Morningstar vs MSCI
MSCI reported revenue of $3.1 billion in fiscal 2025, 1.3 times Morningstar's $2.4 billion in fiscal 2025. Morningstar's revenue grew 7.5% in its latest year, and MSCI's grew 9.8%. Morningstar had an operating margin of 21.5%, against 54.7% at MSCI. Free cash flow was $443 million at Morningstar and $1.5 billion at MSCI.
Side by side
| Morningstar | MSCI | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $2.4B | $3.1B |
| Revenue growth | 7.5% | 9.8% |
| Revenue growth a year, last 5 years | 12.0% | 13.1% |
| Gross margin | 61.0% | — |
| Operating margin | 21.5% | 54.7% |
| Net margin | 15.3% | 38.4% |
| Free cash flow | $443M | $1.5B |
| Free cash flow margin | 18.1% | 49.4% |
| Return on capital | 22.5% | 44.5% |
| Net debt to EBITDA | 0.8x | 3.3x |
| Dividends and buybacks | $864M | $3.0B |
| Change in diluted share count | −2.1% | −2.9% |
| Last close | $225.29 | $617.67 |
| P/E at the last close | 21.4× | 32.7× |
| Insider trades, last 12 months | bought $186,590, sold $76.3 million | bought $15.5 million, sold $8.8 million |
| Piotroski F-score | 6 of 9 | 7 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
MorningstarMSCI
Operating margin
Percent of revenue
MorningstarMSCI
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
MorningstarMSCI
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Morningstar and MSCI pages.