In Q4 2024, MSCI Inc. (NYSE: $MSCI (+1,13Â %)) demonstrated resilience with solid revenue growth and strong performance in its Index segment, despite a notable decline in diluted EPS. Subscription revenue continued to expand, and asset-based fees saw significant growth. Strategic investments in data, technology, and client expansion position MSCI for sustained long-term growth.
đź“Š Income Statement Highlights (vs. Q4 2023)
▫️Total Revenue: $743.5M vs. $690.1M (+7.7%)
- Organic operating revenue growth: 7.4%
▫️Net Income: $305.5M vs. $403.7M (-24.3%)
▫️Diluted EPS: $3.90 vs. $5.07 (-23.1%)
▫️Adjusted EPS: $4.18 vs. $3.68 (+13.6%)
▫️Operating Income: $405.2M vs. $370.6M (+9.3%)
▫️Operating Margin: 54.5% vs. 53.7%
▫️Adjusted EBITDA: $452.3M vs. $414.7M (+9.1%)
▫️Adjusted EBITDA Margin: 60.8% vs. 60.1%
▫️Operating Cash Flow: $430.6M (+10.7%)
▫️Free Cash Flow: $394.7M (+7.5%)
Segment Revenue Highlights:
▫️Index: $420.2M (+8.3%)
- Asset-based fees: $175.3M (+20.8%)
- Recurring subscriptions: $228.4M (+8.4%)
▫️Analytics: $172.8M (+4.9%)
▫️ESG & Climate: $85.2M (+11.8%)
▫️Private Assets: $65.3M (+6.9%)
đź’Ľ Balance Sheet Highlights (vs. Q4 2023)
▫️Total Assets: $5.45B
▫️Cash & Equivalents: $409.4M
▫️Total Liabilities: $6.39B
▫️Long-term Debt: $4.51B
▫️Equity (Deficit): -$939.9M
▫️Debt-to-Net Income Ratio: 4.1x
▫️Debt-to-Adjusted EBITDA Ratio: 2.6x
đź”® Future Outlook
MSCI is positioned for long-term growth through continued investment in its data, analytics, and index services. Management remains optimistic about expansion into new client segments and sees opportunities in market cycles.
Full-Year 2025 Guidance:
▫️Operating Expenses: $1.41B–$1.45B
▫️Adj. EBITDA Expenses: $1.22B–$1.25B
▫️Interest Expense: $182M–$186M
▫️Capex: $115M–$125M
▫️Net Cash from Operations: $1.53B–$1.58B
▫️Free Cash Flow: $1.40B–$1.46B
