MSCI Inc. MSCI SPXR3KFINANCIAL
Company Overview
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.
Why Investors Should Care
Return on capital employed stands at 44.2%.
Net profit has compounded at 19.6% per year over the last five years.
Revenue has grown at a 13.2% CAGR over the past five years.
Maintains a net profit margin of 40.7%.
Generates positive free cash flow, funding growth and shareholder returns internally.
Recent Developments
- Dec 2025 Revenue of $3.13B (+9.7% YoY); net profit $1.20B.
- Trailing 12 Months Year-on-year growth — revenue +12.2%, earnings +19.6%.
- 5-Year Trend Long-term compounding — revenue CAGR 13.2%, profit CAGR 19.6%.
Growth & Price Performance
Compounded Sales Growth
| 5 Years: | 13.20% |
| 1 Year: | 12.20% |
Compounded Profit Growth
| 5 Years: | 19.64% |
| 1 Year: | 19.60% |
Stock Price Performance
| 1 Year: | +2.39% |
| 6 Months: | +1.39% |
| 3 Months: | -6.56% |
| 1 Month: | +1.38% |
Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.
- Price vs 50-DMABelow
- Price vs 200-DMAAbove
- RSI (14)52.07 · Neutral
P/E of 31.38 is above the sector median of 14.52 — pricier than peers.
Auto-generated from price history and fundamentals; not investment advice.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth Charts
No fundamental data available for this stock.
Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.
PROS
- Healthy ROCE of 44.2%.
- Excellent profit margin of 40.7%.
- Compounding revenue at 13.2% over 5 years.
- Profit CAGR of 19.6% over 5 years.
- Generates positive free cash flow.
- In a confirmed uptrend (50-DMA above 200-DMA).
CONS
No notable concerns flagged.
* The pros and cons are auto-generated from financial metrics.
Valuation
Growth (CAGR)
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Peer comparison
Peer companies in the same sector (Financial Services).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | MSCI MSCI Inc. SPXR3KFINANCIAL | 573.01 | 31.38 | $41.66B | 1.45% | 44.25% | -45.29% | 13.20% | 19.64% |
| 2 | JPM JPMorgan Chase & Co. SPXR3KFINANCIAL | 358.64 | 15.37 | $953.34B | 1.68% | - | 17.79% | 12.50% | 14.83% |
| 3 | BRK-B Berkshire Hathaway Inc. SPXFINANCIAL | 506.03 | 15.07 | $707.59B | 0.00% | - | 10.50% | 4.18% | 9.44% |
| 4 | V Visa Inc. SPXR3KFINANCIAL | 374.00 | 31.86 | $637.34B | 0.72% | 37.15% | 61.19% | 14.33% | 13.04% |
| 5 | MA Mastercard Incorporated SPXR3KFINANCIAL | 579.21 | 31.82 | $503.60B | 0.60% | 60.19% | - | 12.29% | 19.21% |
| 6 | BAC Bank of America Corporation SPXR3KFINANCIAL | 62.68 | 14.48 | $438.31B | 2.03% | - | 11.20% | 3.14% | 4.27% |
| 7 | BRK-A Berkshire Hathaway Inc. FINANCIAL | 759,350.00 | 15.07 | $384.00B | 0.00% | - | 10.50% | 7.60% | 10.02% |
| 8 | HSBC HSBC Holdings plc FINANCIAL | 107.11 | 15.30 | $367.34B | 3.62% | - | 13.10% | 9.75% | 12.72% |
| 9 | MS Morgan Stanley SPXR3KFINANCIAL | 217.72 | 17.59 | $342.26B | 2.15% | - | 17.97% | 3.76% | 9.66% |
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios
Quarterly Results
Figures in USD.
