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Moody's Corporation (MCO) stock

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NYSE: MCO NYSE Financial Exchanges & Data Next results ~January 20, 2027

C Fundamentals grade

Moody's Corporation is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$350

Cash-flow model

Base case. Range ~$250–$470 across our lower- and higher-growth cases (5.8%–15.8% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 31% below it.

Price used: $506.02, November 2, 2026

Moody's Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 37 sales by directors and officers, last 12 monthsInsider trades
  • Funds634 adding, 633 cuttingOf 93 active managers that changed their stake, 36 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Moody's files

10-Q filed October 21: Moody's

Revenue for the twelve months to September 2026 reached $8.18bn, up 9.0% on a year earlier, a slowdown from 11.7% a quarter before. Free cash flow margin improved to 36.4% from 32.0%, while operating margin widened to 44.6% from 41.9%. The diluted share count fell 2.5% over the year, lifting the value of each remaining share. Our fundamentals grade shifts from C+ to C. Model value sits little changed at $369 a share, against a market price of $491, and the rating stays Sell. At $491, the model implies the market expects roughly 16.0% annual cash flow growth over five years, well ahead of the 5.6% annual revenue growth delivered to date.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Moody's stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.16bn, up 11.7% on a year earlier, faster than 9.0% a quarter earlier. That growth ranks 2 of 8 among the financial exchanges & data companies we cover. Free-cash-flow margin rose to 36.4% from 32.4% a year earlier. Operating margin widened to 44.8% from 40.6%. The diluted share count is down 2.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $410 a share, against a share price of $481. At that price, our model says the market is pricing in about 15.3% a year of cash-flow growth for five years, faster than the 5.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 20, 2027 (estimated)

Moody's Corporation's trailing-twelve-month revenue grew 9.0% year on year, with a free-cash-flow margin of 36.4%. Where it stands out: operating margin of 44.6% ranks 3 of 11 financial exchanges & data companies we cover. Where it lags: days sales outstanding of 82 days ranks 6 of 6 financial exchanges & data companies we cover.

Our discounted-cash-flow model values the business at ~$350 per share in the base case (~$250–$470 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net margin expanding: TTM net margin reached 35.3%, up 5.3pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 44.6% of revenue is left as operating profit, against a median of 40.5% for financial exchanges & data companies we cover.
  • Strong cash generation. 36.4% of revenue turned into free cash flow, against a median of 37.6% for financial exchanges & data companies we cover.
  • Shrinking share count. Diluted shares fell 2.5% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $506.02 is 31% above our value per share of $350.
  • Insiders selling. 5 insiders sold $18M of stock over the past 365 days and none bought (53% under pre-set trading plans).
  • Growth easing. The growth rate is 2.7 points lower than a quarter earlier.
  • Below peers: days sales outstanding. Days sales outstanding of 82 days ranks 6 of 6 financial exchanges & data companies we cover (median 44 days).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 42.8% ranks 7 of 8 financial exchanges & data companies we cover (median 21.7%).

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$4.14 against an average estimate of $4.25: missed by 2.5%
Revenue
$2.02bn, up 0.8% on a year earlier
Share reaction
+3.3% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
operating Margin 44% to 45% (Full Year 2026); adjusted Operating Margin (1) 52% to 53% (Full Year 2026)
Next report
October 21, 2026; average EPS estimate $3.58

Moody's' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.5%
  • 1 week+4.5%
  • 1 month+14.7%
  • This year-0.3%
  • 1 year+6.3%
  • 5 years+36.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8.2B
Operating margin
44.6%
Net margin
35.3%
EPS (TTM, diluted)
$16.38

Growth

Revenue growth
+9.0%
Change in growth rate
−2.7 pts
Share count change
−2.5%

Cash

Free cash flow (TTM)
$3B
FCF margin
36.4%
Stock pay % of revenue
2.9%

Earnings

Last results
October 21, 2026
Next results (est.)
January 20, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Our research
  3. Results
  4. Guidance
  5. Announcement
  6. Deal
  7. Leadership
  8. Announcement
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Moody's Corporation valuation models and calculator

What the price is pricing in

The share price implies about 15.9% a year of cash-flow growth for five years.That is faster than the 5.6% a year revenue growth Moody's has delivered.

