MSCI debt and dilution42

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$6,380.4M

Cash & equivalents

USD millions

$356.4M

Net debt

USD millions

$6,024M

Debt / equity

—

Debt / assets

113.88%

Net debt / EBITDA

× · TTM

3.2×

Debt / FCF

× · TTM

3.99×

Interest coverage

× · TTM

7.21×

Current ratio

0.89×

Diluted shares

Million shares

72.9M shares

Basic shares

Million shares

72.8M shares

Share count growth

-5.94%

Share repurchases

USD millions

$168.4M

Quarterly data

MSCI capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	6,380.4	356.4	6,024	—	113.88%	3.2×	3.99×	7.21×	0.89×	72.9	72.8	-5.94%	168.4
FY 2026 Q1	Mar 31, 2026	6,403.8	385.3	6,018.5	—	115.48%	3.31×	4.1×	7.71×	0.86×	73.4	73.3	-5.58%	414.8
FY 2025 Q4	Dec 31, 2025	6,202.12	515.33	5,686.79	—	108.76%	3.27×	4×	8.16×	0.9×	74.7	74.56	-4.5%	906.82
FY 2025 Q3	Sep 30, 2025	5,507.77	400.09	5,107.68	—	102.2%	3.05×	3.73×	8.63×	0.88×	76.58	76.46	-2.6%	1,225.9
FY 2025 Q2	Jun 30, 2025	4,513.03	347.32	4,165.71	—	83.98%	2.56×	3.12×	8.7×	0.86×	77.5	77.4	-2.13%	138.49
FY 2025 Q1	Mar 31, 2025	4,546.86	360.67	4,186.19	—	85.08%	2.64×	3.11×	8.45×	0.84×	77.81	77.63	-1.98%	213.09
FY 2024 Q4	Dec 31, 2024	4,510.82	409.35	4,101.47	—	82.84%	2.65×	3.07×	8.24×	0.85×	78.37	78.07	-1.32%	374.05
FY 2024 Q3	Sep 30, 2024	4,484.77	500.98	3,983.79	—	82.91%	2.64×	3.12×	7.99×	0.93×	78.73	78.5	-0.78%	199.51
FY 2024 Q2	Jun 30, 2024	4,508.73	451.4	4,057.33	—	82.63%	2.77×	3.44×	7.73×	0.96×	79.25	79.09	-0.64%	241.72
FY 2024 Q1	Mar 31, 2024	4,507.69	519.32	3,988.37	—	82.28%	2.79×	3.6×	7.53×	1×	79.51	79.2	-1.06%	69.99
FY 2023 Q4	Dec 31, 2023	4,507.73	461.69	4,046.04	—	81.69%	2.88×	3.72×	7.42×	0.93×	79.5	79.11	-1.1%	0.03
FY 2023 Q3	Sep 30, 2023	4,508.78	928.55	3,580.23	—	92.67%	2.66×	3.96×	7.14×	1.36×	79.5	79.12	-1.72%	18.74
FY 2023 Q2	Jun 30, 2023	4,509.84	792.33	3,717.51	—	94.69%	2.85×	3.85×	7×	1.25×	79.91	79.59	-1.64%	441.46
FY 2023 Q1	Mar 31, 2023	4,510.89	1,080.61	3,430.28	—	89.17%	2.72×	4.11×	6.97×	1.5×	80.48	80.04	-1.9%	43.96
FY 2022 Q4	Dec 31, 2022	4,511.95	993.56	3,518.38	—	90.28%	2.85×	4.17×	7.04×	1.4×	80.43	79.99	-3.01%	70.21
FY 2022 Q3	Sep 30, 2022	4,513	867.11	3,645.89	—	94.46%	3.02×	4.32×	7.09×	1.43×	80.87	80.5	-2.39%	168.79
FY 2022 Q2	Jun 30, 2022	4,511.87	842.3	3,669.57	—	93.35%	3.11×	4.82×	7×	1.33×	81.3	80.92	-1.86%	280.86
