MSCI Inc. (MSCI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo de la inteligencia financiera y las ideas del mercado, MSCI Inc. emerge como un jugador global fundamental que transforma cómo los inversores, instituciones y corporaciones navegan por los complejos paisajes del mercado. Al elaborar meticulosamente los índices financieros, proporcionar calificaciones de ESG de vanguardia y entregar soluciones sofisticadas de gestión de riesgos, MSCI ha revolucionado la toma de decisiones de inversión en diversos sectores. Esta exploración del lienzo de modelo de negocio de MSCI presenta la arquitectura estratégica detrás de una compañía que combina sin problemas analíticos basados ​​en datos, innovación tecnológica e inteligencia de mercado integral, que ofrece transparencia sin precedentes y profundidad estratégica para las partes interesadas financieras globales.

MSCI Inc. (MSCI) - Modelo de negocio: asociaciones clave

Instituciones financieras y bancos de inversión

MSCI colabora con más de 16,000 inversores institucionales a nivel mundial. Los socios financieros clave incluyen:

Tipo de socio	Número de asociaciones	Valor de colaboración anual
Bancos de inversión globales	38	$ 124.7 millones
Empresas de gestión de activos	2,700	$ 287.5 millones
Fondos de pensiones	420	$ 93.2 millones

Proveedores de datos y organizaciones de investigación

MSCI mantiene asociaciones estratégicas de investigación con:

• S&P Global Market Intelligence
• Terminal de Bloomberg
• Refinitiv
• Investigación de Morningstar

Proveedores de tecnología y proveedores de servicios en la nube

Socio tecnológico	Tipo de servicio	Valor anual del contrato
Servicios web de Amazon	Infraestructura en la nube	$ 47.3 millones
Microsoft Azure	Computación en la nube	$ 39.6 millones
Plataforma en la nube de Google	Análisis de datos	$ 31.2 millones

Socios de cumplimiento académico y regulatorio

MSCI colabora con 87 instituciones académicas y organismos regulatorios en todo el mundo.

• Instituto CFA
• Junta de estabilidad financiera
• Organización internacional de comisiones de valores
• Foro Económico Mundial

Exchanges de valores globales y plataformas de datos de mercado

Bolsa	Enfoque de asociación	Ingresos anuales de colaboración
Bolsa de Nueva York	Licencia de índice	$ 62.4 millones
Nasdaq	Datos de mercado	$ 55.7 millones
Bolsa de Londres	Índices de ESG	$ 41.3 millones

MSCI Inc. (MSCI) - Modelo de negocio: actividades clave

Creación y gestión del índice financiero

MSCI administra más de 222,000 Índices de capital en múltiples mercados y clases de activos a partir de 2023. La compañía genera aproximadamente $ 2.3 mil millones en ingresos anuales de los servicios relacionados con el índice. Número total de productos de inversión que rastrean los índices MSCI: más de 13,000 a nivel mundial.

Categoría de índice	Número de índices	Cobertura global
Índices de capital	157,000	Más de 70 países
Índices de renta fija	35,000	50+ mercados
Índices de activos múltiples	30,000	Mercados globales

Investigación de inversiones y desarrollo de análisis

MSCI invierte $ 500 millones anuales en investigación y desarrollo. El equipo de investigación comprende más de 1.700 profesionales de investigación financiera a nivel mundial.

• Publicaciones de investigación totales: más de 4,500 por año
• Plataformas de análisis que atienden a más de 6.500 clientes institucionales
• Cobertura de datos en tiempo real en más de 70 mercados internacionales

Servicios de calificación de ESG (Environmental, Social, Gobierno)

MSCI ESG Research cubre más de 14,000 empresas en todo el mundo. Las calificaciones de ESG informan $ 3.5 billones en activos bajo administración.

Dimensión de calificación de ESG	Cobertura
Calificaciones de ESG corporativas	Más de 14,000 empresas
Calificaciones soberanas de ESG	215 países

Software de gestión de riesgos y diseño de herramientas

Las soluciones de gestión de riesgos de MSCI admiten $ 75 billones en activos. Equipo de desarrollo de software: más de 800 profesionales de tecnología.

• Plataformas de análisis de riesgos utilizadas por más de 600 instituciones financieras
• Monitoreo de riesgos en tiempo real en múltiples clases de activos
• Capacidades de modelado de riesgos predictivos

Recopilación, validación y distribución de datos

MSCI procesa 2.5 petabytes de datos financieros mensualmente. La infraestructura de datos admite más de 48,000 puntos de datos por seguridad.

