vs
Side-by-side financial comparison of MSCI Inc. (MSCI) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
MSCI Inc. is the larger business by last-quarter revenue ($822.5M vs $665.5M, roughly 1.2× Natera, Inc.). MSCI Inc. runs the higher net margin — 34.6% vs 7.1%, a 27.5% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 10.6%). MSCI Inc. produced more free cash flow last quarter ($488.7M vs $37.8M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% CAGR vs 10.0%).
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
MSCI vs NTRA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $822.5M | $665.5M |
| Net Profit | $284.7M | $47.3M |
| Gross Margin | — | — |
| Operating Margin | 56.4% | -3.4% |
| Net Margin | 34.6% | 7.1% |
| Revenue YoY | 10.6% | 39.8% |
| Net Profit YoY | -6.8% | 187.9% |
| EPS (diluted) | $3.81 | $0.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $822.5M | $665.5M | ||
| Q3 25 | $793.4M | $592.2M | ||
| Q2 25 | $772.7M | $546.6M | ||
| Q1 25 | $745.8M | $501.8M | ||
| Q4 24 | $743.5M | $476.1M | ||
| Q3 24 | $724.7M | $439.8M | ||
| Q2 24 | $707.9M | $413.4M | ||
| Q1 24 | $680.0M | $367.7M |
| Q4 25 | $284.7M | $47.3M | ||
| Q3 25 | $325.4M | $-87.5M | ||
| Q2 25 | $303.6M | $-100.9M | ||
| Q1 25 | $288.6M | $-66.9M | ||
| Q4 24 | $305.5M | $-53.8M | ||
| Q3 24 | $280.9M | $-31.6M | ||
| Q2 24 | $266.8M | $-37.5M | ||
| Q1 24 | $256.0M | $-67.6M |
| Q4 25 | 56.4% | -3.4% | ||
| Q3 25 | 56.4% | -16.5% | ||
| Q2 25 | 55.0% | -20.2% | ||
| Q1 25 | 50.6% | -15.8% | ||
| Q4 24 | 54.5% | -13.6% | ||
| Q3 24 | 55.4% | -8.9% | ||
| Q2 24 | 54.0% | -10.6% | ||
| Q1 24 | 49.9% | -20.2% |
| Q4 25 | 34.6% | 7.1% | ||
| Q3 25 | 41.0% | -14.8% | ||
| Q2 25 | 39.3% | -18.5% | ||
| Q1 25 | 38.7% | -13.3% | ||
| Q4 24 | 41.1% | -11.3% | ||
| Q3 24 | 38.8% | -7.2% | ||
| Q2 24 | 37.7% | -9.1% | ||
| Q1 24 | 37.6% | -18.4% |
| Q4 25 | $3.81 | $0.36 | ||
| Q3 25 | $4.25 | $-0.64 | ||
| Q2 25 | $3.92 | $-0.74 | ||
| Q1 25 | $3.71 | $-0.50 | ||
| Q4 24 | $3.89 | $-0.41 | ||
| Q3 24 | $3.57 | $-0.26 | ||
| Q2 24 | $3.37 | $-0.30 | ||
| Q1 24 | $3.22 | $-0.56 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $515.3M | — |
| Total DebtLower is stronger | $6.2B | — |
| Stockholders' EquityBook value | $-2.7B | $1.7B |
| Total Assets | $5.7B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $515.3M | — | ||
| Q3 25 | $400.1M | $1.0M | ||
| Q2 25 | $347.3M | $16.0M | ||
| Q1 25 | $360.7M | $17.8M | ||
| Q4 24 | $409.4M | $22.7M | ||
| Q3 24 | $501.0M | $29.5M | ||
| Q2 24 | $451.4M | $90.3M | ||
| Q1 24 | $519.3M | $69.1M |
| Q4 25 | $6.2B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.5B | — |
| Q4 25 | $-2.7B | $1.7B | ||
| Q3 25 | $-1.9B | $1.3B | ||
| Q2 25 | $-886.2M | $1.2B | ||
| Q1 25 | $-958.6M | $1.2B | ||
| Q4 24 | $-940.0M | $1.2B | ||
| Q3 24 | $-751.0M | $878.5M | ||
| Q2 24 | $-734.5M | $836.5M | ||
| Q1 24 | $-650.5M | $794.1M |
| Q4 25 | $5.7B | $2.4B | ||
| Q3 25 | $5.4B | $1.8B | ||
| Q2 25 | $5.4B | $1.8B | ||
| Q1 25 | $5.3B | $1.7B | ||
| Q4 24 | $5.4B | $1.7B | ||
| Q3 24 | $5.4B | $1.6B | ||
| Q2 24 | $5.5B | $1.5B | ||
| Q1 24 | $5.5B | $1.5B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $501.1M | $73.9M |
| Free Cash FlowOCF − Capex | $488.7M | $37.8M |
| FCF MarginFCF / Revenue | 59.4% | 5.7% |
| Capex IntensityCapex / Revenue | 1.5% | 5.4% |
| Cash ConversionOCF / Net Profit | 1.76× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $501.1M | $73.9M | ||
| Q3 25 | $449.4M | $59.4M | ||
| Q2 25 | $336.1M | $37.6M | ||
| Q1 25 | $301.7M | $44.5M | ||
| Q4 24 | $430.6M | $52.9M | ||
| Q3 24 | $421.6M | $51.8M | ||
| Q2 24 | $349.2M | $4.0M | ||
| Q1 24 | $300.1M | $27.0M |
| Q4 25 | $488.7M | $37.8M | ||
| Q3 25 | $445.5M | $37.0M | ||
| Q2 25 | $324.7M | $11.7M | ||
| Q1 25 | $290.2M | $22.6M | ||
| Q4 24 | $416.4M | $34.8M | ||
| Q3 24 | $415.0M | $35.5M | ||
| Q2 24 | $340.6M | $-7.7M | ||
| Q1 24 | $295.9M | $6.7M |
| Q4 25 | 59.4% | 5.7% | ||
| Q3 25 | 56.2% | 6.2% | ||
| Q2 25 | 42.0% | 2.1% | ||
| Q1 25 | 38.9% | 4.5% | ||
| Q4 24 | 56.0% | 7.3% | ||
| Q3 24 | 57.3% | 8.1% | ||
| Q2 24 | 48.1% | -1.9% | ||
| Q1 24 | 43.5% | 1.8% |
| Q4 25 | 1.5% | 5.4% | ||
| Q3 25 | 0.5% | 3.8% | ||
| Q2 25 | 1.5% | 4.7% | ||
| Q1 25 | 1.5% | 4.3% | ||
| Q4 24 | 1.9% | 3.8% | ||
| Q3 24 | 0.9% | 3.7% | ||
| Q2 24 | 1.2% | 2.8% | ||
| Q1 24 | 0.6% | 5.5% |
| Q4 25 | 1.76× | 1.56× | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.31× | — | ||
| Q1 24 | 1.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
NTRA
Segment breakdown not available.
