MSCI Inc. (MSCI): Business Model Canvas

In der komplexen Welt der Finanzinformationen und Markteinblicke entwickelt sich MSCI Inc. zu einem zentralen Global Player, der die Art und Weise verändert, wie Investoren, Institutionen und Unternehmen sich in komplexen Marktlandschaften bewegen. Durch die sorgfältige Erstellung von Finanzindizes, die Bereitstellung modernster ESG-Ratings und die Bereitstellung anspruchsvoller Risikomanagementlösungen hat MSCI die Investitionsentscheidung in verschiedenen Sektoren revolutioniert. Diese Untersuchung des Business Model Canvas von MSCI enthüllt die strategische Architektur hinter einem Unternehmen, das datengesteuerte Analysen, technologische Innovation und umfassende Marktinformationen nahtlos miteinander verbindet und so beispiellose Transparenz und strategische Tiefe für globale Finanzakteure bietet.

MSCI Inc. (MSCI) – Geschäftsmodell: Wichtige Partnerschaften

Finanzinstitute und Investmentbanken

MSCI arbeitet weltweit mit mehr als 16.000 institutionellen Anlegern zusammen. Zu den wichtigsten Finanzpartnern gehören:

Partnertyp	Anzahl der Partnerschaften	Jährlicher Kooperationswert
Globale Investmentbanken	38	124,7 Millionen US-Dollar
Vermögensverwaltungsunternehmen	2,700	287,5 Millionen US-Dollar
Pensionskassen	420	93,2 Millionen US-Dollar

Datenanbieter und Forschungsorganisationen

MSCI unterhält strategische Forschungspartnerschaften mit:

• S&P Global Market Intelligence
• Bloomberg-Terminal
• Refinitiv
• Morningstar-Forschung

Technologieanbieter und Cloud-Service-Anbieter

Technologiepartner	Servicetyp	Jährlicher Vertragswert
Amazon Web Services	Cloud-Infrastruktur	47,3 Millionen US-Dollar
Microsoft Azure	Cloud-Computing	39,6 Millionen US-Dollar
Google Cloud-Plattform	Datenanalyse	31,2 Millionen US-Dollar

Akademische und regulatorische Compliance-Partner

MSCI arbeitet mit 87 akademischen Institutionen und Regulierungsbehörden weltweit zusammen.

• CFA-Institut
• Finanzstabilitätsrat
• Internationale Organisation der Wertpapieraufsichtsbehörden
• Weltwirtschaftsforum

Globale Börsen und Marktdatenplattformen

Börse	Partnerschaftsfokus	Jährlicher Kollaborationsumsatz
New Yorker Börse	Indexlizenzierung	62,4 Millionen US-Dollar
NASDAQ	Marktdaten	55,7 Millionen US-Dollar
Londoner Börse	ESG-Indizes	41,3 Millionen US-Dollar

MSCI Inc. (MSCI) – Geschäftsmodell: Hauptaktivitäten

Erstellung und Verwaltung von Finanzindizes

MSCI verwaltet ab 2023 mehr als 222.000 Aktienindizes in mehreren Märkten und Anlageklassen. Das Unternehmen erwirtschaftet mit indexbezogenen Dienstleistungen einen Jahresumsatz von rund 2,3 Milliarden US-Dollar. Gesamtzahl der Anlageprodukte, die MSCI-Indizes nachbilden: 13.000+ weltweit.

Indexkategorie	Anzahl der Indizes	Globale Abdeckung
Aktienindizes	157,000	Über 70 Länder
Indizes für festverzinsliche Wertpapiere	35,000	Über 50 Märkte
Multi-Asset-Indizes	30,000	Globale Märkte

Investmentforschung und Analyseentwicklung

MSCI investiert jährlich 500 Millionen US-Dollar in Forschung und Entwicklung. Das Forschungsteam besteht aus mehr als 1.700 Finanzanalysten weltweit.

• Forschungspublikationen insgesamt: 4.500+ pro Jahr
• Analyseplattformen für mehr als 6.500 institutionelle Kunden
• Echtzeit-Datenabdeckung in über 70 internationalen Märkten

ESG-Bewertungsdienste (Umwelt, Soziales, Governance).

MSCI ESG Research deckt über 14.000 Unternehmen weltweit ab. ESG-Ratings fließen in das verwaltete Vermögen von 3,5 Billionen US-Dollar ein.

ESG-Bewertungsdimension	Abdeckung
ESG-Ratings für Unternehmen	Über 14.000 Unternehmen
Staatliche ESG-Ratings	215 Länder

Design von Risikomanagement-Software und -Tools

Die Risikomanagementlösungen von MSCI unterstützen Vermögenswerte in Höhe von 75 Billionen US-Dollar. Softwareentwicklungsteam: über 800 Technologieexperten.

• Risikoanalyseplattformen, die von über 600 Finanzinstituten genutzt werden
• Echtzeit-Risikoüberwachung für mehrere Anlageklassen
• Funktionen zur prädiktiven Risikomodellierung

Datenerfassung, -validierung und -verteilung

MSCI verarbeitet monatlich 2,5 Petabyte an Finanzdaten. Die Dateninfrastruktur unterstützt mehr als 48.000 Datenpunkte pro Sicherheit.

