MSCI Inc. (MSCI) Balance Sheet
MSCI balance sheet, 2025
December 31, 2025 · U.S. dollars$5.70B assets = $8.36B liabilities + −$2.65B equity
Liabilities exceed assets: shareholders’ equity is negative (−$2.65B).
Both columns are drawn to the same scale: what MSCI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MSCI financial health
Descriptive bands, not a rating. Fiscal 2025.
MSCI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.08B2016 | $5.70B2025 | +7.1%/yr | |
| Total liabilities | $2.76B2016 | $8.36B2025 | +13.1%/yr | |
| Shareholders’ equity | $317.6M2016 | −$2.65B2025 | — | |
| Cash & short-term investments | $791.8M2016 | $515.3M2025 | −4.7%/yr | |
| Total debt | $2.08B2016 | $6.34B2025 | +13.2%/yr | |
| Net cash (debt) | −$1.28B2016 | −$5.82B2025 | −$4.5B | |
| Working capital | $519.1M2016 | −$184.9M2025 | −$704.0M | |
| Book value per share | $3.292016 | −$34.642025 | — | |
| Current ratio | 1.972016 | 0.902025 | −1.07 | |
| Debt / equity | 6.532016 | 5.182017 | −1.35 | |
| Shares outstanding | 96.5M2016 | 76.6M2025 | −2.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MSCI assets
MSCI liabilities and equity
MSCI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MSCI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $515.3M | $405.9M | $457.8M | $993.2M | $1.42B | $1.30B | $1.51B | $904.2M | $889.5M | $791.8M |
| Cash & equivalents | $515.3M | $405.9M | $457.8M | $993.2M | $1.42B | $1.30B | $1.51B | $904.2M | $889.5M | $791.8M |
| Short-term investments | — | — | — | — | — | $190.9M | — | — | $0 | $0 |
| Receivables | $986.7M | $820.7M | $839.6M | $663.2M | $664.5M | $558.6M | $499.3M | $473.4M | $327.6M | $221.5M |
| Inventory | $0 | $0 | $62.9M | $36.7M | $6.0M | $20.1M | $31.6M | $19.3M | $15.1M | $12.4M |
| Other current assets | $142.7M | $117.5M | $57.9M | $54.9M | $51.5M | $46.4M | $44.4M | $38.2M | $34.9M | $29.9M |
| Total current assets | $1.64B | $1.34B | $1.42B | $1.75B | $2.14B | $1.93B | $2.08B | $1.44B | $1.27B | $1.06B |
| Property, plant & equipment (net) | $200.2M | $190.3M | $171.2M | $180.4M | $211.3M | $233.8M | $257.1M | $90.9M | $94.4M | $95.6M |
| Goodwill & intangible assets | $3.76B | $3.82B | $3.84B | $2.79B | $2.83B | $1.80B | $1.82B | $1.83B | $1.88B | $1.90B |
| Long-term investments | $0 | $0 | $0 | $214.4M | $218.8M | $190.9M | $0 | $0 | $0 | $0 |
| Other non-current assets | $101.6M | $88.3M | $85.0M | $66.5M | $103.5M | $47.6M | $41.2M | $35.4M | $31.6M | $27.8M |
| Total assets | $5.70B | $5.45B | $5.52B | $5.00B | $5.51B | $4.20B | $4.20B | $3.39B | $3.28B | $3.08B |
| Liabilities | ||||||||||
| Accounts payable | $15.3M | $14.5M | $9.8M | $15.0M | $13.4M | $14.3M | $6.5M | $3.9M | $1.6M | $568,000 |
| Short-term debt | $28.6M | $24.9M | $10.9M | $8.7M | $23.3M | $22.7M | $22.1M | — | $2.08B | $2.08B |
| Deferred revenue | $1.23B | $1.12B | $1.08B | $882.9M | $824.9M | $675.9M | $574.7M | $538.0M | $374.4M | $334.4M |
| Total current liabilities | $1.83B | $1.59B | $1.52B | $1.25B | $1.25B | $1.02B | $900.8M | $809.0M | $607.7M | $536.6M |
| Long-term debt | $6.20B | $4.51B | $4.50B | $4.50B | $4.16B | $3.37B | $3.07B | $2.58B | $2.08B | $2.08B |
| Lease obligations | $107.5M | $121.2M | $120.1M | $131.6M | $150.0M | $152.3M | $164.1M | — | — | — |
| Other long-term liabilities | $325.0M | $289.0M | $244.1M | $251.7M | $257.8M | $253.3M | $308.4M | $169.9M | $188.9M | $153.2M |
| Total liabilities | $8.36B | $6.39B | $6.26B | $6.01B | $5.67B | $4.64B | $4.28B | $3.55B | $2.87B | $2.76B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M |
| Retained earnings (deficit) | $5.43B | $4.78B | $4.18B | $3.47B | $2.98B | $2.55B | $2.20B | $1.86B | $1.51B | $1.32B |