  • Priced in15.9%
  • Last 12 months9.0%
  • 3 years a year12.6%
  • 5 years a year5.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($498.89, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$350
Price used
$498.89close November 3, 2026
Implied change
▼ 30%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Moody's Corporation's free cash flow after stock-based pay with after-tax interest added back ($2.5B, FY2026 Q3 TTM), growing 7.3% and 9.3% in the next two years (forecasts, guidance and its record), then back to 10.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$250–~$470 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Moody's Corporation's free cash flow after stock-based pay ( $2.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Moody's Corporation as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.99 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$350 ~$250–$470 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$270 ~$210–$420 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$82–$150 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$170 ~$150–$210 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$1.9 ~$20–$83 Left out: out of range vs price (0.00x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$190 ~$160–$230 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$240 ~$110–$350 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Moody's Corporation with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +15%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $180$255$356$488$660$883
8.5% $130$185$257$352$475$633
10% $100$142$198$270$364$484

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$90.28$86.16$136.59$130.99$224.33$276.51$374.88$269.91$381.99$466.67$507.46$506.02
Market value$18.4bn$16.8bn$26.5bn$25.5bn$43.0bn$52.3bn$70.4bn$49.9bn$70.3bn$85.3bn$91.3bn$89.1bn
+ Net debt (− = net cash)$1.6bn$1.3bn$4.5bn$4.0bn$3.7bn$3.8bn$5.6bn$5.6bn$4.9bn$5.0bn$4.6bn$5.4bn
Enterprise value$20.0bn$18.1bn$31.0bn$29.5bn$46.7bn$56.2bn$76.0bn$55.5bn$75.2bn$90.3bn$95.9bn$94.5bn
Multiples
Price / sales 5.3x4.7x6.3x5.7x8.9x9.7x11.3x9.1x11.9x12.0x11.8x10.9x
Price / earnings 19.5x63.2x26.5x19.4x30.2x29.4x31.8x36.3x43.7x41.4x37.1x30.9x
Price / free cash flow 16.6x14.7x39.9x18.6x26.8x25.6x37.7x41.9x37.4x33.8x35.5x29.9x
EV / EBITDA 12.6x23.3x15.7x14.3x21.3x21.5x24.5x25.1x29.9x27.3x25.0x22.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

90 /100

Strong moat

How hard Moody's's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 23.1% of total assets over 7 years.

  • Pricing power 20 / 20

    Gross margin has been a median 73.3%, moving by 1.5 percentage points (standard deviation) across 7 years.

  • Durability 18 / 20

    Operating margin has been a median 41.3%; its worst year was 22.2%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 31.9% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 6.5% over five years; stock-based pay has been a median 2.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (95 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $16.80 +13% $8.2bn +7%
Next $18.68 +11% $8.8bn +7%

Next year's EPS estimate has moved −0.9% in 90 days, across 24 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.7% on 90 days ago. In the last 30 days, 2 analysts raised Moody's Corporation's forecast and 4 cut it.

Consensus EPS forecast Moody's Corporation, last 90 days
$16.00 $17.00 $18.00 $19.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $16.92 Current fiscal year, 60 days ago: $16.97 Current fiscal year, 30 days ago: $16.96 Current fiscal year, 7 days ago: $16.92 Current fiscal year, Now: $16.80 $16.80 Next fiscal year, 90 days ago: $18.85 Next fiscal year, 60 days ago: $18.91 Next fiscal year, 30 days ago: $18.89 Next fiscal year, 7 days ago: $18.81 Next fiscal year, Now: $18.68 $18.68

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $16.92$18.85
60 days ago $16.97$18.91
30 days ago $16.96$18.89
7 days ago $16.92$18.81
Now $16.80$18.68

