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MSCI (MSCI)

Market Price (6/16/2026): $611.36 | Market Cap: $44.8 BilInvestor Relations Sector: Financials | Industry: Financial Exchanges & Data

MSCI (MSCI)

Market Price (6/16/2026): $611.36
Market Cap: $44.8 Bil
Sector: Financials
Industry: Financial Exchanges & Data

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 55%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45%

Stock buyback support
Stock Buyback 3Y Total is 4.2 Bil

Low stock price volatility
Vol 12M is 29%

Megatrend and thematic drivers
Megatrends include Sustainable Finance, Digital & Alternative Assets, and Fintech & Digital Payments. Themes include ESG Investing & Green Bonds, Show more.

Weak multi-year price returns
2Y Excs Rtn is -11%, 3Y Excs Rtn is -44%

Expensive valuation multiples
P/SPrice/Sales ratio is 14x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x, P/EPrice/Earnings or Price/(Net Income) is 34x

Key risks
MSCI key risks include [1] an active securities fraud investigation following a significant profit drop and [2] a sharp deceleration in revenue growth for its key ESG and Climate Solutions segment.

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 55%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45%
2 Stock buyback support
Stock Buyback 3Y Total is 4.2 Bil
3 Low stock price volatility
Vol 12M is 29%
4 Megatrend and thematic drivers
Megatrends include Sustainable Finance, Digital & Alternative Assets, and Fintech & Digital Payments. Themes include ESG Investing & Green Bonds, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -11%, 3Y Excs Rtn is -44%
6 Expensive valuation multiples
P/SPrice/Sales ratio is 14x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x, P/EPrice/Earnings or Price/(Net Income) is 34x
7 Key risks
MSCI key risks include [1] an active securities fraud investigation following a significant profit drop and [2] a sharp deceleration in revenue growth for its key ESG and Climate Solutions segment.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/3/2026

MSCI (MSCI) stock has gained about 5% since 2/28/2026 because of the following key factors:

1. Strong Q1 2026 Earnings Beat: MSCI reported robust financial results for the first quarter of 2026, significantly exceeding analyst expectations. On April 21, 2026, the company announced an adjusted EPS of $4.55, surpassing the consensus estimate of $4.38 to $4.53. Additionally, quarterly revenue increased by 14.1% year-over-year to $850.80 million, also beating the consensus estimate of $830.91 million. This strong operational performance and positive earnings surprise acted as a significant catalyst for the stock's upward movement.

2. Positive Analyst Sentiment and Upgraded Price Targets: Throughout the specified period, Wall Street analysts maintained a bullish outlook on MSCI, with many reiterating or upgrading their ratings and price targets. For instance, Raymond James reiterated a "strong-buy" rating with a $730.00 price objective on April 21, 2026. On May 27, 2026, Wells Fargo & Company upgraded MSCI from "equal weight" to "overweight" and increased its price target from $650.00 to $700.00. The consensus average price target from analysts ranged from approximately $688.56 to $700.00, implying a notable upside from its trading price.

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Stock Movement Drivers

Fundamental Drivers

The 7.3% change in MSCI stock from 2/28/2026 to 6/15/2026 was primarily driven by a 6.2% change in the company's Net Income Margin (%).
(LTM values as of)22820266152026Change
Stock Price ($)569.77611.177.3%
Change Contribution By: 
Total Revenues ($ Mil)3,1343,2393.3%
Net Income Margin (%)38.4%40.7%6.2%
P/E Multiple35.333.9-3.9%
Shares Outstanding (Mil)75731.7%
Cumulative Contribution7.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/15/2026
ReturnCorrelation
MSCI7.3% 
Market (SPY)10.3%19.7%
Sector (XLF)4.7%40.1%

