What does MSCI Inc. do?

MSCI Inc. (New York, 7 World Trade Center; Chairman and CEO Henry Fernandez; 6,327 employees as of June 30, 2026) is the benchmark stock-index provider for institutional investors: its indexes (MSCI World, MSCI Emerging Markets, MSCI ACWI, among thousands) are used to compare performance and as the basis for funds and ETFs. It has clients in more than 100 countries: pension funds, sovereign wealth funds, insurers, asset managers, banks and hedge funds. Four businesses (Q2 2026): (1) Index — $511 million (59% of revenue), with subscriptions and fees on the assets of ETFs that copy its indexes ($2.818 trillion as of June 30); (2) Analytics — $189 million, risk models and portfolio construction; (3) Sustainability & Climate — $92 million, ESG ratings and climate-risk data (in August it bought First Street, physical climate risk on 2.4 billion structures); (4) Private Assets — $75 million, private-markets data (with a UBS partnership to bring it to wealth managers). The model is a toll booth: most revenue is recurring (subscriptions or asset-linked fees), clients renew ~95% each year, and every new dollar that flows into an MSCI-indexed fund adds revenue at almost no extra cost — which is why it keeps 62 cents of every dollar of sales as adjusted EBITDA.

Why did Vectorial Data pick MSCI?

Three reasons. (1) A TOLL ON THE WORLD'S SAVINGS: Q2 2026 (July 21) brought revenue of $867 million (+12.2%, all organic), adjusted EPS of $4.94 (+18.5%) and a 62.1% adjusted EBITDA margin. Index grew 17.5% and its asset-based fees +26.6% — with $2.818 trillion in ETFs linked to its indexes and ~$40 billion of inflows in the quarter. Retention rose to 95.3% (above 97% in indexes). (2) A SELLOFF THAT DOESN'T CHANGE THE BUSINESS: the stock fell ~10% on earnings day because it raised its expense guidance (First Street, bonuses and asset-linked compensation) and on fears that AI will displace data providers — but in the same report it raised its free cash flow guidance to $1,485–1,545 million. The company itself bought back $2.47 billion of stock at ~$560 on average (2025 through January 2026) and another $145 million at $557 in the quarter; today we buy at $550.06, ~15% below its 52-week high ($644.77). (3) A FAST-GROWING DIVIDEND: yield ~1.5%, but it went from $0.18 a quarter in 2014 to $2.05 (raised 13.9% in 2026; ~19% a year over 5 years). Buy consensus from 18 analysts with an average target of ~$692 (+25.8%); JPMorgan $742, Barclays $735, BofA $715.

What are the risks of investing in MSCI?

#1: artificial intelligence. The market fears AI will let asset managers and banks build their own indexes and analytics, or erode the more standardized parts of Analytics — the main reason the whole financial-data sector was punished in 2026. MSCI answers that its indexes are the industry standard (with high legal and switching costs) and that AI speeds up its production of custom indexes. Others: (2) it depends on the stock market: asset-based fees were more than half of the quarter's growth — if markets fall or money leaves ETFs, revenue drops; also the average fee fell from 2.41 to 2.28 basis points in six months; (3) BlackRock concentration: 11.8% of first-half revenue, almost all from iShares ETFs; (4) Sustainability & Climate stalled: +3.4% with cancellations in the Americas — the company calls it a protracted cyclical downturn, not a decline; (5) rising expenses: 2026 expense guidance raised to $1,535–1,575 million; (6) debt: $6.4 billion (3.1x adjusted EBITDA, within its 3.0–3.5x target); (7) a spread-out consensus: Clear Street at Hold with $615.

Does MSCI pay dividends?

Yes. MSCI Inc. pays a dividend of about 1.48% per year.

How can I buy MSCI with little money?

You can buy fractional shares of MSCI starting from a few dollars with any broker that offers fractional shares. The Vectorial Data method: invest the same amount in every pick, every time.

When was this MSCI analysis last updated?

The MSCI analysis was last updated on Invalid Date.

Stocks/MSCI

MSCI — MSCI Inc.

Financial ServicesNorth AmericaUnited StatesBlockchain certified

$550.06

Target: $692.06 (+25.8%)

P/E Ratio

30.0

P/E Forward

24.4

Dividend

1.48%

Market Cap

$39.9B

EPS

$18.3

Consensus

Buy

What they do

MSCI Inc. (New York, 7 World Trade Center; Chairman and CEO Henry Fernandez; 6,327 employees as of June 30, 2026) is the benchmark stock-index provider for institutional investors: its indexes (MSCI World, MSCI Emerging Markets, MSCI ACWI, among thousands) are used to compare performance and as the basis for funds and ETFs. It has clients in more than 100 countries: pension funds, sovereign wealth funds, insurers, asset managers, banks and hedge funds.

