종목/MSCI
MSCI Inc.
Operating Expense: $1,490 to $1,530 million
Adjusted EBITDA Expense: $1,305 to $1,335 million
Interest Expense (including amortization of financing fees): $274 to $280 million
Depreciation & Amortization Expense: $190 to $200 million
Effective Tax Rate: 18.0% to 20.0%
Capital Expenditures: $160 to $170 million
Net Cash Provided by Operating Activities: $1,640 to $1,690 million
Free Cash Flow: $1,470 to $1,530 million
아래 내용은 AI 가 8-K Item 2.02 본문과 보도자료(Exhibit 99.x)를 종합해 한국어로 정리한 요약입니다. 핵심 하이라이트·가이던스·운영 코멘트·시장 평가 네 섹션 모두 AI 생성이며, 실제 원문은 EDGAR 링크에서 확인하세요.
• 경영진은 기록적 수준의 asset-based-fee run rate과 Q1 기준 2022년 이후 최상위의 recurring net-new subscription sales(특히 Index 및 Analytics, 헤지펀드·은행·중개업체에서 강한 판매)를 강조.
• AI 기반 제품 혁신을 통한 판매 모멘텀 확장과 지역·상품·클라이언트 전반에 걸친 성장 모멘텀을 강조.
• 1Q26에 내부 법인구조 재편 완료로 $88 million의 일회성 세제수익을 인식해 분기 유효세율이 (4.3)%로 낮아진 점과, 적극적 자사주 환매($464 million, 835,591주) 및 분기 배당($2.05/주 선언)을 통한 자본배분을 부각.
MSCI Inc., together with its subsidiaries, provides research-based data, analytics, and indexes, supported by advanced technology worldwide. The Index segment provides indexes for use in various areas of the investment process, including indexed financial products, such as ETFs, mutual funds, annuities, futures, options, structured products, and over-the-counter derivatives; performance benchmarking; portfolio construction and rebalancing; and asset allocation, as well as licenses GICS and GICS Direct. The Analytics segment offers risk management, performance attribution and portfolio management content, application, an integrated view of risk and return service, and an analysis of market, credit, liquidity, counterparty, and climate risk across asset classes; managed services, including consolidation of client portfolio data, review and reconciliation of input data and results, and customized reporting; and HedgePlatform to measure, evaluate, and monitor the risk of hedge fund investments. The Sustainability and Climate segment provides products and services that help institutional investors understand how ESG impacts the long-term risk and return of their portfolio and individual security-level investments; and data, ratings, research, and tools to assist investors navigate increasing regulation. The All Other Private Assets segment comprises private credit, real estate and infrastructure data, benchmarks, return-analytics, climate assessments and market insights; business intelligence to real estate owners, managers, developers, and brokers; and offers investment decision support tools for private capital. The Private Capital Solutions segment offers tools to help private asset investors across mission-critical workflows, such as sourcing terms and conditions, evaluating operating performance, managing risk and other activities supporting private capital investment. MSCI Inc. was incorporated in 1998 and is based in New York, New York.
| 발표일 | 분기 | EPS 예상 | EPS 실제 | Surprise | 매출 실제 | 발표 직후 반응 |
|---|---|---|---|---|---|---|
| 4월 21일 (화) | 2026 Q1 | $4.53 | $4.55 | +0.4% | $851M | ▲ 5.4% |
| 12월 1일 (월) | 2025 Q4 | $4.59 | $4.66 | +1.6% | $793M | — |
| BAC |
| 뱅크오브아메리카 |
| 360B |
| +8.6% |
| 100% (4/4) |
| MS | 모건스탠리 | 303B | +10.9% | 100% (4/4) |
실적은 매출·조정 EBITDA·구독·asset-based-fee에서 고른 성장세를 보여 긍정적으로 받아들여질 가능성이 크다. 다만 1회성 $88M 세제 혜택이 순이익·기본 EPS를 부풀렸고(Adjusted EPS 성장률은 더 온건), 높은 부채 수준과 늘어난 이자비용은 단기적 리스크로 평가될 수 있다. 전반적으로 톤은 긍정적이나 투자자들은 세제혜택 제외한 지속가능성(특히 asset-based fee 유지 여부)과 이자비용 추이를 주시할 것.
| 9월 1일 (월) | 2025 Q3 | $4.37 | $4.47 | +2.3% | $773M | — |
| 6월 1일 (일) | 2025 Q2 | $4.15 | $4.17 | +0.6% | $746M | — |