Fundamental Drivers

The 9.2% change in MSCI stock from 11/30/2025 to 6/15/2026 was primarily driven by a 6.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256152026Change
Stock Price ($)559.49611.179.2%
Change Contribution By: 
Total Revenues ($ Mil)3,0553,2396.0%
Net Income Margin (%)40.0%40.7%1.8%
P/E Multiple35.033.9-2.9%
Shares Outstanding (Mil)76734.3%
Cumulative Contribution9.2%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/15/2026
ReturnCorrelation
MSCI9.2% 
Market (SPY)11.1%21.2%
Sector (XLF)1.3%37.1%

Fundamental Drivers

The 9.9% change in MSCI stock from 5/31/2025 to 6/15/2026 was primarily driven by a 10.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120256152026Change
Stock Price ($)556.25611.179.9%
Change Contribution By: 
Total Revenues ($ Mil)2,9223,23910.9%
Net Income Margin (%)39.1%40.7%4.3%
P/E Multiple37.833.9-10.2%
Shares Outstanding (Mil)78735.9%
Cumulative Contribution9.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/15/2026
ReturnCorrelation
MSCI9.9% 
Market (SPY)29.5%22.7%
Sector (XLF)6.7%38.2%

Fundamental Drivers

The 34.8% change in MSCI stock from 5/31/2023 to 6/15/2026 was primarily driven by a 42.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120236152026Change
Stock Price ($)453.43611.1734.8%
Change Contribution By: 
Total Revenues ($ Mil)2,2813,23942.0%
Net Income Margin (%)38.6%40.7%5.5%
P/E Multiple41.233.9-17.6%
Shares Outstanding (Mil)80739.2%
Cumulative Contribution34.8%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/15/2026
ReturnCorrelation
MSCI34.8% 
Market (SPY)87.7%41.9%
Sector (XLF)77.0%45.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MSCI Return38%-23%23%7%-3%5%42%
Peers Return39%-27%31%15%-10%-16%16%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
MSCI Win Rate58%42%42%50%42%50% 
Peers Win Rate63%38%65%55%50%33% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
MSCI Max Drawdown-14%-38%-19%-26%-19%-18% 
Peers Max Drawdown-11%-36%-19%-12%-30%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: SPGI, MCO, FDS, MORN, ICE. See MSCI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/15/2026 (YTD)

How Low Can It Go

EventMSCIS&P 500
2025 US Tariff Shock
  % Loss-11.9%-18.8%
  % Gain to Breakeven13.5%23.1%
  Time to Breakeven38 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-13.8%-9.5%
  % Gain to Breakeven16.0%10.5%
  Time to Breakeven43 days24 days
2023 SVB Regional Banking Crisis
  % Loss-18.3%-6.7%
  % Gain to Breakeven22.4%7.1%
  Time to Breakeven240 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-36.2%-24.5%
  % Gain to Breakeven56.8%32.4%
  Time to Breakeven631 days427 days
2020 COVID-19 Crash
  % Loss-32.2%-33.7%
  % Gain to Breakeven47.5%50.9%
  Time to Breakeven40 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.5%-19.2%
  % Gain to Breakeven30.7%23.8%
  Time to Breakeven60 days105 days

Compare to SPGI, MCO, FDS, MORN, ICE

In The Past

MSCI's stock fell -11.9% during the 2025 US Tariff Shock. Such a loss loss requires a 13.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventMSCIS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-36.2%-24.5%
  % Gain to Breakeven56.8%32.4%
  Time to Breakeven631 days427 days
2020 COVID-19 Crash
  % Loss-32.2%-33.7%
  % Gain to Breakeven47.5%50.9%
  Time to Breakeven40 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.5%-19.2%
  % Gain to Breakeven30.7%23.8%
  Time to Breakeven60 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-26.3%-17.9%
  % Gain to Breakeven35.8%21.8%
  Time to Breakeven676 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-26.3%-15.4%
  % Gain to Breakeven35.7%18.2%
  Time to Breakeven112 days125 days
2008-2009 Global Financial Crisis
  % Loss-65.4%-53.4%
  % Gain to Breakeven189.1%114.4%
  Time to Breakeven414 days1085 days