Métrica de recopilación de datos	Volumen anual
Puntos de datos financieros	576,000 por seguridad
Actualizaciones de datos del mercado	15 millones+ por día

MSCI Inc. (MSCI) - Modelo de negocio: recursos clave

Bases e índices de datos financieros patentados

MSCI mantiene más de 221,000 índices que cubren múltiples clases de activos. Capitalización total de mercado rastreada: $ 85.8 billones a 2023. La cobertura de investigación abarca más de 3.000 componentes en 76 países.

Categoría de índice	Número de índices	Cobertura global
Índices de capital	170,000+	45 países
Índices de renta fija	25,000+	30 países
Índices de ESG	1,500+	50+ mercados

Algoritmos avanzados de análisis y aprendizaje automático

Inversión en I + D: $ 214 millones en 2022. Los modelos de aprendizaje automático procesan más de 10 petabytes de datos financieros anualmente.

Propiedad intelectual y experiencia en investigación

• Patentes totales: 87 registrados
• Equipo de investigación: más de 1,200 profesionales financieros
• Publicaciones de investigación anuales: 450+

Infraestructura de tecnología global

Inversión en infraestructura tecnológica: $ 345 millones en 2022. Centros de procesamiento de datos ubicados en 13 ubicaciones globales con un tiempo de actividad del 99.99%.

Infraestructura tecnológica	Presupuesto
Centros de datos	13 ubicaciones globales
Gasto de tecnología anual	$ 345 millones
Tiempo de actividad del sistema	99.99%

Profesionales calificados de investigación y tecnología

Fuerza laboral total: 3.200 empleados. Promedio de la tenencia del empleado: 7.5 años. Titulares de grado avanzado: 68% del personal de investigación.

• Investigadores de doctorado: 42%
• Titulares de maestría: 26%
• Especialistas en tecnología: 35% de la fuerza laboral

MSCI Inc. (MSCI) - Modelo de negocio: propuestas de valor

Herramientas integrales de toma de decisiones de inversión

MSCI proporciona herramientas de toma de decisiones de inversión con más de 1.600 índices cubriendo múltiples clases de activos y estilos de inversión. La compañía sirve aproximadamente Más de 13,000 clientes en todo el mundo.

Categoría de herramientas de inversión	Número de ofrendas	Cobertura del mercado
Índices de capital	1,200+	96% del mercado mundial de acciones invertibles
Índices de renta fija	200+	Mercados de bonos globales
Índices alternativos	200+	Estrategias de activos múltiples

Puntos de referencia del mercado financiero estandarizado

MSCI genera $ 2.1 mil millones en ingresos anuales de los servicios de referencia y relacionados con el índice a partir de 2023.

• Proporciona puntos de referencia para $ 14.5 billones en activos bajo administración
• Cubiertas 85 países En índices de mercado global
• Apoya a los inversores institucionales en la medición del desempeño

Evaluación de riesgos avanzada y soluciones de gestión

Procesos de la plataforma de gestión de riesgos de MSCI $ 106 billones en exposiciones a riesgos en instituciones financieras globales.

Tipo de solución de riesgo	Usuarios anuales	Cobertura
Análisis de riesgos de cartera	Más de 3,500 instituciones	Modelado de riesgos múltiples
Herramientas de cumplimiento regulatoria	Más de 2,800 empresas financieras	Marcos regulatorios globales

Inversión sostenible Inversiones a través de calificaciones de ESG

MSCI ESG Research cubre Más de 13,000 emisores a nivel mundial con calificaciones integrales de sostenibilidad.

• Proporciona calificaciones para $ 100 billones en activos
• Soporte 1,500+ administradores de activos en inversión sostenible
• Ofrece evaluaciones de riesgos climáticos para inversores institucionales

Inteligencia de mercado objetivo y transparente

MSCI ofrece servicios de inteligencia de mercado para 95% de los principales administradores de activos globales.

Servicio de inteligencia	Suscriptores anuales	Puntos de datos analizados
Informes de investigación	4,200+	Más de 250,000 análisis de la compañía
Plataformas de datos de mercado	3,800+	Insights del mercado global en tiempo real

MSCI Inc. (MSCI) - Modelo de negocios: relaciones con los clientes

Modelo de servicio basado en suscripción

La estrategia de relación con el cliente de MSCI se centra en un modelo basado en suscripción con 2023 ingresos recurrentes anuales de $ 2.1 mil millones. La compañía ofrece paquetes de suscripción escalonados con precios que van desde $ 5,000 a $ 250,000 anuales, dependiendo de la complejidad del servicio.

