At a glance
MSCI Inc is worth $45.56B, about 41 times its fiscal 2025 earnings. Revenue grew 9.7% to $3.13B in fiscal 2025, with 38.4% kept as profit; over 5 years it has grown 13.1% a year. It pays a 1.25% dividend yield, raised every year for at least 9 years, and returned $7.65B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +9.8% over the past year with dividends reinvested and +0.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.2% in the 2020 crash (S&P 500: 33.7%) and 36.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 21 months after the lows.
The business in plain English
MSCI sells data and tools that investment firms use to measure markets and manage money. Its largest business is indexes: rule-based baskets of securities that track a market. As of December 31, 2025, MSCI calculated indexes covering more than 80 developed, emerging and frontier stock markets. Fund companies license these indexes to build ETFs, mutual funds and derivatives, and investors use them as benchmarks. MSCI also sells portfolio and risk analytics, sustainability and climate data, and private asset data.
As of the same date, about 6,800 clients in more than 100 countries used its products. They include asset managers, banks and brokers, pension funds and endowments, hedge funds, wealth managers and insurers. Revenue in fiscal 2025 was $3.13 billion. Recurring subscriptions made up 72.7%. Asset-based fees made up 24.6%. These fees are charged on the money in funds that track MSCI indexes, so they move with market levels. Non-recurring revenue was 2.7%.
By segment, Index supplied 57% of fiscal 2025 revenue, Analytics 22.8%, Sustainability and Climate 11.3% and Private Assets 8.9%. The United States accounted for 40.4% of revenue, the United Kingdom 17.3% and Japan 4.1%. BlackRock, the largest client, provided 10.8% of operating revenue. Of that, 96.5% came from fees on assets in BlackRock funds based on MSCI indexes.
Price history
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MSCI +9.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Recurring subscriptions | $2.28B | 72.7% |
| Asset-based fees | $770.7M | 24.6% |
| Non-recurring | $85.1M | 2.7% |
By business segment
| Index | $1.79B | 57% |
| Analytics | $714.4M | 22.8% |
| Sustainability and Climate | $353.9M | 11.3% |
| All Other – Private Assets | $279.3M | 8.9% |
By geography
| United States | $1.27B | 40.4% |
| Other | $698.5M | 22.3% |
| United Kingdom | $543.5M | 17.3% |
| Other | $356.8M | 11.4% |
| Other | $140.7M | 4.5% |
| Japan | $127.6M | 4.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $892.0M, up 12.4% from a year earlier, and net income was $351.0M (+7.9%).
- For fiscal 2025, revenue was $3.13B (+9.7% year over year; +13.1% a year from FY2020 to FY2025) with a 38.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.1% good |
|---|---|
| Operating margin | 54.7% good |
| Free cash flow margin | 49.4% good |
| Return on assets (FY2025) | 21.1% good |
| Net cash (cash minus debt) | $-6.46B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.70B | $601.8M | $789.3M |
| FY2021 | $2.04B | $726.0M | $922.6M |
| FY2022 | $2.25B | $870.6M | $1.08B |
| FY2023 | $2.53B | $1.15B | $1.21B |
| FY2024 | $2.86B | $1.11B | $1.47B |
| FY2025 | $3.13B | $1.20B | $1.55B |
Valuation snapshot
| Market value | $45.56B |
|---|---|
| P/E ratio | 40.6 |
| Dividend yield | 1.25% |
Rank among 1514 US companies
Market value at each year end
MSCI’s market value went from $7.42B at the end of 2016 to $45.56B on Nov 2, 2026, about 6.1 times as much; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $45.56B | +5.7% |
| 2025 | $43.11B | -8.3% |
| 2024 | $47.02B | +5.1% |
| 2023 | $44.74B | +20.3% |
| 2022 | $37.19B | -26.4% |
| 2021 | $50.51B | +36.5% |
| 2020 | $37.02B | +69.3% |
| 2019 | $21.87B | +68.5% |
| 2018 | $12.98B | +13.9% |
| 2017 | $11.40B | +53.7% |
| 2016 | $7.42B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MSCI price data to Nov 2, 2026 | +12.3% | +9.8% | +10.8% | +0.6% | +24.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.3% |
| 2025 | -3.2% |
| 2024 | +7.3% |
| 2023 | +22.9% |
| 2022 | -23.3% |
| 2021 | +38.1% |
| 2020 | +74.4% |
| 2019 | +77.2% |
| 2018 | +17.9% |
| 2017 | +62.6% |
| 2016 | +10.6% |
| 2015 | +54.0% |
| 2014 | +9.0% |
| 2013 | +41.1% |
| 2012 | -5.9% |
| 2011 | -15.5% |
| 2010 | +22.5% |
| 2009 | +79.0% |
| 2008 | -53.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.1% over that stretch · deepest drop along the way 32.2%, back to its old high 1.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.1% over that stretch · deepest drop along the way 36.2%, back to its old high 20.7 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 8 open-market purchases ($3.2M) and 6 sales ($8.2M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 24, 2026 | Alvise J. Munari Chief Product Officer | sell | $5.9M |
| Oct 22, 2026 | Robert J. Gutowski General Counsel | sell | $1.5M |
| Sep 2, 2026 | Rajat Taneja Director | buy | $1.0M |
| May 15, 2026 | Henry A Fernandez Chairman and CEO, Director | buy | $695K |
| May 15, 2026 | Henry A Fernandez Chairman and CEO, Director | buy | $631K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.6% | Dec 31, 2024 |
| Vanguard Capital Management | 7.35% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.52% | Mar 31, 2026 |
ETFs with the most weight in MSCI
| FCTE SMI 3Fourteen Full-Cycle Trend ETF | 5.02% |
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 4.66% |
| MID American Century Mid Cap Growth Impact | 4.56% |
| TOLL Tema Monopolies and Oligopolies ETF | 3.2% |
| KMID Virtus KAR Mid-Cap ETF | 2.95% |
| LRGG Macquarie Focused Large Growth ETF | 2.76% |
| LEAD Siren DIVCON Leaders Dividend ETF | 2.23% |
| DFND Siren DIVCON Dividend Defender ETF | 2.12% |
What could go wrong
- Big fund clients could cut index fees. BlackRock alone supplied 10.8% of fiscal 2025 revenue, mostly from fees on funds tracking MSCI indexes. If large fund companies negotiate lower fees or stop basing products on MSCI indexes, revenue could fall.