Compare to SPGI, MCO, FDS, MORN, ICE

In The Past

MSCI's stock fell -11.9% during the 2025 US Tariff Shock. Such a loss loss requires a 13.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About MSCI (MSCI)

MSCI Inc., together with its subsidiaries, provides investment decision support tools for the clients to manage their investment processes worldwide. It operates through four segments: Index, Analytics, ESG and Climate, and All Other – Private Assets. The Index segment provides indexes for use in various areas of the investment process, including indexed product creation, such as ETFs, mutual funds, annuities, futures, options, structured products, over-the-counter derivatives; performance benchmarking; portfolio construction and rebalancing; and asset allocation, as well as licenses GICS and GICS Direct. The Analytics segment offers risk management, performance attribution and portfolio management content, application, and service that provides an integrated view of risk and return, and an analysis of market, credit, liquidity, and counterparty risk across asset classes; managed services, including consolidation of client portfolio data from various sources, review and reconciliation of input data and results, and customized reporting; and HedgePlatform to measure, evaluate, and monitor the risk of hedge fund investments. The ESG and Climate segment provides products and services that help institutional investors understand how ESG factors impact the long-term risk and return of their portfolio and individual security-level investments; and data, ratings, research, and tools to help investors navigate increasing regulation. The All Other – Private Assets segment includes real estate market and transaction data, benchmarks, return-analytics, climate assessments and market insights for funds, investors, and managers; business intelligence to real estate owners, managers, developers, and brokers; and offers investment decision support tools for private capital. It serves asset owners and managers, financial intermediaries, wealth managers, real estate professionals, and corporates. MSCI Inc. was incorporated in 1998 and is headquartered in New York, New York.

AI Analysis | Feedback

MSCI is like S&P Global for the institutional investment world, providing essential market indexes, risk analytics, and ESG research.

MSCI is like Bloomberg for investment managers, offering critical data, performance analytics, and specialized ESG insights for their portfolios.

AI Analysis | Feedback

  • Investment Indexes: Provides widely used indexes for creating investment products, benchmarking performance, and aiding portfolio management.
  • Global Industry Classification Standard (GICS) Licenses: Licenses the standard for classifying companies into industries.
  • Investment Analytics Solutions: Offers tools and services for risk management, performance attribution, and portfolio management across various asset classes.
  • Managed Services for Portfolio Data: Provides services for consolidating, reconciling, and reporting on client portfolio data.
  • Hedge Fund Risk Monitoring (HedgePlatform): A platform specifically designed to measure and monitor the risk of hedge fund investments.
  • ESG and Climate Solutions: Delivers products and services, including data, ratings, and tools, to help investors integrate environmental, social, and governance factors into their investment decisions.
  • Private Assets Data and Analytics: Supplies market data, benchmarks, return analytics, and climate assessments for real estate and other private capital investments.
  • Real Estate Business Intelligence: Offers insights and tools for real estate owners, managers, developers, and brokers.

AI Analysis | Feedback

MSCI (symbol: MSCI) primarily sells its investment decision support tools and services to other companies and institutional clients.

Its major customers, categorized by type, include:

  • Asset Owners
  • Asset Managers
  • Financial Intermediaries
  • Wealth Managers
  • Real Estate Professionals
  • Corporates

The provided background information does not list specific names of customer companies, therefore public company symbols cannot be included.

AI Analysis | Feedback

S&P Global (symbol: SPGI)

AI Analysis | Feedback

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Henry A. Fernandez, Chairman and Chief Executive Officer

Henry A. Fernandez has served as Chairman and Chief Executive Officer of MSCI for almost three decades, having become CEO in 1998 and Chairman in 2007. Prior to his tenure at MSCI, Mr. Fernandez was a Managing Director at Morgan Stanley, where his work included emerging markets business strategy, equity-derivatives sales and trading, mergers and acquisitions, mortgage-backed securities, and corporate finance. He was also the President of HispaniMedia, Inc., a private-equity firm, and founded Ferco Partners, Inc., a private-equity investment firm based in Mexico.

