MSCIMSCI

Financials · Business Services · NYSE

Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities, make better investment decisions and unlock innovation. 10-K, Item 1

Employees: 6,268
Headquarters: New York, NY
CEO: Henry A. Fernandez
Next results: around Jan 27, 2027

Compare with peers → Embed

MSCI and 9 peers, year by year

The 9 Financials companies closest to MSCI in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

5 years 10 years Download CSV

Choose the peers

Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
MSCI MSCI	FY2025	$3.1B	+9.7%	-	54.7%	38.4%	49.4%	n/m	n/m
ERIE Erie Indemnity	FY2025	$4.1B	+7.2%	-	17.6%	13.8%	14.0%	24.5%	-
JKHY Jack Henry & Associates	FY2026	$2.5B	+7.1%	-	25.0%	19.8%	27.3%	24.5%	0.02
FDS FactSet	FY2026	$2.5B	+6.7%	-	28.3%	21.5%	28.6%	26.6%	0.68
HOOD Robinhood Markets	FY2025	$4.5B	+51.6%	-	-	42.1%	-	20.6%	0.00
CPAY Corpay	FY2025	$4.5B	+13.9%	-	44.0%	23.6%	28.7%	27.5%	2.58
CBOE Cboe Global Markets	FY2025	$4.7B	+15.1%	51.5%	31.1%	23.3%	35.7%	21.4%	0.28
COIN Coinbase	FY2025	$7.2B	+9.4%	-	20.0%	17.6%	-	8.5%	0.52
ARES Ares Management	FY2025	$5.6B	+44.2%	-	-	9.4%	-	12.3%	-
GL Globe Life	FY2025	$6.0B	+3.7%	-	-	19.4%	20.9%	19.4%	0.44