Four businesses (Q2 2026):

Index — $511 million (59% of revenue), with subscriptions and fees on the assets of ETFs that copy its indexes ($2.818 trillion as of June 30);
Analytics — $189 million, risk models and portfolio construction;
Sustainability & Climate — $92 million, ESG ratings and climate-risk data (in August it bought First Street, physical climate risk on 2.4 billion structures);
Private Assets — $75 million, private-markets data (with a UBS partnership to bring it to wealth managers).

The model is a toll booth: most revenue is recurring (subscriptions or asset-linked fees), clients renew ~95% each year, and every new dollar that flows into an MSCI-indexed fund adds revenue at almost no extra cost — which is why it keeps 62 cents of every dollar of sales as adjusted EBITDA.

Why we like it

Three reasons.

A TOLL ON THE WORLD'S SAVINGS: Q2 2026 (July 21) brought revenue of $867 million (+12.2%, all organic), adjusted EPS of $4.94 (+18.5%) and a 62.1% adjusted EBITDA margin. Index grew 17.5% and its asset-based fees +26.6% — with $2.818 trillion in ETFs linked to its indexes and ~$40 billion of inflows in the quarter. Retention rose to 95.3% (above 97% in indexes).
A SELLOFF THAT DOESN'T CHANGE THE BUSINESS: the stock fell ~10% on earnings day because it raised its expense guidance (First Street, bonuses and asset-linked compensation) and on fears that AI will displace data providers — but in the same report it raised its free cash flow guidance to $1,485–1,545 million. The company itself bought back $2.47 billion of stock at ~$560 on average (2025 through January 2026) and another $145 million at $557 in the quarter; today we buy at $550.06, ~15% below its 52-week high ($644.77).
A FAST-GROWING DIVIDEND: yield ~1.5%, but it went from $0.18 a quarter in 2014 to $2.05 (raised 13.9% in 2026; ~19% a year over 5 years). Buy consensus from 18 analysts with an average target of ~$692 (+25.8%); JPMorgan $742, Barclays $735, BofA $715.

Key Risk

#1: artificial intelligence. The market fears AI will let asset managers and banks build their own indexes and analytics, or erode the more standardized parts of Analytics — the main reason the whole financial-data sector was punished in 2026. MSCI answers that its indexes are the industry standard (with high legal and switching costs) and that AI speeds up its production of custom indexes. Others:

it depends on the stock market: asset-based fees were more than half of the quarter's growth — if markets fall or money leaves ETFs, revenue drops; also the average fee fell from 2.41 to 2.28 basis points in six months;
BlackRock concentration: 11.8% of first-half revenue, almost all from iShares ETFs;
Sustainability & Climate stalled: +3.4% with cancellations in the Americas — the company calls it a protracted cyclical downturn, not a decline;
rising expenses: 2026 expense guidance raised to $1,535–1,575 million;
debt: $6.4 billion (3.1x adjusted EBITDA, within its 3.0–3.5x target);
a spread-out consensus: Clear Street at Hold with $615.

This is educational and informational content, not financial advice. Always consult a qualified financial advisor before making investment decisions.

Vectorial Data picked MSCI on 2026-09-15 at $550.06.

Last updated: Invalid Date

Dividends received by the Vectorial portfolio

MSCI has not paid a dividend to the portfolio yet.

Full Research

Qué hace. MSCI Inc. (NYSE: MSCI; 7 World Trade Center, Nueva York; Chairman y CEO Henry Fernandez; CFO Andy Wiechmann; 6,327 empleados al 30 de junio de 2026, 71% en mercados emergentes) provee índices, herramientas de riesgo y portafolio, datos de sustentabilidad y clima, y datos de mercados privados a inversionistas institucionales en más de 100 países. Sus índices (MSCI World, Emerging Markets, ACWI) son referencia global para medir desempeño y base de ETFs y fondos. Salió a bolsa en noviembre de 2007 (escisión de Morgan Stanley).

