MSCI Inc.
$658.17
+6.66 (+1.02%) · delayed · Nov 13, 2026
Five-year price
52w $501.08 to $681.04
- Market cap
- $47.1B
- Enterprise value
- $52.7B
- P/E
- 41.9×
- 44.7× on 3y avg EPS
- EV / EBIT
- 30.8×
- FCF yield
- 3.3%
- ROIC
- 45.5%
- Debt / equity
- —
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 39.1%
- –ROE > 15% (5y avg)5y avg ROE n/a
- ●Stable operating marginsMargin volatility 0.8% (σ, 5y)
- ●Earnings convert to cashFCF / net income 124% (5y avg)
- ●Growing revenueRevenue CAGR 5y 13.1%
- ●Shrinking share countDiluted shares -9.3% over 5y
Value
0
- ○P/E below 15P/E 41.9
- ○EV/EBIT below 12EV/EBIT 30.8
- ○FCF yield above 6%FCF yield 3.3%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
50
- –Debt / equity below 0.5D/E n/a
- ○Debt payable in < 4 yrs of earningsNet debt $5.7B
- ●Interest coverage > 8xCoverage 8.2x
- ○Current ratio > 1.5Current ratio 0.90
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
67
- ●Adequate size (revenue > $2B)Revenue $3.1B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.90
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 278%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 44.7
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $658.17, the market is pricing in about 12.7% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $5.7B · 72M shares · 5y revenue CAGR 13.1%
Intrinsic value
$675.94
Price
$658.17
Margin of safety
3%
What the price implies
The market is paying for 12.7% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
65% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,151 | 1,274 | 1,434 | 1,558 | 1,695 | 2,044 | 2,249 | 2,529 | 2,856 | 3,134 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 488 | 580 | 687 | 756 | 885 | 1,073 | 1,208 | 1,385 | 1,529 | 1,714 |
| Operating margin | 42.4% | 45.5% | 47.9% | 48.5% | 52.2% | 52.5% | 53.7% | 54.8% | 53.5% | 54.7% |
| Pre-tax income | 386 | 467 | 630 | 603 | 686 | 858 | 1,044 | 1,369 | 1,356 | 1,494 |
| Income tax | 125 | 163 | 122 | 40 | 84 | 132 | 173 | 220 | 247 | 292 |
| Net income | 261 | 304 | 508 | 564 | 602 | 726 | 871 | 1,149 | 1,109 | 1,202 |
| EPS (diluted) | 2.70 | 3.31 | 5.66 | 6.59 | 7.12 | 8.70 | 10.72 | 14.39 | 14.05 | 15.69 |
| Diluted shares | 97 | 92 | 90 | 86 | 85 | 83 | 81 | 80 | 79 | 77 |
Who owns it