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MSCIMSCI Inc.
$641.01$46.6B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
MSCI logo

MSCI Inc.

MSCI
NYSE · Exchanges & Financial Data
$641.01
At close - Nov 6, 4:00 PM EST - USD
Market Cap$46.6B
P/E33.5x
52W High$681.04
Volume469.37K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Fee Reliance Offsets Debt-Funded Buyback Risks

MSCI's earnings engine rests entirely on recurring fees, with non-interest income of $889.1M in 2026Q3 representing 108.8% of total revenue and driving a 26% top-line gain since 2024Q2, while the efficiency ratio improved to 29.1% suggests continuing operating leverage.

GrowthExpanding
ProfitabilityStrong
ValuationExpensive
TechnicalsStrong
Explore valuation models
MARKET ACTION

MSCI price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

11/12 Beats

EPS beat 11 of last 12 quarters

02

Valuation risk

+34% Peers

P/E is 34% above peer median

03

Market leadership

RS 80 · Leader

High momentum (Outperforming 80% of market)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystEstimated earnings · Jan 20
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Total revenue grew 26% to $892.0M in 2026Q3 with fee income at 108.8% of revenue and the efficiency ratio easing to 29.1%, but net interest income deteriorated to -$71.9M from -$40.5M, suggesting a compounding drag on operating income of $502.1M.

Analyst Consensus+7.3% target
Buy(27 analysts)
20 Buy6 Hold1 Sell

The Bull Case

Upside Catalysts

Consistent Double‑Digit Revenue & EPS Growth

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.

Dominant Index Market Share

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.

Subscription‑Based Recurring Revenue

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.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
MSCI+14.49%
S&P 500 (^GSPC)+7.63%
1-Year Return
MSCI+11.81%
S&P 500 (^GSPC)+9.69%
3-Year Return
MSCI+33.35%
S&P 500 (^GSPC)+65.30%
5-Year Return
MSCI+2.77%
S&P 500 (^GSPC)+53.66%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
33.5x
Forward P/EExpansion
32.5x
EV/EBITDA0th %ile
24.6x
FCF YieldCash Flow
3.3%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
33.5x
42.7x
0th· Low
EV/EBITDA
24.6x
30.7x
0th· Low
Price/FCF
30.3x
36.9x
20th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$370.84-42.1%
Base (Fair)$465.94-27.3%
Bull$460.24-28.2%
$370.84 Bear$465.94 Base$460.24 Bull
Current Market Price: $641.01
Trades at a 37.6% premium to Base DCF ($465.94)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$2.92B+9.5% YoY
Net income FY25
$1.2B+8.4% YoY
Free cash flow FY25
$1.55B+5.5% YoY
Operating margin FY25
58.6%+1.4 pts YoY
ROIC (FY25)34.7%
Avg ROIC 5Y27.6%
ROE (FY25)-
Piotroski Score8 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate11/12 (92%)
Revenue Beat Rate8/12 (67%)
QuarterEPS (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
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Seeking Alpha·2d ago
MSCI Inc.: The Easy Returns Are Gone, Long-Term Value Remains

MSCI Inc. is reiterated as a Buy, driven by robust Q3 2026 results, double-digit dividend growth, and a healthy balance sheet. MSCI posted 12.4% revenue growth and 14.3% adjusted EPS growth, fueled by surging asset-based fees, strong subscription momentum, and AI-driven operational efficiencies. Shares trade at a forward P/E of 32.28x, moderately below a recalibrated fair value of $702 per share, supporting a projected 14% annualized total return through 2027.

Business Wire·3d ago
MSCI November Index Review Announcement Scheduled for November 11, 2026

LONDON--(BUSINESS WIRE)--MSCI Inc. (NYSE:MSCI), a leading provider of critical decision support tools and services for the global investment community, will announce the results of the November 2026 Index Review for the MSCI Equity Indexes - including the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI Global Value and Growth Indexes, the MSCI Frontier Markets, and MSCI Frontier Markets Small Cap Indexes, the MSCI US Equity Indexes, the MSCI US REIT Index, the M.

Seeking Alpha·Oct 28, 2026
Weatherbie Specialized Growth Fund Q3 2026 Portfolio Update

Natera reported stronger-than-expected results and raised its full-year outlook. Impinj reported stronger-than-expected results, including record revenue and profitability. Hamilton Lane shares contributed positively during the quarter after the company reported stronger-than-expected revenue and earnings.

Zacks Investment Research·Oct 21, 2026
These 3 Stocks Surged Following Strong Quarterly Results

The Q3 earnings cycle continues to roll along, with several companies ??? Accenture (ACN), Hasbro (HAS), and MSCI (MSCI)?

Filtered for MSCI Inc.More Headlines
04

Compare before deciding

Benchmark MSCI against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for MSCI Inc. (MSCI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
MSCI logoMSCIMSCI Inc.Current
$641.01$46.6B33.499.51%43.87%—1.12%
SPGI logoSPGIS&P Global Inc.
$467.80$137.91B27.368.18%31.99%14.88%0.82%
ICE logoICEIntercontinental Exchange, Inc.
$172.27$97.15B23.379.27%33.78%14.05%1.12%
MCO logoMCOMoody's Corporation
$505.67$87.58B30.409.37%36.16%82.81%0.77%
FTNT logoFTNTFortinet, Inc.
$118.84$87.07B38.6714.17%28.96%151.52%—
FDS logoFDSFactSet Research Systems Inc.
$327.89$11.66B21.866.89%22.28%25.61%1.37%

Compare MSCI vs Peers

MSCI Inc. (MSCI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SPGI

Most directly comparable listed peer for MSCI.

Scale Benchmark

vs WFC

Larger-name benchmark to compare MSCI against a more recognizable public peer.

Peer Set

Compare Top 5

vs SPGI, ICE, MCO, FTNT

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

MSCI SEC Filings & Documents

MSCI Inc. (MSCI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Oct 20, 2026·SEC

Material company update

Aug 7, 2026·SEC

Material company update

Jul 21, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 6, 2026·SEC

FY 2025

Feb 7, 2025·SEC

FY 2024

Feb 9, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Oct 20, 2026·SEC

FY 2026

Jul 21, 2026·SEC

FY 2026

Apr 21, 2026·SEC

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MSCI Frequently Asked Questions

MSCI Inc. (MSCI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is MSCI Inc. growing?

MSCI Inc. (MSCI) grew revenue by 10.1% over the trailing twelve months, compared with the twelve months before.

Is MSCI profitable?

Yes. MSCI Inc. (MSCI) earned $1.38B in net income over the trailing twelve months (a 43.9% net margin).

Dividend & Returns
Does MSCI pay dividends?

Yes. MSCI Inc. (MSCI) pays a dividend that yields 1.12% at the current price, a moderate yield.

Industry Metrics
What is MSCI Inc.'s net interest margin?

MSCI Inc. (MSCI) has a net interest margin (NIM) of -3.4%. NIM has been under pressure due to interest rate environment.

What is MSCI Inc.'s efficiency ratio?

MSCI Inc. (MSCI) has an efficiency ratio of 29.8%. This is excellent, indicating strong cost control.

What if you invested $1,000 in MSCI back in 2005?

Total return calculator · dividends reinvested · 21+ years of data

See returns →