FY 2022 Q1	Mar 31, 2022	4,162.47	679.32	3,483.15	—	88.72%	3.07×	4.38×	6.8×	1.15×	82.29	81.59	-1.27%	877.66
FY 2021 Q4	Dec 31, 2021	4,161.42	1,421.45	2,739.97	—	75.57%	2.49×	4.51×	6.72×	1.71×	83.58	82.47	-0.32%	5.31
FY 2021 Q3	Sep 30, 2021	4,160.38	1,284.66	2,875.72	—	80.9%	2.73×	4.75×	6.55×	1.82×	83.55	82.47	-1.35%	5.29
FY 2021 Q2	Jun 30, 2021	3,963.62	1,972	1,991.62	—	82.73%	1.99×	4.61×	6.41×	2.69×	83.3	82.45	-1.45%	0.62
FY 2021 Q1	Mar 31, 2021	3,865.89	1,747.15	2,118.75	—	84.68%	2.21×	4.32×	6.06×	1.62×	83.49	82.64	-2.63%	187.15
FY 2020 Q4	Dec 31, 2020	3,366.78	1,300.52	2,066.26	—	80.19%	2.26×	4.27×	5.66×	1.88×	83.71	82.74	-2.44%	164.95
FY 2020 Q3	Sep 30, 2020	—	1,302.86	—	—	—	—	—	5.34×	2.21×	84.48	83.6	-1.37%	209
FY 2020 Q2	Jun 30, 2020	—	1,384.98	—	—	—	—	—	5.22×	2.26×	84.35	83.67	-1.28%	31.67
FY 2020 Q1	Mar 31, 2020	—	1,066.86	—	—	—	—	—	5.26×	2.03×	85.55	84.87	0.73%	372.89
FY 2019 Q4	Dec 31, 2019	—	1,506.57	—	—	—	—	—	5.1×	2.31×	85.55	84.8	-2.49%	5.79
FY 2019 Q3	Sep 30, 2019	—	881.15	—	—	—	—	—	5.05×	1.86×	85.55	84.77	-4.54%	1.08
FY 2019 Q2	Jun 30, 2019	—	771.12	—	—	—	—	—	4.88×	1.73×	85.39	84.75	-4.89%	0.74
FY 2019 Q1	Mar 31, 2019	—	642.78	—	—	—	—	—	4.89×	1.63×	85.65	84.25	-6.46%	284.47
FY 2018 Q4	Dec 31, 2018	—	904.18	—	—	—	—	—	5.16×	1.77×	89.5	86.97	-3.51%	656.92
FY 2018 Q3	Sep 30, 2018	—	1,398.4	—	—	—	—	—	5.32×	2.75×	91.37	88.8	-1.46%	46.27
FY 2018 Q2	Jun 30, 2018	—	1,367.6	—	—	—	—	—	5.39×	2.65×	91.59	89.11	-1.43%	155.42
FY 2018 Q1	Mar 31, 2018	—	849.83	—	—	—	—	—	5.28×	2.06×	92.59	90.08	-0.7%	91.28
FY 2017 Q4	Dec 31, 2017	—	889.5	—	—	—	—	—	4.99×	2.09×	92.47	90.13	-3.43%	0.11
FY 2017 Q3	Sep 30, 2017	—	799.02	—	—	—	—	—	4.75×	2.05×	91.87	90.11	-4.97%	9.37
FY 2017 Q2	Jun 30, 2017	—	750.58	—	—	—	—	—	4.62×	1.96×	91.71	90.4	-6.23%	40.62
FY 2017 Q1	Mar 31, 2017	—	696.97	—	—	—	—	—	4.69×	1.99×	91.62	90.71	-8.77%	100.36
FY 2016 Q4	Dec 31, 2016	—	791.83	—	—	—	—	—	4.8×	1.97×	93.85	93.33	-9.25%	275.7
FY 2016 Q3	Sep 30, 2016	—	974.06	—	—	—	—	—	4.92×	2.44×	95.47	94.82	-12.82%	32.12
FY 2016 Q2	Jun 30, 2016	—	404.61	—	—	—	—	—	5.3×	1.45×	96.89	96.41	-14.03%	120.03
FY 2016 Q1	Mar 31, 2016	—	445.01	—	—	—	—	—	5.77×	1.63×	100	99.43	-11.64%	346.72
FY 2015 Q4	Dec 31, 2015	—	777.71	—	—	—	—	—	6.47×	2.13×	103.59	102.84	-8.43%	256.08