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.25 $4.14 −2.5%
Jun 2026 $4.25 $4.68 +10.0%
Mar 2026 $4.22 $4.33 +2.6%
Dec 2025 $3.44 $3.64 +6.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • Diluted EPS Full Year 2026 $16.00 to $16.50 Maintained
    “Diluted EPS $16.00 to $16.50 NC” source
  • Adjusted Diluted EPS (1) Full Year 2026 $16.50 to $17.00 Non-GAAP Maintained
    “Adjusted Diluted EPS (1) $16.50 to $17.00 NC” source
  • Operating Margin Full Year 2026 44% to 45% Maintained
    “Operating Margin 44% to 45% NC” source
  • Adjusted Operating Margin (1) Full Year 2026 52% to 53% Non-GAAP Maintained
    “Adjusted Operating Margin (1) 52% to 53% NC” source
  • MA Adjusted Operating Margin · Moody's Analytics (MA) Full Year 2026 34% to 35% Non-GAAP Maintained
    “MA Adjusted Operating Margin 34% to 35% NC” source
  • MIS Adjusted Operating Margin · Moody's Investors Service (MIS) Full Year 2026 about 65% Non-GAAP Maintained
    “MIS Adjusted Operating Margin Approximately 65% NC” source
Show 5 more items
  • Interest Expense, Net Full Year 2026 $220m to $240m Maintained
    “Interest Expense, Net $220 to $240 million NC” source
  • Non-operating (Expense)/Income (2) Full Year 2026 $70m to $90m Maintained
    “Non-operating (Expense)/Income (2) $70 to $90 million NC” source
  • Effective Tax Rate Full Year 2026 23% to 25% Maintained
    “Effective Tax Rate 23% to 25% NC” source
  • Operating Cash Flow Full Year 2026 $3.15bn to $3.35bn Maintained
    “Operating Cash Flow $3.15 to $3.35 billion NC” source
  • Free Cash Flow (1) Full Year 2026 $2.7bn to $2.9bn Non-GAAP Maintained
    “Free Cash Flow (1) $2.7 to $2.9 billion NC” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Moody's Corporation's revenue by +7.3% next year and +9.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.8%, weight 70%) and the company's own record (+10.8%, weight 30%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy1875%
Hold625%
Sell00%

Monthly trend

  1. Oct 2026513624
  2. Sep 2026513624
  3. Aug 2026413724
  4. Jul 2026413724

Counts of recommendations published by analysts covering Moody's Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
3.57
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
79%
of shares
Held by insiders
14.4%
of shares
Employees
15,636
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +6.3%

$476.17 on October 31, 2025 to $506.02

ThenNowEffect
Revenue (last 12 months) $7.3bn $8.2bn +11.7%
Net margin 29.2% 34.3% +17.4%
P/E multiple 40.5x 32.2x −20.6%
Share count 181m 178m +2.1%

Biggest factor: p/e multiple.

Last 3 years +56.4%

$323.46 on November 3, 2023 to $506.02

ThenNowEffect
Revenue (last 12 months) $5.5bn $8.2bn +47.6%
Net margin 25.8% 34.3% +32.7%
P/E multiple 41.7x 32.2x −22.9%
Share count 184m 178m +3.6%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MCO+36%−28%+42%+22%+9%−0%
Industry peers (median)+44%−24%+31%+15%−3%+12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MCO67%33%67%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MCO−10%−39%−16%−10%−25%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 42% from February 19, 2020 to March 23, 2020. Getting back needed a 73% gain, reached on July 7, 2020, 106 days after the low.

Price behaviour

52-week range
$409.50 – $536.03
From 52-week high
−5.6%
vs 50-day average
+6.0%
vs 200-day average
+8.7%
Volatility (1 year)
28%
Beta vs S&P 500
0.47