Andrew C. Wiechmann, Chief Financial Officer

Andrew C. Wiechmann was appointed Chief Financial Officer on September 25, 2020. He joined MSCI in 2012 and has held various key positions within the company, including Chief Strategy Officer, Interim CFO, Head of Strategy & Corporate Development, Head of Investor Relations, and Head of Financial Planning & Analysis. Before joining MSCI, Mr. Wiechmann was an investment banker at Morgan Stanley, where he handled M&A and capital markets transactions for financial technology and specialty finance companies, and also worked on MSCI's IPO in 2007.

C.D. Baer Pettit, President and Chief Operating Officer

C.D. Baer Pettit joined MSCI in 2000 and has served as President since October 2017 and Chief Operating Officer since January 2020. He will retire from his roles as President and a Director on March 1, 2026, and will continue as an advisor for a transition period. Throughout his career at MSCI, he has held numerous senior leadership positions including Head of Client Coverage, Marketing, Index, and Products. Prior to MSCI, Mr. Pettit spent eight years at Bloomberg L.P., where he was Deputy Head of European Sales, and also worked in Equity Derivatives at Barclays De Zoete Wedd and Morgan Stanley Asset Management.

Jorge Mina, Chief Operating Officer and Head of Analytics

Jorge Mina serves as the Chief Operating Officer and Head of Analytics at MSCI. He joined MSCI in 2010 and has been the Head of Analytics since February 2, 2017.

Jana Haines, Head of Index

Jana Haines is the Head of Index at MSCI. She has also served as Head of Equity Index Products for the Americas since February 1, 2016.

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AI Analysis | Feedback

  1. MSCI's business is highly dependent on the health and stability of the global financial markets and the level of investment activity. A significant downturn in financial markets, reduced assets under management by institutional investors, or decreased demand for investment products could lead to lower subscription and licensing fees for MSCI's indexes, analytics, and ESG and climate solutions.

  2. The financial data and analytics industry in which MSCI operates is subject to intense competition. Competitors, including other index providers, data vendors, and financial technology companies, could develop alternative or superior products and services, offer more competitive pricing, or leverage new technologies to disrupt MSCI's market share.

  3. MSCI faces risks associated with regulatory changes and increased scrutiny over financial benchmarks and ESG (Environmental, Social, and Governance) data. Changes in regulations concerning the use of indices, data transparency, ESG reporting standards, or even potential anti-trust considerations could impact MSCI's operational model, pricing power, or the demand for its proprietary products and services.

AI Analysis | Feedback

  • **The rise of direct indexing and highly customized portfolio solutions:** This trend allows asset managers and sophisticated investors to construct personalized portfolios of individual securities that track or outperform specific benchmarks, often with greater tax efficiency and ESG customization. As this method gains traction, it could diminish the traditional reliance on licensing third-party indexes for product creation and benchmarking, potentially impacting MSCI's core Index segment.
  • **Advancements in AI/ML and readily available data enabling in-house analytics:** The increasing sophistication and accessibility of artificial intelligence and machine learning technologies, combined with the growing availability of financial and alternative data, could empower large institutional clients to develop their own bespoke and highly effective risk management and portfolio analytics platforms in-house. This could reduce their dependency on external providers like MSCI for their Analytics segment offerings, leading to potential erosion of demand or pricing pressure.

AI Analysis | Feedback

MSCI Inc. operates in several substantial addressable markets globally, providing investment decision support tools through its main product segments:

