Intercontinental Exchange vs Moody's
Intercontinental Exchange is the larger business, with $12.64bn of revenue in fiscal 2025 against $7.72bn for Moody's (1.6 times as much). Moody's grew faster (8.9% against 7.5%). Moody's kept more of each dollar of sales as profit: a net margin of 31.9% against 26.2%.
| Latest fiscal year | Intercontinental ExchangeICE, 2025 | Moody'sMCO, 2025 |
|---|---|---|
| Revenue | $12.64bn | $7.72bn |
| Revenue growth | 7.5% | 8.9% |
| Net income | $3.31bn | $2.46bn |
| Operating margin | 39.0% | — |
| Net margin | 26.2% | 31.9% |
| Return on equity | 11.7% | 64.5% |
| Free cash flow | $4.29bn | $2.58bn |
| Cash | $837m | $2.38bn |
| Total debt | $20.68bn | $6.99bn |
| Debt to equity | 71.5% | — |
| Dividend per share | $1.92 | $3.76 |
| Dividend yield | 1.2% | 0.8% |
| Share buybacks | $1.29bn | $1.61bn |
| Employees | 12,844 | — |
| Market value | $95.21bn | $87.02bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 66 (Moderate) | 90 (Strong) |
| Insider trades, 12 months | 0 buys, 65 sales | 0 buys, 37 sales |