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Stocks · Industrials · Services-Business Services, NEC

MSCI

MSCI Clue Score69
United States Fiscal year ends December CIK 0001408198
$565.12 +0.61% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $565.12 −5.37% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,150.7Operating income488.1Net income260.9EPS, diluted2.70Fiscal year 2017Revenue1,274.2 +10.7%Operating income579.8Net income304.0 +16.5%EPS, diluted3.31 +22.6%Fiscal year 2018Revenue1,434.0 +12.5%Operating income686.9Net income507.9 +67.1%EPS, diluted5.66 +71.0%Fiscal year 2019Revenue1,557.8 +8.6%Operating income755.7Net income563.6 +11.0%EPS, diluted6.59 +16.4%Fiscal year 2020Revenue1,695.4 +8.8%Operating income884.8Net income601.8 +6.8%EPS, diluted7.12 +8.0%Fiscal year 2021Revenue2,043.5 +20.5%Operating income1,072.7Net income726.0 +20.6%EPS, diluted8.70 +22.2%Fiscal year 2022Revenue2,248.6 +10.0%Operating income1,207.6Net income870.6 +19.9%EPS, diluted10.72 +23.2%Fiscal year 2023Revenue2,528.9 +12.5%Operating income1,384.6Net income1,148.6 +31.9%EPS, diluted14.39 +34.2%Fiscal year 2024Revenue2,856.1 +12.9%Operating income1,528.5Net income1,109.1 −3.4%EPS, diluted14.05 −2.4%Fiscal year 2025Revenue3,134.5 +9.7%Operating income1,713.6Net income1,202.3 +8.4%EPS, diluted15.69 +11.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,150.7 1,274.2 1,434.0 1,557.8 1,695.4 2,043.5 2,248.6 2,528.9 2,856.1 3,134.5
Growth +10.7% +12.5% +8.6% +8.8% +20.5% +10.0% +12.5% +12.9% +9.7%
Operating income 488.1 579.8 686.9 755.7 884.8 1,072.7 1,207.6 1,384.6 1,528.5 1,713.6
Net income 260.9 304.0 507.9 563.6 601.8 726.0 870.6 1,148.6 1,109.1 1,202.3
Growth +16.5% +67.1% +11.0% +6.8% +20.6% +19.9% +31.9% −3.4% +8.4%
EPS, diluted 2.70 3.31 5.66 6.59 7.12 8.70 10.72 14.39 14.05 15.69
Growth +22.6% +71.0% +16.4% +8.0% +22.2% +23.2% +34.2% −2.4% +11.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin42.4%Net margin22.7%Free cash flow margin35.6%Fiscal year 2017Operating margin45.5%Net margin23.9%Free cash flow margin29.1%Fiscal year 2018Operating margin47.9%Net margin35.4%Free cash flow margin40.6%Fiscal year 2019Operating margin48.5%Net margin36.2%Free cash flow margin43.7%Fiscal year 2020Operating margin52.2%Net margin35.5%Free cash flow margin46.6%Fiscal year 2021Operating margin52.5%Net margin35.5%Free cash flow margin45.1%Fiscal year 2022Operating margin53.7%Net margin38.7%Free cash flow margin48.1%Fiscal year 2023Operating margin54.8%Net margin45.4%Free cash flow margin48.0%Fiscal year 2024Operating margin53.5%Net margin38.8%Free cash flow margin51.4%Fiscal year 2025Operating margin54.7%Net margin38.4%Free cash flow margin49.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 42.4% 45.5% 47.9% 48.5% 52.2% 52.5% 53.7% 54.8% 53.5% 54.7%
Net margin 22.7% 23.9% 35.4% 36.2% 35.5% 35.5% 38.7% 45.4% 38.8% 38.4%
Free cash flow margin 35.6% 29.1% 40.6% 43.7% 46.6% 45.1% 48.1% 48.0% 51.4% 49.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow442.4Capital expenditure−32.3Free cash flow410.1Buybacks−774.6Dividends paid−96.2Fiscal year 2017Operating cash flow404.2Capital expenditure−33.2Free cash flow371.0 −9.5%Buybacks−150.5Dividends paid−119.7Fiscal year 2018Operating cash flow612.8Capital expenditure−30.3Free cash flow582.5 +57.0%Buybacks−949.9Dividends paid−170.9Fiscal year 2019Operating cash flow709.5Capital expenditure−29.1Free cash flow680.4 +16.8%Buybacks−292.1Dividends paid−222.9Fiscal year 2020Operating cash flow811.1Capital expenditure−21.8Free cash flow789.3 +16.0%Buybacks−778.5Dividends paid−246.4Fiscal year 2021Operating cash flow936.1Capital expenditure−13.5Free cash flow922.6 +16.9%Buybacks−198.4Dividends paid−302.4Fiscal year 2022Operating cash flow1,095.4Capital expenditure−13.6Free cash flow1,081.8 +17.3%Buybacks−1,397.5Dividends paid−372.9Fiscal year 2023Operating cash flow1,236.0Capital expenditure−22.8Free cash flow1,213.3 +12.2%Buybacks−504.2Dividends paid−441.0Fiscal year 2024Operating cash flow1,501.6Capital expenditure−33.8Free cash flow1,467.9 +21.0%Buybacks−885.3Dividends paid−509.1Fiscal year 2025Operating cash flow1,588.4Capital expenditure−39.3Free cash flow1,549.1 +5.5%Buybacks−2,484.3Dividends paid−556.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 442.4 404.2 612.8 709.5 811.1 936.1 1,095.4 1,236.0 1,501.6 1,588.4
Capital expenditure −32.3 −33.2 −30.3 −29.1 −21.8 −13.5 −13.6 −22.8 −33.8 −39.3
Free cash flow 410.1 371.0 582.5 680.4 789.3 922.6 1,081.8 1,213.3 1,467.9 1,549.1
Growth −9.5% +57.0% +16.8% +16.0% +16.9% +17.3% +12.2% +21.0% +5.5%
Buybacks −774.6 −150.5 −949.9 −292.1 −778.5 −198.4 −1,397.5 −504.2 −885.3 −2,484.3
Dividends paid −96.2 −119.7 −170.9 −222.9 −246.4 −302.4 −372.9 −441.0 −509.1 −556.5