  • Index Segment: MSCI is a prominent provider of equity indexes. The global public equity market capitalization, which is the broad addressable market for indexing services, was over $87 trillion as of September 2024. Specifically, the MSCI ACWI Investable Market Index (IMI) covers approximately 99% of the global public equity opportunity set. As a testament to MSCI's position, $18.3 trillion in assets under management (AUM) are benchmarked to MSCI equity indexes globally.
  • Analytics Segment: The global financial analytics market, which encompasses MSCI's Analytics offerings, was valued at USD 10.9 billion in 2023 and is projected to grow to USD 28.3 billion by 2032. In 2024, this market was estimated at USD 12.57 billion globally. North America accounted for a significant portion of this market, with a valuation of USD 4.5 billion in 2024.
  • ESG and Climate Segment: The global institutional investors ESG investing market, which MSCI serves with its ESG and Climate products and services, was valued at approximately USD 15.5 billion in 2024. This market is projected to grow at a compound annual growth rate (CAGR) of 18.6% from 2024 to 2030. More broadly, the global ESG investing market, including all types of investors, was valued at USD 39.08 trillion in 2025 and is projected to reach USD 180.78 trillion by 2034. Europe held the largest share of the ESG investing market, at 44.00% in 2025.
  • All Other – Private Assets Segment: This segment includes real estate and private capital solutions.
    • Real Estate: The global professionally managed real estate market was estimated at USD 12.5 trillion in 2024. The Americas region contributed 42.7% of this global market in 2023.
    • Private Capital: The assets under management (AUM) for private equity and venture capital globally reached over $11 trillion by the end of 2023. The global private equity market itself was valued at USD 855.4 billion in 2025 and is projected to grow to USD 1,751.6 billion by 2034. North America represents more than half of the global private equity market.

AI Analysis | Feedback

MSCI Inc. (NYSE: MSCI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. Continued Growth in the Index Segment: MSCI anticipates sustained revenue expansion from its Index segment, particularly through increased asset-based fees. This growth is primarily fueled by strong inflows into Exchange Traded Funds (ETFs) and non-ETF indexed funds linked to MSCI indexes, which have shown record run rates. Additionally, the development and adoption of custom indexes and specialized packages are contributing significantly to recurring subscription revenue within this segment.

  2. Expanding Demand for ESG and Climate Solutions: The ESG and Climate segment is a significant growth driver, supported by the increasing focus of institutional investors on environmental, social, and governance factors. Evolving regulatory landscapes, particularly in regions like EMEA (Europe, Middle East, and Africa), are further stimulating demand for MSCI's data, ratings, research, and tools that help investors understand and integrate ESG and climate considerations into their portfolios.

  3. Innovation and Expansion in the Analytics Segment: Growth in the Analytics segment is expected from ongoing investments in differentiating content and supporting open ecosystem integrations. This includes new product development, particularly in areas like fixed income portfolio management analytics and private credit risk tools. MSCI is also strategically leveraging artificial intelligence (AI) to enhance its analytics offerings, with new capabilities such as AI Portfolio Insights contributing to improved efficiency and insights for clients.

  4. Penetration into the Wealth Management Sector: MSCI is actively expanding its footprint within the wealth management client segment. This involves providing specialized platforms and integrated solutions that cater to the unique needs of wealth managers, including tools for proposal generation, model portfolio construction, and the integration of ESG and climate considerations into wealth management strategies.

AI Analysis | Feedback

Share Repurchases

  • MSCI's Board of Directors authorized a new share repurchase program for up to $3.0 billion of common stock on October 25, 2025, which superseded and replaced a prior program authorized on October 28, 2024.
  • As of February 5, 2026, approximately $2.0 billion of this authorization remained.
  • The company returned $2.4 billion to shareholders via share repurchases in 2025. Annual share buybacks were $885.266 million in 2024 and $504.188 million in 2023.

Outbound Investments

  • MSCI has completed several acquisitions in the last 3-5 years, focusing on expanding its data and analytics capabilities.
  • Notable acquisitions include Compass Financial Technologies in March 2026 and Vantager in March 2026.
  • In August 2023, MSCI acquired Burgiss for $697 million. The company also acquired Real Capital Analytics (RCA) for $950 million in cash, with the acquisition announced in August 2021 and completed by September 2021, to expand its real estate data and analytics.