Revenuepeer median $4.5B

Sales growthpeer median +9.4%

Operating marginpeer median 26.6%

Net marginpeer median 19.8%

FCF marginpeer median 27.9%

Return on equitypeer median 21.4%

Debt / equitypeer median 0.44

CPAY 2.58
FDS 0.68
COIN 0.52
GL 0.44
CBOE 0.28
JKHY 0.02
HOOD 0.00
MSCI n/m
ERIE -
ARES -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSCI Dec	$1.2B	$1.3B	$1.4B	$1.6B	$1.7B	$2.0B	$2.2B	$2.5B	$2.9B	$3.1B
ERIE Dec	$1.6B	$1.7B	$2.4B	$2.5B	$2.5B	$2.6B	$2.8B	$3.3B	$3.8B	$4.1B
JKHY Jun	$1.4B	$1.4B	$1.5B	$1.6B	$1.7B	$1.8B	$1.9B	$2.1B	$2.2B	$2.4B
FDS Aug	$1.1B	$1.2B	$1.4B	$1.4B	$1.5B	$1.6B	$1.8B	$2.1B	$2.2B	$2.3B
HOOD Dec	-	-	-	$277.5M	$958.0M	$1.8B	$1.4B	$1.9B	$3.0B	$4.5B
CPAY Dec	$1.8B	$2.2B	$2.4B	$2.6B	$2.4B	$2.8B	$3.4B	$3.8B	$4.0B	$4.5B
CBOE Dec	$703.1M	$2.2B	$2.8B	$2.5B	$3.4B	$3.5B	$4.0B	$3.8B	$4.1B	$4.7B
COIN Dec	-	-	-	$533.7M	$1.3B	$7.8B	$3.2B	$3.1B	$6.6B	$7.2B
ARES Dec	$964.8M	$1.5B	$1.2B	$1.8B	$1.8B	$4.2B	$3.1B	$3.6B	$3.9B	$5.6B
GL Dec	$3.9B	$4.2B	$4.3B	$4.5B	$4.7B	$5.1B	$5.2B	$5.4B	$5.8B	$6.0B
Peer median	$1.4B	$1.7B	$2.4B	$1.8B	$1.8B	$2.8B	$3.1B	$3.3B	$3.9B	$4.5B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSCI Dec	+7.0%	+10.7%	+12.5%	+8.6%	+8.8%	+20.5%	+10.0%	+12.5%	+12.9%	+9.7%
ERIE Dec	+6.1%	+6.0%	+40.8%	+4.0%	+2.4%	+3.8%	+7.8%	+15.1%	+16.1%	+7.2%
JKHY Jun	-	+5.6%	+5.9%	+5.6%	+9.3%	+3.6%	+10.5%	+6.9%	+6.6%	+7.2%
FDS Aug	-	+8.3%	+10.6%	+6.3%	+4.1%	+6.5%	+15.9%	+13.1%	+5.6%	+5.4%
HOOD Dec	-	-	-	-	+245%	+89.5%	−25.2%	+37.3%	+58.2%	+51.6%
CPAY Dec	+7.6%	+22.8%	+8.2%	+8.8%	−9.8%	+18.6%	+20.9%	+9.6%	+5.8%	+13.9%
CBOE Dec	+5.9%	+217%	+24.2%	−9.8%	+37.3%	+2.0%	+13.3%	−4.7%	+8.5%	+15.1%
COIN Dec	-	-	-	-	+139%	+514%	−59.3%	−2.7%	+111%	+9.4%
ARES Dec	+47.2%	+12.5%	−35.2%	+84.2%	−0.1%	+139%	−27.5%	+18.9%	+7.0%	+44.2%
GL Dec	+4.5%	+5.6%	+3.6%	+5.2%	+4.6%	+7.9%	+2.2%	+4.2%	+6.1%	+3.7%
Peer median	+6.1%	+8.3%	+8.2%	+5.6%	+4.6%	+7.9%	+7.8%	+9.6%	+7.0%	+9.4%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSCI Dec	-	-	-	-	-	-	-	-	-	-
ERIE Dec	-	-	-	-	-	-	-	-	-	-
JKHY Jun	42.9%	42.8%	-	-	-	-	-	-	-	-
FDS Aug	-	-	-	-	-	-	-	-	-	-
HOOD Dec	-	-	-	-	-	-	-	-	-	-
CPAY Dec	-	-	-	-	-	-	-	-	-	-
CBOE Dec	80.6%	44.7%	44.0%	45.5%	36.6%	42.2%	44.0%	50.8%	50.6%	51.5%
COIN Dec	-	-	-	-	-	-	-	-	-	-
ARES Dec	-	-	-	-	-	-	-	-	-	-
GL Dec	19.9%	19.4%	20.1%	20.1%	19.0%	23.8%	22.6%	23.1%	-	-
Peer median	42.9%	42.8%	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSCI Dec	42.4%	45.5%	47.9%	48.5%	52.2%	52.5%	53.7%	54.8%	53.5%	54.7%
ERIE Dec	18.4%	17.2%	14.5%	14.4%	13.3%	12.1%	13.2%	15.9%	17.8%	17.6%
JKHY Jun	26.7%	23.9%	23.3%	22.4%	22.4%	22.7%	24.4%	23.1%	22.1%	23.9%
FDS Aug	31.0%	28.8%	27.1%	30.5%	29.4%	29.8%	25.8%	30.2%	31.8%	32.2%
HOOD Dec	-	-	-	-	-	-	-	-	-	-
CPAY Dec	41.2%	39.3%	44.8%	46.5%	40.7%	43.8%	42.2%	44.1%	45.0%	44.0%
CBOE Dec	42.4%	16.7%	21.6%	21.5%	19.3%	23.1%	12.4%	28.0%	26.8%	31.1%
COIN Dec	-	-	-	−8.6%	32.0%	39.2%	−84.8%	−5.2%	35.1%	20.0%
ARES Dec	-	-	-	-	-	-	-	-	-	-
GL Dec	20.0%	19.8%	20.2%	20.3%	19.1%	24.0%	22.7%	23.2%	-	-
Peer median	28.9%	21.8%	22.5%	21.5%	22.4%	24.0%	22.7%	23.2%	29.3%	27.5%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSCI Dec	22.7%	23.9%	35.4%	36.2%	35.5%	35.5%	38.7%	45.4%	38.8%	38.4%
ERIE Dec	13.2%	11.6%	12.1%	12.8%	11.6%	11.3%	10.5%	13.6%	15.8%	13.8%
JKHY Jun	18.4%	16.0%	23.8%	17.5%	17.5%	17.7%	18.7%	17.6%	17.2%	19.2%
FDS Aug	30.1%	21.1%	19.8%	24.6%	25.0%	25.1%	21.5%	22.4%	24.4%	25.7%
HOOD Dec	-	-	-	−38.4%	0.7%	−203.1%	−75.7%	−29.0%	47.8%	42.1%
CPAY Dec	24.7%	32.9%	33.3%	33.8%	29.5%	29.6%	27.8%	26.1%	25.3%	23.6%
CBOE Dec	26.6%	18.0%	15.4%	15.0%	13.7%	15.1%	5.9%	20.2%	18.7%	23.3%
COIN Dec	-	-	-	−5.7%	25.2%	46.2%	−82.2%	3.1%	39.3%	17.6%
ARES Dec	11.6%	5.1%	4.7%	8.4%	8.6%	9.7%	5.5%	13.1%	11.9%	9.4%
GL Dec	14.0%	35.0%	16.3%	16.8%	15.4%	20.2%	17.1%	17.8%	18.5%	19.4%
Peer median	18.4%	18.0%	16.3%	15.0%	15.4%	17.7%	10.5%	17.6%	18.7%	19.4%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSCI Dec	$410.1M	$371.0M	$582.5M	$680.4M	$789.3M	$922.6M	$1.1B	$1.2B	$1.5B	$1.5B
ERIE Dec	$229.1M	$168.2M	$207.3M	$262.5M	$287.1M	$254.0M	$298.9M	$288.6M	$486.4M	$571.0M
JKHY Jun	$310.1M	$315.4M	$372.0M	$377.5M	$457.0M	$439.1M	$470.0M	$342.4M	$509.9M	$588.1M
FDS Aug	$283.4M	$283.7M	$352.1M	$367.8M	$428.2M	$493.9M	$487.1M	$584.8M	$614.7M	$617.5M
HOOD Dec	-	-	-	$1.3B	$1.9B	−$948.0M	−$880.0M	-	-	-
CPAY Dec	$649.2M	$610.0M	$822.0M	$1.1B	$1.4B	$1.1B	$603.4M	$1.9B	$1.8B	$1.3B
CBOE Dec	$185.2M	$336.9M	$498.4M	$597.7M	$1.4B	$545.8M	$591.3M	$1.0B	$1.0B	$1.7B
COIN Dec	-	-	-	−$114.1M	$283.6M	$4.0B	−$1.6B	-	-	-
ARES Dec	−$637.6M	−$1.9B	−$1.4B	-	-	-	-	-	-	-
GL Dec	$1.4B	$1.4B	$1.2B	$1.3B	$1.4B	$1.4B	$1.4B	$1.4B	$1.3B	$1.3B
Peer median	$283.4M	$315.4M	$372.0M	$487.6M	$925.6M	$519.9M	$478.5M	$807.7M	$827.2M	$935.7M

