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MOODYS CORP /DE/

MCO· NYSE· Services-Consumer Credit Reporting, Collection Agencies

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
33.4%
ROIC, 5 yr avg
25.2%
Revenue, 5 yr CAGR
+7.5%
We record prices for the companies we cover; MCO is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
179.9M
Revenue
$7.7B
Free cash flow
$2.6B
Owner earnings
$2.3B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
43.4%
Net
31.9%
Free cash flow
33.4%
Owner earnings
30.4%
Stock pay
3.0%

Returns

ROIC, FY2025
30.6%
ROIC, 5 yr avg
25.2%
ROE, FY2025
60.7%
ROE, 5 yr avg
60.5%

Growth (CAGR)

Revenue, 3 yr
12.2%
Revenue, 5 yr
7.5%
Revenue, 9 yr
8.8%
Diluted EPS, 3 yr
22.5%
Diluted EPS, 5 yr
7.8%
Diluted EPS, 9 yr
29.2%
Free cash flow, 3 yr
29.3%
Free cash flow, 5 yr
4.7%
Free cash flow, 9 yr
9.4%

Financial health · FY2025

Cash and investments
$2.4B
Total debt
$7.0B
Net debt
$4.5B
Debt/Equity
1.7x
Debt/FCF
2.7x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
28.5%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-1.0%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$7.7B

+8.8% a year over 9 years

FY2016: Revenue $3.6BFY2017: Revenue $4.2BFY2018: Revenue $4.4BFY2019: Revenue $4.8BFY2020: Revenue $5.4BFY2021: Revenue $6.2BFY2022: Revenue $5.5BFY2023: Revenue $5.9BFY2024: Revenue $7.1BFY2025: Revenue $7.7B
FY2016FY2025

Margins

Operating43.4%Net31.9%

FY2025

FY2016: Operating 18.1%, Net 7.4%FY2017: Operating 43.3%, Net 23.8%FY2018: Operating 42.0%, Net 29.5%FY2019: Operating 41.4%, Net 29.4%FY2020: Operating 44.5%, Net 33.1%FY2021: Operating 45.7%, Net 35.6%FY2022: Operating 34.4%, Net 25.1%FY2023: Operating 36.1%, Net 27.2%FY2024: Operating 40.6%, Net 29.0%FY2025: Operating 43.4%, Net 31.9%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$2.6BOwner earnings$2.3B

Free cash flow +9.4% a year

FY2016: Free cash flow $1.1B, Owner earnings $1.0BFY2017: Free cash flow $664.0M, Owner earnings $541.0MFY2018: Free cash flow $1.4B, Owner earnings $1.2BFY2019: Free cash flow $1.6B, Owner earnings $1.5BFY2020: Free cash flow $2.0B, Owner earnings $1.9BFY2021: Free cash flow $1.9B, Owner earnings $1.7BFY2022: Free cash flow $1.2B, Owner earnings $1.0BFY2023: Free cash flow $1.9B, Owner earnings $1.7BFY2024: Free cash flow $2.5B, Owner earnings $2.3BFY2025: Free cash flow $2.6B, Owner earnings $2.3B
FY2016FY2025

Diluted shares

179.9M

-7.9% over 9 years, net buybacks

FY2016: Diluted shares 195.4MFY2017: Diluted shares 194.2MFY2018: Diluted shares 194.4MFY2019: Diluted shares 191.6MFY2020: Diluted shares 189.3MFY2021: Diluted shares 187.9MFY2022: Diluted shares 184.7MFY2023: Diluted shares 184.0MFY2024: Diluted shares 182.7MFY2025: Diluted shares 179.9M
FY2016FY2025

Return on invested capital

30.6%

FY2025

FY2016: ROIC –FY2017: ROIC 25.5%FY2018: ROIC 34.2%FY2019: ROIC 37.0%FY2020: ROIC 36.0%FY2021: ROIC 27.7%FY2022: ROIC 18.3%FY2023: ROIC 21.9%FY2024: ROIC 27.4%FY2025: ROIC 30.6%
FY2016FY2025