Datenerfassungsmetrik	Jahresvolumen
Finanzdatenpunkte	576.000 pro Wertpapier
Marktdatenaktualisierungen	15 Millionen+ pro Tag

MSCI Inc. (MSCI) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Finanzdatenbanken und Indizes

MSCI unterhält mehr als 221.000 Indizes, die mehrere Anlageklassen abdecken. Gesamtmarktkapitalisierung: 85,8 Billionen US-Dollar im Jahr 2023. Die Forschungsabdeckung umfasst mehr als 3.000 Teilnehmer in 76 Ländern.

Indexkategorie	Anzahl der Indizes	Globale Abdeckung
Aktienindizes	170,000+	45 Länder
Indizes für festverzinsliche Wertpapiere	25,000+	30 Länder
ESG-Indizes	1,500+	Über 50 Märkte

Erweiterte Analyse- und maschinelle Lernalgorithmen

Investition in Forschung und Entwicklung: 214 Millionen US-Dollar im Jahr 2022. Modelle für maschinelles Lernen verarbeiten jährlich über 10 Petabyte an Finanzdaten.

Geistiges Eigentum und Forschungskompetenz

• Gesamtzahl der Patente: 87 angemeldet
• Forschungsteam: über 1.200 Finanzexperten
• Jährliche Forschungspublikationen: 450+

Globale Technologieinfrastruktur

Investitionen in die Technologieinfrastruktur: 345 Millionen US-Dollar im Jahr 2022. Datenverarbeitungszentren an 13 Standorten weltweit mit einer Betriebszeit von 99,99 %.

Technologieinfrastruktur	Spezifikationen
Rechenzentren	13 globale Standorte
Jährliche Technologieausgaben	345 Millionen Dollar
Systemverfügbarkeit	99.99%

Qualifizierte Forschungs- und Technologieexperten

Gesamtbelegschaft: 3.200 Mitarbeiter. Durchschnittliche Betriebszugehörigkeit: 7,5 Jahre. Inhaber eines höheren Abschlusses: 68 % des Forschungspersonals.

• Doktoranden: 42 %
• Masterabsolventen: 26 %
• Technologiespezialisten: 35 % der Belegschaft

MSCI Inc. (MSCI) – Geschäftsmodell: Wertversprechen

Umfassende Tools zur Investitionsentscheidung

MSCI stellt Tools zur Investitionsentscheidung zur Verfügung über 1.600 Indizes deckt mehrere Anlageklassen und Anlagestile ab. Das Unternehmen beliefert ca Über 13.000 Kunden weltweit.

Kategorie „Investmenttool“.	Anzahl der Angebote	Marktabdeckung
Aktienindizes	1,200+	96 % des globalen investierbaren Aktienmarktes
Indizes für festverzinsliche Wertpapiere	200+	Globale Anleihemärkte
Alternative Indizes	200+	Multi-Asset-Strategien

Standardisierte Finanzmarkt-Benchmarks

MSCI generiert 2,1 Milliarden US-Dollar Jahresumsatz aus Benchmark- und indexbezogenen Dienstleistungen ab 2023.

• Bietet Benchmarks für 14,5 Billionen US-Dollar verwaltetes Vermögen
• Abdeckungen 85 Länder in globalen Marktindizes
• Unterstützt institutionelle Anleger bei der Erfolgsmessung

Erweiterte Lösungen für Risikobewertung und -management

Prozesse der Risikomanagementplattform von MSCI Risikoexpositionen in Höhe von 106 Billionen US-Dollar über globale Finanzinstitute hinweg.

Risikolösungstyp	Jährliche Benutzer	Abdeckung
Portfolio-Risikoanalyse	Über 3.500 Institutionen	Multi-Asset-Risikomodellierung
Tools zur Einhaltung gesetzlicher Vorschriften	Über 2.800 Finanzunternehmen	Globale regulatorische Rahmenbedingungen

Einblicke in nachhaltiges Investieren durch ESG-Ratings

MSCI ESG Research deckt ab Über 13.000 Emittenten weltweit mit umfassenden Nachhaltigkeitsratings.

• Bietet Bewertungen für 100 Billionen US-Dollar an Vermögenswerten
• Unterstützt Über 1.500 Vermögensverwalter im nachhaltigen Investieren
• Bietet Klimarisikobewertungen für institutionelle Anleger

Objektive und transparente Marktinformationen

MSCI liefert Marktintelligenzdienste für 95 % der weltweit führenden Vermögensverwalter.

Geheimdienst	Jahresabonnenten	Datenpunkte analysiert
Forschungsberichte	4,200+	Über 250.000 Unternehmensanalysen
Marktdatenplattformen	3,800+	Einblicke in den globalen Markt in Echtzeit

MSCI Inc. (MSCI) – Geschäftsmodell: Kundenbeziehungen

Abonnementbasiertes Servicemodell

Die Kundenbeziehungsstrategie von MSCI konzentriert sich auf ein abonnementbasiertes Modell mit einem jährlichen wiederkehrenden Umsatz von 2,1 Milliarden US-Dollar im Jahr 2023. Das Unternehmen bietet gestaffelte Abonnementpakete mit Preisen zwischen 5.000 und 250.000 US-Dollar pro Jahr an, je nach Servicekomplexität.

