Latest Ratios: P/E Ratio 39.5x · EV/EBITDA 26.1x · ROE N/A. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $44.7B | $44.3B | $47.4B | $45.2B | $37.8B | $51.1B | $37.7B | $22.1B | $13.2B | $11.6B | $7.6B |
| Enterprise Value | $50.5B | $50.1B | $51.6B | $49.3B | $41.4B | $54.1B | $40.0B | $23.8B | $14.9B | $12.8B | $8.9B |
| P/E Ratio → | 39.46 | 36.87 | 42.71 | 39.31 | 43.39 | 70.42 | 62.71 | 39.18 | 26.05 | 38.23 | 29.18 |
| P/S Ratio | 14.26 | 14.15 | 16.59 | 17.86 | 16.80 | 25.03 | 22.26 | 14.18 | 9.22 | 9.13 | 6.61 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | 29.00 | 23.95 |
| P/FCF | 28.86 | 28.62 | 32.28 | 39.44 | 36.95 | 57.91 | 49.65 | 33.68 | 23.46 | 32.73 | 19.40 |
| P/OCF | 28.14 | 27.92 | 31.55 | 36.54 | 34.49 | 54.64 | 46.53 | 31.12 | 21.58 | 28.78 | 17.49 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 16.00 | 18.08 | 19.51 | 18.42 | 26.45 | 23.57 | 15.29 | 10.39 | 10.06 | 7.72 |
| EV / EBITDA | 26.14 | 25.95 | 29.76 | 31.96 | 30.69 | 44.79 | 40.14 | 27.77 | 19.28 | 19.43 | 15.61 |
| EV / EBIT | 29.47 | 29.42 | 33.49 | 31.71 | 34.09 | 53.12 | 47.43 | 31.69 | 19.52 | 22.11 | 18.21 |
| EV / FCF | — | 32.37 | 35.17 | 43.08 | 40.52 | 61.20 | 52.57 | 36.31 | 26.42 | 36.08 | 22.67 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.4% | 82.4% | 82.0% | 82.3% | 82.0% | 82.4% | 82.8% | 81.1% | 80.0% | 78.5% | 78.1% |
| Operating Margin | 54.7% | 54.7% | 53.5% | 54.8% | 53.7% | 52.5% | 52.2% | 48.5% | 47.9% | 45.5% | 42.4% |
| Net Profit Margin | 38.4% | 38.4% | 38.8% | 45.4% | 38.7% | 35.5% | 35.5% | 36.2% | 35.4% | 23.9% | 22.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | 433.1% | 84.6% | 42.8% |
| ROA | 21.6% | 21.6% | 20.2% | 21.8% | 16.6% | 15.0% | 14.3% | 14.8% | 15.2% | 9.6% | 8.4% |
| ROIC | 34.9% | 34.9% | 30.1% | 27.6% | 23.2% | 22.2% | 21.3% | 20.4% | 21.1% | 17.9% | 15.0% |
| ROCE | 44.3% | 44.3% | 38.9% | 35.7% | 30.2% | 28.9% | 27.3% | 25.7% | 26.2% | 22.2% | 18.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | 5.18 | 6.53 |
| Debt / EBITDA | 3.27 | 3.27 | 2.68 | 3.00 | 3.44 | 3.59 | 3.53 | 3.77 | 3.33 | 3.15 | 3.64 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | 2.96 | 4.04 |
| Net Debt / EBITDA | 3.00 | 3.00 | 2.45 | 2.70 | 2.70 | 2.41 | 2.23 | 2.02 | 2.16 | 1.80 | 2.25 |
| Debt / FCF | — | 3.74 | 2.90 | 3.64 | 3.57 | 3.30 | 2.92 | 2.64 | 2.96 | 3.34 | 3.27 |
| Interest Coverage | 8.12 | 8.12 | 8.31 | 8.33 | 7.08 | 6.38 | 5.39 | 5.08 | 5.73 | 4.99 | 4.80 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.90 | 0.90 | 0.85 | 0.93 | 1.40 | 1.71 | 1.88 | 2.31 | 1.77 | 2.09 | 1.97 |
| Quick Ratio | 0.90 | 0.90 | 0.85 | 0.93 | 1.40 | 1.71 | 1.88 | 2.31 | 1.77 | 2.09 | 1.97 |
| Cash Ratio | 0.28 | 0.28 | 0.26 | 0.30 | 0.79 | 1.14 | 1.27 | 1.67 | 1.12 | 1.46 | 1.48 |
| Asset Turnover | — | 0.55 | 0.52 | 0.46 | 0.45 | 0.37 | 0.40 | 0.37 | 0.42 | 0.39 | 0.37 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 46.3% | 46.3% | 45.9% | 38.4% | 42.8% | 41.7% | 40.9% | 39.5% | 33.7% | 39.4% | 36.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 2.7% | 2.3% | 2.5% | 2.3% | 1.4% | 1.6% | 2.6% | 3.8% | 2.6% | 3.4% |
| FCF Yield | 3.5% | 3.5% | 3.1% | 2.5% | 2.7% | 1.7% | 2.0% | 3.0% | 4.3% | 3.1% | 5.2% |
| Buyback Yield | 5.6% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 6.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $77M | $79M | $80M | $81M | $83M | $85M | $86M | $90M | $92M | $97M |
Negative equity from buybacks
According to current market data, MSCI trades at a forward P/E of 28.18, which suggests investors are pricing in the firm's unique position as a critical infrastructure provider for global passive investment mandates despite the inherent volatility of its asset-based fee revenue model.
