MSCI Inc. (MSCI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo intrincado da inteligência financeira e das idéias de mercado, a MSCI Inc. surge como um jogador global fundamental que transforma como investidores, instituições e empresas navegam em paisagens complexas de mercado. Ao elaborar meticulosamente índices financeiros, fornecendo classificações de ESG de ponta e fornecendo soluções sofisticadas de gerenciamento de riscos, a MSCI revolucionou a tomada de decisões de investimento em diversos setores. Essa exploração do modelo de negócios da MSCI, Canvas, revela a arquitetura estratégica por trás de uma empresa que combina perfeitamente com análises, inovação tecnológica e inteligência de mercado abrangente, oferecendo transparência e profundidade estratégica sem precedentes para as partes interessadas financeiras globais.

MSCI Inc. (MSCI) - Modelo de negócios: Parcerias -chave

Instituições financeiras e bancos de investimento

A MSCI colabora com mais de 16.000 investidores institucionais em todo o mundo. Os principais parceiros financeiros incluem:

Tipo de parceiro	Número de parcerias	Valor anual de colaboração
Bancos de investimento globais	38	US $ 124,7 milhões
Empresas de gerenciamento de ativos	2,700	US $ 287,5 milhões
Fundos de pensão	420	US $ 93,2 milhões

Provedores de dados e organizações de pesquisa

O MSCI mantém parcerias estratégicas de pesquisa com:

• S&P Global Market Intelligence
• Terminal Bloomberg
• Refinitiv
• Morningstar Research

Fornecedores de tecnologia e provedores de serviços em nuvem

Parceiro de tecnologia	Tipo de serviço	Valor anual do contrato
Amazon Web Services	Infraestrutura em nuvem	US $ 47,3 milhões
Microsoft Azure	Computação em nuvem	US $ 39,6 milhões
Plataforma do Google Cloud	Análise de dados	US $ 31,2 milhões

Parceiros de conformidade acadêmica e regulatória

A MSCI colabora com 87 instituições acadêmicas e órgãos regulatórios em todo o mundo.

• Instituto CFA
• Conselho de Estabilidade Financeira
• Organização Internacional de Comissões de Valores Mobiliários
• Fórum Econômico Mundial

Bolsas de valores globais e plataformas de dados de mercado

Bolsa de valores	Foco em parceria	Receita anual de colaboração
Bolsa de Valores de Nova York	Licenciamento de índice	US $ 62,4 milhões
NASDAQ	Dados de mercado	US $ 55,7 milhões
Bolsa de Valores de Londres	Índices ESG	US $ 41,3 milhões

MSCI Inc. (MSCI) - Modelo de negócios: Atividades -chave

Criação e gerenciamento do índice financeiro

A MSCI gerencia mais de 222.000 índices de ações em vários mercados e classes de ativos a partir de 2023. A Companhia gera aproximadamente US $ 2,3 bilhões em receita anual de serviços relacionados ao índice. Número total de produtos de investimento Rastreando índices MSCI: 13.000+ globalmente.

Categoria de índice	Número de índices	Cobertura global
Índices de ações	157,000	Mais de 70 países
Índices de renda fixa	35,000	Mais de 50 mercados
Índices multi-ativos	30,000	Mercados globais

Pesquisa de investimento e desenvolvimento de análise

A MSCI investe US $ 500 milhões anualmente em pesquisa e desenvolvimento. A equipe de pesquisa compreende mais de 1.700 profissionais de pesquisa financeira em todo o mundo.

• Publicações totais de pesquisa: 4.500+ por ano
• Plataformas de análise que atendem a mais de 6.500 clientes institucionais
• Cobertura de dados em tempo real em mais de 70 mercados internacionais

ESG (Ambiental, Social, Governança) Serviços de Classificação

A MSCI ESG Research abrange mais de 14.000 empresas em todo o mundo. As classificações ESG informam US $ 3,5 trilhões em ativos sob gestão.

Dimensão de classificação ESG	Cobertura
Classificações de ESG corporativas	Mais de 14.000 empresas
Classificações soberanas ESG	215 países

Design de software e ferramentas de gerenciamento de riscos

A MSCI Risk Management Solutions suporta US $ 75 trilhões em ativos. Equipe de desenvolvimento de software: mais de 800 profissionais de tecnologia.