Nivel de suscripción	Rango de precios anual	Características clave
Acceso básico al índice	$5,000 - $25,000	Datos de índice estándar
Investigación profesional	$50,000 - $125,000	Análisis avanzado
Solución empresarial	$150,000 - $250,000	Suite de datos integral

Equipos dedicados de soporte al cliente

MSCI mantiene 387 profesionales dedicados de relaciones con el cliente en las oficinas globales. La tasa promedio de retención del cliente es del 93% a partir de 2023.

• Cobertura de soporte global 24/7
• Equipos verticales de la industria especializados
• Servicio al cliente multilingüe

Servicios de consultoría y asesoramiento personalizados

Los servicios de asesoramiento personalizado generaron $ 456 millones en ingresos durante 2023, lo que representa el 18% de los ingresos totales de la compañía. Los compromisos de consultoría promedian $ 75,000 por proyecto.

Actualizaciones de investigación regulares e ideas del mercado

MSCI produce 1,247 informes de investigación anualmente, con el 89% de los clientes institucionales que acceden a plataformas de investigación digital. Frecuencia de publicación de investigación: actualizaciones semanales del mercado, análisis mensuales del sector, informes exhaustivos trimestrales.

Plataforma digital para acceso a autos y datos

Métricas de uso de la plataforma digital para 2023:

• 2.3 millones de usuarios activos mensuales
• 97.4% de tiempo de actividad de la plataforma
• Más de 500 terabytes de datos procesados ​​mensualmente

Característica de la plataforma	Compromiso de usuario
Acceso a datos en tiempo real	82% Utilización del usuario
Integración de API	67% de clientes empresariales
Plataforma móvil	41% del total de usuarios

MSCI Inc. (MSCI) - Modelo de negocio: canales

Equipo de ventas directas

El equipo de ventas directas de MSCI consta de 750 profesionales mundiales de ventas a partir de 2023, que cubren los mercados financieros clave en todo el mundo.

Región de ventas	Número de representantes de ventas
América del norte	325
Europa	225
Asia-Pacífico	150
América Latina	50

Plataformas digitales en línea

MSCI genera aproximadamente $ 1.8 mil millones en ingresos anuales a través de canales digitales a partir de 2023.

• El sitio web de MSCI.com recibe 2.4 millones de visitantes únicos mensualmente
• La plataforma digital admite el 98% de las interacciones del cliente
• El portal de investigación en línea atiende a 12.500 clientes institucionales

Conferencias financieras y eventos de la industria

MSCI participa en 85 conferencias financieras globales anualmente, generando aproximadamente $ 120 millones en posibles oportunidades de ventas.

Tipo de evento	Participación anual
Conferencias de inversores globales	42
Foros financieros regionales	35
CUMRAS DE INVERSIÓN ESG	8

Redes de referencia de socios

La red de socios genera $ 350 millones en ingresos anuales a través de colaboraciones estratégicas.

• 79 Socios de tecnología financiera estratégica
• 24 Asociaciones de firma de consultoría global
• La red de referencia cubre 68 países

Portales de investigación y datos basados ​​en la web

Las plataformas web generan $ 1.2 mil millones en ingresos anuales de suscripción.

Tipo de portal	Número de suscriptores
Portal de investigación institucional	8,750
Plataforma de datos de ESG	5,600
Portal de análisis de índices	6,200

MSCI Inc. (MSCI) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir de 2023, MSCI atiende a aproximadamente 6.800 inversores institucionales a nivel mundial. El mercado total direccionable para inversores institucionales se estima en $ 4.2 billones en activos bajo administración.

Tipo de inversor	Número de clientes	Gasto anual promedio
Fondos de pensiones	1,250	$850,000
Fondos de riqueza soberana	85	$ 1.2 millones
Dotación	450	$650,000

Empresas de gestión de activos

MSCI brinda servicios a 2.300 empresas de gestión de activos en todo el mundo, con una concentración en América del Norte y Europa.

