Company Reports

Since going public in 2007, MSCI has emerged as a leader in providing data and software to asset managers and asset owners. Its crown jewel is the index segment, which makes up over 55% of overall revenue and 70% of operating profit. Through early leadership in non-US indexes, MSCI boasts over $18 trillion (December 2025) in benchmarked assets. Because index data is critical to stakeholders that benchmark to MSCI, its index subscriptions have strong retention and pricing power.

MSCI's organic revenue grew 12% in the second quarter. Net new subscription sales (bookings) were $48 million versus $44 million in the year-ago quarter. MSCI raised its 2026 adjusted EBITDA expense outlook by 2% at the midpoint. The shares dropped 10% in July 21 intraday trading.

MSCI reported a strong start to 2026, with first-quarter organic revenue growth of 13% accelerating from 10% in the fourth quarter, while adjusted EBITDA grew 19%. Net new recurring sales of $40 million impressed, driven by strong gross sales. Shares rose 4% in April 21 intraday trading.

Since going public in 2007, MSCI has emerged as a leader in providing data and software to asset managers and asset owners. Its crown jewel is the index segment, which makes up over 55% of overall revenue and 70% of operating profit. Through early leadership in non-US indexes, MSCI boasts over $18 trillion (December 2025) in benchmarked assets. Because index data is critical to stakeholders that benchmark to MSCI, its index subscriptions have strong retention and pricing power.

Amid the possibility of generative AI disrupting many industries, we reviewed the moat ratings for an array of capital markets information services stocks, including Broadridge, Clearwater Analytics, FactSet, Fair Isaac, Moody’s, MSCI, S&P Global, SS&C Technologies, and Verisk.

In intraday trading on Feb. 3, a broad group of information-services companies, such as rating agencies, data providers, index providers, credit bureaus, and others, are seeing share price declines of 5% or more.

Since going public in 2007, MSCI has emerged as a leader in providing data and software to asset managers and asset owners. Its crown jewel is the index segment, which makes up over 55% of overall revenue and 70% of operating profit. Through early leadership in non-US indexes, MSCI boasts over $18 trillion in benchmarked assets. Because index data is critical to stakeholders that benchmark to MSCI, its index subscriptions have strong retention and pricing power.

MSCI reported strong fourth-quarter results, with firmwide net new recurring subscriptions (net bookings) of $65 million, up from $55 million in the prior year. This was driven by both higher gross sales and a higher retention rate. Shares rose 5% during Jan. 28 intraday trading.

On Nov. 17, 2025, CalPers, which, with $589 billion in assets, is the largest US public defined benefit pension fund, approved a switch from a strategic asset allocation strategy to a total portfolio approach.

Since going public in 2007, MSCI has emerged as a leader in providing data and software to asset managers and asset owners. Its crown jewel is the index segment, which makes up over 55% of overall revenue and 70% of operating profit. Through early leadership in non-US indexes, MSCI boasts about $17 trillion in benchmarked assets. Because index data is critical to stakeholders that benchmark to MSCI, its index subscriptions have strong retention and pricing power.

MSCI reported third-quarter earnings results, with investors honing in on net new recurring subscriptions sales, a key metric akin to net bookings, of $39 million. Married with strong growth and constructive artificial intelligence commentary, shares popped 7% during Oct. 28 intraday trading.

Since going public in 2007, MSCI has emerged as a leader in providing data and software to asset managers and asset owners. Its crown jewel is the index segment, which makes up over 55% of overall revenue and 70% of operating profit. Through early leadership in non-US indexes, MSCI boasts about $17 trillion in benchmarked assets. Because index data is critical to stakeholders that benchmark to MSCI, its index subscriptions have strong retention and pricing power.

Since going public in 2007, MSCI has emerged as a leader in providing data and software to asset managers and asset owners. Its crown jewel is the index segment, which makes up over 55% of overall revenue and 70% of operating profit. Through early leadership in non-US indexes, MSCI boasts about $17 trillion in benchmarked assets. Because index data is critical to stakeholders that benchmark to MSCI, its index subscriptions have strong retention and pricing power.

MSCI reported 10% organic revenue growth, with 7% recurring subscription revenue growth, in the second quarter. Adjusted EBTIDA margins were up 70 basis points to 61.4%.

Since going public in 2007, MSCI has become a leader in providing data and software to asset managers and asset owners. Its crown jewel is the index segment, which makes up about 55% of overall revenue and 70% of operating profit. Through early leadership in non-US indexes, MSCI boasts about $17 trillion in benchmarked assets. Because index data is critical to stakeholders that benchmark to MSCI, its index subscriptions have strong retention and pricing power.

Since going public in 2007, MSCI has become a leader in providing data and software to asset managers and asset owners. Its crown jewel is the index segment, which makes up about 55% of overall revenue and 70% of operating profit. Through early leadership in non-US indexes, MSCI boasts about $17 trillion in benchmarked assets. Because index data is critical to stakeholders that benchmark to MSCI, its index subscriptions have strong retention and pricing power.

MSCI’s first-quarter revenue increased 10% to $746 million and adjusted EBITDA increased 11% to $426 million. Its retention rate improved to 95.3% versus 93.7% in 2024, but gross subscription sales of $53 million were down from $57 million last year. MSCI also maintained its 2025 expense outlook.

Since going public in 2007, MSCI has become a leader in providing data and software to asset managers and asset owners. Its crown jewel is the index segment, which makes up about 55% of overall revenue and 70% of operating profit. Through early leadership in non-US indexes, MSCI boasts about $17 trillion in benchmarked assets. Because index data is critical to stakeholders that benchmark to MSCI, its index subscriptions have strong retention and pricing power.

MSCI reported an OK finish to 2024. Index subscription and ETF asset-based fees were roughly in line with our expectations, but analytics and ESG subscription revenue was a bit lower than we modeled. Overall, MSCI revenue and adjusted EBITDA of $744 million and $452 million, respectively, in the quarter compared favorably with FactSet consensus estimates of $745 million and $447 million. We attribute the negative market reaction today to the stock taking a breather after running up the past few weeks, as well as worries about a mediocre sales environment weighing on net new-subscription sales. As we incorporate these results, we expect to maintain our $530 per share fair value estimate and wide moat rating.

Since going public in 2007, MSCI has become a leader in providing data and software to asset managers and asset owners. Its crown jewel is the index segment, which makes up about 55% of overall revenue and 70% of operating profit. Through early leadership in non-US indexes, MSCI boasts about $15 trillion in benchmarked assets. Because index data is critical to stakeholders that benchmark to MSCI, its index subscriptions have strong retention and pricing power.