MSCI Inc. (MSCI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde complexe de l'intelligence financière et des informations sur le marché, MSCI Inc. apparaît comme un acteur mondial pivot transformant la façon dont les investisseurs, les institutions et les sociétés naviguent sur des paysages de marché complexes. En fabriquant méticuleusement les indices financiers, en fournissant des notes ESG de pointe et en offrant des solutions sophistiquées de gestion des risques, MSCI a révolutionné la prise de décision d'investissement dans divers secteurs. Cette exploration de la toile du modèle commercial de MSCI dévoile l'architecture stratégique derrière une entreprise qui mélange de manière transparente des analyses basées sur les données, l'innovation technologique et l'intelligence complète du marché, offrant une transparence sans précédent et une profondeur stratégique pour les parties prenantes financières mondiales.

MSCI Inc. (MSCI) - Modèle d'entreprise: partenariats clés

Institutions financières et banques d'investissement

MSCI collabore avec plus de 16 000 investisseurs institutionnels dans le monde. Les principaux partenaires financiers comprennent:

Type de partenaire	Nombre de partenariats	Valeur de collaboration annuelle
Banques d'investissement mondiales	38	124,7 millions de dollars
Sociétés de gestion des actifs	2,700	287,5 millions de dollars
Fonds de pension	420	93,2 millions de dollars

Fournisseurs de données et organisations de recherche

MSCI maintient des partenariats de recherche stratégique avec:

• S&P Global Market Intelligence
• Bloomberg Terminal
• Raffinage
• Recherche du Morningstar

Fournisseurs de technologie et fournisseurs de services cloud

Partenaire technologique	Type de service	Valeur du contrat annuel
Services Web Amazon	Infrastructure cloud	47,3 millions de dollars
Microsoft Azure	Cloud computing	39,6 millions de dollars
Google Cloud Platform	Analyse des données	31,2 millions de dollars

Partenaires de conformité académique et réglementaire

MSCI collabore avec 87 établissements universitaires et organismes de réglementation dans le monde.

• Institut CFA
• Conseil de stabilité financière
• Organisation internationale des commissions de valeurs mobilières
• Forum économique mondial

Bourses mondiales et plateformes de données de marché

Bourse	Focus de partenariat	Revenus de collaboration annuels
Bourse de New York	Licence d'index	62,4 millions de dollars
Nasdaq	Données sur le marché	55,7 millions de dollars
Bourse de Londres	Indices ESG	41,3 millions de dollars

MSCI Inc. (MSCI) - Modèle d'entreprise: activités clés

Création et gestion de l'indice financier

MSCI gère 222 000 index de capitaux propres sur plusieurs marchés et classes d'actifs à partir de 2023. La société génère environ 2,3 milliards de dollars de revenus annuels des services liés à l'indice. Nombre total de produits d'investissement Suivi des indices MSCI: 13 000+ dans le monde.

Catégorie d'index	Nombre d'index	Couverture mondiale
Index de capitaux propres	157,000	Plus de 70 pays
Indices à revenu fixe	35,000	50+ marchés
Index multi-asseaux	30,000	Marchés mondiaux

Recherche d'investissement et développement d'analyse

MSCI investit 500 millions de dollars par an dans la recherche et le développement. L'équipe de recherche comprend plus de 1 700 professionnels de la recherche financière dans le monde.

• Publications de recherche totale: 4 500+ par an
• Plateformes d'analyse desservant plus de 6 500 clients institutionnels
• Couverture de données en temps réel sur 70+ marchés internationaux

Services de notation ESG (environnement, social, gouvernance)

La recherche MSCI ESG couvre plus de 14 000 entreprises dans le monde. Les notations ESG informent 3,5 billions de dollars d'actifs sous gestion.

Dimension d'évaluation ESG	Couverture
Notes ESG d'entreprise	14 000+ entreprises
Notes souverains ESG	215 pays

Conception de logiciels et d'outils de gestion des risques

Les solutions de gestion des risques MSCI soutiennent 75 billions de dollars d'actifs. Équipe de développement de logiciels: 800+ professionnels de la technologie.

• Plateformes d'analyse des risques utilisées par plus de 600 institutions financières
• Surveillance des risques en temps réel dans plusieurs classes d'actifs
• Capacités de modélisation des risques prédictifs

Collecte, validation et distribution des données

MSCI traite 2,5 pétaoctets de données financières mensuellement. L'infrastructure de données prend en charge plus de 48 000 points de données par sécurité.