• Plataformas de análise de risco usadas por mais de 600 instituições financeiras
• Monitoramento de risco em tempo real em várias classes de ativos
• Recursos de modelagem de risco preditivos

Coleta de dados, validação e distribuição

MSCI Processos 2.5 Petabytes de dados financeiros mensalmente. A infraestrutura de dados suporta mais de 48.000 pontos de dados por segurança.

Métrica de coleta de dados	Volume anual
Pontos de dados financeiros	576.000 por segurança
Atualizações de dados de mercado	15 milhões+ por dia

MSCI Inc. (MSCI) - Modelo de negócios: Recursos -chave

Bancos financeiros proprietários e índices

O MSCI mantém mais de 221.000 índices que cobrem várias classes de ativos. A capitalização total de mercado rastreada: US $ 85,8 trilhões a partir de 2023. A cobertura da pesquisa abrange mais de 3.000 constituintes em 76 países.

Categoria de índice	Número de índices	Cobertura global
Índices de patrimônio	170,000+	45 países
Índices de renda fixa	25,000+	30 países
Índices ESG	1,500+	Mais de 50 mercados

Algoritmos avançados de análise e aprendizado de máquina

Investimento em P&D: US $ 214 milhões em 2022. Os modelos de aprendizado de máquina processam mais de 10 petabytes de dados financeiros anualmente.

Propriedade intelectual e experiência em pesquisa

• Patentes totais: 87 registrados
• Equipe de pesquisa: 1.200 mais de profissionais financeiros
• Publicações anuais de pesquisa: 450+

Infraestrutura de tecnologia global

Investimento em infraestrutura tecnológica: US $ 345 milhões em 2022. Centros de processamento de dados localizados em 13 locais globais com 99,99% de tempo de atividade.

Infraestrutura de tecnologia	Especificações
Data centers	13 locais globais
Gastos com tecnologia anual	US $ 345 milhões
Tempo de atividade do sistema	99.99%

Profissionais de pesquisa e tecnologia qualificados

Força de trabalho total: 3.200 funcionários. Posse média dos funcionários: 7,5 anos. Titulares avançados de grau: 68% da equipe de pesquisa.

• Pesquisadores de doutorado: 42%
• Titulares de mestrado: 26%
• Especialistas em tecnologia: 35% da força de trabalho

MSCI Inc. (MSCI) - Modelo de Negócios: Proposições de Valor

Ferramentas de tomada de decisão de investimento abrangente

O MSCI fornece ferramentas de tomada de decisão de investimento com Mais de 1.600 índices cobrindo várias classes de ativos e estilos de investimento. A empresa serve aproximadamente Mais de 13.000 clientes em todo o mundo.

Categoria da ferramenta de investimento	Número de ofertas	Cobertura de mercado
Índices de ações	1,200+	96% do mercado global de ações investíveis
Índices de renda fixa	200+	Mercados globais de títulos
Índices alternativos	200+	Estratégias multi-ativos

Referências de mercado financeiro padronizado

MSCI gera US $ 2,1 bilhões em receita anual da referência e serviços relacionados ao índice a partir de 2023.

• Fornece benchmarks para US $ 14,5 trilhões em ativos sob administração
• Capas 85 países Nos índices de mercado global
• Apoia investidores institucionais em medição de desempenho

Avaliação avançada de risco e soluções de gerenciamento

Processos da plataforma de gerenciamento de risco da MSCI US $ 106 trilhões em exposições de risco nas instituições financeiras globais.

Tipo de solução de risco	Usuários anuais	Cobertura
Analítica de risco de portfólio	3.500 mais de instituições	Modelagem de risco com vários ativos
Ferramentas de conformidade regulatória	2.800+ empresas financeiras	Estruturas regulatórias globais

Insights de investimento sustentável por meio de classificações de ESG

Capas de pesquisa de MSCI ESG Mais de 13.000 emissores globalmente com classificações abrangentes de sustentabilidade.

• Fornece classificações para US $ 100 trilhões em ativos
• Suportes 1.500 mais de gerentes de ativos em investimento sustentável
• Oferece avaliações de risco climático para investidores institucionais

Inteligência de mercado objetiva e transparente

A MSCI fornece serviços de inteligência de mercado para 95% dos principais gerentes de ativos globais.

Serviço de inteligência	Assinantes anuais	Pontos de dados analisados
Relatórios de pesquisa	4,200+	Mais de 250.000 análises da empresa
Plataformas de dados de mercado	3,800+	Insights de mercado global em tempo real

MSCI Inc. (MSCI) - Modelo de Negócios: Relacionamentos do Cliente

Modelo de serviço baseado em assinatura

A estratégia de relacionamento com o cliente da MSCI se concentra em um modelo baseado em assinatura, com 2023 receita recorrente anual de US $ 2,1 bilhões. A empresa oferece pacotes de assinatura em camadas com preços que variam de US $ 5.000 a US $ 250.000 anualmente, dependendo da complexidade do serviço.