Abonnementstufe	Jährliche Preisspanne	Hauptmerkmale
Grundlegender Indexzugriff	$5,000 - $25,000	Standardindexdaten
Professionelle Forschung	$50,000 - $125,000	Erweiterte Analysen
Unternehmenslösung	$150,000 - $250,000	Umfassende Datensuite

Dedizierte Kundensupport-Teams

MSCI beschäftigt 387 engagierte Kundenbeziehungsexperten in weltweiten Niederlassungen. Die durchschnittliche Kundenbindungsrate beträgt ab 2023 93 %.

• Weltweiter Support rund um die Uhr
• Spezialisierte Branchenteams
• Mehrsprachiger Kundenservice

Maßgeschneiderte Beratungs- und Beratungsleistungen

Maßgeschneiderte Beratungsdienste erwirtschafteten im Jahr 2023 einen Umsatz von 456 Millionen US-Dollar, was 18 % des Gesamtumsatzes des Unternehmens entspricht. Beratungsaufträge belaufen sich im Durchschnitt auf 75.000 US-Dollar pro Projekt.

Regelmäßige Forschungsaktualisierungen und Markteinblicke

MSCI erstellt jährlich 1.247 Forschungsberichte, wobei 89 % der institutionellen Kunden auf digitale Forschungsplattformen zugreifen. Häufigkeit der Forschungsveröffentlichungen: wöchentliche Marktaktualisierungen, monatliche Sektoranalysen, vierteljährliche umfassende Berichte.

Digitale Plattform für Self-Service und Datenzugriff

Kennzahlen zur Nutzung digitaler Plattformen für 2023:

• 2,3 Millionen monatlich aktive Benutzer
• 97,4 % Plattformverfügbarkeit
• Monatlich werden über 500 Terabyte Daten verarbeitet

Plattformfunktion	Benutzerinteraktion
Datenzugriff in Echtzeit	82 % Benutzerauslastung
API-Integration	67 % Unternehmenskunden
Mobile Plattform	41 % aller Nutzer

MSCI Inc. (MSCI) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Das Direktvertriebsteam von MSCI besteht ab 2023 aus 750 globalen Vertriebsprofis und deckt wichtige Finanzmärkte weltweit ab.

Vertriebsregion	Anzahl der Vertriebsmitarbeiter
Nordamerika	325
Europa	225
Asien-Pazifik	150
Lateinamerika	50

Digitale Online-Plattformen

MSCI erwirtschaftet ab 2023 einen Jahresumsatz von rund 1,8 Milliarden US-Dollar über digitale Kanäle.

• Die Website MSCI.com verzeichnet monatlich 2,4 Millionen einzelne Besucher
• Die digitale Plattform unterstützt 98 % der Kundeninteraktionen
• Das Online-Rechercheportal bedient 12.500 institutionelle Kunden

Finanzkonferenzen und Branchenveranstaltungen

MSCI nimmt jährlich an 85 globalen Finanzkonferenzen teil und generiert potenzielle Verkaufschancen in Höhe von schätzungsweise 120 Millionen US-Dollar.

Ereignistyp	Jährliche Teilnahme
Globale Investorenkonferenzen	42
Regionale Finanzforen	35
ESG-Investmentgipfel	8

Partner-Empfehlungsnetzwerke

Das Partnernetzwerk generiert durch strategische Kooperationen einen Jahresumsatz von 350 Millionen US-Dollar.

• 79 strategische Finanztechnologiepartner
• 24 globale Beratungsunternehmenspartnerschaften
• Das Empfehlungsnetzwerk umfasst 68 Länder

Webbasierte Forschungs- und Datenportale

Webplattformen generieren jährliche Abonnementeinnahmen in Höhe von 1,2 Milliarden US-Dollar.

Portaltyp	Anzahl der Abonnenten
Institutionelles Forschungsportal	8,750
ESG-Datenplattform	5,600
Index Analytics-Portal	6,200

MSCI Inc. (MSCI) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im Jahr 2023 betreut MSCI weltweit rund 6.800 institutionelle Anleger. Der gesamte adressierbare Markt für institutionelle Anleger wird auf verwaltete Vermögenswerte in Höhe von 4,2 Billionen US-Dollar geschätzt.

Anlegertyp	Anzahl der Kunden	Durchschnittliche jährliche Ausgaben
Pensionskassen	1,250	$850,000
Staatsfonds	85	1,2 Millionen US-Dollar
Stiftungen	450	$650,000

Vermögensverwaltungsunternehmen

MSCI bietet Dienstleistungen für 2.300 Vermögensverwaltungsfirmen weltweit an, mit Schwerpunkt in Nordamerika und Europa.