Net debt (below zero)

-$4.5B

$4.5B more debt than cash

FY2016: Net cash -$1.1BFY2017: Net cash -$4.4BFY2018: Net cash -$3.9BFY2019: Net cash -$3.7BFY2020: Net cash -$3.7BFY2021: Net cash -$5.5BFY2022: Net cash -$5.5BFY2023: Net cash -$4.8BFY2024: Net cash -$4.5BFY2025: Net cash -$4.5B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$3.6B$4.2B$4.4B$4.8B$5.4B$6.2B$5.5B$5.9B$7.1B$7.7B
Revenue growth3.4%16.6%5.7%8.7%11.2%15.8%-12.1%8.2%19.8%8.9%
Gross margin––––––––––
Operating margin18.1%43.3%42.0%41.4%44.5%45.7%34.4%36.1%40.6%43.4%
Net income$266.6M$1.0B$1.3B$1.4B$1.8B$2.2B$1.4B$1.6B$2.1B$2.5B
Net margin7.4%23.8%29.5%29.4%33.1%35.6%25.1%27.2%29.0%31.9%
Diluted EPS$1.36$5.15$6.74$7.42$9.39$11.78$7.44$8.73$11.26$13.67
Return on invested capital?–25.5%34.2%37.0%36.0%27.7%18.3%21.9%27.4%30.6%
Cash
Operating cash flow$1.3B$755.0M$1.5B$1.7B$2.1B$2.0B$1.5B$2.2B$2.8B$2.9B
Capital expenditure$115.2M$91.0M$91.0M$69.0M$103.0M$139.0M$283.0M$271.0M$317.0M$326.0M
Free cash flow$1.1B$664.0M$1.4B$1.6B$2.0B$1.9B$1.2B$1.9B$2.5B$2.6B
Stock-based compensation$98.1M$123.0M$130.0M$136.0M$154.0M$175.0M$169.0M$193.0M$220.0M$232.0M
Owner earnings?$1.0B$541.0M$1.2B$1.5B$1.9B$1.7B$1.0B$1.7B$2.3B$2.3B
Free cash flow per share$5.85$3.42$7.05$8.38$10.79$9.93$6.45$10.22$13.80$14.31
Capital allocation
Dividends paid$285.1M$290.4M$337.2M$378.0M$420.0M$463.0M$515.0M$564.0M$620.0M$701.0M
Share repurchases$738.8M$200.0M$203.0M$991.0M$503.0M$750.0M$983.0M$490.0M$1.3B$1.6B
Diluted shares195.4M194.2M194.4M191.6M189.3M187.9M184.7M184.0M182.7M179.9M
Share count change?-3.9%-0.6%0.1%-1.4%-1.2%-0.7%-1.7%-0.4%-0.7%-1.5%
Balance sheet
Cash and equivalents$2.1B$1.1B$1.7B$1.8B$2.6B$1.8B$1.8B$2.1B$2.4B$2.4B
Short-term investments$173.4M$111.8M$133.0M$98.0M$99.0M$91.0M$90.0M$63.0M$566.0M$64.0M
Total debt$3.4B$5.5B$5.7B$5.6B$6.4B$7.4B$7.4B$7.0B$7.4B$7.0B
Net debt$1.1B$4.4B$3.9B$3.7B$3.7B$5.5B$5.5B$4.8B$4.5B$4.5B
Shareholders' equity-$1.2B-$327.7M$459.0M$612.0M$1.6B$2.7B$2.5B$3.3B$3.6B$4.1B

Latest filings

All on EDGAR
2026-10-2110-QQuarterly report
2026-10-218-KEarnings release
2026-07-2310-QQuarterly report
2026-07-228-KEarnings release
2026-04-2310-QQuarterly report
2026-04-228-KEarnings release
2026-03-04DEF 14AProxy statement
2026-02-1810-KAnnual report
2026-02-188-KEarnings release
2025-10-2310-QQuarterly report

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