MCO

MOODYS CORP /DE/ ↗ website

CIK: 0001059556 · Financial Services / Financial Data & Stock Exchanges · 46d ago

$474.57 -6.68 (-1.39%)

Market Cap $82B P/E 30.2 EV/EBITDA 25.0x P/B 27.2 Div Yield 0.86% 52W $402 – $547

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Growth

Compounded Sales Growth

10 Years	8%
5 Years	8%
3 Years	12%
TTM	12%

Compounded Profit Growth

10 Years	10%
5 Years	7%
3 Years	21%
TTM	31%

Fundamental Growth Decomposition ⓘ

Window:

Returns / Quality

Avg ROIC (All-Capital)

10 Years	34%
5 Years	26%
3 Years	26%
Last Year	30%

Return on Equity

10 Years	61%
5 Years	61%
3 Years	56%
Last Year	61%

Capital Allocation

Capital Return Ratio (vs OE)

10 Years	81%
5 Years	83%
3 Years	86%
Last Year	96%

Dividend Growth (DPS)

10 Years	11%
5 Years	12%
3 Years	12%

Performance

Stock Price CAGR

10 Years	17%
5 Years	7%
3 Years	15%
1 Year	0%

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Capital Allocation (USD millions / %)
Operating cash flow	1,198	1,259	755	1,461	1,675	2,146	2,005	1,474	2,151	2,838	2,901
Reinvested in the business	978.1%	19615.6%	3,602477.1%	38026.0%	23113.8%	1,00046.6%	2,318115.6%	38025.8%	27412.7%	53819.0%	55319.1%
−Capex	897.4%	1159.1%	9112.1%	916.2%	694.1%	1034.8%	1396.9%	28319.2%	27112.6%	31711.2%	32611.2%
−Acquisitions	80.6%	816.4%	3,511465.0%	28919.8%	1629.7%	89741.8%	2,179108.7%	976.6%	30.1%	2217.8%	2277.8%
R&D expense (memo, in opex)	292.4%	403.2%	425.6%	513.5%	—	—	—	—	—	—	—
Free cash flow	1,109	1,144	664	1,370	1,606	2,043	1,866	1,191	1,880	2,521	2,575
Returned to shareholders	1,370123.5%	1,02489.5%	49073.8%	54039.4%	1,36985.2%	92345.2%	1,21365.0%	1,498125.8%	1,05456.1%	1,91275.8%	2,30889.6%
−Dividends	27224.5%	28524.9%	29043.7%	33724.6%	37823.5%	42020.6%	46324.8%	51543.2%	56430.0%	62024.6%	70127.2%
−Buybacks	1,09899.0%	73964.6%	20030.1%	20314.8%	99161.7%	50324.6%	75040.2%	98382.5%	49026.1%	1,29251.2%	1,60762.4%
Change in total debt	N/A	548	1,612	586	-545	841	991	-24	-388	1,124	-1,131
Cash left over	N/A	588	-1,726	1,126	-470	1,064	-535	-428	435	1,512	-1,091
NOPAT	1,014	322	1,027	1,475	1,577	1,904	2,286	1,470	1,776	2,193	2,636
Invested capital (ops)	1,086	1,185	1,450	1,577	1,673	1,669	2,020	2,102	2,239	2,404	2,684
Reinvestment rate %	N/A	30.7%	25.9%	8.6%	6.1%	-0.2%	15.4%	5.6%	7.7%	7.5%	10.6%
ROIC (Ops) % ⓘ	93.4%	28.3%	78.0%	97.4%	97.1%	113.9%	123.9%	71.3%	81.8%	94.5%	103.6%
Invested capital (All-Capital)	583	479	4,029	4,767	4,263	5,295	8,238	8,049	8,126	8,716	8,600
ROIC (All-Capital) % ⓘ	173.8%	60.6%	45.6%	33.5%	34.9%	39.8%	33.8%	18.1%	22.0%	26.0%	30.4%
Capital return ratio %	N/A	514.8%	61.1%	42.2%	95.8%	49.0%	59.2%	100.2%	63.0%	92.8%	96.2%
Acquisition intensity %	0.1%	1.5%	40.9%	3.0%	1.6%	7.2%	14.8%	0.7%	0.0%	1.4%	1.4%
Profit & Loss (USD millions)
Revenue	3,484	3,604	4,204	4,443	4,829	5,371	6,218	5,468	5,916	7,088	7,718
Revenue growth %	N/A	3.4%	16.6%	5.7%	8.7%	11.2%	15.8%	-12.1%	8.2%	19.8%	8.9%
Gross profit	—	—	2,988	3,197	3,442	3,896	4,581	3,855	4,229	5,143	5,745
Gross margin %	—	—	71.1%	72.0%	71.3%	72.5%	73.7%	70.5%	71.5%	72.6%	74.4%
Gross profit growth %	N/A	—	—	7.0%	7.7%	13.2%	17.6%	-15.8%	9.7%	21.6%	11.7%
Operating income	1,473	651	1,821	1,868	1,998	2,388	2,844	1,883	2,137	2,875	3,351
Operating margin %	42.3%	18.1%	43.3%	42.0%	41.4%	44.5%	45.7%	34.4%	36.1%	40.6%	43.4%