• Los 100 principales administradores de activos representan el 65% de los ingresos de MSCI en este segmento
• Valor promedio del contrato: $ 750,000 anualmente
• Penetración del mercado: 82% de las empresas de gestión de activos de primer nivel

Bancos de inversión

En 2023, MSCI atendió a 450 bancos de inversión a nivel mundial, generando aproximadamente $ 320 millones en ingresos de este segmento.

Categoría bancaria	Número de clientes	Valor de contrato promedio
Bancos de inversión globales	35	$ 2.5 millones
Bancos de inversión regionales	415	$450,000

Departamentos de gestión de riesgos corporativos

MSCI admite 1.800 departamentos de gestión de riesgos corporativos en varias industrias, con un alcance estimado del mercado del 45% a nivel mundial.

• Servicios financieros: 60% de los clientes de gestión de riesgos corporativos
• Fabricación: 20% de los clientes de gestión de riesgos corporativos
• Tecnología y telecomunicaciones: 12% de los clientes de gestión de riesgos corporativos
• Valor promedio del contrato anual: $ 420,000

Instituciones académicas e de investigación

MSCI brinda servicios a 650 instituciones académicas y de investigación a nivel mundial, con un ingreso anual de aproximadamente $ 45 millones de este segmento.

Tipo de institución	Número de clientes	Suscripción anual promedio
Universidades	480	$65,000
Centros de investigación	170	$180,000

MSCI Inc. (MSCI) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

MSCI invirtió $ 334.7 millones en gastos de investigación y desarrollo en 2022, lo que representa el 19.7% de los ingresos totales.

Año	Inversión de I + D	Porcentaje de ingresos
2022	$ 334.7 millones	19.7%
2021	$ 295.2 millones	18.5%

Mantenimiento de la infraestructura tecnológica

Los costos anuales de infraestructura de tecnología para MSCI fueron de aproximadamente $ 187.5 millones en 2022.

• Infraestructura de computación en la nube
• Mantenimiento del centro de datos
• Sistemas de seguridad de red
• Licencia de software

Compensación de empleados y adquisición de talento

Los gastos de compensación total para MSCI en 2022 fueron de $ 782.4 millones.

Categoría de gastos	Cantidad
Salarios	$ 612.3 millones
Beneficios	$ 104.6 millones
Compensación basada en acciones	$ 65.5 millones

Gastos de adquisición y licencia de datos

MSCI gastó aproximadamente $ 156.8 millones en adquisición de datos y licencias en 2022.

Costos operativos de marketing y ventas

Los gastos de marketing y ventas totalizaron $ 422.6 millones en 2022.

• Compensación del equipo de ventas
• Campañas de marketing
• Gestión de la relación con el cliente
• Patrocinios de conferencia y eventos

MSCI Inc. (MSCI) - Modelo de negocio: flujos de ingresos

Tarifas de licencia de índice basado en suscripción

MSCI generó $ 2.2 mil millones en ingresos totales para el año fiscal 2023. Las tarifas de licencia de índice representaron aproximadamente el 36% de los ingresos totales, lo que equivale a aproximadamente $ 792 millones.

Categoría de producto índice	Contribución de ingresos
Licencias de índice central	$ 456 millones
Licencias de índice especializados	$ 336 millones

Cargos de servicio de investigación y análisis

Los servicios de investigación y análisis representaron aproximadamente el 41% de los ingresos totales de MSCI en 2023, lo que representa alrededor de $ 902 millones.

• Suscripción de investigación institucional: $ 612 millones
• Servicios de investigación personalizados: $ 290 millones

Calificación de ESG e ingresos por servicios de asesoramiento

Los ingresos relacionados con ESG alcanzaron los $ 328 millones en 2023, que comprenden aproximadamente el 15% de los ingresos totales de la compañía.

Tipo de servicio ESG	Monto de ingresos
Calificaciones de ESG	$ 198 millones
Servicios de asesoramiento de ESG	$ 130 millones

Licencias de software y herramientas

La licencia de software generó $ 124 millones en ingresos durante 2023, lo que representa aproximadamente el 5,6% de los ingresos totales.

• Software de gestión de riesgos: $ 84 millones
• Herramientas de construcción de cartera: $ 40 millones

Tasas de distribución y consultoría de datos

Los servicios de distribución y consultoría de datos contribuyeron con $ 54 millones a los ingresos de MSCI en 2023, lo que representa aproximadamente el 2.4% de los ingresos totales.

Categoría de servicio	Monto de ingresos
Distribución de datos	$ 38 millones
Servicios de consultoría	$ 16 millones

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.