Camada de assinatura	Faixa de preço anual	Principais recursos
Acesso ao índice básico	$5,000 - $25,000	Dados de índice padrão
Pesquisa profissional	$50,000 - $125,000	Análise avançada
Solução corporativa	$150,000 - $250,000	Suíte de dados abrangente

Equipes de suporte ao cliente dedicados

O MSCI mantém 387 profissionais de relacionamento com clientes dedicados em escritórios globais. A taxa média de retenção de clientes é de 93% a partir de 2023.

• Cobertura de suporte global 24/7
• Equipes verticais da indústria especializada
• Atendimento ao cliente multilíngue

Serviços de consultoria e consultoria personalizados

Os serviços de consultoria personalizados geraram US $ 456 milhões em receita durante 2023, representando 18% da receita total da empresa. Os engajamentos de consultoria têm média de US $ 75.000 por projeto.

Atualizações regulares de pesquisa e insights de mercado

A MSCI produz 1.247 relatórios de pesquisa anualmente, com 89% dos clientes institucionais acessando plataformas de pesquisa digital. Frequência de publicação de pesquisa: atualizações semanais do mercado, análises mensais do setor, relatórios abrangentes trimestrais.

Plataforma digital para autoatendimento e acesso a dados

Métricas de uso da plataforma digital para 2023:

• 2,3 milhões de usuários ativos mensais
• 97,4% de tempo de atividade da plataforma
• Mais de 500 terabytes de dados processados ​​mensalmente

Recurso da plataforma	Engajamento do usuário
Acesso de dados em tempo real	82% Utilização do usuário
Integração da API	67% dos clientes corporativos
Plataforma móvel	41% do total de usuários

MSCI Inc. (MSCI) - Modelo de Negócios: Canais

Equipe de vendas diretas

A equipe de vendas diretas da MSCI consiste em 750 profissionais de vendas globais a partir de 2023, cobrindo os principais mercados financeiros em todo o mundo.

Região de vendas	Número de representantes de vendas
América do Norte	325
Europa	225
Ásia-Pacífico	150
América latina	50

Plataformas digitais online

O MSCI gera aproximadamente US $ 1,8 bilhão em receita anual por meio de canais digitais a partir de 2023.

• O site MSCI.com recebe 2,4 milhões de visitantes únicos mensalmente
• A plataforma digital suporta 98% das interações com os clientes
• O Portal de Pesquisa Online atende 12.500 clientes institucionais

Conferências financeiras e eventos do setor

O MSCI participa de 85 conferências financeiras globais anualmente, gerando cerca de US $ 120 milhões em possíveis oportunidades de vendas.

Tipo de evento	Participação anual
Conferências de investidores globais	42
Fóruns Financeiros Regionais	35
ESG Cúpulas de investimento	8

Redes de referência de parceiros

A rede parceira gera US $ 350 milhões em receita anual por meio de colaborações estratégicas.

• 79 parceiros estratégicos de tecnologia financeira
• 24 Parcerias da empresa de consultoria global
• A rede de referência abrange 68 países

Portais de pesquisa e dados baseados na Web

As plataformas da Web geram US $ 1,2 bilhão em receitas anuais de assinatura.

Tipo de portal	Número de assinantes
Portal de Pesquisa Institucional	8,750
Plataforma de dados ESG	5,600
Portal de análise de índice	6,200

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

Investidores institucionais

A partir de 2023, a MSCI atende a aproximadamente 6.800 investidores institucionais em todo o mundo. O mercado endereçável total para investidores institucionais é estimado em US $ 4,2 trilhões em ativos sob gestão.

Tipo de investidor	Número de clientes	Gastos médios anuais
Fundos de pensão	1,250	$850,000
Fundos soberanos de riqueza	85	US $ 1,2 milhão
Doações	450	$650,000

Empresas de gerenciamento de ativos

A MSCI fornece serviços para 2.300 empresas de gerenciamento de ativos em todo o mundo, com uma concentração na América do Norte e na Europa.