Métrique de collecte de données	Volume annuel
Points de données financières	576 000 par sécurité
Mises à jour des données du marché	15 millions + par jour

MSCI Inc. (MSCI) - Modèle d'entreprise: Ressources clés

Bases de données et indices financiers propriétaires

MSCI maintient 221 000+ indices couvrant plusieurs classes d'actifs. Total de capitalisation boursière suivi: 85,8 billions de dollars en 2023. La couverture de la recherche s'étend sur plus de 3 000 constituants dans 76 pays.

Catégorie d'index	Nombre d'indices	Couverture mondiale
Indices de capitaux propres	170,000+	45 pays
Indices à revenu fixe	25,000+	30 pays
Indices ESG	1,500+	50+ marchés

Analytiques avancées et algorithmes d'apprentissage automatique

Investissement dans la R&D: 214 millions de dollars en 2022. Les modèles d'apprentissage automatique traitent plus de 10 pétaoctets de données financières par an.

Expertise en propriété intellectuelle et en recherche

• Brevets totaux: 87 enregistrés
• Équipe de recherche: plus de 1 200 professionnels financiers
• Publications de recherche annuelles: 450+

Infrastructure technologique mondiale

Investissement infrastructure technologique: 345 millions de dollars en 2022. Centres de traitement des données situés dans 13 emplacements mondiaux avec une disponibilité de 99,99%.

Infrastructure technologique	Caractéristiques
Centres de données	13 emplacements mondiaux
Dépenses technologiques annuelles	345 millions de dollars
Time de disponibilité du système	99.99%

Professionnels de la recherche et de la technologie qualifiés

Total de main-d'œuvre: 3 200 employés. Tenure moyenne des employés: 7,5 ans. Tenteurs de diplômes avancés: 68% du personnel de recherche.

• Chercheurs de doctorat: 42%
• Titulaires de maîtrise: 26%
• Spécialistes de la technologie: 35% de la main-d'œuvre

MSCI Inc. (MSCI) - Modèle d'entreprise: propositions de valeur

Outils de prise de décision d'investissement complet

MSCI fournit des outils de prise de décision d'investissement avec Plus de 1 600 index couvrant plusieurs classes d'actifs et styles d'investissement. La société sert approximativement 13 000 clients dans le monde.

Catégorie d'outils d'investissement	Nombre d'offres	Couverture du marché
Index de capitaux propres	1,200+	96% du marché mondial des actions investissables
Indices à revenu fixe	200+	Marchés obligataires mondiaux
Index alternatifs	200+	Stratégies multi-actifs

Benchmarks de marché financier standardisé

MSCI génère 2,1 milliards de dollars de revenus annuels des services de référence et d'index en 2023.

• Fournit des repères pour 14,5 billions de dollars d'actifs sous gestion
• Couvertures 85 pays dans les indices de marché mondiaux
• Soutient les investisseurs institutionnels dans la mesure du rendement

Solutions avancées d'évaluation des risques et de gestion

Processus de plate-forme de gestion des risques de MSCI 106 billions de dollars en expositions aux risques dans toutes les institutions financières mondiales.

Type de solution de risque	Utilisateurs annuels	Couverture
Analyse des risques de portefeuille	Plus de 3 500 institutions	Modélisation des risques multi-actifs
Outils de conformité réglementaire	2 800+ entreprises financières	Cadres réglementaires mondiaux

Investissement durable Insights par le biais des notations ESG

Couvertures de recherche MSCI ESG 13 000+ émetteurs dans le monde entier avec des cotes de durabilité complètes.

• Fournit des notes pour 100 billions de dollars d'actifs
• Soutien Plus de plus de gestionnaires d'actifs en investissement durable
• Offre des évaluations des risques climatiques pour les investisseurs institutionnels

Intelligence du marché objectif et transparent

MSCI fournit des services d'intelligence du marché à 95% des meilleurs gestionnaires d'actifs mondiaux.

Service de renseignements	Abonnés annuels	Points de données analysés
Rapports de recherche	4,200+	250 000+ analyses d'entreprise
Plateformes de données de marché	3,800+	Informations sur le marché mondial en temps réel

MSCI Inc. (MSCI) - Modèle d'entreprise: relations clients

Modèle de service basé sur l'abonnement

La stratégie de la relation client de MSCI se concentre sur un modèle basé sur l'abonnement avec un chiffre d'affaires récurrent annuel de 2,1 milliards de dollars. La société propose des forfaits d'abonnement à plusieurs niveaux avec des prix allant de 5 000 $ à 250 000 $ par an en fonction de la complexité du service.