| Metric | Dec 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | 301.21M | 316.09M | 322.10M | 334.78M | 351.32M | 363.05M | 357.93M | 361.69M | 371.38M | 385.56M | 394.25M | 406.61M | 416.78M | 409.62M | 425.33M | 443.66M | 478.42M | 498.18M | 517.10M | 549.84M | 559.95M | 551.81M | 560.64M | 592.22M | 621.16M | 625.44M | 679.97M | 707.95M | 724.71M | 745.80M | 772.68M | 793.43M | 822.53M | 850.80M | 867.00M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 136.80M | 137.67M | 132.53M | 143.38M | 141.80M | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 609.00M | 635.01M | 660.90M | 679.15M | 709.00M | - |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 232.00M | 209.78M | 213.21M | 215.53M | 252.10M | - |
| Operating Income | 107.54M | 113.14M | 125.69M | 123.26M | 126.01M | 130.73M | 146.10M | 148.80M | 154.14M | 167.17M | 173.51M | 176.40M | 169.82M | 162.68M | 192.38M | 201.22M | 199.43M | 207.88M | 215.18M | 227.62M | 234.09M | 254.38M | 257.53M | 280.23M | 280.59M | 288.98M | 300.38M | 309.53M | 314.60M | 345.95M | 353.31M | 339.38M | 382.61M | 401.33M | 377.00M | 425.23M | 447.69M | 463.62M | 456.90M | 487.50M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 432.10M | 479.40M | 503.22M | 508.03M | 512.90M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 46.50M | 46.18M | 53.62M | 63.59M | 69.10M | - |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 331.10M | 377.84M | 396.51M | 388.84M | 389.20M | - |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 42.50M | 74.19M | 71.12M | 104.17M | -16.80M | - |
| Net Income | 59.41M | 60.37M | 66.96M | 65.28M | 68.25M | 72.95M | 81.27M | 85.15M | 64.60M | 115.09M | 116.83M | 123.83M | 152.13M | 178.19M | 125.69M | 136.98M | 122.78M | 148.12M | 115.12M | 182.36M | 156.22M | 196.82M | 165.42M | 169.88M | 193.87M | 228.42M | 210.59M | 216.59M | 238.73M | 246.82M | 259.66M | 255.95M | 266.76M | 280.90M | 288.60M | 303.65M | 325.39M | 284.67M | 406.00M | 342.00M |
| Diluted EPS | 0.57 | 0.60 | 0.69 | 0.68 | 0.73 | 0.80 | 0.89 | 0.93 | 0.70 | 1.24 | 1.28 | 1.36 | 1.70 | 2.08 | 1.47 | 1.60 | 1.44 | 1.73 | 1.36 | 2.16 | 1.87 | 2.36 | 1.99 | 2.03 | 2.32 | 2.78 | 2.59 | 2.68 | 2.97 | 3.09 | 3.27 | 3.22 | 3.37 | 3.57 | 3.71 | 3.92 | 4.25 | 3.81 | 5.53 | 4.69 |
| R&D Expense | 17.78M | 18.93M | 18.57M | 18.75M | 18.96M | 18.97M | 18.20M | 17.97M | 20.71M | 20.71M | 19.80M | 20.59M | 20.31M | 23.17M | 23.75M | 24.31M | 27.10M | 26.56M | 22.53M | 24.90M | 27.06M | 24.86M | 27.53M | 28.35M | 30.82M | 28.32M | 23.92M | 25.94M | 31.32M | 30.14M | 31.44M | 40.52M | 41.07M | 38.58M | 47.60M | 44.07M | 44.81M | - | 49.60M | 46.00M |
Profit & Loss (Annual)
Figures in USD.
| Metric | Nov 2008 | Nov 2009 | Nov 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 430.96M | 442.95M | 662.90M | 900.94M | 826.99M | 913.36M | 996.68M | 1.08B | 1.15B | 1.27B | 1.43B | 1.56B | 1.70B | - | 2.25B | 2.53B | 2.86B | 3.13B |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 404.34M | 446.58M | 514.38M | 550.37M |
| Gross Profit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.84B | 2.08B | 2.34B | 2.58B |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 636.62M | 697.73M | 813.23M | 870.53M |
| Operating Income | 135.79M | 150.99M | 206.12M | 322.00M | 318.24M | 340.33M | 337.17M | 403.90M | 488.10M | 579.77M | 686.90M | 755.70M | 884.76M | - | 1.21B | 1.38B | 1.53B | 1.71B |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.36B | 1.71B | 1.75B | 1.92B |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 171.57M | 186.68M | 185.50M | 209.89M |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.04B | 1.37B | 1.36B | 1.49B |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 173.27M | 220.47M | 247.04M | 291.95M |
| Net Income | 68.27M | 81.80M | 92.17M | 173.45M | 184.24M | 222.56M | 284.11M | 223.65M | 260.86M | 303.97M | 507.88M | 563.65M | 601.82M | - | 870.57M | 1.15B | 1.11B | 1.20B |
| Diluted EPS | 0.66 | 0.80 | 0.81 | 1.41 | 1.48 | 1.83 | 2.43 | 2.03 | 2.70 | 3.31 | 5.66 | 6.59 | 7.12 | - | 10.72 | 14.39 | 14.05 | 15.69 |
| R&D Expense | - | - | - | - | - | 61.00M | 71.09M | 77.32M | 75.20M | 75.85M | 81.41M | 98.33M | 101.05M | 111.56M | 107.20M | 132.12M | 158.65M | 177.60M |
Balance Sheet (Annual)
Figures in USD.