- Falling markets shrink part of revenue. Asset-based fees, 24.6% of fiscal 2025 revenue, rise and fall with the value of assets in funds tracking MSCI indexes. Weak markets can also squeeze client budgets and reduce subscriptions.
- Errors could damage trust in its indexes. MSCI's business rests on clients trusting its indexes, data and models. Undetected errors, faulty products or doubts about its credibility could bring extra costs, legal liability and lost clients.
- Reliance on outside data suppliers and distributors. MSCI depends on stock exchanges and other suppliers for data and on vendors to distribute its products. Some can cancel on short notice, and some suppliers also compete with MSCI.
- Price pressure from rivals and cost-cutting clients. Investment firms under fee pressure may cancel or reduce services, or build their own tools in-house. Competitors add pressure that could force price cuts or cost MSCI market share.
- Heavy debt load. As of September 30, 2026, MSCI owed about $6.7 billion and held $261 million in cash and investments. Heavy debt can limit flexibility, and a credit rating cut could raise borrowing costs.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Major agreement signed
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
For income and retirement investors
MSCI pays a growing but modest dividend. Dividends per share rose from $2.92 in fiscal 2020 to $7.20 in fiscal 2025, about 19.8% a year, and SEC data show at least 9 straight annual increases. Fiscal 2025 dividends used 46.3% of earnings and 35.9% of free cash flow (cash left after running and investing in the business). The yield was 1.31% as of October 28, 2026, so the shares provide modest income. MSCI spent more on buybacks: $5.5 billion over fiscal 2021–2025, versus $2.2 billion in dividends. Its share count fell 13.3% between October 2021 and October 2026.
Downturns have hit the shares hard. In the 2020 COVID crash they fell 32.2% but recovered within about 1.3 months. In the 2022 bear market they fell 36.2% and took about 20.7 months to recover, regaining their peak in January 2024. A single stock like MSCI carries more risk than a diversified fund.
Questions investors ask
How does MSCI make money?
Mostly from recurring subscriptions, plus fees tied to the assets in funds that track its indexes. MSCI's revenue was $3.13 billion in fiscal 2025. Subscriptions brought in 72.7%, asset-based fees 24.6% and non-recurring sales 2.7%. Asset-based fees are charged on the money in ETFs and other funds based on MSCI indexes, so they vary with market levels and client activity. By segment, Index supplied 57% of revenue, Analytics 22.8%, Sustainability and Climate 11.3% and Private Assets 8.9%.
Does MSCI raise its dividend every year?
Yes, in every year of the SEC data available. Filings covering fiscal 2016 through 2025 show at least 9 consecutive annual increases, and the true streak may be longer. Dividends per share climbed from $2.92 in fiscal 2020 to $7.20 in fiscal 2025, an average of about 19.8% a year. In fiscal 2025, dividends took 46.3% of earnings and 35.9% of free cash flow. The yield was 1.31% as of October 28, 2026. Past increases do not guarantee future ones.
How much of MSCI's revenue comes from BlackRock?
About a tenth. BlackRock was MSCI's largest client in fiscal 2025, accounting for 10.8% of operating revenue. Of that, 96.5% came from fees based on the assets in BlackRock's ETFs and other products built on MSCI indexes. That ties part of MSCI's income to the money in BlackRock's funds, to market levels and to fee negotiations. BlackRock is also a major shareholder: BlackRock, Inc. reported owning 7.6% of MSCI's shares as of December 31, 2024.
How has MSCI stock performed over the long term?
Strongly over 10 years, but roughly flat over five. Based on share price as of October 28, 2026, MSCI returned about 23.9% a year over 10 years, a cumulative gain of about 756%. Over five years the annual return was about -0.5%, and over three years about 9.7%. The shares lost 23.3% in calendar 2022 and 3.2% in 2025. Their deepest decline on record was 69.1%. Past returns do not predict future results.
What is MSCI's P/E ratio?
About 38.6, as of October 28, 2026. The price-to-earnings (P/E) ratio divides the share price by yearly profit per share. Here that profit is fiscal 2025 diluted earnings of $15.69 per share. A P/E this high usually means investors expect continued growth. Revenue grew about 13.1% a year from fiscal 2020 to fiscal 2025. In the quarter ended September 30, 2026, it rose 12.4% from a year earlier. If growth slows, the multiple could shrink and pull the price down.