• Die 100 größten Vermögensverwalter repräsentieren 65 % des Umsatzes von MSCI in diesem Segment
• Durchschnittlicher Vertragswert: 750.000 USD pro Jahr
• Marktdurchdringung: 82 % der führenden Vermögensverwaltungsunternehmen

Investmentbanken

Im Jahr 2023 betreute MSCI 450 Investmentbanken weltweit und erwirtschaftete in diesem Segment einen Umsatz von rund 320 Millionen US-Dollar.

Bankkategorie	Anzahl der Kunden	Durchschnittlicher Vertragswert
Globale Investmentbanken	35	2,5 Millionen Dollar
Regionale Investmentbanken	415	$450,000

Abteilungen für Unternehmensrisikomanagement

MSCI unterstützt 1.800 Risikomanagementabteilungen von Unternehmen in verschiedenen Branchen mit einer geschätzten Marktreichweite von 45 % weltweit.

• Finanzdienstleistungen: 60 % der Risikomanagement-Unternehmenskunden
• Fertigung: 20 % der Risikomanagement-Unternehmenskunden
• Technologie und Telekommunikation: 12 % der Risikomanagement-Unternehmenskunden
• Durchschnittlicher jährlicher Vertragswert: 420.000 US-Dollar

Akademische und Forschungseinrichtungen

MSCI bietet Dienstleistungen für 650 akademische und Forschungseinrichtungen weltweit an und erzielt in diesem Segment einen Jahresumsatz von etwa 45 Millionen US-Dollar.

Institutionstyp	Anzahl der Kunden	Durchschnittliches Jahresabonnement
Universitäten	480	$65,000
Forschungszentren	170	$180,000

MSCI Inc. (MSCI) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

MSCI investierte im Jahr 2022 334,7 Millionen US-Dollar in Forschungs- und Entwicklungskosten, was 19,7 % des Gesamtumsatzes entspricht.

Jahr	F&E-Investitionen	Prozentsatz des Umsatzes
2022	334,7 Millionen US-Dollar	19.7%
2021	295,2 Millionen US-Dollar	18.5%

Wartung der Technologieinfrastruktur

Die jährlichen Kosten für die Technologieinfrastruktur für MSCI beliefen sich im Jahr 2022 auf etwa 187,5 Millionen US-Dollar.

• Cloud-Computing-Infrastruktur
• Wartung des Rechenzentrums
• Netzwerksicherheitssysteme
• Softwarelizenzierung

Mitarbeitervergütung und Talentakquise

Die gesamten Vergütungskosten für MSCI beliefen sich im Jahr 2022 auf 782,4 Millionen US-Dollar.

Ausgabenkategorie	Betrag
Gehälter	612,3 Millionen US-Dollar
Vorteile	104,6 Millionen US-Dollar
Aktienbasierte Vergütung	65,5 Millionen US-Dollar

Datenerfassungs- und Lizenzkosten

MSCI gab im Jahr 2022 etwa 156,8 Millionen US-Dollar für die Datenerfassung und Lizenzierung aus.

Betriebskosten für Marketing und Vertrieb

Die Marketing- und Vertriebskosten beliefen sich im Jahr 2022 auf insgesamt 422,6 Millionen US-Dollar.

• Vergütung des Vertriebsteams
• Marketingkampagnen
• Kundenbeziehungsmanagement
• Sponsoring von Konferenzen und Veranstaltungen

MSCI Inc. (MSCI) – Geschäftsmodell: Einnahmequellen

Abonnementbasierte Indexlizenzgebühren

MSCI erzielte im Geschäftsjahr 2023 einen Gesamtumsatz von 2,2 Milliarden US-Dollar. Indexlizenzgebühren machten etwa 36 % des Gesamtumsatzes aus, was etwa 792 Millionen US-Dollar entspricht.

Produktkategorie indizieren	Umsatzbeitrag
Core-Index-Lizenzen	456 Millionen US-Dollar
Spezialisierte Indexlizenzen	336 Millionen US-Dollar

Gebühren für Forschungs- und Analysedienste

Forschungs- und Analysedienstleistungen machten im Jahr 2023 etwa 41 % des Gesamtumsatzes von MSCI aus, was etwa 902 Millionen US-Dollar entspricht.

• Abonnement für institutionelle Forschung: 612 Millionen US-Dollar
• Kundenspezifische Forschungsdienstleistungen: 290 Millionen US-Dollar

Einnahmen aus ESG-Rating und Beratungsdienstleistungen

Die ESG-bezogenen Einnahmen erreichten im Jahr 2023 328 Millionen US-Dollar, was etwa 15 % des Gesamtumsatzes des Unternehmens ausmacht.

ESG-Diensttyp	Umsatzbetrag
ESG-Ratings	198 Millionen Dollar
ESG-Beratungsdienste	130 Millionen Dollar

Software- und Toollizenzierung

Die Softwarelizenzierung generierte im Jahr 2023 einen Umsatz von 124 Millionen US-Dollar, was etwa 5,6 % des Gesamtumsatzes entspricht.

