MSCI (MSCI) Investor presentation summary

Company overview and strategy

• Serves ~6,900 clients in over 95 countries, with $18.3T in AUM benchmarked to its indexes as of June 2025.

• Provides investment data, models, research, and technology across asset classes, supporting asset owners, managers, corporates, and intermediaries.

• 97%+ of revenues are recurring, with a strong focus on operating efficiency and disciplined expense management.

• Strategic investments target technology, partnerships, and product innovation, especially in sustainability, climate, and private assets.

• Maintains a strong balance sheet with $400M in cash and a disciplined capital deployment framework.

Financial performance and growth

• Achieved 13% CAGR in revenue and 14% CAGR in adjusted EBITDA from 2020 to TTM 3Q25, with adjusted EBITDA margin above 60%.

• Free cash flow reached $1.39B TTM 3Q25, with double-digit annual adjusted EPS growth since 2014.

• 3Q25 operating revenues grew 10% YoY (reported), with adjusted EBITDA margin at 62.3% and operating margin at 56.4%.

• Returned $1.36B to shareholders in 3Q25 via share repurchases and dividends; declared Q4 2025 dividend of $1.80/share.

• Recurring revenue accounted for 98% of total, with retention rates above 90% across segments.

Segment highlights and market opportunities

• Index segment: 12% CAGR in total run rate since 2010, with growing demand for custom, climate, and thematic indexes.

• Analytics segment: 7% YoY run rate growth, driven by multi-asset and fixed income solutions, and strong adoption among asset managers and owners.

• Sustainability & Climate: 27% CAGR since 2010, with $1.1T benchmarked to its indexes and 49 of the top 50 asset managers as clients.

• Private assets: Expanded through acquisitions, now covering $16T in investment data and 27,700+ funds, supporting end-to-end portfolio management.

• Emerging growth areas include insurance, wealth management, fixed income, and private assets, with run rate growth in each segment.