| Treasury stock | — | — | — | — | — | — | −$3.57B | −$3.27B | −$2.32B | −$2.17B |
| Accumulated other comprehensive income | −$51.6M | −$71.0M | −$61.4M | −$60.2M | −$58.8M | −$58.9M | −$62.6M | −$58.4M | −$48.3M | −$60.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | −$2.65B | −$940.0M | −$739.8M | −$1.01B | −$163.5M | −$443.2M | −$76.7M | −$166.5M | $401.0M | $317.6M |
| Key figures | ||||||||||
| Total debt | $6.34B | $4.66B | $4.63B | $4.64B | $4.33B | $3.52B | $3.24B | $2.58B | $2.08B | $2.08B |
| Net cash (debt) | −$5.82B | −$4.25B | −$4.17B | −$3.65B | −$2.91B | −$2.22B | −$1.73B | −$1.67B | −$1.19B | −$1.28B |
| Working capital | −$184.9M | −$241.6M | −$98.9M | $497.4M | $892.5M | $903.8M | $1.18B | $626.1M | $659.5M | $519.1M |
| Tangible book value | −$6.41B | −$4.76B | −$4.58B | −$3.80B | −$2.99B | −$2.24B | −$1.90B | −$1.99B | −$1.48B | −$1.59B |
| Book value per share | −$34.64 | −$11.90 | −$9.27 | −$12.41 | −$1.96 | −$5.24 | −$0.90 | −$1.86 | $4.36 | $3.29 |
| Shares outstanding | 76.6M | 79.0M | 79.8M | 81.2M | 83.5M | 84.5M | 85.5M | 89.7M | 91.9M | 96.5M |
| Current ratio | 0.90 | 0.85 | 0.93 | 1.40 | 1.71 | 1.88 | 2.31 | 1.77 | 2.09 | 1.97 |
| Quick ratio | 0.82 | 0.77 | 0.86 | 1.32 | 1.67 | 1.82 | 2.23 | 1.70 | 2.00 | 1.89 |
| Debt / equity | — | — | — | — | — | — | — | — | 5.18 | 6.53 |
| Equity / assets | −46.6% | −17.3% | −13.4% | −20.2% | −3.0% | −10.6% | −1.8% | −4.9% | 12.2% | 10.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $356.4M | $385.3M | $515.3M | $400.1M | $343.7M | $357.1M | $405.9M | $497.1M | $447.5M | $515.5M | $457.8M | $924.7M |
| Cash & equivalents | $356.4M | $385.3M | $515.3M | $400.1M | $343.7M | $357.1M | $405.9M | $497.1M | $447.5M | $515.5M | $457.8M | $924.7M |
| Receivables | $884.4M | $883.2M | $986.7M | $745.9M | $790.6M | $749.2M | $820.7M | $643.8M | $709.5M | $745.6M | $839.6M | $603.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.0M | $1 | $2 | $62.9M | −$103.7M |
| Other current assets | $195.4M | $125.6M | $142.7M | $162.8M | $136.9M | $129.2M | $117.5M | $143.9M | $158.0M | $103.8M | $57.9M | $215.1M |
| Total current assets | $1.44B | $1.39B | $1.64B | $1.31B | $1.27B | $1.24B | $1.34B | $1.29B | $1.32B | $1.36B | $1.42B | $1.64B |
| Property, plant & equipment (net) | $234.7M | $234.1M | $200.2M | $198.6M | $202.8M | $204.2M | $190.3M | $184.0M | $193.5M | $188.1M | $171.2M | $175.6M |
| Goodwill & intangible assets | $3.83B | $3.81B | $3.76B | $3.77B | $3.79B | $3.81B | $3.82B | $3.85B | $3.86B | $3.84B | $3.84B | $2.77B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $210.7M |
| Other non-current assets | $101.5M | $103.8M | $101.6M | $108.8M | $104.9M | $99.3M | $88.3M | $91.6M | $89.7M | $86.6M | $85.0M | $73.4M |
| Total assets | $5.60B | $5.55B | $5.70B | $5.39B | $5.37B | $5.34B | $5.45B | $5.41B | $5.46B | $5.48B | $5.52B | $4.87B |
| Liabilities | ||||||||||||
| Accounts payable | $17.2M | $10.3M | $15.3M | $16.0M | $11.8M | $10.7M | $14.5M | $8.7M | $12.9M | $12.0M | $9.8M | $10.2M |
| Short-term debt | $24.9M | $25.1M | $28.6M | $27.7M | $27.1M | $26.0M | $24.9M | $25.5M | $25.2M | $23.7M | $10.9M | $8.7M |
| Deferred revenue | $1.14B | $1.18B | $1.23B | $974.7M | $1.06B | $1.08B | $1.12B | $942.8M | $1.02B | $1.05B | $1.08B | $837.5M |
| Total current liabilities | $1.61B | $1.61B | $1.83B | $1.48B | $1.47B | $1.47B | $1.59B | $1.38B | $1.38B | $1.37B | $1.52B | $1.20B |
| Long-term debt | $6.38B | $6.40B | $6.20B | $5.51B | $4.51B | $4.55B | $4.51B | $4.48B | $4.51B | $4.51B | $4.50B | $4.50B |
