MSCI vs SPGI: MSCI and S&P Global compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- S&P Global is the larger company, worth $124.8B, about 3.0 times MSCI.
- MSCI grew revenue faster over the last year (+12.2% vs +10.4%).
- MSCI keeps more of each dollar of revenue as operating profit (55.7% vs 43.9%).
- On earnings, S&P Global is the cheaper stock (26.7x vs 32.7x).
- MSCI's price assumes faster free cash flow growth: about 10% a year, against 7% for S&P Global (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MSCI | SPGI |
|---|---|---|
| Market cap | $41.6B | $124.8B |
| Share price | $565.12 | $407.82 |
| Revenue (last fiscal year) | $3.1B | $15.3B |
| Free cash flow (last fiscal year) | $1.5B | $5.5B |
| Revenue growth, last year | +12.2% | +10.4% |
| Revenue growth per year, last 5 fiscal years | +11.3% | +16.6% |
| Operating margin | 55.7% | 43.9% |
| Net margin | 40.7% | 30.4% |
| Return on equity | — | 15.3% |
| P/E (trailing) | 32.7x | 26.7x |
| Price / free cash flow | 26.8x | 22.9x |
| EV / EBITDA | 25.8x | 17.3x |
| FCF growth the price implies | 9.6% | 6.7% |
| Dividend yield | 1.3% | 0.93% |
| Debt / equity | — | 0.79x |
| Fundamental grade | C | B |
| Superinvestors holding it | 7 | 14 |
| Insider purchases, last 12 months | 10 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
MSCI
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.0B | $883M | 52.5% |
| 2022 | $2.2B | $1.0B | 53.7% |
| 2023 | $2.5B | $1.1B | 54.8% |
| 2024 | $2.9B | $1.4B | 53.5% |
| 2025 | $3.1B | $1.5B | 54.7% |
S&P Global
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.3B | $3.6B | 50.9% |
| 2022 | $11.2B | $2.5B | 44.2% |
| 2023 | $12.5B | $3.6B | 32.2% |
| 2024 | $14.2B | $5.6B | 39.3% |
| 2025 | $15.3B | $5.5B | 42.2% |
Where the revenue comes from
MSCI · by segments, 2025
Index$1.8B57%
Analytics$714M23%
Sustainability and Climate$354M11%
All Other – Private Assets$279M9%
S&P Global · by segments, 2025
Market Intelligence$4.9B32%
Ratings$4.5B30%
Energy$2.3B15%
Indices$1.8B12%
Mobility$1.7B11%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MSCI in InvestinglyQuestions
Which is bigger, MSCI or S&P Global?
S&P Global (SPGI), at $124.8B against $41.6B.
Is MSCI or SPGI cheaper?
By trailing P/E, S&P Global (26.7x) is cheaper than MSCI (32.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, MSCI or SPGI?
MSCI: revenue grew +12.2% over the last year, against +10.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.