| Metric | Nov 2007 | Nov 2008 | Nov 2009 | Nov 2010 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 1.20B | 3.02B | 3.06B | 3.09B | 3.02B | 3.14B | 2.88B | 3.15B | 3.08B | 3.28B | 3.39B | 4.20B | 4.20B | 5.51B | 5.00B | 5.52B | 5.45B | 5.70B |
| Total Equity | 200.02M | 286.38M | 507.06M | 1.08B | 1.10B | 1.29B | 1.41B | 1.56B | 1.43B | 901.49M | 317.61M | 401.01M | -166.49M | -76.71M | -443.23M | -163.47M | -1.01B | -739.76M | -940.00M | -2.65B |
| Cash & Equivalents | 33.82M | 268.08M | 176.02M | 226.57M | 269.42M | 252.21M | 183.31M | 358.43M | 508.80M | 777.71M | 791.83M | 889.50M | 904.18M | 1.51B | 1.30B | 1.42B | 993.56M | 461.69M | 409.35M | 515.33M |
| Long Term Debt | - | - | 337.62M | 1.21B | 1.21B | 1.07B | 811.62M | 788.01M | 788.36M | 1.58B | 2.08B | 2.08B | 2.58B | 3.07B | 3.37B | 4.16B | 4.50B | 4.50B | 4.51B | 6.20B |
| Total Liabilities | - | - | 693.21M | 1.94B | 1.96B | 1.79B | 1.59B | 1.57B | 1.45B | 2.25B | 2.76B | 2.87B | 3.55B | 4.28B | 4.64B | 5.67B | 6.01B | 6.26B | 6.39B | 8.36B |
| Current Liabilities | - | - | 292.50M | 466.92M | 466.08M | 452.81M | 509.94M | 503.04M | 472.91M | 498.12M | 536.57M | 607.67M | 809.01M | 900.79M | 1.02B | 1.25B | 1.25B | 1.52B | 1.59B | 1.83B |
Cash Flows (Annual)
Figures in USD.
| Metric | Nov 2008 | Nov 2009 | Nov 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 155.08M | 130.94M | 183.35M | 255.00M | 347.07M | 321.18M | 305.67M | 321.25M | 442.36M | 404.16M | 612.76M | 709.52M | 811.11M | 936.07M | 1.10B | 1.24B | 1.50B | 1.59B |
| Investing Cash Flow | 112.07M | -308.22M | -892.28M | -90.61M | -94.36M | 4.12M | 297.04M | -48.86M | -42.03M | -48.05M | 34.87M | -71.94M | -241.79M | -1.04B | -79.33M | -819.38M | -144.25M | -130.06M |
| Financing Cash Flow | -22.95M | 82.54M | 758.06M | -177.99M | -322.98M | -146.58M | -442.33M | 4.70M | -372.90M | -267.54M | -626.48M | -36.67M | -779.04M | 229.50M | -1.43B | -953.93M | -1.40B | -1.36B |
| Capital Expenditure | -25.56M | -13.41M | -13.19M | -23.11M | -44.88M | -40.26M | -42.66M | -40.65M | -32.28M | -33.18M | -30.26M | -29.12M | -21.83M | -13.51M | -13.62M | -22.76M | -33.76M | -39.32M |
| Free Cash Flow | 129.53M | 117.53M | 170.16M | 231.89M | 302.19M | 280.93M | 263.01M | 280.60M | 410.08M | 370.98M | 582.50M | 680.41M | 789.28M | 922.56M | 1.08B | 1.21B | 1.47B | 1.55B |
| Share Buybacks | 681.00K | 18.49M | 14.15M | 14.63M | 105.99M | 112.18M | 409.65M | 700.72M | 774.57M | 150.46M | 949.89M | 292.07M | 778.52M | 198.37M | 1.40B | 504.19M | 885.27M | 2.48B |
| Dividends Paid | - | - | - | - | - | - | - | 87.80M | 96.26M | 119.80M | 171.03M | - | - | - | - | - | - | - |
Ratios (Annual)
Figures in %.