Niveau d'abonnement	Fourchette de prix annuelle	Caractéristiques clés
Accès d'index de base	$5,000 - $25,000	Données index standard
Recherche professionnelle	$50,000 - $125,000	Analytique avancée
Solution d'entreprise	$150,000 - $250,000	Suite de données complète

Équipes de support client dédiées

MSCI maintient 387 professionnels de la relation client dédiés dans les bureaux mondiaux. Le taux moyen de rétention des clients est de 93% en 2023.

• Couverture de support global 24/7
• Équipes verticales de l'industrie spécialisée
• Service client multilingue

Services de conseil et de conseil personnalisés

Les services de conseil personnalisés ont généré 456 millions de dollars de revenus en 2023, ce qui représente 18% du total des revenus de l'entreprise. Les engagements de conseil en moyenne 75 000 $ par projet.

Mises à jour de la recherche régulières et informations sur le marché

MSCI produit chaque année 1 247 rapports de recherche, avec 89% des clients institutionnels accédant aux plateformes de recherche numériques. Fréquence de publication de recherche: mises à jour hebdomadaires du marché, analyses du secteur mensuel, rapports trimestriels complets.

Plateforme numérique pour le libre-service et l'accès aux données

Métriques d'utilisation de la plate-forme numérique pour 2023:

• 2,3 millions d'utilisateurs actifs mensuels
• 97,4% de disponibilité de la plate-forme
• Plus de 500 téraoctets de données traitées mensuellement

Fonctionnalité de plate-forme	Engagement des utilisateurs
Accès aux données en temps réel	Utilisation de 82% des utilisateurs
Intégration API	67% des clients d'entreprise
Plate-forme mobile	41% du total des utilisateurs

MSCI Inc. (MSCI) - Modèle d'entreprise: canaux

Équipe de vente directe

L'équipe de vente directe de MSCI est composée de 750 professionnels mondiaux des ventes à partir de 2023, couvrant les principaux marchés financiers dans le monde.

Région de vente	Nombre de représentants commerciaux
Amérique du Nord	325
Europe	225
Asie-Pacifique	150
l'Amérique latine	50

Plateformes numériques en ligne

MSCI génère environ 1,8 milliard de dollars de revenus annuels via les canaux numériques en 2023.

• Le site Web MSCI.com reçoit 2,4 millions de visiteurs uniques mensuels
• La plate-forme numérique prend en charge 98% des interactions du client
• Le portail de recherche en ligne dessert 12 500 clients institutionnels

Conférences financières et événements de l'industrie

MSCI participe à 85 conférences financières mondiales par an, générant environ 120 millions de dollars d'opportunités de vente potentielles.

Type d'événement	Participation annuelle
Conférences mondiales d'investisseurs	42
Forums financiers régionaux	35
Sommets d'investissement ESG	8

Réseaux de référence partenaires

Le réseau partenaire génère 350 millions de dollars de revenus annuels grâce à des collaborations stratégiques.

• 79 partenaires de technologie financière stratégique
• 24 partenariats mondiaux de conseil de conseil
• Le réseau de référence couvre 68 pays

Portails de recherche et de données sur le Web

Les plateformes Web génèrent 1,2 milliard de dollars de revenus d'abonnement annuels.

Type de portail	Nombre d'abonnés
Portail de recherche institutionnelle	8,750
Plateforme de données ESG	5,600
Portail d'analyse d'index	6,200

MSCI Inc. (MSCI) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

En 2023, MSCI dessert environ 6 800 investisseurs institutionnels dans le monde. Le marché total adressable pour les investisseurs institutionnels est estimé à 4,2 billions de dollars d'actifs sous gestion.

Type d'investisseur	Nombre de clients	Dépenses annuelles moyennes
Fonds de pension	1,250	$850,000
Fonds de richesse souverain	85	1,2 million de dollars
Dotation	450	$650,000

Sociétés de gestion des actifs

MSCI fournit des services à 2 300 sociétés de gestion d'actifs dans le monde, avec une concentration en Amérique du Nord et en Europe.