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash791.8Total debt2,075.2Net cash (debt)−1,283.4Shareholders’ equity317.6Debt to equity6.53Fiscal year 2017Cash889.5Total debt2,078.1Net cash (debt)−1,188.6Shareholders’ equity401.0Debt to equity5.18Fiscal year 2018Cash904.2Total debt2,575.5Net cash (debt)−1,671.3Shareholders’ equity−166.5Fiscal year 2019Cash1,506.6Total debt3,071.9Net cash (debt)−1,565.4Shareholders’ equity−76.7Fiscal year 2020Cash1,300.5Total debt3,366.8Net cash (debt)−2,066.3Shareholders’ equity−443.2Fiscal year 2021Cash1,421.4Total debt4,161.4Net cash (debt)−2,740.0Shareholders’ equity−163.5Fiscal year 2022Cash993.6Total debt4,511.9Net cash (debt)−3,518.4Shareholders’ equity−1,007.9Fiscal year 2023Cash461.7Total debt4,507.7Net cash (debt)−4,046.0Shareholders’ equity−739.8Fiscal year 2024Cash409.4Total debt4,510.8Net cash (debt)−4,101.5Shareholders’ equity−940.0Fiscal year 2025Cash515.3Total debt6,202.3Net cash (debt)−5,687.0Shareholders’ equity−2,654.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 791.8 889.5 904.2 1,506.6 1,300.5 1,421.4 993.6 461.7 409.4 515.3
Total debt 2,075.2 2,078.1 2,575.5 3,071.9 3,366.8 4,161.4 4,511.9 4,507.7 4,510.8 6,202.3
Net cash (debt) −1,283.4 −1,188.6 −1,671.3 −1,565.4 −2,066.3 −2,740.0 −3,518.4 −4,046.0 −4,101.5 −5,687.0
Shareholders’ equity 317.6 401.0 −166.5 −76.7 −443.2 −163.5 −1,007.9 −739.8 −940.0 −2,654.5
Debt to equity 6.53 5.18 n/a n/a n/a n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1,150.7 1,274.2 1,434.0 1,557.8 1,695.4 2,043.5 2,248.6 2,528.9 2,856.1 3,134.5
Growth +10.7% +12.5% +8.6% +8.8% +20.5% +10.0% +12.5% +12.9% +9.7%
252.1 273.7 287.3 295.0 291.7 n/a n/a n/a n/a n/a
75.2 75.8 81.4 98.3 101.1 111.6 107.2 132.1 158.7 177.6
87.2 87.8 99.9 110.1 114.6 147.9 146.9 154.0 182.3 180.2
488.1 579.8 686.9 755.7 884.8 1,072.7 1,207.6 1,384.6 1,528.5 1,713.6
Growth +18.8% +18.5% +10.0% +17.1% +21.2% +12.6% +14.7% +10.4% +12.1%
385.9 466.9 629.9 603.3 686.2 858.1 1,043.8 1,369.1 1,356.2 1,494.3
125.1 162.9 122.0 39.7 84.4 132.2 173.3 220.5 247.0 292.0
260.9 304.0 507.9 563.6 601.8 726.0 870.6 1,148.6 1,109.1 1,202.3
Growth +16.5% +67.1% +11.0% +6.8% +20.6% +19.9% +31.9% −3.4% +8.4%
Per share
2.72 3.36 5.83 6.66 7.19 8.80 10.78 14.45 14.09 15.72
2.70 3.31 5.66 6.59 7.12 8.70 10.72 14.39 14.05 15.69
Growth +22.6% +71.0% +16.4% +8.0% +22.2% +23.2% +34.2% −2.4% +11.7%
96.0 90.3 87.2 84.6 83.7 82.5 80.7 79.5 78.7 76.5
96.5 91.9 89.7 85.5 84.5 83.5 81.2 79.8 79.0 76.6
Growth −4.8% −2.4% −4.6% −1.2% −1.2% −2.7% −1.7% −1.1% −2.9%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 13.1% a year over five years, and earnings per share grew 17.1% a year.
  • The diluted share count fell 9.3% in five years, so buybacks did some of the work per share.
  • Operating margin is up 2.5 points on five years ago, at 54.7%.
  • Profitable in every one of the 10 years on file.