Msci Inc. (MSCI) intrinsic value & 10-year financials
Msci Inc. (MSCI) has a Graham intrinsic value of $521.15 per share. At $569.08 on Oct 17, 2026, the stock trades 9% above that value. Over the last 10 fiscal years revenue grew 11.8% a year to $3.1B, with an average return on invested capital of 36.6%.
- Graham intrinsic value
- $521.15
- Share price (Oct 17, 2026)
- $569.08
- Price vs Graham value
- 9% above
- Market cap
- $43.6B
- Revenue (FY2025)
- $3.1B
- Revenue growth (10-yr CAGR)
- 11.8%
- ROIC (10-yr avg)
- 36.6%
- Free cash flow (FY2025)
- $1.5B
MSCI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.1B | $1.2B | $15.69 | $1.5B | 54.7% | 42.9% |
| FY2024 | $2.9B | $1.1B | $14.05 | $1.5B | 53.5% | 37.3% |
| FY2023 | $2.5B | $1.1B | $14.39 | $1.2B | 54.8% | 38.3% |
| FY2022 | $2.2B | $870.6M | $10.72 | $1.1B | 53.7% | 37.5% |
| FY2021 | $2.0B | $726.0M | $8.70 | $922.6M | 52.5% | 40.3% |
| FY2020 | $1.7B | $601.8M | $7.12 | $789.3M | 52.2% | 45.3% |
| FY2019 | $1.6B | $563.6M | $6.59 | $680.4M | 48.5% | 44.7% |
| FY2018 | $1.4B | $507.9M | $5.66 | $582.5M | 47.9% | 35.8% |
| FY2017 | $1.3B | $304.0M | $3.31 | $371.0M | 45.5% | 23.6% |
| FY2016 | $1.2B | $260.9M | $2.70 | $402.5M | 42.4% | 20.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MSCI Inc. is a consistent compounder, expanding top-line revenue at 11.8% annually over the past decade.
MSCI Inc. has earned high returns on invested capital, averaging 36.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, MSCI Inc. shows that management has aggressively returned capital to shareholders by retiring 20.6% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MSCI Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $521.15 per share.