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSCI Dec	35.6%	29.1%	40.6%	43.7%	46.6%	45.1%	48.1%	48.0%	51.4%	49.4%
ERIE Dec	14.4%	9.9%	8.7%	10.6%	11.3%	9.6%	10.5%	8.8%	12.8%	14.0%
JKHY Jun	22.9%	22.0%	24.2%	24.3%	26.9%	25.0%	24.2%	16.5%	23.0%	24.8%
FDS Aug	25.1%	23.2%	26.1%	25.6%	28.7%	31.0%	26.4%	28.0%	27.9%	26.6%
HOOD Dec	-	-	-	451.4%	193.3%	−52.2%	−64.8%	-	-	-
CPAY Dec	35.4%	27.1%	33.8%	41.0%	58.4%	38.3%	17.6%	51.8%	44.4%	28.7%
CBOE Dec	26.3%	15.1%	18.0%	23.9%	41.2%	15.6%	14.9%	27.3%	25.4%	35.7%
COIN Dec	-	-	-	−21.4%	22.2%	51.5%	−49.7%	-	-	-
ARES Dec	−66.1%	−128.1%	−117.8%	-	-	-	-	-	-	-
GL Dec	34.9%	33.9%	28.6%	29.2%	30.3%	27.4%	26.7%	26.3%	23.0%	20.9%
Peer median	25.1%	22.0%	24.2%	25.0%	29.5%	26.2%	16.3%	26.8%	24.2%	25.7%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSCI Dec	82.1%	75.8%	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
ERIE Dec	25.8%	23.0%	29.6%	28.0%	24.7%	22.2%	20.6%	26.8%	30.2%	24.5%
JKHY Jun	25.0%	20.9%	27.6%	19.0%	19.1%	23.6%	26.3%	22.8%	20.7%	21.4%
FDS Aug	65.5%	46.1%	50.8%	52.5%	41.6%	39.3%	29.8%	28.9%	28.1%	27.3%
HOOD Dec	-	-	-	n/m	n/m	−50.6%	−14.8%	−8.1%	17.7%	20.6%
CPAY Dec	14.7%	20.1%	24.3%	24.1%	21.0%	29.3%	37.5%	29.9%	32.1%	27.5%
CBOE Dec	58.8%	12.9%	13.2%	11.2%	14.0%	14.7%	6.8%	19.1%	17.9%	21.4%
COIN Dec	-	-	-	−6.1%	33.4%	56.8%	−48.1%	1.5%	25.1%	8.5%
ARES Dec	38.2%	5.2%	9.7%	19.4%	12.7%	22.4%	10.5%	25.1%	13.1%	12.3%
GL Dec	12.0%	23.3%	13.0%	10.4%	8.3%	51.5%	22.6%	21.6%	20.2%	19.4%
Peer median	25.8%	20.9%	24.3%	19.2%	20.1%	23.6%	20.6%	22.8%	20.7%	21.4%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSCI Dec	6.53	5.18	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
ERIE Dec	0.03	0.09	0.10	0.09	0.08	0.07	0.00	-	-	-
JKHY Jun	0.00	0.05	0.00	0.00	0.00	0.08	0.08	0.17	0.03	0.00
FDS Aug	0.58	1.03	1.09	0.85	0.64	0.57	1.49	1.00	0.71	0.63
HOOD Dec	-	-	-	-	-	-	-	-	-	0.00
CPAY Dec	1.25	1.23	1.44	1.36	1.28	2.09	2.77	2.05	2.56	2.58
CBOE Dec	0.00	0.40	0.38	0.26	0.36	0.36	0.50	0.36	0.34	0.28
COIN Dec	-	-	-	-	0.00	0.53	0.63	0.47	0.45	0.52
ARES Dec	-	-	-	-	-	-	-	-	-	-
GL Dec	0.31	0.24	0.31	0.23	0.22	1.09	0.57	0.47	0.52	0.44
Peer median	0.17	0.32	0.34	0.24	0.22	0.53	0.57	0.47	0.48	0.44