• Les 100 meilleurs gestionnaires d'actifs représentent 65% des revenus de MSCI dans ce segment
• Valeur du contrat moyen: 750 000 $ par an
• Pénétration du marché: 82% des sociétés de gestion d'actifs de haut niveau

Banques d'investissement

En 2023, MSCI a servi 450 banques d'investissement dans le monde, générant environ 320 millions de dollars de revenus de ce segment.

Catégorie de banque	Nombre de clients	Valeur du contrat moyen
Banques d'investissement mondiales	35	2,5 millions de dollars
Banques d'investissement régionales	415	$450,000

Services de gestion des risques d'entreprise

MSCI soutient 1 800 départements de gestion des risques d'entreprise dans diverses industries, avec une portée du marché estimée à 45% dans le monde.

• Services financiers: 60% des clients de la gestion des risques d'entreprise
• Fabrication: 20% des clients de la gestion des risques d'entreprise
• Technologie et télécommunications: 12% des clients de la gestion des risques d'entreprise
• Valeur du contrat annuel moyen: 420 000 $

Institutions universitaires et de recherche

MSCI fournit des services à 650 établissements universitaires et de recherche dans le monde, avec un chiffre d'affaires annuel d'environ 45 millions de dollars de ce segment.

Type d'institution	Nombre de clients	Abonnement annuel moyen
Universités	480	$65,000
Centres de recherche	170	$180,000

MSCI Inc. (MSCI) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

MSCI a investi 334,7 millions de dollars dans les frais de recherche et de développement en 2022, ce qui représente 19,7% des revenus totaux.

Année	Investissement en R&D	Pourcentage de revenus
2022	334,7 millions de dollars	19.7%
2021	295,2 millions de dollars	18.5%

Maintenance des infrastructures technologiques

Les coûts annuels des infrastructures technologiques pour MSCI étaient d'environ 187,5 millions de dollars en 2022.

• Infrastructure de cloud computing
• Maintenance du centre de données
• Systèmes de sécurité du réseau
• Licence de logiciel

Compensation des employés et acquisition de talents

Les dépenses totales de rémunération pour MSCI en 2022 étaient de 782,4 millions de dollars.

Catégorie de dépenses	Montant
Salaires	612,3 millions de dollars
Avantages	104,6 millions de dollars
Compensation en stock	65,5 millions de dollars

Frais d'acquisition et de licence de données

MSCI a dépensé environ 156,8 millions de dollars pour l'acquisition et les licences de données en 2022.

Coûts opérationnels de marketing et de vente

Les frais de marketing et de vente ont totalisé 422,6 millions de dollars en 2022.

• Compensation de l'équipe de vente
• Campagnes marketing
• Gestion de la relation client
• Conférences et parrainages d'événements

MSCI Inc. (MSCI) - Modèle d'entreprise: Strots de revenus

Frais de licence d'index basés sur l'abonnement

MSCI a généré 2,2 milliards de dollars de revenus totaux pour l'exercice 2023.

Catégorie d'index de produits	Contribution des revenus
Licences de base de l'indice	456 millions de dollars
Licences d'indices spécialisés	336 millions de dollars

Frais de service de recherche et d'analyse

Les services de recherche et d'analyse représentaient environ 41% du total des revenus de MSCI en 2023, ce qui représente environ 902 millions de dollars.

• Abonnement de la recherche institutionnelle: 612 millions de dollars
• Services de recherche personnalisés: 290 millions de dollars

Revenus de cote et de conseil ESG

Les revenus liés à l'ESG ont atteint 328 millions de dollars en 2023, représentant environ 15% du total des revenus de l'entreprise.

Type de service ESG	Montant des revenus
Notes ESG	198 millions de dollars
Services consultatifs ESG	130 millions de dollars

Licence de logiciels et d'outils

Les licences de logiciels ont généré 124 millions de dollars de revenus en 2023, ce qui représente environ 5,6% des revenus totaux.

• Logiciel de gestion des risques: 84 millions de dollars
• Outils de construction de portefeuille: 40 millions de dollars

Frais de distribution des données et de consultation

Les services de distribution et de conseil des données ont contribué 54 millions de dollars aux revenus de MSCI en 2023, représentant environ 2,4% des revenus totaux.

Catégorie de service	Montant des revenus
Distribution de données	38 millions de dollars
Services de conseil	16 millions de dollars

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.