undamentalytics Newsletter

Financial Exchanges & Data stocks

13 US-listed companies in financial exchanges & data, with $74.7bn of combined revenue in their latest fiscal years. S&P Global is the largest ($15.3bn). The fastest grower with at least $100m of revenue in both years is Miami International Holdings, Inc., up 19.6%. The median company grew 8.9% with a net margin of 26.2%.

Companies13
Combined revenue$74.7bn
Median revenue growth8.9%
Median net margin26.2%
Median return on equity15.0%
#CompanyRevenueGrowthNet marginROEFiscal year
1 S&P GlobalSPGI $15.3bn 7.9% 29.2% 13.9% 2025
2 Intercontinental ExchangeICE $12.6bn 7.5% 26.2% 11.7% 2025
3 Nasdaq, Inc.NDAQ $8.3bn 11.6% 21.6% 15.3% 2025
4 Moody's CorporationMCO $7.7bn 8.9% 31.9% 64.5% 2025
5 CoinbaseCOIN $7.2bn 9.4% 17.6% 10.1% 2025
6 CME GroupCME $6.5bn 6.4% 62.5% 14.8% 2025
7 Cboe Global MarketsCBOE $4.7bn 15.1% 23.3% 23.4% 2025
8 MSCIMSCI $3.1bn 9.7% 38.4% — 2025
9 Factset Research Systems IncFDS $2.5bn 6.7% 21.5% 25.5% 2026
10 Morningstar, Inc.MORN $2.4bn 7.5% 15.3% 26.3% 2025
11 Tradeweb Markets Inc.TW $2.1bn 18.9% 39.6% 13.2% 2025
12 Miami International Holdings, Inc.MIAX $1.4bn 19.6% −5.1% −11.2% 2025
13 Marketaxess Holdings IncMKTX $846m 3.6% 29.1% 19.5% 2025

Medians cover companies with at least $100m of revenue (growth: in both years). Growth is the latest fiscal year against the year before and includes acquisitions.

Other financials industries

Figures from each company's latest annual report filed with the SEC (10-K or 20-F), as reported, with the fiscal year shown. Not investment advice. How we read filings: methodology.