The valuation premium relative to peers like ICE appears justified by the high switching costs associated with index-linked derivatives and institutional workflows. However, the PEG ratio of 2.11 indicates that the market expects sustained double-digit growth, which may be challenged if global capital flows into passive vehicles decelerate.
Based on reported figures, MSCI's ROIC has trended within a 6.4% to 9.5% range over the last ten quarters, a metric that appears artificially suppressed by the firm's aggressive share repurchase strategy which has eroded the equity base and inflated the denominator of return calculations.
While the ROIC figures seem modest compared to capital-light software peers, the underlying operational returns on invested capital are likely higher when adjusted for the impact of debt-funded buybacks. Investors should monitor whether the integration of private asset acquisitions like Burgiss can eventually drive a meaningful expansion in these returns.
As reported in recent financial statements, MSCI maintains an asset turnover ratio of approximately 0.15, reflecting a business model that is heavily reliant on intangible intellectual property rather than physical capital to generate its recurring subscription and asset-based revenue streams.
The DSO trend, which has fluctuated between 86 and 106 days, suggests that the firm's collection cycle is tied to the billing patterns of large institutional clients. This extended cycle is typical for the industry but warrants investigation to ensure that payment delays do not signal a weakening in client budget priorities.
According to quarterly data, MSCI's interest coverage ratio has remained between 6.61 and 10.96, indicating that despite a significant debt load used to fund capital returns, the firm's high operating margins provide a sufficient buffer to meet its ongoing debt service obligations.
The reliance on debt to finance share repurchases has resulted in a strained balance sheet, yet the predictability of subscription-based cash flows mitigates immediate refinancing risk. Investors should remain cautious, as any sustained decline in AUM-linked fees could rapidly compress the interest coverage cushion.
The Price-to-Book ratio is fundamentally misapplied to MSCI, as the company's aggressive share repurchase program has driven equity into negative territory, rendering the metric useless for assessing the firm's true intrinsic value or its competitive positioning within the financial data sector.
Because MSCI's value is derived from intangible assets and recurring revenue streams rather than tangible book value, analysts should prioritize EV/EBITDA or P/FCF to evaluate the firm's valuation. Relying on book value in this context obscures the company's actual earning power and its ability to generate cash.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying MSCI stock.
MSCI Inc.'s current P/E ratio is 39.5x. The historical average is 35.9x. This places it at the 74th percentile of its historical range.
MSCI Inc.'s current EV/EBITDA is 26.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.9x.
Based on historical data, MSCI Inc. is trading at a P/E of 39.5x. This is at the 74th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MSCI Inc.'s current dividend yield is 1.17% with a payout ratio of 46.3%.
MSCI Inc. has 82.4% gross margin and 54.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MSCI Inc.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.