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| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue | $1,695 | $2,044 | $2,249 | $2,529 | $2,856 |
| Gross Profit | $1,404 | $1,948 | $1,208 | $1,385 | $1,529 |
| Operating Income | $885 | $1,073 | $1,208 | $1,385 | $1,529 |
| Net Income | $602 | $726 | $871 | $1,149 | $1,109 |
Over the past five years, MSCI Inc. has experienced steady revenue growth from USD 1,695 million in 2020 to USD 2,856 million in 2024. This upward trend indicates robust market demand and an expanding client base in the analytics and index services industry. Notably, revenue increased roughly 50% over the period, with year-over-year increases ranging from approximately 10% to 20% in most cases. However, the gross profit and operating income figures present an interesting divergence. The gross profit jumped from around USD 1,404 million in 2020 to USD 1,948 million in 2021, before witnessing a marked decline to USD 1,208 million in 2022—a drop exceeding 38% year-over-year. Operating income mirrored this pattern, suggesting that underlying cost pressures or changes in expense structure likely drove the decline during that period. In contrast, net income tells a slightly different story. Despite the dip in gross profit and operating income, net income consistently increased from USD 602 million in 2020 to USD 1,149 million in 2023, before a modest decrease to USD 1,109 million in 2024. The disconnect between operating metrics and net income could imply gains from non-operating items, tax strategies, or changes in other comprehensive income components that buffered operating weaknesses. Overall, while MSCI’s revenue and net income growth are encouraging and suggest solid market position and financial sustainability, the significant year-over-year swing in operating margins between 2021 and 2022 warrants further investigation into cost management and operational efficiency to ensure long-term resilience.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.