MSCI Inc. (MSCI) Key Metrics
MSCI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $41.37B
- Enterprise value
- $46.07B
- P/E (TTM)
- 31.1 10-yr median 39.3
- Forward P/E
- 24.7
- PEG ratio
- 1.87
- Price / sales
- 12.4 10-yr median 15.4
- Price / book
- 37.6
- EV / EBITDA
- 22.3 10-yr median 28.3
- Dividend yield
- 1.44% $8.20 a year
- Beta
- 1.24
MSCI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMSCI valuation Price multiples at each fiscal year-end price.
MSCI returns How much profit the business earns on the capital it uses.
MSCI per-share figures Results divided by the shares outstanding at year-end.
MSCI financial health Debt, liquidity and how easily interest is covered.
MSCI efficiency & capital use Working capital cycle and where the cash goes.
MSCI valuation history
MSCI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MSCI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MSCI cash returned to shareholders
MSCI price vs earnings per share
MSCI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $43.97B | $47.38B | $45.16B | $37.78B | $51.15B | $37.74B | $22.08B | $13.22B | $11.63B | $7.61B |
| Enterprise value | $49.79B | $51.63B | $49.33B | $41.43B | $54.06B | $39.96B | $23.81B | $14.90B | $12.82B | $8.89B |
| P/E ratio | 36.6 | 42.7 | 39.3 | 43.4 | 70.5 | 62.7 | 39.2 | 26.0 | 38.3 | 29.2 |
| Price / sales | 14.0 | 16.6 | 17.9 | 16.8 | 25.0 | 22.3 | 14.2 | 9.2 | 9.1 | 6.6 |
| Price / book | — | — | — | — | — | — | — | — | 29.0 | 23.9 |
| Price / free cash flow | 28.4 | 32.3 | 39.4 | 36.9 | 57.9 | 49.6 | 33.7 | 23.5 | 32.7 | 19.4 |
| Price / operating cash flow | 27.7 | 31.6 | 36.5 | 34.5 | 54.6 | 46.5 | 31.1 | 21.6 | 28.8 | 17.5 |
| EV / sales | 15.9 | 18.1 | 19.5 | 18.4 | 26.5 | 23.6 | 15.3 | 10.4 | 10.1 | 7.7 |
| EV / EBITDA | 25.8 | 29.5 | 28.8 | 30.5 | 46.9 | 41.9 | 27.9 | 17.6 | 19.4 | 15.6 |
| EV / free cash flow | 32.1 | 35.2 | 43.1 | 40.5 | 61.2 | 52.6 | 36.3 | 26.4 | 36.1 | 22.7 |
| Earnings yield | 2.7% | 2.3% | 2.5% | 2.3% | 1.4% | 1.6% | 2.6% | 3.8% | 2.6% | 3.4% |
| Free cash flow yield | 3.5% | 3.1% | 2.5% | 2.7% | 1.7% | 2.0% | 3.0% | 4.3% | 3.1% | 5.2% |
| Dividend yield | 1.3% | 1.1% | 1.0% | 1.0% | 0.6% | 0.7% | 1.0% | 1.3% | 1.0% | 1.3% |
| Shareholder yield (dividends + buybacks) | 6.9% | 2.9% | 2.1% | 4.7% | 1.0% | 2.7% | 2.3% | 8.5% | 2.3% | 11.4% |
| Share price at fiscal year-end | $573.73 | $600.01 | $565.65 | $465.17 | $612.69 | $446.53 | $258.18 | $147.43 | $126.54 | $78.78 |
| Per share | ||||||||||
| Revenue per share | $40.90 | $36.17 | $31.67 | $27.69 | $24.48 | $20.06 | $18.21 | $15.99 | $13.86 | $11.92 |
| Earnings per share | $15.69 | $14.05 | $14.39 | $10.72 | $8.70 | $7.12 | $6.59 | $5.66 | $3.31 | $2.70 |
| Operating cash flow per share | $20.73 | $19.02 | $15.48 | $13.49 | $11.21 | $9.60 | $8.30 | $6.83 | $4.40 | $4.50 |
| Free cash flow per share | $20.21 | $18.59 | $14.34 | $12.59 | $10.58 | $8.99 | $7.67 | $6.29 | $3.87 | $4.06 |
| Cash per share | $6.72 | $5.14 | $5.73 | $12.23 | $17.03 | $15.39 | $17.61 | $10.08 | $9.68 | $8.20 |
| Book value per share | −$34.64 | −$11.90 | −$9.27 | −$12.41 | −$1.96 | −$5.24 | −$0.90 | −$1.86 | $4.36 | $3.29 |
| Tangible book value per share | −$83.65 | −$60.32 | −$57.41 | −$46.74 | −$35.86 | −$26.55 | −$22.23 | −$22.22 | −$16.12 | −$16.43 |
| Dividends per share | $7.26 | $6.45 | $5.52 | $4.59 | $3.62 | $2.92 | $2.61 | $1.91 | $1.30 | $1.00 |
| Capex per share | $0.51 | $0.43 | $1.14 | $0.90 | $0.63 | $0.60 | $0.63 | $0.55 | $0.53 | $0.44 |
