vs
Side-by-side financial comparison of MSCI Inc. (MSCI) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
MSCI Inc. is the larger business by last-quarter revenue ($822.5M vs $789.0M, roughly 1.0× UL Solutions Inc.). MSCI Inc. runs the higher net margin — 34.6% vs 8.5%, a 26.1% gap on every dollar of revenue. On growth, MSCI Inc. posted the faster year-over-year revenue change (10.6% vs 6.8%). MSCI Inc. produced more free cash flow last quarter ($488.7M vs $86.0M). Over the past eight quarters, MSCI Inc.'s revenue compounded faster (10.0% CAGR vs 8.5%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
MSCI vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $822.5M | $789.0M |
| Net Profit | $284.7M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | 56.4% | 15.0% |
| Net Margin | 34.6% | 8.5% |
| Revenue YoY | 10.6% | 6.8% |
| Net Profit YoY | -6.8% | -17.3% |
| EPS (diluted) | $3.81 | $0.33 |
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 | $789.0M | ||
| Q3 25 | $793.4M | $783.0M | ||
| Q2 25 | $772.7M | $776.0M | ||
| Q1 25 | $745.8M | $705.0M | ||
| Q4 24 | $743.5M | $739.0M | ||
| Q3 24 | $724.7M | $731.0M | ||
| Q2 24 | $707.9M | $730.0M | ||
| Q1 24 | $680.0M | $670.0M |
| Q4 25 | $284.7M | $67.0M | ||
| Q3 25 | $325.4M | $100.0M | ||
| Q2 25 | $303.6M | $91.0M | ||
| Q1 25 | $288.6M | $67.0M | ||
| Q4 24 | $305.5M | $81.0M | ||
| Q3 24 | $280.9M | $88.0M | ||
| Q2 24 | $266.8M | $101.0M | ||
| Q1 24 | $256.0M | $56.0M |
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 47.6% |
| Q4 25 | 56.4% | 15.0% | ||
| Q3 25 | 56.4% | 19.9% | ||
| Q2 25 | 55.0% | 17.9% | ||
| Q1 25 | 50.6% | 15.5% | ||
| Q4 24 | 54.5% | 15.6% | ||
| Q3 24 | 55.4% | 17.8% | ||
| Q2 24 | 54.0% | 17.3% | ||
| Q1 24 | 49.9% | 13.6% |
| Q4 25 | 34.6% | 8.5% | ||
| Q3 25 | 41.0% | 12.8% | ||
| Q2 25 | 39.3% | 11.7% | ||
| Q1 25 | 38.7% | 9.5% | ||
| Q4 24 | 41.1% | 11.0% | ||
| Q3 24 | 38.8% | 12.0% | ||
| Q2 24 | 37.7% | 13.8% | ||
| Q1 24 | 37.6% | 8.4% |
| Q4 25 | $3.81 | $0.33 | ||
| Q3 25 | $4.25 | $0.49 | ||
| Q2 25 | $3.92 | $0.45 | ||
| Q1 25 | $3.71 | $0.33 | ||
| Q4 24 | $3.89 | $0.40 | ||
| Q3 24 | $3.57 | $0.44 | ||
| Q2 24 | $3.37 | $0.50 | ||
| Q1 24 | $3.22 | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | $6.2B | $491.0M |
| Stockholders' EquityBook value | $-2.7B | $1.3B |
| Total Assets | $5.7B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $515.3M | $295.0M | ||
| Q3 25 | $400.1M | $255.0M | ||
| Q2 25 | $347.3M | $272.0M | ||
| Q1 25 | $360.7M | $267.0M | ||
| Q4 24 | $409.4M | $298.0M | ||
| Q3 24 | $501.0M | $327.0M | ||
| Q2 24 | $451.4M | $295.0M | ||
| Q1 24 | $519.3M | $344.0M |
| Q4 25 | $6.2B | $491.0M | ||
| Q3 25 | $5.5B | $544.0M | ||
| Q2 25 | $4.5B | $608.0M | ||
| Q1 25 | $4.5B | $653.0M | ||
| Q4 24 | $4.5B | $742.0M | ||
| Q3 24 | $4.5B | $797.0M | ||
| Q2 24 | $4.5B | $810.0M | ||
| Q1 24 | $4.5B | $879.0M |
| Q4 25 | $-2.7B | $1.3B | ||
| Q3 25 | $-1.9B | $1.2B | ||
| Q2 25 | $-886.2M | $1.1B | ||
| Q1 25 | $-958.6M | $970.0M | ||
| Q4 24 | $-940.0M | $904.0M | ||
| Q3 24 | $-751.0M | $872.0M | ||
| Q2 24 | $-734.5M | $769.0M | ||
| Q1 24 | $-650.5M | $671.0M |
| Q4 25 | $5.7B | $2.9B | ||
| Q3 25 | $5.4B | $2.9B | ||
| Q2 25 | $5.4B | $2.9B | ||
| Q1 25 | $5.3B | $2.9B | ||
| Q4 24 | $5.4B | $2.8B | ||
| Q3 24 | $5.4B | $2.9B | ||
| Q2 24 | $5.5B | $2.7B | ||
| Q1 24 | $5.5B | $2.8B |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | $488.7M | $86.0M |
| FCF MarginFCF / Revenue | 59.4% | 10.9% |
| Capex IntensityCapex / Revenue | 1.5% | 7.4% |
| Cash ConversionOCF / Net Profit | 1.76× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $501.1M | $144.0M | ||
| Q3 25 | $449.4M | $155.0M | ||
| Q2 25 | $336.1M | $147.0M | ||
| Q1 25 | $301.7M | $154.0M | ||
| Q4 24 | $430.6M | $130.0M | ||
| Q3 24 | $421.6M | $150.0M | ||
| Q2 24 | $349.2M | $103.0M | ||
| Q1 24 | $300.1M | $141.0M |
| Q4 25 | $488.7M | $86.0M | ||
| Q3 25 | $445.5M | $109.0M | ||
| Q2 25 | $324.7M | $105.0M | ||
| Q1 25 | $290.2M | $103.0M | ||
| Q4 24 | $416.4M | $72.0M | ||
| Q3 24 | $415.0M | $84.0M | ||
| Q2 24 | $340.6M | $47.0M | ||
| Q1 24 | $295.9M | $84.0M |
| Q4 25 | 59.4% | 10.9% | ||
| Q3 25 | 56.2% | 13.9% | ||
| Q2 25 | 42.0% | 13.5% | ||
| Q1 25 | 38.9% | 14.6% | ||
| Q4 24 | 56.0% | 9.7% | ||
| Q3 24 | 57.3% | 11.5% | ||
| Q2 24 | 48.1% | 6.4% | ||
| Q1 24 | 43.5% | 12.5% |
| Q4 25 | 1.5% | 7.4% | ||
| Q3 25 | 0.5% | 5.9% | ||
| Q2 25 | 1.5% | 5.4% | ||
| Q1 25 | 1.5% | 7.2% | ||
| Q4 24 | 1.9% | 7.8% | ||
| Q3 24 | 0.9% | 9.0% | ||
| Q2 24 | 1.2% | 7.7% | ||
| Q1 24 | 0.6% | 8.5% |
| Q4 25 | 1.76× | 2.15× | ||
| Q3 25 | 1.38× | 1.55× | ||
| Q2 25 | 1.11× | 1.62× | ||
| Q1 25 | 1.05× | 2.30× | ||
| Q4 24 | 1.41× | 1.60× | ||
| Q3 24 | 1.50× | 1.70× | ||
| Q2 24 | 1.31× | 1.02× | ||
| Q1 24 | 1.17× | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