Capital Expenditures

  • MSCI's capital expenditures for the trailing twelve months (TTM) ended December 31, 2025, amounted to approximately $129.86 million.
  • The company plans to utilize its liquidity sources, including cash flows from operations, to fund capital expenditures, investments, and acquisitions.
  • The average annual Capital Expenditures growth rates for MSCI Inc have been -21% over the past three and five years.

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Peer Comparisons

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Financials

MSCISPGIMCOFDSMORNICEMedian
NameMSCI S&P Glob.Moodys FactSet .Mornings.Intercon. 
Mkt Price611.17424.07454.06235.86173.13140.10329.97
Mkt Cap44.8126.180.38.76.879.462.1
Rev LTM3,23915,7307,8732,4012,50813,0775,556
Op Inc LTM1,7936,4363,5307495465,4522,662
FCF LTM1,4685,5562,7476834374,2442,107
FCF 3Y Avg1,3425,0112,4286193833,7881,885
CFO LTM1,5945,7353,0837995905,0222,338
CFO 3Y Avg1,4565,1642,7407115224,4952,098

Growth & Margins

MSCISPGIMCOFDSMORNICEMedian
NameMSCI S&P Glob.Moodys FactSet .Mornings.Intercon. 
Rev Chg LTM10.9%8.5%9.0%6.5%8.4%7.3%8.5%
Rev Chg 3Y Avg12.4%9.6%13.3%6.1%9.8%10.8%10.3%
Rev Chg Q14.1%10.4%8.1%7.1%10.8%13.5%10.6%
QoQ Delta Rev Chg LTM3.3%2.6%2.0%1.7%2.6%3.5%2.6%
Op Inc Chg LTM14.5%13.6%15.7%5.8%23.4%19.4%15.1%
Op Inc Chg 3Y Avg13.3%22.1%22.9%6.4%63.7%13.7%17.9%
Op Mgn LTM55.4%40.9%44.8%31.2%21.8%41.7%41.3%
Op Mgn 3Y Avg54.3%38.0%42.2%31.0%18.4%39.7%38.8%
QoQ Delta Op Mgn LTM0.7%0.6%-0.0%-0.6%1.1%2.1%0.7%
CFO/Rev LTM49.2%36.5%39.2%33.3%23.5%38.4%37.4%
CFO/Rev 3Y Avg49.7%35.8%38.5%31.3%22.5%38.0%36.9%
FCF/Rev LTM45.3%35.3%34.9%28.4%17.4%32.5%33.7%
FCF/Rev 3Y Avg45.9%34.7%34.1%27.3%16.4%32.0%33.1%

Valuation

MSCISPGIMCOFDSMORNICEMedian
NameMSCI S&P Glob.Moodys FactSet .Mornings.Intercon. 
Mkt Cap44.8126.180.38.76.879.462.1
P/S13.88.010.23.62.76.17.0
P/Op Inc25.019.622.711.612.414.617.1
P/EBIT25.118.223.111.211.713.315.7
P/E33.926.432.214.816.820.223.3
P/CFO28.122.026.010.911.515.818.9
Total Yield4.2%4.7%4.0%8.6%7.1%6.4%5.5%
Dividend Yield1.3%0.9%0.9%1.9%1.1%1.4%1.2%
FCF Yield 3Y Avg3.2%3.6%3.1%5.1%4.0%4.3%3.8%
D/E0.10.10.10.20.30.30.2
Net D/E0.10.10.10.10.20.20.1