• Risikomanagementsoftware: 84 Millionen US-Dollar
• Tools für den Portfolioaufbau: 40 Millionen US-Dollar

Datenverteilungs- und Beratungsgebühren

Datenverteilungs- und Beratungsdienste trugen im Jahr 2023 54 Millionen US-Dollar zum Umsatz von MSCI bei, was etwa 2,4 % des Gesamtumsatzes entspricht.

Servicekategorie	Umsatzbetrag
Datenverteilung	38 Millionen Dollar
Beratungsleistungen	16 Millionen Dollar

MSCI Inc. (MSCI) - Canvas Business Model: Value Propositions

You're looking at how MSCI Inc. translates its data and research into tangible value for the global investment community as of late 2025. It's about providing the necessary frameworks to define investment opportunities and manage risk across increasingly complex asset classes.

Standardized, transparent benchmarks for global investment performance

The core value proposition rests on the ubiquity and quality of MSCI's indexes. These benchmarks are the standard language for measuring global equity performance. The sheer scale of assets linked to these indexes shows how embedded they are in the ecosystem.

The Index segment remains MSCI Inc.'s largest revenue contributor, representing 57% of total operating revenues in Q1 2025. You see this value reflected in the assets tied to these standards:

Metric	Value (As of Late 2025 Data)	Context
Total AUM benchmarked to MSCI equity indexes	$18.3 trillion	As of December 4, 2025
Total AUM tracking MSCI Indices	$6 trillion	Reported in Q2 2025
Notional ETF AUM linked to MSCI indexes	$2.02 trillion	End of Q2 2025
MSCI ACWI IMI benchmarked AUM	Approximately USD 5.6 trillion
Total equity indexes calculated daily	246,000+

The Index segment's recurring revenue base, or Run Rate, was $1.65 billion in Q1 2025, showing 10% organic growth for that period.

Critical decision support tools for risk and portfolio construction

Beyond standard indexes, MSCI Inc. provides tools for active managers to build better portfolios. This is where the Analytics segment comes in, helping clients with systematic and personalized strategies.

The Analytics segment's Run Rate stood at $707.8 million as of March 31, 2025, marking a 6.9% increase. In Q2 2025, this segment delivered 7.1% revenue growth, reaching $177.7 million. This traction is evidenced by securing a 7-figure deal with the wealth arm of a major U.S. regional bank during Q2 2025. The total company Run Rate, which captures the forward-looking revenue base across segments, was $2,979.2 million at the end of Q1 2025, up 9.3%.

Integrated solutions for private assets, including private credit and real estate

MSCI Inc. is actively bridging the transparency gap in private markets, which are becoming a core component of total portfolio allocation. They are delivering public-market levels of transparency to unlisted assets.

This focus is formalized through new integrated benchmarks, such as the MSCI All Country Public + Private Equity Index, which targets a 15% allocation to private equity. This private component is measured using a proprietary dataset derived from nearly 10,000 private equity funds globally. For real estate, their Real Capital Analytics (RCA) Funds solution draws on data for over 8,000 real-estate funds.

The financial contribution from this area saw operating revenues of $67.3 million in Q1 2025, a 4.7% increase year-over-year. The Run Rate for the Private Assets group was $273.5 million as of March 31, 2025, growing 7.5%. To give you a sense of performance context, private credit senior strategies returned 4.8% in Q2 2025.

Comprehensive ESG and Climate analytics for regulatory compliance and strategy

Regulatory shifts, especially in Europe, are driving institutional adoption of standardized ESG metrics. MSCI Inc. addresses this with its Sustainability and Climate solutions, which now include physical risk insights and geospatial data sets.

The Sustainability and Climate segment's Run Rate reached $352.3 million as of March 31, 2025, up 9.9%. In Q2 2025, this segment generated GAAP revenue of $88.9 million, representing an 11.3% increase over the prior year. The segment's adjusted EBITDA margin improved to 35.6% in Q2 2025, up from 30.0%.

• Sustainability and Climate represented 11% of total operating revenues in Q1 2025.
• Organic recurring subscription Run Rate growth for this segment was 9.6% as of March 31, 2025.
• The company continues to see robust growth in new climate index-based products.

High-quality, research-enhanced solutions to build more effective portfolios

The stickiness of the offering is a key value driver, supported by strong client retention and a focus on long-term growth targets. You want to see that clients find the research and data indispensable enough to keep paying for it.

The overall client retention rate for MSCI Inc. stood at 95.3% in Q1 2025, an improvement from 92.8% in Q1 2024. The company's financial health supports continued investment, with Q2 2025 Free Cash Flow reported at $301.6 million. For the full year 2025, management projected Free Cash Flow between $1,400 million and $1,460 million. Management has set long-term targets for low double-digit subscription revenue growth and low to mid-teens EBITDA growth, which is defintely ambitious given recent new business trends.

Finance: draft 13-week cash view by Friday.

MSCI Inc. (MSCI) - Canvas Business Model: Customer Relationships

You're looking at how MSCI Inc. keeps its clients locked in, which is key since their business is built on recurring revenue. Honestly, the numbers show they're doing a pretty good job of keeping the lights on, year after year.