• Os 100 principais gerentes de ativos representam 65% da receita da MSCI neste segmento
• Valor médio do contrato: US $ 750.000 anualmente
• Penetração de mercado: 82% das empresas de gerenciamento de ativos de primeira linha

Bancos de investimento

Em 2023, a MSCI serviu 450 bancos de investimento em todo o mundo, gerando aproximadamente US $ 320 milhões em receita com esse segmento.

Categoria bancária	Número de clientes	Valor médio do contrato
Bancos de investimento globais	35	US $ 2,5 milhões
Bancos de investimento regional	415	$450,000

Departamentos de gerenciamento de riscos corporativos

A MSCI suporta 1.800 departamentos de gerenciamento de riscos corporativos em vários setores, com um alcance estimado de 45% em todo o mundo.

• Serviços financeiros: 60% dos clientes de gerenciamento de riscos corporativos
• Fabricação: 20% dos clientes de gerenciamento de riscos corporativos
• Tecnologia e telecomunicações: 12% dos clientes de gerenciamento de riscos corporativos
• Valor médio anual do contrato: US $ 420.000

Instituições acadêmicas e de pesquisa

A MSCI fornece serviços a 650 instituições acadêmicas e de pesquisa em todo o mundo, com uma receita anual de aproximadamente US $ 45 milhões desse segmento.

Tipo de instituição	Número de clientes	Assinatura média anual
Universidades	480	$65,000
Centros de pesquisa	170	$180,000

MSCI Inc. (MSCI) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

A MSCI investiu US $ 334,7 milhões em despesas de pesquisa e desenvolvimento em 2022, representando 19,7% da receita total.

Ano	Investimento em P&D	Porcentagem de receita
2022	US $ 334,7 milhões	19.7%
2021	US $ 295,2 milhões	18.5%

Manutenção de infraestrutura de tecnologia

Os custos anuais de infraestrutura de tecnologia para o MSCI foram de aproximadamente US $ 187,5 milhões em 2022.

• Infraestrutura de computação em nuvem
• Manutenção do data center
• Sistemas de segurança de rede
• Licenciamento de software

Compensação de funcionários e aquisição de talentos

As despesas totais de compensação para o MSCI em 2022 foram de US $ 782,4 milhões.

Categoria de despesa	Quantia
Salários	US $ 612,3 milhões
Benefícios	US $ 104,6 milhões
Remuneração baseada em ações	US $ 65,5 milhões

Aquisição de dados e despesas de licenciamento

A MSCI gastou aproximadamente US $ 156,8 milhões em aquisição e licenciamento de dados em 2022.

Custos operacionais de marketing e vendas

As despesas de marketing e vendas totalizaram US $ 422,6 milhões em 2022.

• Compensação da equipe de vendas
• Campanhas de marketing
• Gerenciamento de relacionamento com o cliente
• Patrocínios de conferência e evento

MSCI Inc. (MSCI) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de índice baseadas em assinatura

A MSCI gerou US $ 2,2 bilhões em receita total para o ano fiscal de 2023. As taxas de licenciamento do índice representaram aproximadamente 36% da receita total, o que equivale a aproximadamente US $ 792 milhões.

Categoria de produto de índice	Contribuição da receita
Licenças de índice do núcleo	US $ 456 milhões
Licenças de índice especializadas	US $ 336 milhões

Cobranças de serviço de pesquisa e análise

Os serviços de pesquisa e análise representaram aproximadamente 41% da receita total da MSCI em 2023, representando cerca de US $ 902 milhões.

• Assinatura de pesquisa institucional: US $ 612 milhões
• Serviços de pesquisa personalizados: US $ 290 milhões

Receitas de classificação e consultoria ESG

As receitas relacionadas à ESG atingiram US $ 328 milhões em 2023, compreendendo aproximadamente 15% da receita total da empresa.

Esg tipo de serviço	Valor da receita
Classificações ESG	US $ 198 milhões
ESG SERVIÇOS DE ADVISÃO	US $ 130 milhões

Licenciamento de software e ferramenta

O licenciamento de software gerou US $ 124 milhões em receita durante 2023, representando aproximadamente 5,6% da receita total.

• Software de gerenciamento de riscos: US $ 84 milhões
• Ferramentas de construção de portfólio: US $ 40 milhões

Distribuição de dados e taxas de consultoria

Os serviços de distribuição e consultoria de dados contribuíram com US $ 54 milhões para a receita da MSCI em 2023, representando aproximadamente 2,4% da receita total.

Categoria de serviço	Valor da receita
Distribuição de dados	US $ 38 milhões
Serviços de consultoria	US $ 16 milhões

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.