Returns

MSCISPGIMCOFDSMORNICEMedian
NameMSCI S&P Glob.Moodys FactSet .Mornings.Intercon. 
1M Rtn8.8%5.4%5.9%11.5%1.8%-8.9%5.7%
3M Rtn11.5%-0.4%5.2%14.2%-4.9%-12.6%2.4%
6M Rtn11.3%-14.7%-6.4%-18.4%-17.4%-12.3%-13.5%
12M Rtn14.2%-14.7%-3.0%-42.9%-41.6%-20.5%-17.6%
3Y Rtn32.8%9.9%36.1%-42.0%-14.2%30.3%20.1%
1M Excs Rtn7.0%4.5%4.5%17.9%3.6%-10.4%4.5%
3M Excs Rtn-1.2%-13.1%-7.6%1.5%-17.7%-25.4%-10.3%
6M Excs Rtn2.6%-23.8%-15.5%-27.8%-28.0%-22.7%-23.3%
12M Excs Rtn-13.3%-40.4%-29.8%-68.4%-67.8%-45.5%-43.0%
3Y Excs Rtn-44.0%-62.2%-36.3%-115.4%-90.2%-43.9%-53.1%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Index1,7871,5961,4521,3031,252
Analytics714675616576544
Sustainability and Climate354327288228166
All Other - Private Assets27925817414181
Total3,1342,8562,5292,2492,044


Operating Income by Segment
$ Mil20252024202320222021
Index1,3661,2221,107985951
Analytics343328275248199
Sustainability and Climate128105926130
All Other - Private Assets6961493517
Acquisition-related integration and transaction costs0-7-2-4-7
Depreciation and amortization of property, equipment and leasehold improvements-23-17-21-27-29
Amortization of intangible assets-169-164-114-91-81
Impairment related to sublease of leased property  -00-8
Total1,7141,5291,3851,2081,073


Price Behavior

Price Behavior
Market Price$611.17 
Market Cap ($ Bil)44.8 
First Trading Date11/15/2007 
Distance from 52W High-5.1% 
   50 Days200 Days
DMA Price$585.80$565.22
DMA Trendupup
Distance from DMA4.3%8.1%
 3M1YR
Volatility26.1%28.8%
Downside Capture-1.3752.80
Upside Capture36.1752.99
Correlation (SPY)15.4%21.9%
MSCI Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta0.260.120.370.520.560.76
Up Beta-0.130.350.300.260.570.66
Down Beta3.190.840.670.680.570.99
Up Capture41%47%43%60%44%39%
Bmk +ve Days13283667141432
Stock +ve Days9213065132391
Down Capture-133%-145%15%53%64%90%
Bmk -ve Days7132757109318
Stock -ve Days11203359118360

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MSCI
MSCI11.7%28.8%0.38-
Sector ETF (XLF)6.7%14.7%0.2238.0%
Equity (SPY)26.6%12.4%1.6222.5%
Gold (GLD)27.1%27.5%0.86-8.0%
Commodities (DBC)28.6%19.1%1.19-10.0%
Real Estate (VNQ)12.2%13.5%0.606.6%
Bitcoin (BTCUSD)-40.1%42.2%-1.107.9%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MSCI
MSCI6.9%30.7%0.25-
Sector ETF (XLF)8.9%18.6%0.3653.8%
Equity (SPY)13.9%17.1%0.6360.9%
Gold (GLD)17.5%18.2%0.784.4%
Commodities (DBC)7.9%19.4%0.307.1%
Real Estate (VNQ)2.5%18.8%0.0351.4%
Bitcoin (BTCUSD)13.7%54.4%0.4423.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MSCI
MSCI24.3%31.2%0.77-
Sector ETF (XLF)12.9%22.2%0.5354.6%
Equity (SPY)15.4%18.0%0.7366.0%
Gold (GLD)12.8%16.1%0.666.0%
Commodities (DBC)6.4%18.0%0.2817.2%
Real Estate (VNQ)5.7%20.7%0.2450.7%
Bitcoin (BTCUSD)59.8%66.8%1.0015.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity1.7 Mil
Short Interest: % Change Since 515202613.9%
Average Daily Volume0.7 Mil
Days-to-Cover Short Interest2.4 days
Basic Shares Quantity73.3 Mil
Short % of Basic Shares2.3%