| Metric | Nov 2008 | Nov 2009 | Nov 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 82.0% | 82.3% | 82.0% | 82.4% |
| Operating Margin % | 31.5% | 34.1% | 31.1% | 35.7% | 38.5% | 37.3% | 33.8% | 37.6% | 42.4% | 45.5% | 47.9% | 48.5% | 52.2% | - | 53.7% | 54.8% | 53.5% | 54.7% |
| Net Margin % | 15.8% | 18.5% | 13.9% | 19.3% | 22.3% | 24.4% | 28.5% | 20.8% | 22.7% | 23.9% | 35.4% | 36.2% | 35.5% | - | 38.7% | 45.4% | 38.8% | 38.4% |
| ROE % | 23.8% | 16.1% | 8.5% | 13.4% | 13.0% | 14.2% | 19.8% | 24.8% | 82.1% | 75.8% | -305.0% | -734.7% | -135.8% | - | -86.4% | -155.3% | -118.0% | -45.3% |
| ROCE % | - | 16.6% | 8.1% | 12.2% | 12.7% | 12.9% | 14.0% | 15.2% | 19.2% | 21.7% | 26.6% | 22.9% | 27.9% | - | 32.2% | 34.6% | 39.6% | 44.2% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Blackrock Inc. | 7.52% | 5.47M | $3.12B |
| 2 | Vanguard Capital Management LLC | 6.39% | 4.64M | $2.65B |
| 3 | Vanguard Portfolio Management LLC | 5.73% | 4.16M | $2.38B |
| 4 | BAMCO Inc. | 4.42% | 3.21M | $1.83B |
| 5 | State Street Corporation | 4.39% | 3.19M | $1.82B |
| 6 | Morgan Stanley | 2.93% | 2.13M | $1.22B |
| 7 | T. Rowe Price Investment Management, Inc. | 2.82% | 2.05M | $1.17B |
| 8 | Geode Capital Management, LLC | 2.68% | 1.95M | $1.11B |
| 9 | Viking Global Investors, L.P. | 1.60% | 1.16M | $662.47M |
| 10 | Principal Financial Group, Inc. | 1.55% | 1.13M | $643.40M |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
Latest News
Recent headlines for MSCI
Rising Bond Yields Threaten Commercial Real Estate Recovery
Rising bond yields threaten the CRE recovery by pressuring property values, liquidity, and institutional investment worldwide.
MSCI to Participate in Barclays Annual Global Financial Services Conference
NEW YORK, September 03, 2026--MSCI Inc. ("MSCI" or the "Company") (NYSE: MSCI) announced today that Andy Wiechmann, Chief Financial Officer, will be participating in a fireside chat at the Barclays Annual Global Financial Services Conferenc…
Saylor Urges MSCI to Drop 'Discriminatory' Rule That Would Delete Strategy
The proposed screen would cut three companies from MSCI's global indexes in November, with Strategy the largest by some distance.
Michael Saylor’s Strategy Calls MSCI’s New Delisting Test ‘Fundamentally Flawed,’ Says It’s Damaging ‘Its Reputation’
Strategy asked MSCI to withdraw the proposal or apply changes only prospectively going forward.
Hotel Sales Jump 28% as Buyers Take On Renovations
Hotel sales climbed 28% year over year in the first half as buyers took on capital-heavy properties and luxury demand stayed strong.
MSCI’s Elevated 2026 Expense Outlook Might Change The Case For Investing In MSCI (MSCI)
Earlier this year, MSCI Inc. raised its 2026 operating expense forecast, citing acquisition costs, higher employee incentives, and stepped-up investment spending. This higher cost outlook has prompted fresh questions about near-term profita…
MSCI — Frequently Asked Questions
What is the current share price of MSCI Inc. (MSCI)?
As of 2026-09-07 16:24 PDT, MSCI Inc. (MSCI) trades at $573.01 on NYSE. Its 52-week range is $506.19 to $641.54.
What is the market capitalisation of MSCI?
MSCI Inc. (MSCI) has a market capitalisation of $41.66B on NYSE.
What is the P/E ratio of MSCI?
MSCI trades at a trailing price-to-earnings (P/E) ratio of 31.38. The industry average P/E is 14.52. Its price-to-book (P/B) ratio is -15.22.
Does MSCI pay a dividend?
MSCI Inc. (MSCI) currently offers a dividend yield of 1.45%.
What is the return on equity (ROE) of MSCI?
MSCI has a return on equity (ROE) of -45.29%. Its return on capital employed (ROCE) is 44.25%.
Is MSCI a good stock to buy?
This page provides a data-driven analysis of MSCI Inc. (MSCI), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.