MSCI (MSCI) Investor presentation summary

Company overview and strategy

• Operates a global franchise with over 6,300 employees in 30+ offices, serving ~6,700 clients across 100+ countries and supporting $21T in AUM benchmarked to its indexes as of December 2025.

• Provides mission-critical investment data, models, research, and technology across asset classes, with a focus on differentiated solutions and best-in-class capabilities.

• Addresses the needs of asset owners, managers, corporates, and financial intermediaries, enabling better investment decisions and portfolio construction.

• Handles complex, high-volume workflows with scalable data and technology, processing 5.7B+ weekly positions and maintaining 18M+ securities daily.

• Maintains a diversified client base, with asset managers, banks, asset owners, and wealth managers among key segments.

Financial performance and model

• Achieved 14.1% YoY growth in 1Q26 operating revenues (13.3% organic), with 97% recurring revenue and >90% retention rates.

• Adjusted EBITDA margin reached 59.3% in 1Q26, with adjusted EPS up 13.8% and diluted EPS up 49.1% YoY.

• Free cash flow for 1Q26 was $278M, with $399M in share repurchases and $150M in dividends returned to shareholders.

• Maintains a strong balance sheet with $385M in cash and $6.4B in total debt as of March 2026, and investment-grade credit ratings.

• Disciplined capital deployment includes a 24% CAGR in dividends per share since 2014 and $9.4B in share repurchases since 2012.

Segment highlights and growth drivers

• Index segment: $1.05B subscription run rate as of 1Q26, with 12% CAGR since 2010; 58% of operating revenues from indexes.

• Analytics segment: $763M run rate (+8% YoY), driven by demand for multi-asset solutions, factor integration, and portfolio customization.

• Sustainability & Climate: $376M run rate (+7% YoY), recognized as a market leader with 45+ years of experience and deep integration across the investment value chain.

• Private assets: $296M run rate (+8% YoY), with expanded offerings through acquisitions and comprehensive data for real estate, infrastructure, and private capital.

• Innovation focus includes AI, custom indexes, climate solutions, and expanding delivery channels, with rigorous ROI and payback criteria for investments.