MSCI's recurring fee-based model drives robust revenue growth, with total revenue up 12.2% year-over-year to $867.0M in 2026Q2, and operating margins expanding to 56.2%. However, the balance sheet shows severe strain, with equity at -$2.7B and an equity-to-ass...
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Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth is driven entirely by fee income, which constitutes 99.1% of total revenue, reaching $858.9M in 2026Q2, while operating margin improved to 56.2% from 54.0% year-over-year.
MSCI has posted year‑over‑year revenue increases consistently exceeding 10%, with earnings per share projected to continue double‑digit growth. This robust performance underpins the company’s ability to generate steady cash flow and fund future expansion.
Nearly 70% of all institutional passive assets are tied to MSCI indices, giving the firm a virtually impenetrable moat. The scale and integration of its index offerings create strong client lock‑in and a durable competitive advantage.
MSCI’s resilient subscription model drives recurring income, with custom index subscription revenue growing at a mid‑teen rate that outpaces industry norms. This recurring revenue stream provides predictable cash flow and supports long‑term growth.
Trailing total returns as of 10/25/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 20, 2026 | $5.11+1.6% vs $5.03 | $892M+0.5% vs $888M |
Q3 2026 Jul 21, 2026 | $4.94-1.0% vs $4.99 | $867M-0.4% vs $871M |
Q2 2026 Apr 21, 2026 | $4.55+2.5% vs $4.44 | $851M+1.5% vs $838M |
Q1 2026 Jan 28, 2026 | $4.66+1.3% vs $4.60 | $823M+0.0% vs $822M |
MSCI NYSE: MSCI reported third-quarter results marked by double-digit revenue growth, record asset-based fees and historic net new sales in several product lines, as the company highlighted expanding use cases for artificial intelligence across its data, analytics and private-markets offerings.
MSCI's Q3 earnings beat estimates as revenues rose 12.4%, fueled by strong asset-based fees and subscriptions, despite declining free cash flow.
Although the revenue and EPS for MSCI (MSCI) give a sense of how its business performed in the quarter ended September 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
MSCI (MSCI) came out with quarterly earnings of $5.11 per share, beating the Zacks Consensus Estimate of $4.98 per share. This compares to earnings of $4.47 per share a year ago.
Benchmark MSCI against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for MSCI Inc. (MSCI)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $615.62 | $44.76B | 39.56 | 9.51% | 41.11% | — | 1.17% | |
| $450.31 | $132.75B | 30.72 | 8.18% | 30.53% | 13.43% | — | |
| $162.74 | $91.78B | 28.20 | 9.27% | 30% | 13.78% | — | |
| $483.45 | $83.73B | 35.37 | 9.37% | 36.16% | 82.81% | — | |
| $179.99 | $131.87B | 74.07 | 14.17% | 28.17% | 187.95% | — | |
| $331.32 | $11.78B | 21.31 | 6% | 22.28% | 25.61% | — |
MSCI Inc. (MSCI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
MSCI Inc. (MSCI) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 20, 2026·SEC
Aug 7, 2026·SEC
Jul 21, 2026·SEC
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MSCI Inc. (MSCI) stock FAQ — growth, dividends, profitability & financials explained
MSCI Inc. (MSCI) grew revenue by 9.5% over the past year. This is steady growth.
Yes, MSCI Inc. (MSCI) is profitable, generating $1.38B in net income for fiscal year 2025 (41.1% net margin).
Yes, MSCI Inc. (MSCI) pays a dividend with a yield of 1.17%. This makes it attractive for income-focused investors.
MSCI Inc. (MSCI) has a net interest margin (NIM) of -3.4%. NIM has been under pressure due to interest rate environment.
MSCI Inc. (MSCI) has an efficiency ratio of 29.8%. This is excellent, indicating strong cost control.