| Debt per share | $82.71 | $58.98 | $57.96 | $57.18 | $51.93 | $41.64 | $37.83 | $28.71 | $22.61 | $21.50 |
| Shares outstanding | 76.6M | 79.0M | 79.8M | 81.2M | 83.5M | 84.5M | 85.5M | 89.7M | 91.9M | 96.5M |
| Change in shares outstanding | −2.9% | −1.1% | −1.7% | −2.7% | −1.2% | −1.2% | −4.6% | −2.4% | −4.8% | −12.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | — | — | — | — | — | — | 84.6% | 42.8% |
| Return on invested capital (ROIC) | 42.6% | 37.1% | 38.3% | 37.4% | 40.1% | 45.3% | 44.7% | 35.8% | 23.7% | 20.0% |
| Return on assets (ROA) | 21.6% | 20.2% | 21.8% | 16.6% | 15.0% | 14.3% | 14.8% | 15.2% | 9.6% | 8.4% |
| Return on tangible assets | 61.8% | 68.4% | 68.6% | 39.4% | 27.1% | 25.1% | 23.7% | 32.5% | 21.8% | 22.1% |
| Free cash flow margin | 49.4% | 51.4% | 45.3% | 45.5% | 43.2% | 44.8% | 42.1% | 39.3% | 27.9% | 34.1% |
| Income quality (OCF / net income) | 1.32 | 1.35 | 1.08 | 1.26 | 1.29 | 1.35 | 1.26 | 1.21 | 1.33 | 1.67 |
| Financial health | ||||||||||
| Total debt | $6.34B | $4.66B | $4.63B | $4.64B | $4.33B | $3.52B | $3.24B | $2.58B | $2.08B | $2.08B |
| Cash & short-term investments | $515.3M | $405.9M | $457.8M | $993.2M | $1.42B | $1.30B | $1.51B | $904.2M | $889.5M | $791.8M |
| Net debt | $5.82B | $4.25B | $4.17B | $3.65B | $2.91B | $2.22B | $1.73B | $1.67B | $1.19B | $1.28B |
| Debt / equity | — | — | — | — | — | — | — | — | 5.18 | 6.53 |
| Debt / assets | 1.11 | 0.86 | 0.84 | 0.93 | 0.79 | 0.84 | 0.77 | 0.76 | 0.63 | 0.67 |
| Net debt / EBITDA | 3.01 | 2.43 | 2.43 | 2.69 | 2.53 | 2.33 | 2.03 | 1.97 | 1.80 | 2.26 |
| Current ratio | 0.90 | 0.85 | 0.93 | 1.40 | 1.71 | 1.88 | 2.31 | 1.77 | 2.09 | 1.97 |
| Quick ratio | 0.90 | 0.85 | 0.89 | 1.37 | 1.71 | 1.86 | 2.28 | 1.75 | 2.06 | 1.94 |
| Interest coverage | 8.2 | 8.2 | 7.4 | 7.0 | 6.7 | 5.7 | 5.1 | 5.2 | 5.0 | 4.8 |
| Working capital | −$184.9M | −$241.6M | −$98.9M | $497.4M | $892.5M | $903.8M | $1.18B | $626.1M | $659.5M | $519.1M |
| Invested capital | $3.17B | $3.31B | $3.43B | $2.64B | $2.75B | $1.78B | $1.65B | $1.50B | $1.59B | $1.60B |
| Tangible asset value | −$6.41B | −$4.76B | −$4.58B | −$3.80B | −$2.99B | −$2.24B | −$1.90B | −$1.99B | −$1.48B | −$1.59B |
| Net current asset value | −$6.71B | −$5.04B | −$4.84B | −$4.26B | −$3.53B | −$2.72B | −$2.20B | −$2.12B | −$1.61B | −$1.71B |
| Graham number | — | — | — | — | — | — | — | — | $18.02 | $14.14 |
| Graham net-net per share | −$92.67 | −$67.93 | −$64.36 | −$55.37 | −$44.89 | −$34.46 | −$27.88 | −$25.48 | −$18.84 | −$18.65 |
| Capital allocation | ||||||||||
| Dividends paid | $556.5M | $509.1M | $441.0M | $372.9M | $302.4M | $246.4M | $222.9M | $170.9M | $119.7M | $96.2M |
| Share buybacks (net) | $2.48B | $885.3M | $504.2M | $1.40B | $198.4M | $778.5M | $292.1M | $949.9M | $150.5M | $774.6M |
| Dividend payout ratio | 46.3% | 45.9% | 38.4% | 42.8% | 41.7% | 40.9% | 39.5% | 33.7% | 39.4% | 36.9% |
| Dividends + buybacks / free cash flow | 196.3% | 95.0% | 82.5% | 173.2% | 56.7% | 134.8% | 78.5% | 198.8% | 76.0% | 222.1% |
| Capex / revenue | 1.3% | 1.2% | 3.6% | 3.2% | 2.6% | 3.0% | 3.5% | 3.4% | 3.8% | 3.7% |
| Capex / operating cash flow | 2.5% | 2.2% | 7.4% | 6.7% | 5.6% | 6.3% | 7.6% | 8.0% | 12.1% | 9.8% |
| Capex / depreciation | 0.18 | 0.16 | 0.57 | 0.51 | 0.39 | 0.46 | 0.68 | 0.57 | 0.61 | 0.52 |
| Stock-based compensation / revenue | 3.6% | 3.3% | 2.8% | 2.6% | 2.7% | 3.0% | 2.6% | 2.7% | 2.9% | 2.8% |
| R&D / revenue | 5.7% | 5.6% | 5.2% | 4.8% | 5.5% | 6.0% | 6.3% | 5.7% | 6.0% | 6.5% |