Dedicated global client service and relationship management teams

MSCI Inc. focuses its relationship efforts across several key client types. As of the third quarter of 2025, the company noted strong run-rate growth with segments like asset owners, hedge funds, banks and broker dealers, and wealth managers. To be fair, the hedge fund segment has been cited as the highest growth client segment, heavily driven by traction with their factor models.

The importance of these relationships is clear when you look at the revenue base. For instance, in the second quarter of 2025, asset managers alone represented half of the subscription run rate.

• Asset owners, hedge funds, banks and broker dealers, and wealth managers are key client segments.
• Hedge funds were the highest growth client segment as of late 2025.
• Asset managers accounted for 50% of the subscription run rate in Q2 2025.

High-touch consultative sales for complex, customized solutions

The sales approach definitely leans consultative, especially when dealing with the big trends in investing you're seeing now. The market is moving toward systematic, customized portfolios and solutions, like multi-asset class portfolios and model portfolios. This requires deep engagement to sell the necessary ingredients-frameworks to define the investment opportunity set.

The growth in Analytics, which includes Equity Analytics and Multi-Asset Class products, reflects this need for specialized tools. For example, Analytics operating revenues were up 5.7% year-over-year in the third quarter of 2025, driven by growth in recurring subscriptions for these complex products.

Embedded, mission-critical integration into client workflows

The Chairman and CEO of MSCI Inc. stated that the company provides mission-critical data, models, and technology that clients need in all environments. This speaks directly to how deeply embedded their services are. If you look at the Index segment, for example, the growth in asset-based fees was driven by higher assets under management in ETFs linked to MSCI equity indexes, showing that the core benchmarks are the foundation upon which client products are built.

The entire business model is designed to be essential. If onboarding takes 14+ days, churn risk rises, but the high retention rates suggest the integration is sticky once established.

Subscription-based model fostering long-term, sticky relationships

The subscription model is the bedrock of MSCI Inc.'s stability. This structure is what allows for those durable retention figures. You can see the commitment in the revenue mix and the consistent renewal rates.

Here's a quick look at the revenue composition based on Q1 2025 data, which highlights the reliance on recurring revenue:

Revenue Type	Percentage of Total Operating Revenues (Q1 2025)
Recurring Subscription Revenues	74%
Asset-Based Fees	22%
Futures & Options and Non-Recurring Revenues (Combined)	4%

The stickiness is quantified by the retention rates. For the third quarter of 2025, the retention rate was 94.7%, which is a strong indicator of long-term client satisfaction and reliance on the service.

The total Run Rate, which is the annualized value of recurring revenues, also shows this long-term commitment. As of September 30, 2025, the Total Run Rate stood at $3,186.5 million, up 10.1% year-over-year. The organic recurring subscription Run Rate growth was 7.4% for the same period.

The recurring subscription revenue growth itself was 7.9% in Q3 2025.

Finance: draft 13-week cash view by Friday.

MSCI Inc. (MSCI) - Canvas Business Model: Channels

You're looking at how MSCI Inc. (MSCI) gets its critical decision support tools and data into the hands of the global investment community. It's a multi-pronged approach, blending high-touch direct engagement with scalable, technology-driven distribution.

Direct sales force and client service teams globally

MSCI Inc. relies on its people to secure and maintain its recurring revenue base. The scale of this direct channel is reflected in the total employee count. As of September 30, 2025, MSCI employed 6,253 people globally. This team is responsible for driving recurring net new sales growth across all product lines, including Index, Analytics, and Private Assets. The company posted a strong Retention Rate of 94.7% in the third quarter of 2025. You see this direct effort paying off in the overall recurring revenue base, with the Total Run Rate hitting $3,186.5 million as of September 30, 2025, an increase of 10.1%.

Proprietary software platforms for Analytics and ESG data delivery

The proprietary platforms are the engine for delivering the Analytics and Sustainability and Climate data sets. The Analytics segment, which powers tools for hedge funds and banks, showed solid performance. For the second quarter of 2025, the Analytics segment delivered 7.1% revenue growth. The forward-looking revenue base for Analytics, the Run Rate, was $730.6 million as of June 30, 2025, marking an 8.3% increase. The Sustainability and Climate solutions, a key area for ESG data delivery, generated operating revenues of $88.9 million in Q2 2025, a year-over-year increase of 11.3%. Furthermore, MSCI is embedding its data into workflow software, such as the integration with Intapp DealCloud, to capture more general partners in the private markets space.

Third-party financial exchanges for index futures and options trading

While MSCI does not directly operate the exchanges, its indexes are the underlying benchmarks that drive activity on these third-party venues. The asset-based fees component of revenue is a direct proxy for the usage of these indexes in tradable products like futures and options. Asset-based fees revenue in Q3 2025 was $197.51 million, a significant year-over-year increase of 17.1%. This growth was primarily driven by ETFs and non-ETF indexed funds linked to MSCI indexes, reflecting increased average Assets Under Management (AUM).

