×	18.8×	17.6×	15.7×	14.3×
EV / EBITDA	46.4×	32.1×	33.9×	32.6×	28.3×	25.3×
Price / free cash flow	52.4×	33.4×	35.9×	31.5×	28.1×	26.0×
Free-cash-flow yield	1.9%	3.0%	2.8%	3.2%	3.6%	3.9%
Price / book	–	–	–	–	–	–
Dividend yield	0.63%	1.03%	1.01%	1.09%	1.27%	1.40%

Fundamentals checklist ● 7 Good · ● 2 Average · ● 6 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−4.8%Good

Free-cash-flow yield3.9%Bad

Risk models

Altman Z score5.1×Good

Piotroski F-Score8 of 9Good

Growth

EPS growth (3y)13.5%Average

Free-cash-flow growth (3y)12.7%Average

Revenue growth (3y)11.7%Good

Growth consistency100%Good

Balance sheet

Current ratio0.9×Bad

Net debt / EBITDA3.3×Bad

Interest cover7.2×Bad

Valuation

Fair value vs price0.5×Bad

EBIT / EV yield3.9%Bad

Profitability

Return on invested capital45.3%Good

Operating margin55.7%Good

Red flags

Negative equity — Book equity is negative

XStocksXray

MSCI Inc. (MSCI)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	2,044	2,249	2,529	2,856	3,134	3,334
Gross profit	–	–	–	–	–	–
Operating income	1,073	1,208	1,385	1,529	1,714	1,856
Net income	726	871	1,149	1,109	1,202	1,358
Diluted EPS ($)	8.70	10.72	14.39	14.05	15.69	18.14
Free cash flow	923	1,082	1,213	1,468	1,549	1,598
Gross margin	–	–	–	–	–	–
Operating margin	52.5%	53.7%	54.8%	53.5%	54.7%	55.7%
Net margin	35.5%	38.7%	45.4%	38.8%	38.4%	40.7%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	5,507	4,998	5,518	5,445	5,703	5,603
Cash	1,421	994	462	409	515	356
Total debt	4,161	4,512	4,508	4,511	6,202	6,380
Equity	-163	-1,008	-740	-940	-2,655	-2,690
Dividend per share ($)	3.64	4.58	5.52	6.40	7.20	7.70

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	746	773	793	823	851	867
Growth vs a year earlier	+9.7%	+9.1%	+9.5%	+10.6%	+14.1%	+12.2%
Net income ($M)	289	304	325	285	406	342
Diluted EPS ($)	3.71	3.92	4.25	–	5.53	4.69

XStocksXray

MSCI Inc. (MSCI)

Peers in Financial Exchanges & Data

Company	X-Ray
MSCI · MSCI Inc.	56
CBOE · Cboe Global Markets, Inc.	64
MCO · Moodys Corp	62
FDS · Factset Research Systems I...	59
SPGI · S&P Global Inc.	51

Market Compass outlook for Financials: Favourable (72/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+0.7%
1 month	+3.6%
3 months	−8.6%
6 months	+0.8%
1 year	+5.1%
3 years	+13.0%
5 years	+0.4%

Technical summary

DailyBullish10 bullish · 1 neutral · 5 bearish

WeeklyStrongly bullish9 bullish · 1 neutral · 2 bearish

MonthlyBullish5 bullish · 1 neutral · 2 bearish

50-day / 200-day average	$558.47 / $569.35
52-week low / high	$495.54 / $642.47
Classic pivot, support and resistance	S2 557.73 · S1 563.41 · P – · R1 575.88 · R2 582.67

Recent dividends

Ex-dividend date	Amount per share
14 Aug 2026	$2.0500
15 May 2026	$2.0500
13 Feb 2026	$2.0500
14 Nov 2025	$1.8000
15 Aug 2025	$1.8000
16 May 2025	$1.8000

XStocksXray

MSCI Inc. (MSCI)

Strengths

Return on invested capital of 45.3% is ahead of 93% of its sector peers.
Operating margin of 55.7% is ahead of 88% of its sector peers.
Revenue growth of 11.7% a year over three years is ahead of 75% of its sector peers.
Piotroski F-Score of 8 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

Free-cash-flow yield is weak against Financials peers (3.9%).
Current ratio is weak against Financials peers (0.9×).
Net debt / EBITDA is weak against Financials peers (3.3×).
Interest cover is weak against Financials peers (7.2×).
Fair value vs price is weak against Financials peers (0.5×).
EBIT / EV yield is weak against Financials peers (3.9%).
The price is above our fair value range, so good news may already be in the price.
Red flag: Negative equity (Book equity is negative).

Latest SEC filings

Date	Form	Items
7 Aug 2026	8-K	5.02
21 Jul 2026	10-Q
21 Jul 2026	8-K	2.02,9.01
23 Apr 2026	8-K	5.07
21 Apr 2026	10-Q
21 Apr 2026	8-K	2.02,9.01
31 Mar 2026	8-K	5.02
11 Mar 2026	DEF 14A

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.