Operating income growth %	N/A	-55.8%	179.8%	2.6%	7.0%	19.5%	19.1%	-33.8%	13.5%	34.5%	16.6%
EBITDA	1,587	778	1,979	2,060	2,198	2,608	3,101	2,214	2,510	3,306	3,831
EBITDA growth %	N/A	-51.0%	154.5%	4.1%	6.7%	18.7%	18.9%	-28.6%	13.4%	31.7%	15.9%
EBITDA margin %	45.5%	21.6%	47.1%	46.4%	45.5%	48.6%	49.9%	40.5%	42.4%	46.6%	49.6%
Interest expense	—	—	—	—	—	132	162	198	281	280	235
Interest coverage (x)	—	—	—	—	—	19.8x	19.1x	11.2x	8.9x	11.8x	16.3x
Net income	941	267	1,001	1,310	1,422	1,778	2,214	1,374	1,607	2,058	2,459
Net margin %	27.0%	7.4%	23.8%	29.5%	29.4%	33.1%	35.6%	25.1%	27.2%	29.0%	31.9%
Net income growth %	N/A	-71.7%	275.5%	30.9%	8.5%	25.0%	24.5%	-37.9%	17.0%	28.1%	19.5%
EPS (diluted, $)	4.63	1.36	5.15	6.74	7.42	9.39	11.78	7.44	8.73	11.26	13.67
EPS growth %	N/A	-70.6%	278.7%	30.9%	10.1%	26.5%	25.5%	-36.8%	17.3%	29.0%	21.4%
Balance Sheet (USD millions)
Total assets	5,103	5,327	8,594	9,526	10,265	12,409	14,680	14,349	14,622	15,505	15,830
Total debt	3,381	3,929	5,540	6,126	5,581	6,422	7,413	7,389	7,001	8,125	6,994
Shareholders' equity	-565	-1,225	-328	459	612	1,569	2,727	2,519	3,318	3,565	4,054
Cash & equivalents	2,232	2,225	1,184	1,818	1,930	2,696	1,902	1,859	2,193	2,974	2,448
Shares outstanding (M)	203	195	194	194	192	189	188	185	184	183	180
Cash Flow (USD millions)
Operating cash flow	1,198	1,259	755	1,461	1,675	2,146	2,005	1,474	2,151	2,838	2,901
Capex	89	115	91	91	69	103	139	283	271	317	326
Free cash flow	1,109	1,144	664	1,370	1,606	2,043	1,866	1,191	1,880	2,521	2,575
FCF margin %	31.8%	31.7%	15.8%	30.8%	33.3%	38.0%	30.0%	21.8%	31.8%	35.6%	33.4%
FCF growth %	N/A	3.1%	-42.0%	106.3%	17.2%	27.2%	-8.7%	-36.2%	57.9%	34.1%	2.1%
Owner Earnings	N/A	199	802	1,279	1,429	1,885	2,050	1,495	1,673	2,060	2,399
Owner Earnings margin %	N/A	5.5%	19.1%	28.8%	29.6%	35.1%	33.0%	27.3%	28.3%	29.1%	31.1%
Owner Earnings growth %	N/A	N/A	303.0%	59.6%	11.7%	31.9%	8.8%	-27.1%	11.9%	23.1%	16.5%
Unlevered Owner Earnings	1,039	333	1,094	1,576	1,708	2,021	2,404	1,518	1,878	2,307	2,790
Investing cash flow	-92	102	-3,420	-406	36	-1,077	-2,619	-262	-247	-1,056	2
Financing cash flow	-506	-1,043	1,600	-412	-1,563	-351	-122	-1,208	-1,584	-1,446	-3,063
Dividends paid	272	285	290	337	378	420	463	515	564	620	701
Share buybacks	1,098	739	200	203	991	503	750	983	490	1,292	1,607
Buyback yield %	6.0%	4.4%	0.8%	0.8%	2.3%	1.0%	1.1%	2.0%	0.7%	1.5%	1.8%
D&A	114	127	158	192	200	220	257	331	373	431	480
CFO / Op. Income %	81.3%	193.5%	41.5%	78.2%	83.8%	89.9%	70.5%	78.3%	100.7%	98.7%	86.6%
Working Capital (USD millions)
Accounts receivable	802	887	1,147	1,287	1,419	1,430	1,720	1,652	1,659	1,801	2,024
Inventory	0	0	0	0	0	0	0	0	0	0	0
Accounts payable	22	28	22	30	38	39	47	52	23	53	62
Net PPE	306	326	325	320	292	278	347	502	603	656	722
Key Ratios
ROE %	-166.6%	-21.8%	-305.5%	285.4%	232.4%	113.3%	81.2%	54.5%	48.4%	57.7%	60.7%
ROA %	18.4%	5.0%	11.6%	13.8%	13.9%	14.3%	15.1%	9.6%	11.0%	13.3%	15.5%
ROCE %	37.9%	22.5%	27.9%	25.2%	23.9%	23.4%	23.3%	15.7%	17.6%	24.1%	26.1%
Debt / Equity	-5.98	-3.21	-16.91	13.35	9.12	4.09	2.72	2.93	2.11	2.28	1.73
Net Debt / EBITDA (x)	0.7x	2.2x	2.2x	2.1x	1.7x	1.4x	1.8x	2.5x	1.9x	1.6x	1.2x
Debtor days	84	90	100	106	107	97	101	110	102	93	96
Inventory days	—	—	—	—	—	—	—	—	—	—	—
Days payable (DPO)	2	3	7	9	10	10	10	12	5	10	11
Cash conv. cycle	82	87	93	97	97	88	90	99	97	83	84