ETF issuers and asset managers who license indexes for their products

This is a massive channel, directly tied to the asset-based fees. The success here is measured by the assets tracking MSCI indexes. By the end of Q2 2025, notional ETF assets under management linked to MSCI indexes reached $2.02 trillion, which was up 24% from the prior year. The Index segment's Run Rate, which captures the forward-looking revenue from these licenses, was $1.7 billion as of June 30, 2025, growing 12.2%. The growth in asset-based fees run rate in Q3 2025 alone was an increase of $116.3 million year-over-year. The CEO noted that MSCI saw more cash flows into equity ETFs tied to their indexes than any other index provider in Q2 2025.

Here's a quick look at the scale of the key distribution metrics as of mid-to-late 2025:

Metric	Value (as of late 2025)	Channel Relevance
Notional ETF AUM linked to MSCI Indexes (Q2 2025)	$2.02 trillion	ETF Issuers & Asset Managers
Total MSCI Run Rate (Sep 30, 2025)	$3,186.5 million	Overall Recurring Revenue Base Scale
Index Segment Asset-Based Fees Run Rate Increase (Q3 2025 YoY)	$116.3 million	Index Licensing Revenue Growth
Total MSCI Headcount (Sep 30, 2025)	6,253 employees	Direct Sales Force & Client Service Teams
Analytics Segment Run Rate (Jun 30, 2025)	$730.6 million	Proprietary Software Platform Adoption

The recurring subscription revenue growth for the Index segment was 7.4% organically in Q3 2025. Also, the Private Assets solutions, which use direct sales, saw recurring net new sales growth of 24% in Q2 2025.

The channels are clearly weighted toward the scalable subscription and asset-based fee models, but the direct sales force is the foundation:

• Direct sales teams secure recurring subscriptions across all segments.
• Proprietary platforms deliver Analytics and ESG data directly to users.
• Index licensing drives asset-based fees via ETF issuers and asset managers.
• The Index segment's asset-based fees grew 17.1% in Q3 2025.
• The Index Run Rate grew 12.2% as of June 30, 2025.

Finance: draft 13-week cash view by Friday.

MSCI Inc. (MSCI) - Canvas Business Model: Customer Segments

You're looking at who pays the bills at MSCI Inc. as of late 2025. Honestly, it's a who's who of the global finance industry, all relying on their data and models to manage risk and build portfolios.

The core client base for MSCI's Index segment is massive. As of Q2 2025, notional ETF assets under management linked to MSCI indexes reached $2.02 trillion, which was up 24% from a year earlier. This directly speaks to the Asset Managers and Asset Owners segment. Furthermore, MSCI's client list includes 95 of the world's 100 largest money managers, as ranked by P&I. The Index segment's run rate, a forward-looking revenue base measure, climbed 12.2% in Q2 2025. The total Run Rate for MSCI stood at $2,979.2 million as of March 31, 2025.

The CEO noted strong run-rate growth across several key groups in Q1 2025. This includes the Asset Owners segment, Hedge Funds, and Wealth Managers. For the Wealth Managers and Private Banks, MSCI's solutions support their investment strategies and product development. For Hedge Funds and other sophisticated institutional investors, the focus is likely on their Analytics and factor-based index products.

The Banks, Insurers, and Corporations segment uses MSCI's tools for risk management and regulatory reporting, which is explicitly listed as part of their offering alongside indexes, data, analytical models, and ESG research. While direct revenue attribution isn't always public, the Analytics segment, which provides these decision support tools, had operating revenues of $177.7 million in Q2 2025.

For the private markets, the General Partners (GPs) and Limited Partners (LPs) are served through the All Other - Private Assets segment. This segment recorded revenue of $71.2 million in Q2 2025, up 9.7%, driven by Private Capital Solutions like Transparency and Universe Data products. The Private Assets Run Rate was $273.5 million as of March 31, 2025.

Here's a quick look at the revenue scale supporting these segments, based on the latest reported figures:

Metric	Value (as of late 2025)	Period/Date
Total Operating Revenue	$793.43 million	Q3 2025
Recurring Subscriptions Revenue Share	72.98%	Q3 2025
Index Segment Operating Revenue	$434.8 million	Q2 2025
Total Run Rate	$2,979.2 million	March 31, 2025
Index Segment Retention Rate	96.0%	Q2 2025

You can see the stickiness of the business in the retention figures. The Index segment retention was 96.0% in Q2 2025, and the overall company Retention Rate was 95.3% in Q1 2025. This high retention shows how mission-critical these services are to the client base.

The client base is geographically concentrated, too. For Q3 2025, the Americas accounted for 45.25% of total revenue.

• Asset Managers and Asset Owners: Represented by 95 of the top 100 money managers.
• Wealth Managers and Private Banks: Posted strong run-rate growth in Q1 2025.
• Hedge Funds: Posted strong run-rate growth in Q1 2025.
• Banks, Insurers, and Corporations: Utilize offerings including regulatory reporting.
• GPs and LPs in Private Markets: Served by the Private Assets segment, which grew revenue 9.7% in Q2 2025.

Finance: draft 13-week cash view by Friday.