FY 2015 Q3	Sep 30, 2015	—	993.49	—	—	—	—	—	6.9×	2.62×	109.44	108.77	-6.43%	347.07
FY 2015 Q2	Jun 30, 2015	—	455.02	—	—	—	—	—	8.17×	1.69×	112.93	112.14	-3.91%	87.22
FY 2015 Q1	Mar 31, 2015	—	537.75	—	—	—	—	—	9.15×	1.75×	113.52	112.52	-4.31%	10.35
FY 2014 Q4	Dec 31, 2014	800	508.8	291.2	0.56×	27.64%	0.8×	3.04×	10.6×	1.63×	113.29	112.3	-5.49%	0.26
FY 2014 Q3	Sep 30, 2014	792.95	448.19	344.76	0.57×	27.53%	0.94×	3.3×	14.97×	1.52×	117.16	116.25	-2.81%	300.49
FY 2014 Q2	Jun 30, 2014	797.9	683.24	114.66	0.48×	25.47%	0.31×	3.84×	15.19×	2.12×	117.66	116.7	-3.67%	1.74
FY 2014 Q1	Mar 31, 2014	802.84	260.45	542.39	0.51×	25.95%	1.41×	3.48×	14.83×	1.81×	118.6	117.58	-2.62%	107.16
FY 2013 Q4	Dec 31, 2013	807.78	358.43	449.35	0.51×	25.77%	1.14×	2.88×	14.14×	1.27×	119.88	118.83	-2.67%	2.26
FY 2013 Q3	Sep 30, 2013	807.42	283.75	523.67	0.53×	26.2%	1.32×	3.13×	14.15×	1.11×	120.58	119.61	-2.17%	100.29
FY 2013 Q2	Jun 30, 2013	818.19	334.7	483.49	0.53×	26.35%	1.25×	2.92×	13.08×	1.24×	122.07	121.15	-0.72%	0.24
FY 2013 Q1	Mar 31, 2013	828.96	263.03	565.93	0.56×	27.34%	1.51×	2.73×	6.98×	1.08×	121.7	120.75	-0.83%	9.4
FY 2012 Q4	Dec 31, 2012	854.72	183.31	671.41	0.6×	28.31%	1.84×	2.83×	6.15×	1.01×	123	122.08	0.77%	103.07
FY 2012 Q3	Sep 30, 2012	865.48	340.46	525.02	0.59×	28.35%	1.49×	2.68×	5.33×	1.36×	123.45	122.26	1.18%	0.44
FY 2012 Q2	Jun 30, 2012	876.25	273.31	602.94	0.62×	29.26%	1.72×	2.67×	4.86×	1.25×	123.3	122.03	1.19%	0.17
FY 2012 Q1	Mar 31, 2012	1,074.3	266.02	808.28	0.79×	34.51%	2.33×	3.29×	6.35×	1.69×	123.11	121.75	1.22%	2.31
FY 2011 Q4	Dec 31, 2011	1,076.89	252.21	824.68	0.82×	34.82%	2.42×	4.64×	5.77×	1.5×	122.54	121.15	1.54%	11.69
FY 2011 Q3	Sep 30, 2011	1,114.45	221.58	892.88	0.88×	36.37%	—	—	—	1.46×	122.3	120.83	2.11%	0.03
FY 2011 Q2	Jun 30, 2011	1,117.03	175.9	941.14	0.92×	37.12%	—	—	—	1.33×	122.24	120.59	—	0.02
FY 2011 Q1	Mar 31, 2011	1,119.61	127.64	991.97	0.97×	38.47%	—	—	—	1.19×	122.01	120.28	—	2.9
FY 2010 Q4	Nov 30, 2010	1,262.8	226.58	1,036.22	1.17×	41.77%	4.64×	7.42×	4.02×	1.15×	121.17	119.31	—	9.94
FY 2010 Q3	Aug 31, 2010	1,265.71	197.74	1,067.98	1.22×	42.93%	—	—	—	1.09×	120.34	118.34	—	1.76

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · MSCI, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.

SEC company facts · CIK 1408198