Metric	FY24 Q3 Sep 24	FY24 Q4 Dec 24	FY25 Q1 Mar 25	FY25 Q2 Jun 25	FY25 Q3 Sep 25	FY25 Q4 Dec 25	FY26 Q1 Mar 26	FY26 Q2 Jun 26
Profit & Loss (USD millions)
Revenue	1,813	1,672	1,924	1,898	2,007	1,889	2,079	2,185
Gross profit	1,301	1,175	1,433	1,409	1,515	1,388	1,548	1,667
Gross margin %	71.8%	70.3%	74.5%	74.2%	75.5%	73.5%	74.5%	76.3%
Operating income	738	561	846	818	917	770	922	1,046
Net income	534	395	625	578	646	610	661	878
Net margin %	29.5%	23.6%	32.5%	30.5%	32.2%	32.3%	31.8%	40.2%
EPS (diluted, $)	2.93	2.16	3.46	3.21	3.60	3.39	3.73	5.03
Balance Sheet (USD millions, end of quarter)
Total assets	15,769	15,505	15,096	15,487	15,415	15,830	14,732	14,675
Total debt	8,262	8,125	6,823	6,967	6,983	6,994	7,539	7,517
Shareholders' equity	3,905	3,565	3,700	3,949	3,957	4,054	2,994	3,025
Cash & equivalents	2,642	2,974	2,139	2,174	2,181	2,448	1,469	1,467
Cash Flow (USD millions)
Operating cash flow	703	674	757	543	743	858	939	779
Capex	72	74	85	75	85	81	95	91
Free cash flow	631	600	672	468	658	777	844	688

Other segments (11)

Recurring Revenue

Transaction Revenue

Relationship Revenue

Other Product Lines

Banking

Investment Grade

Bank Loans

Insurance

The chart groups the 11 smallest segments so no two bands share a colour. Every segment is listed individually in the table below.