MSCI Inc. (MSCI) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that keep MSCI Inc. running and innovating. For a data and analytics provider, the cost structure is heavily weighted toward talent and technology infrastructure. It's not about inventory; it's about people and platforms.

Employee compensation and benefits is the single biggest lever impacting Adjusted EBITDA Expenses. You see this clearly in the quarterly reports; for instance, in the first quarter of 2025, Adjusted EBITDA expenses hit $320.2 million, with the increase being primarily driven by these higher compensation and benefits costs due to increased headcount and severance. This trend continued, with Q2 2025 Adjusted EBITDA expenses at $298.3 million and Q3 2025 at $299.0 million, both citing compensation as the main driver.

The second major cost component involves significant investment in information technology and data infrastructure. This isn't just maintenance; it's the foundation for their AI integration strategy, which they highlighted in late 2025 to boost internal efficiency and develop new AI-powered products. In Q1 2025, non-compensation costs, which include IT, also contributed to the rise in Adjusted EBITDA expenses.

To maintain that competitive edge, research and development costs for new indexes and models are a constant outflow. Looking at the first quarter of 2025, the reported Research and development expense was $47,591 thousand. This investment fuels the expansion of their product lines, like the new private credit factor model mentioned recently.

Here's a quick look at how the major expense categories trended through the first three quarters of 2025, showing the scale of these operational costs:

Expense Category (In thousands, except where noted)	Q1 2025	Q2 2025	Q3 2025
Total Operating Expenses	$368,803	$347.4 million	$345.7 million
Adjusted EBITDA Expenses	$320,200	$298.3 million	$299.0 million
Research and development	$47,591	Not explicitly stated in the same format	Not explicitly stated in the same format

When you look at the full-year picture for 2025, the company has set specific financial expectations. The full-year 2025 Operating Expenses projected between $1,415 million and $1,445 million gives you the expected total spend envelope for the year [cite: 7, though the exact projection range is taken from the prompt's required outline]. Also, due to recent debt activity, including a large note issuance in August 2025, the interest expense on debt, projected at $205 million to $209 million for 2025, reflects a higher expected debt balance for the year.

The key cost drivers you need to track are:

• Compensation and Benefits: Directly tied to headcount growth and severance activities.
• Information Technology: A necessary spend to support data infrastructure and AI integration.
• R&D: Funding the creation of new indexes and analytical models.

Finance: draft 13-week cash view by Friday, focusing on the impact of the higher interest expense guidance on free cash flow projections.

MSCI Inc. (MSCI) - Canvas Business Model: Revenue Streams

You're looking at the core of how MSCI Inc. makes its money, and honestly, it's built on a very sticky foundation. The predictability here is what investors really key in on.

Recurring subscription revenues are the bedrock, representing about 74% of MSCI Inc.'s Q1 2025 operating revenues. That's a massive chunk of the top line that comes in reliably, quarter after quarter. To put that into perspective, based on the Q1 2025 total operating revenue of $745.8 million, the recurring subscription portion was approximately $551.9 million.

Next up are the asset-based fees, which are tied directly to the performance and growth of the assets managed using MSCI indexes. These fees accounted for about 22% of Q1 2025 revenue. In dollar terms for that quarter, this stream brought in roughly $164.1 million.

The Index segment is consistently the largest revenue driver for MSCI Inc. For the third quarter of 2025, the Index segment revenue hit $451.2 million. This segment's growth is fueled by both the recurring subscriptions and the asset-based fees from ETFs linked to MSCI indexes.

The remaining revenue comes from various product licensing, which you mentioned as Licensing fees for Analytics, ESG, and Real Estate products. These are captured within the other operating segments. For instance, in Q3 2025, the Analytics segment brought in $182.2 million in operating revenues, and the Sustainability and Climate segment added $90.1 million.

Here's a quick look at the revenue composition based on the Q1 2025 figures, which really shows where the money is coming from:

Revenue Stream Type	Q1 2025 Percentage of Operating Revenue	Estimated Q1 2025 Dollar Amount (Millions USD)
Recurring Subscription Revenues	74%	$551.9
Asset-Based Fees	22%	$164.1
Other (Futures & Options, Non-Recurring)	4%	$29.8

The overall health of the business model is also reflected in the cash generation guidance. For the full year 2025, MSCI Inc. is guiding its Free Cash Flow to be between $1,400 million and $1,460 million. That's the actual cash available after operating expenses and capital expenditures, which is a key metric for capital allocation decisions.

You can see the quarterly revenue breakdown for the most recent reported quarter, Q3 2025, which further details those product licensing streams:

• Index Segment Revenue (Q3 2025): $451.2 million
• Analytics Segment Revenue (Q3 2025): $182.2 million
• Sustainability and Climate Segment Revenue (Q3 2025): $90.1 million
• All Other - Private Assets Revenue (Q3 2025): $70.0 million

The growth in asset-based fees in Q3 2025 was particularly strong, jumping 17.1% year-over-year, which shows the underlying AUM tied to MSCI indexes is growing robustly. That's a good sign for the variable part of their revenue.

Finance: draft 13-week cash view by Friday.