Returns Analyses

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/21/20265.4%4.2%2.3%
1/28/20265.7%-0.0%-1.1%
10/28/20258.6%6.3%3.3%
7/22/2025-8.9%-4.4%-1.4%
4/22/20250.9%0.3%7.4%
1/29/2025-5.6%-7.0%-7.2%
10/29/2024-2.7%-1.0%1.4%
7/23/20247.9%7.2%11.6%
...
SUMMARY STATS   
# Positive141515
# Negative1099
Median Positive5.2%6.1%5.3%
Median Negative-5.1%-5.6%-4.4%
Max Positive9.3%13.8%22.3%
Max Negative-13.5%-11.3%-15.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/21/202610-Q
12/31/202502/06/202610-K
09/30/202510/28/202510-Q
06/30/202507/22/202510-Q
03/31/202504/22/202510-Q
12/31/202402/07/202510-K
09/30/202410/31/202410-Q
06/30/202407/23/202410-Q
03/31/202404/23/202410-Q
12/31/202302/09/202410-K
09/30/202310/31/202310-Q
06/30/202307/25/202310-Q
03/31/202304/25/202310-Q
12/31/202202/10/202310-K
09/30/202210/25/202210-Q
06/30/202207/26/202210-Q

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 4/21/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Operating Expense1.49 Bil1.51 Bil1.53 Bil0 AffirmedGuidance: 1.51 Bil for 2026
2026 Adjusted EBITDA Expense1.30 Bil1.32 Bil1.33 Bil0 AffirmedGuidance: 1.32 Bil for 2026
2026 Interest Expense274.00 Mil277.00 Mil280.00 Mil0 AffirmedGuidance: 277.00 Mil for 2026
2026 Depreciation & Amortization Expense190.00 Mil195.00 Mil200.00 Mil2.6% RaisedGuidance: 190.00 Mil for 2026
2026 Effective Tax Rate18.0%19.0%20.0%00AffirmedGuidance: 19.0% for 2026
2026 Capital Expenditures160.00 Mil165.00 Mil170.00 Mil0 AffirmedGuidance: 165.00 Mil for 2026
2026 Net Cash Provided by Operating Activities1.64 Bil1.67 Bil1.69 Bil0 AffirmedGuidance: 1.67 Bil for 2026
2026 Free Cash Flow1.47 Bil1.50 Bil1.53 Bil0 AffirmedGuidance: 1.50 Bil for 2026

Prior: Q4 2025 Earnings Reported 1/28/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Operating Expense1.49 Bil1.51 Bil1.53 Bil5.6% Higher NewActual: 1.43 Bil for 2025
2026 Adjusted EBITDA Expense1.30 Bil1.32 Bil1.33 Bil6.4% Higher NewActual: 1.24 Bil for 2025
2026 Interest Expense274.00 Mil277.00 Mil280.00 Mil33.8% Higher NewActual: 207.00 Mil for 2025
2026 Depreciation & Amortization Expense185.00 Mil190.00 Mil195.00 Mil0 Same NewActual: 190.00 Mil for 2025
2026 Effective Tax Rate18.0%19.0%20.0%11.8%2.0%Higher NewActual: 17.0% for 2025
2026 Capital Expenditures160.00 Mil165.00 Mil170.00 Mil32.0% Higher NewActual: 125.00 Mil for 2025
2026 Net Cash Provided by Operating Activities1.64 Bil1.67 Bil1.69 Bil6.4% Higher NewActual: 1.56 Bil for 2025
2026 Free Cash Flow1.47 Bil1.50 Bil1.53 Bil4.2% Higher NewActual: 1.44 Bil for 2025

Insider Activity

Updated 6/12/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Wiechmann, Andrew CChief Financial OfficerDirectSell6122026604.56450272,05213,357,149Form
2Fernandez, Henry AChairman and CEODirectBuy5182026562.404,0002,249,591974,051,151Form
3Munari, Alvise JChief Product OfficerDirectSell4282026592.0410,0005,920,35113,941,243Form
4Wiechmann, Andrew CChief Financial OfficerDirectSell3192026560.00450252,00012,624,640Form
5Ashe, Robert G See Footnote 3Buy2202026543.213,6811,999,55612,108,151Form

Industry Resources

External Quote Links


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Core Cache Last Updated: 6/15/2026