Segment	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue ($M)
Relationship Revenue	1,849 51%	2,085 50%+13%	2,481 56%+19%	2,727 56%+10%	2,997 56%+10%	—	—	—	—	—
Transaction Revenue	1,755 49%	2,119 50%+21%	1,962 44%-7%	2,102 44%+7%	2,379 44%+13%	2,810 45%+18%	1,682 31%-40%	1,837 31%+9%	2,687 38%+46%	2,878 37%+7%
Assets Backed Securities	—	97 2%	107 2%+10%	99 2%-7%	98 2%-1%	118 2%+20%	116 2%-2%	121 2%+4%	130 2%+7%	142 2%+9%
Bank Loans	—	351 8%	379 9%+8%	313 6%-17%	287 5%-8%	606 10%+111%	275 5%-55%	292 5%+6%	527 7%+80%	503 7%-5%
Banking	—	300 7%	290 7%-3%	320 7%+10%	355 7%+11%	411 7%+16%	481 9%+17%	521 9%+8%	551 8%+6%	569 7%+3%
Commercial Real Estate Finance	—	87 2%	78 2%-10%	81 2%+4%	61 1%-25%	102 2%+67%	—	—	—	—
High Yield	—	254 6%	175 4%-31%	258 5%+47%	352 7%+36%	411 7%+17%	108 2%-74%	150 3%+39%	285 4%+90%	324 4%+14%
Insurance	—	102 2%	114 3%+12%	119 2%+4%	137 3%+15%	245 4%+79%	504 9%+106%	550 9%+9%	598 8%+9%	685 9%+15%
Investment Grade	—	335 8%	271 6%-19%	379 8%+40%	636 12%+68%	439 7%-31%	294 5%-33%	335 6%+14%	488 7%+46%	573 7%+17%
Managed Investments	—	22 1%	25 1%+14%	25 1%+0%	28 1%+12%	36 1%+29%	28 1%-22%	32 1%+14%	49 1%+53%	59 1%+20%
Other Product Lines	—	508 12%	554 12%+9%	547 11%-1%	582 11%+6%	631 10%+8%	592 11%-6%	627 11%+6%	650 9%+4%	732 9%+13%
Project And Infrastructure	—	213 5%	206 5%-3%	224 5%+9%	246 5%+10%	277 4%+13%	234 4%-16%	271 5%+16%	324 5%+20%	360 5%+11%
Public Finance Sovereign	—	218 5%	185 4%-15%	222 5%+20%	250 5%+13%	244 4%-2%	197 4%-19%	205 3%+4%	240 3%+17%	275 4%+15%
Residential Mortgage Backed Securities Product	—	89 2%	98 2%+10%	95 2%-3%	96 2%+1%	123 2%+28%	106 2%-14%	92 2%-13%	98 1%+7%	111 1%+13%
Structured Credit	—	165 4%	196 4%+19%	148 3%-24%	105 2%-29%	215 3%+105%	140 3%-35%	129 2%-8%	193 3%+50%	202 3%+5%
Recurring Revenue	—	—	—	2,727 56%	2,992 56%+10%	3,408 55%+14%	3,786 69%+11%	4,079 69%+8%	4,401 62%+8%	4,840 63%+10%
Commercial Mortgage Backed Securities Product	—	—	—	—	61 1%	102 2%+67%	98 2%-4%	60 1%-39%	94 1%+57%	99 1%+5%
DS Banking Product And Service	—	—	—	—	—	474 8%	481 9%+1%	521 9%+8%	—	—
KYC	—	—	—	—	—	217 3%	260 5%+20%	312 5%+20%	367 5%+18%	438 6%+19%
Total (check)	3,604	6,945	7,121	10,386	11,662	10,869	9,382	10,134	11,682	12,790

Source: SEC EDGAR XBRL · Full breakdown ↗

Moodys Investors Service

Moodys Analytics

Intersegment Elimination

Segment	FY2012	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue ($M)
Intersegment Elimination	-83	-91	-101	-107 -3%	-114 -3%	-128 -3%	—	—	—	—	—	—	—	—
Moodys Analytics	845	913 +8%	1,082 +18%	1,163 33%+8%	1,247 35%+7%	1,446 34%+16%	1,743 39%+21%	1,963 41%+13%	2,086 39%+6%	2,413 39%+16%	2,777 51%+15%	3,069 52%+11%	3,308 47%+8%	3,611 47%+9%
Moodys Investors Service	1,969	2,150 +9%	2,353 +9%	2,428 70%+3%	2,471 69%+2%	2,886 69%+17%	2,836 64%-2%	3,009 62%+6%	3,440 64%+14%	3,977 64%+16%	2,873 53%-28%	3,046 51%+6%	3,986 56%+31%	4,317 56%+8%
Total (check)	2,730	2,972	3,334	3,484	3,604	4,204	4,579	4,972	5,526	6,390	5,650	6,115	7,294	7,928
Operating Margin %
Intersegment Elimination	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Moodys Analytics	+15.3%	+18.1%	+19.5%	+19.9%	+18.9%	+17.2%	+17.7%	—	—	—	—	—	—	—
Moodys Investors Service	+48.2%	+49.7%	+52.2%	+51.1%	+16.8%	+54.5%	+55.0%	—	—	—	—	—	—	—

Source: SEC EDGAR XBRL · Full breakdown ↗

MCO

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