Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
MSCI delivered strong FY2025 results with revenue growing 9.7% to $3.13B and operating margin expanding to 54.7%, while aggressively returning capital to shareholders through $2.48B in share buybacks that drove a deeply negative stockholders' equity position.
Revenue
$3.13B
+9.75% YoY
EPS (Diluted)
$15.69
+11.67% YoY
Operating Income
$1.71B
+12.11% YoY
Source: SEC XBRL
Msci (MSCI) reported FY2025 revenue of $3.13B, up 9.7% year over year. Operating margin was 54.7%, up 1.2 points from 53.5% a year earlier. Operating cash flow was $1.59B, up 5.8% year over year.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 4.94 | 5.04 | Miss -1.9% |
| Mar 2026 | 4.55 | 4.53 | Beat +0.4% |
| Dec 2025This filing | 4.66 | 4.66 | Miss -0.0% |
| Sep 2025 | 4.47 | 4.46 | Beat +0.2% |
Reported EPS of $4.66 versus the $4.66 analyst consensus — a -0.0% miss for Dec 2025.
Compiled by AI from this SEC filing
MSCI grew total revenue by 9.7% year-over-year to $3.13B in FY2025, up from $2.86B in the prior year, reflecting continued demand for its index, analytics, and ESG data products in a competitive financial data marketplace.
Source: 10-K Income Statement (XBRL Financial Data)
Operating income rose 12.1% to $1.71B, pushing the operating margin to 54.7% from 53.5% in the prior year — a 115 basis point improvement — demonstrating MSCI's highly scalable, subscription-driven business model with strong operating leverage.
Source: 10-K Income Statement & Key Ratios (XBRL Financial Data)
MSCI repurchased $2.48B worth of shares in FY2025, a dramatic 180.6% increase from $885M in the prior year, which is the primary driver of the company's deeply negative stockholders' equity of -$2.65B and the significant increase in long-term debt to $6.20B.
Source: 10-K Cash Flow Statement & Balance Sheet (XBRL Financial Data)
Operating cash flow grew 5.8% to $1.59B, underscoring the company's ability to convert earnings into cash efficiently, with free cash flow (operating cash flow minus investing cash flow) estimated at approximately $1.46B for the year.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
R&D expenses rose 11.9% to $177.6M in FY2025 from $158.7M in the prior year, slightly outpacing revenue growth and signaling continued investment in product innovation, data capabilities, and technology infrastructure.
Source: 10-K Income Statement (XBRL Financial Data)
Compiled by AI from this SEC filing · 2 high, 2 medium, 1 low
MSCI's stockholders' equity deteriorated sharply to -$2.65B from -$940M in the prior year, driven by $2.48B in share repurchases funded largely by debt. Long-term debt surged 37.5% to $6.20B, creating a debt-to-equity ratio that is technically undefined (negative equity). This elevated leverage increases financial risk, particularly in a rising interest rate environment.
Source: 10-K Balance Sheet (XBRL Financial Data)
MSCI's current ratio stands at 0.90, meaning current liabilities of $1.83B exceed current assets of $1.64B. While the company generates strong operating cash flows, this liquidity position leaves limited buffer for unexpected near-term obligations or market disruptions.
Source: 10-K Balance Sheet & Key Ratios (XBRL Financial Data)
MSCI's business model is heavily dependent on subscription renewals from asset managers, institutional investors, and financial institutions. A prolonged downturn in assets under management (AUM) linked to MSCI indices — which drives a portion of revenue — or client consolidation could pressure retention rates and revenue growth.
Source: 10-K Income Statement (XBRL Financial Data)
The 180.6% surge in share repurchases to $2.48B in FY2025 — far exceeding net income of $1.20B — was funded by incremental debt issuance. If business conditions deteriorate or credit markets tighten, MSCI's ability to sustain this buyback pace while servicing $6.20B in long-term debt could be constrained.
Source: 10-K Cash Flow Statement & Balance Sheet (XBRL Financial Data)
Depreciation and amortization jumped 37.9% to $23.4M in FY2025, and R&D costs grew faster than revenue at 11.9%. While margins remain strong, sustained cost inflation in technology, talent, and data infrastructure could compress the industry-leading operating margin over time.
Source: 10-K Income Statement & Cash Flow Statement (XBRL Financial Data)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 3.13 $B | 2.86 $B | +9.75% |
Operating Income $B | 1.71 $B | 1.53 $B | +12.11% |
Net Income $B | 1.20 $B | 1.11 $B | +8.40% |
EPS (Basic) $ | 15.72 $ | 14.09 $ | +11.57% |
EPS (Diluted) $ | 15.69 $ | 14.05 $ | +11.67% |
R&D Expense $M | 177.60 $M | 158.65 $M | +11.94% |
Answers draw on this SEC filing and the data on this page
MSCI delivered strong Q2 FY2026 results with revenue up 12.2% to $867.0M and net income up 12.6% to $342.0M, driven by broad-based growth across Index asset-based fees (+26.6%) and recurring subscriptions (+9.0%), though stockholders' equity remained deeply negative at -$2,689.5M due to substantial leverage used for share buybacks and long-term debt now at $6,380.4M.
MSCI delivered strong Q1 2026 results with revenue up 14.1% YoY to $850.8M and net income surging 40.7% to $406.0M, though total liabilities jumped 32% to $8.32B driven by a significant increase in long-term debt and aggressive share buybacks that deepened stockholders' equity deficit to -$2.77B.
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