MSCIMSCI Inc.

Services-Business Services, NEC

Revenue: $3.1B; 9.7% YoY
Operating margin: 54.7%; 2.2% YoY
EBITDA: $1.7B; 12% YoY
Market cap: $44.7B
Employees: 6,268; $500K revenue each
Net debt / EBITDA: 3.7×; $6.5B net debt
AI in 10-K: 10.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
132% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
191% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
54% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$500K · 57th pct
Bottom quartile of its SIC industry
Quiet on AINo
10.6 per 10K words · 93rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$44.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.0B	$2.2B	$2.5B	$2.9B	$3.1B	9.7%
Operating income	$1.1B	$1.2B	$1.4B	$1.5B	$1.7B	12%
Net income	$726M	$871M	$1.1B	$1.1B	$1.2B	8.4%
Operating cash flow	$936M	$1.1B	$1.2B	$1.5B	$1.6B	5.8%
Capex	$14M	$14M	$23M	$34M	$39M	16%
Stock-based comp	$55M	$58M	$72M	$95M	$111M	17%
Buybacks	$198M	$1.4B	$504M	$885M	$2.5B	181%
Dividends	$302M	$373M	$441M	$509M	$557M	9.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $16M · 32
Open-market sells, 12 mo: $9M · 8
Net: $7M

Pay vs performance

No pay-versus-performance disclosure yet.