| SG&A / revenue | 16.0% | 16.6% | 17.0% | 18.3% | 19.1% | 19.5% | 21.1% | 20.4% | 20.8% | 22.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 105.2 | 106.1 | 108.4 | 107.8 | 109.2 | 113.9 | 114.0 | 101.9 | 78.6 | 68.2 |
| Days of inventory on hand | — | — | 40.7 | 19.2 | 13.3 | 32.3 | 31.5 | 21.8 | 18.3 | 42.4 |
| Days payables outstanding | 9.9 | 8.6 | 10.2 | 12.9 | 14.1 | 13.0 | 6.4 | 3.5 | 1.5 | 2.2 |
| Cash conversion cycle (days) | 95.3 | 97.5 | 139.0 | 114.1 | 108.4 | 133.2 | 139.0 | 120.3 | 95.5 | 108.3 |
| Receivables turnover | 3.47 | 3.44 | 3.37 | 3.39 | 3.34 | 3.21 | 3.20 | 3.58 | 4.64 | 5.36 |
| Payables turnover | 36.87 | 42.29 | 35.94 | 28.39 | 25.90 | 28.11 | 56.78 | 104.41 | 251.30 | 163.71 |
| Inventory turnover | — | — | 8.97 | 18.98 | 27.54 | 11.29 | 11.60 | 16.72 | 19.93 | 8.62 |
| Asset turnover | 0.56 | 0.52 | 0.48 | 0.43 | 0.42 | 0.40 | 0.41 | 0.43 | 0.40 | 0.37 |
| Average receivables | $903.7M | $830.1M | $751.4M | $663.9M | $611.5M | $528.9M | $486.4M | $400.5M | $274.6M | $214.9M |
| Average payables | $14.9M | $12.2M | $12.4M | $14.2M | $13.9M | $10.4M | $5.2M | $2.8M | $1.1M | $1.5M |
| Average inventory | — | — | $49.8M | $21.3M | $13.0M | $25.8M | $25.4M | $17.2M | $13.7M | $29.3M |
| Intangibles / total assets | 65.9% | 70.2% | 69.7% | 55.8% | 51.4% | 42.9% | 43.4% | 53.9% | 57.5% | 61.7% |
Computed from MSCI's annual financial statements (latest annual report filed February 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MSCI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), MSCI traded at 36.6 times earnings, against a 10-year median of 39.3. Based on the latest twelve months, the trailing P/E is 31.1 and the forward P/E is 24.7. MSCI earned a return on invested capital of 42.6% in fiscal 2025. It ended the year with $6.3 billion of debt and $515.3 million in cash and short-term investments, net debt of $5.8 billion. It returned $3.0 billion to shareholders: $556.5 million in dividends and $2.5 billion in share buybacks, 196% of free cash flow. The share count fell 20.6% from 96.5M to 76.6M over 9 years.
See the MSCI income statement, the MSCI chart for price history, or the MSCI stock overview for the latest quote and news.
MSCI key metrics FAQ
What is MSCI's P/E ratio?
MSCI's trailing P/E ratio is 31.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.7. At the end of fiscal 2025 it was 36.6, compared with a 10-year median of 39.3.
What is MSCI's EV/EBITDA?
MSCI's enterprise value was 25.8 times EBITDA at the end of fiscal 2025 (enterprise value $49.8 billion, EBITDA $1.9 billion); the current EV/EBITDA is 22.3.
What is MSCI's ROIC?
MSCI's return on invested capital was 42.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does MSCI have?
MSCI had total debt of $6.3 billion at the end of fiscal 2025 and $5.8 billion of net debt (3.01 times EBITDA).
What is MSCI's dividend yield?
MSCI's forward dividend yield is 1.44%. MSCI paid $556.5 million in dividends in fiscal 2025 ($7.26 per share), a payout ratio of 46.3%.
Does MSCI buy back its shares?
Yes. MSCI spent $2.5 billion on net share repurchases in fiscal 2025 Shares outstanding changed −2.9% over the year, to 76.6M..
What is MSCI's free cash flow yield?
MSCI generated $1.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.5% on its market value at year-end ($44.0 billion).
What is MSCI's current ratio?
MSCI's current ratio was 0.90 at the end of fiscal 2025: current assets were 0.90 times current liabilities.