MSCI Inc (MSCI) is overvalued and Nasdaq Inc (NDAQ) is overvalued.
Both trade above our estimate of their intrinsic value. MSCI is the closer of the two: -53%, against -57% for NDAQ.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.1% (average of 3 methods) values the shares at $357.60; the price of $548.88 is 53% above that value, and 73% of that value comes from beyond year five.
Leak Score 72/100 on 8 of 12 signals
Discounting its cash flows at 9.3% (average of 3 methods) values the shares at $60.32; the price of $94.50 is 57% above that value, and 75% of that value comes from beyond year five.
Leak Score 58/100 on 10 of 12 signals
| Metric | MSCI | NDAQ |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $548.88 | $94.50 |
| Intrinsic value | $357.60 | $60.32 |
| Margin of safety | -53% | -57% |
| Leak Score | 72/100 (8/12) | 58/100 (10/12) |
| Market cap | $39.9B | $52.8B |
| Revenue growth, 5 years | 13.1% | 8.0% |
| Operating margin | 55.7% | 30.8% |
| Net margin | 40.7% | 22.6% |
| Return on equity | — | 16.5% |
| Debt to equity | — | 0.78 |
| P/E | 30.0x | 27.5x |
| Forward P/E | 24.4x | 20.2x |
| P/B | — | 4.4x |
| Dividend yield | 1.5% | 1.3% |