| Lease obligations | $138.9M | $143.9M | $107.5M | $111.7M | $115.4M | $118.4M | $121.2M | $123.9M | $130.6M | $135.0M | $120.1M | $121.9M |
| Other long-term liabilities | $305.9M | $302.4M | $325.0M | $313.1M | $276.7M | $289.8M | $289.0M | $297.3M | $306.1M | $252.5M | $244.1M | $209.9M |
| Total liabilities | $8.29B | $8.32B | $8.36B | $7.31B | $6.26B | $6.30B | $6.39B | $6.16B | $6.19B | $6.13B | $6.26B | $5.91B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M |
| Retained earnings (deficit) | $5.88B | $5.68B | $5.43B | $5.28B | $5.09B | $4.93B | $4.78B | $4.60B | $4.45B | $4.31B | $4.18B | $3.89B |
| Accumulated other comprehensive income | −$57.4M | −$59.0M | −$51.6M | −$53.8M | −$50.1M | −$63.7M | −$71.0M | −$53.0M | −$64.8M | −$63.6M | −$61.4M | −$61.0M |
| Total shareholders' equity | −$2.69B | −$2.77B | −$2.65B | −$1.92B | −$886.2M | −$958.6M | −$940.0M | −$751.0M | −$734.5M | −$650.5M | −$739.8M | −$1.05B |
| Key figures | ||||||||||||
| Total debt | $6.54B | $6.57B | $6.34B | $5.62B | $4.66B | $4.69B | $4.66B | $4.63B | $4.66B | $4.67B | $4.63B | $4.63B |
| Net cash (debt) | −$6.19B | −$6.19B | −$5.82B | −$5.22B | −$4.31B | −$4.33B | −$4.25B | −$4.14B | −$4.22B | −$4.15B | −$4.17B | −$3.71B |
| Working capital | −$169.5M | −$219.1M | −$184.9M | −$175.5M | −$199.0M | −$230.8M | −$241.6M | −$92.1M | −$61.4M | −$4.0M | −$98.9M | $434.7M |
| Tangible book value | −$6.52B | −$6.59B | −$6.41B | −$5.69B | −$4.68B | −$4.76B | −$4.76B | −$4.60B | −$4.59B | −$4.49B | −$4.58B | −$3.82B |
| Book value per share | −$36.79 | −$37.79 | −$34.35 | −$24.79 | −$11.44 | −$12.32 | −$12.00 | −$9.54 | −$9.27 | −$8.18 | −$9.31 | −$13.20 |
| Shares outstanding | 73.1M | 73.4M | 77.3M | 77.3M | 77.5M | 77.8M | 78.4M | 78.7M | 79.2M | 79.5M | 79.5M | 79.5M |
| Current ratio | 0.89 | 0.86 | 0.90 | 0.88 | 0.86 | 0.84 | 0.85 | 0.93 | 0.96 | 1.00 | 0.93 | 1.36 |
| Quick ratio | 0.77 | 0.79 | 0.82 | 0.77 | 0.77 | 0.75 | 0.77 | 0.83 | 0.84 | 0.92 | 0.86 | 1.27 |
| Equity / assets | −48.0% | −50.0% | −46.6% | −35.6% | −16.5% | −17.9% | −17.3% | −13.9% | −13.5% | −11.9% | −13.4% | −21.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 6, 2026); data from EODHD.
MSCI financial position
At the end of fiscal 2025 (December 31, 2025), MSCI had total assets of $5.7 billion (up 4.7% from a year earlier), total liabilities of $8.4 billion and shareholders' equity of -$2.7 billion. It held $515.3 million in cash and short-term investments against $6.3 billion of debt, net debt of $5.8 billion. Its current ratio was 0.90. In the latest quarter (ended June 30, 2026) total assets were $5.6 billion and equity -$2.7 billion.
Related: MSCI income statement, MSCI cash flow statement, MSCI key metrics. See the MSCI stock overview for the latest quote and news.
MSCI balance sheet FAQ
What are MSCI's total assets?
MSCI reported total assets of $5.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.4 billion a year earlier.
How much debt does MSCI have?
MSCI had $6.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does MSCI have?
MSCI held $515.3 million in cash and short-term investments at the end of fiscal 2025; with $6.3 billion of debt that is net debt of $5.8 billion.
What is MSCI's book value?
MSCI's shareholders' equity (book value) was -$2.7 billion at the end of fiscal 2025, or −$34.64 per share.
What is MSCI's current ratio?
MSCI had current assets of $1.6 billion and current liabilities of $1.8 billion, a current ratio of 0.90 (current liabilities exceed current assets).
How much goodwill does MSCI have?
MSCI carried $3.8 billion of goodwill and intangible assets, 65.9% of total assets, at the end of fiscal 2025.