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MSCI Dec	$2.70	$3.31	$5.66	$6.59	$7.12	$8.70	$10.72	$14.39	$14.05	$15.69
ERIE Dec	-	-	-	-	-	-	-	-	-	-
JKHY Jun	$3.12	$2.93	$4.70	$3.52	$3.86	$4.12	$4.94	$5.02	$5.23	$6.24
FDS Aug	$8.19	$6.51	$6.78	$9.08	$9.65	$10.36	$10.25	$12.04	$13.91	$15.55
HOOD Dec	-	-	-	−$0.48	$0.01	−$7.49	−$1.17	−$0.61	$1.56	$2.05
CPAY Dec	$4.75	$7.91	$8.81	$9.94	$8.12	$9.99	$12.42	$13.20	$13.97	$15.03
CBOE Dec	$2.27	$3.69	$3.76	$3.34	$4.27	$4.92	$2.19	$7.13	$7.21	$10.42
COIN Dec	-	-	-	−$0.50	$1.40	$14.50	−$11.83	$0.37	$9.48	$4.45
ARES Dec	-	-	-	-	-	-	-	-	-	-
GL Dec	$4.49	$12.22	$6.09	$6.83	$6.82	$9.99	$9.04	$10.07	$11.94	$14.07
Peer median	$4.49	$6.51	$6.09	$3.52	$4.27	$9.99	$4.94	$7.13	$9.48	$10.42

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out MSCI and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on MSCI in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MSCI/export.csv") into a cell.