MSCI Inc. (MSCI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-52.8%

$301.42

vs $638.18 price

Levered DCF

$320.37

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.42

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	36.82×	42.58×	39.15×	43.15×	69.62×	62.1×	38.77×	25.29×
P/B	-16.68×	-50.24×	-60.76×	-37.27×	-309.25×	-84.34×	-284.87×	-77.2×
P/S	14.12×	16.54×	17.77×	16.7×	24.74×	22.05×	14.03×	8.96×
EV / EBITDA	25.93×	29.45×	28.64×	30.35×	46.42×	41.54×	27.64×	17.12×
Gross margin	82.4%	82.0%	82.3%	82.0%	82.4%	82.8%	81.1%	80.0%
Operating margin	54.7%	53.5%	54.8%	53.7%	52.5%	52.2%	48.5%	47.9%
Net margin	38.4%	38.8%	45.4%	38.7%	35.5%	35.5%	36.2%	35.4%
Current ratio	0.9×	0.85×	0.93×	1.4×	1.71×	1.88×	2.31×	1.77×
Debt / equity	-2.39×	-4.95×	-6.26×	-4.61×	-26.52×	-7.94×	-42.18×	-15.47×
Interest coverage	8.16×	8.24×	7.42×	7.04×	6.72×	5.66×	5.1×	5.16×
Dividend yield	1.3%	1.1%	1.0%	1.0%	0.6%	0.7%	1.0%	1.3%
Payout ratio	46.3%	45.9%	38.4%	42.8%	41.7%	40.9%	39.5%	33.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-45.3%	-118.0%	-155.3%	-86.4%	-444.1%	-135.8%	-734.7%	-305.0%
Return on invested capital	35.3%	32.2%	29.0%	26.8%	21.2%	24.3%	21.4%	21.5%
Return on assets	21.1%	20.4%	20.8%	17.4%	13.2%	14.3%	13.4%	15.0%
Free cash flow yield	3.5%	3.1%	2.5%	2.7%	1.7%	2.0%	3.0%	4.4%
Earnings yield	2.7%	2.3%	2.6%	2.3%	1.4%	1.6%	2.6%	4.0%
Enterprise value	$50.1B	$51.5B	$49.1B	$41.2B	$53.5B	$39.6B	$23.6B	$14.5B
Net debt / EBITDA	3.01×	2.43×	2.43×	2.69×	2.53×	2.33×	2.03×	1.97×
Cash conversion cycle (days)	105	95	113	94	105	102	109	116