Resultados (segundo trimestre 2026, 21 de julio). Ingresos $867.0 millones (+12.2%, orgánico +12.2%); utilidad neta $342.0 millones (+12.6%); utilidad por acción diluida $4.69 (+19.6%) y ajustada $4.94 (+18.5%); EBITDA ajustado $538.5 millones (+13.5%), margen 62.1% (61.4% un año antes). Por segmento: Index $511.0 millones (+17.5%) — suscripciones $263.0 millones (+11.6%) y comisiones sobre activos $233.1 millones (+26.6%); Analytics $189.4 millones (+6.6%); Sustainability & Climate $91.9 millones (+3.4%); Private Assets $74.7 millones (+4.9%). Run rate total $3,479.7 millones (+12.0%); crecimiento orgánico del run rate de suscripciones 8.1%; retención 95.3% (94.4% un año antes). Ventas nuevas de suscripción recurrente $76.6 millones. Los ETFs ligados a índices MSCI cerraron junio con $2,818,000 millones (promedio del trimestre $2,706,000 millones) y comisión de 2.28 puntos base. Comparado con estimados: la utilidad ajustada quedó en línea o apenas abajo según la fuente, e ingresos en línea; la acción cayó ~10% ese día (venía de $625.11) por el alza en la guía de gastos.

Guía 2026 (actualizada en julio). Gastos operativos $1,535–1,575 millones (antes $1,490–1,530); gastos EBITDA ajustado $1,340–1,370 millones; intereses $282–286 millones; tasa de impuestos 18–20%; capex $160–170 millones; flujo operativo $1,655–1,705 millones (subido); flujo de caja libre $1,485–1,545 millones (subido desde $1,470–1,530). Base 2025: ingresos $3,134.5 millones (+9.7%), utilidad ajustada por acción $17.28 (+13.7%), diluida $15.69 (+11.7%), retención 94.4%.

Movimientos 2026. Compra de First Street (riesgo climático físico sobre 2,400 millones de estructuras): anunciada el 24 de junio y cerrada el 3 de agosto por $120 millones en efectivo más pagos contingentes; se reporta dentro de Sustainability & Climate (~$10 millones de run rate). Alianza con UBS para llevar soluciones de mercados privados a gestores patrimoniales. En la conferencia de Barclays (14 de septiembre) el CFO habló de flujos internacionales fuertes y ventas nuevas recurrentes +24–25% en lo que va del año.

Dividendo y capital. Dividendo trimestral de $2.05 ($8.20 anual, ~1.5% al precio actual), subido 13.9% para 2026; ex-dividendo más reciente 14 de agosto (pago 28 de agosto). Inició dividendos en 2014 con $0.18 trimestral — hoy es 11 veces más; crecimiento ~19% anual a 5 años. Recompras: $2,470 millones (4.41 millones de acciones a $559.85 promedio) entre 2025 y el 27 de enero de 2026; $145.0 millones en el segundo trimestre a $557.34; autorización restante $1,600 millones. Deuda total $6,400 millones, caja $356.4 millones; deuda/EBITDA ajustado 3.1x (meta 3.0–3.5x).

Acción. $550.06 de apertura (15 de septiembre de 2026); capitalización ~$39,900 millones; rango 52 semanas $501.08–$644.77; P/E ~30.0x TTM / 24.4x forward; utilidad por acción TTM $18.3. Motley Fool nota que entre 2020 y 2024 cotizaba a más de 40x su flujo de caja libre y hoy ~29x. Septiembre: −3.7% el día 8 en una venta de proveedores de datos premium, rebote el 11. Consenso Buy (18 analistas); target promedio $692.06 (+25.8%), rango $570–760: Raymond James $760, JPMorgan $742 (Overweight), Barclays $735, Bank of America $715, Goldman Sachs $671, Argus $660, Clear Street $615 (Hold).

Riesgos. (1) Disrupción por IA: índices propios o autoindexación y erosión de productos de Analytics más estandarizados — principal motivo del castigo sectorial. (2) Sensibilidad a mercados: las comisiones sobre activos dependen del valor y los flujos de los ETFs; la comisión promedio bajó de 2.41 (diciembre 2025) a 2.28 puntos base (junio 2026). (3) Concentración: BlackRock fue 11.8% del ingreso del primer semestre 2026 (96.6% de eso por comisiones sobre activos). (4) Sustainability & Climate débil (+3.4%, run rate +1.9%) por cancelaciones en América. (5) Guía de gastos al alza (adquisiciones, compensación ligada a activos, inversión). (6) Deuda de $6,400 millones. (7) Dispersión en los targets (Clear Street $615 Hold).

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Researched: 9/15/2026Updated: 9/15/2026Next review: 3/15/2027

This is not financial advice. Consult a certified financial advisor.

The author may hold positions in the securities discussed.

Past performance does not guarantee future results.