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±3.7%
After a week
7 up, 5 down
typical move ±3.9%
After a month
6 up, 5 down
typical move ±5.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +3.3% −0.7% +0.4% —
July 22, 2026 −3.8% −1.3% −1.5% +1.8%
April 22, 2026 −1.6% +0.6% +0.1% −2.9%
February 18, 2026 +6.2% +0.2% +9.5% +3.2%
October 22, 2025 −1.2% +0.1% −2.7% −2.1%
July 23, 2025 +2.8% +0.9% +2.7% +2.3%
April 22, 2025 +4.2% +4.2% +8.2% +14.6%
February 13, 2025 +3.4% +1.1% −1.0% −10.1%
October 22, 2024 −3.7% −1.0% −5.4% −2.5%
July 23, 2024 −3.7% −2.4% +1.7% +5.8%
May 2, 2024 +2.1% +2.2% +7.7% +7.9%
February 13, 2024 −8.6% −0.5% −6.3% −4.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Moody's Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Moody's Corporation in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Moody's Corporation
$5B $6B $7B $8B $9B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5.9B Revenue (TTM), FY24 Q1: $6.2B Revenue (TTM), FY24 Q2: $6.6B Revenue (TTM), FY24 Q3: $6.9B Revenue (TTM), FY24 Q4: $7.1B Revenue (TTM), FY25 Q1: $7.2B Revenue (TTM), FY25 Q2: $7.3B Revenue (TTM), FY25 Q3: $7.5B Revenue (TTM), FY25 Q4: $7.7B Revenue (TTM), FY26 Q1: $7.9B Revenue (TTM), FY26 Q2: $8.2B Revenue (TTM), FY26 Q3: $8.2B $8.2B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5.9B
FY24 Q1 $6.2B
FY24 Q2 $6.6B
FY24 Q3 $6.9B
FY24 Q4 $7.1B
FY25 Q1 $7.2B
FY25 Q2 $7.3B
FY25 Q3 $7.5B
FY25 Q4 $7.7B
FY26 Q1 $7.9B
FY26 Q2 $8.2B
FY26 Q3 $8.2B
Revenue growth, TTM YoY Moody's Corporation
5% 10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.2% Revenue growth, TTM YoY, FY24 Q1: 15.1% Revenue growth, TTM YoY, FY24 Q2: 18.6% Revenue growth, TTM YoY, FY24 Q3: 20.4% Revenue growth, TTM YoY, FY24 Q4: 19.8% Revenue growth, TTM YoY, FY25 Q1: 15.9% Revenue growth, TTM YoY, FY25 Q2: 11.5% Revenue growth, TTM YoY, FY25 Q3: 8.8% Revenue growth, TTM YoY, FY25 Q4: 8.9% Revenue growth, TTM YoY, FY26 Q1: 9.0% Revenue growth, TTM YoY, FY26 Q2: 11.7% Revenue growth, TTM YoY, FY26 Q3: 9.0% 9.0%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.2%
FY24 Q1 15.1%
FY24 Q2 18.6%
FY24 Q3 20.4%
FY24 Q4 19.8%
FY25 Q1 15.9%
FY25 Q2 11.5%
FY25 Q3 8.8%
FY25 Q4 8.9%
FY26 Q1 9.0%
FY26 Q2 11.7%
FY26 Q3 9.0%
Operating margin (TTM) Moody's Corporation
35% 40% 45% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 36.1% Operating margin (TTM), FY24 Q1: 38.3% Operating margin (TTM), FY24 Q2: 39.8% Operating margin (TTM), FY24 Q3: 40.8% Operating margin (TTM), FY24 Q4: 40.6% Operating margin (TTM), FY25 Q1: 40.4% Operating margin (TTM), FY25 Q2: 40.6% Operating margin (TTM), FY25 Q3: 41.9% Operating margin (TTM), FY25 Q4: 43.4% Operating margin (TTM), FY26 Q1: 43.5% Operating margin (TTM), FY26 Q2: 44.8% Operating margin (TTM), FY26 Q3: 44.6% 44.6%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 36.1%
FY24 Q1 38.3%
FY24 Q2 39.8%
FY24 Q3 40.8%
FY24 Q4 40.6%
FY25 Q1 40.4%
FY25 Q2 40.6%
FY25 Q3 41.9%
FY25 Q4 43.4%
FY26 Q1 43.5%
FY26 Q2 44.8%
FY26 Q3 44.6%
FCF margin (TTM) Moody's Corporation
30% 32% 34% 36% 38% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 31.8% FCF margin (TTM), FY24 Q1: 32.8% FCF margin (TTM), FY24 Q2: 31.8% FCF margin (TTM), FY24 Q3: 33.7% FCF margin (TTM), FY24 Q4: 35.6% FCF margin (TTM), FY25 Q1: 34.5% FCF margin (TTM), FY25 Q2: 32.4% FCF margin (TTM), FY25 Q3: 32.0% FCF margin (TTM), FY25 Q4: 33.4% FCF margin (TTM), FY26 Q1: 34.9% FCF margin (TTM), FY26 Q2: 36.4% FCF margin (TTM), FY26 Q3: 36.4% 36.4%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 31.8%
FY24 Q1 32.8%
FY24 Q2 31.8%
FY24 Q3 33.7%
FY24 Q4 35.6%
FY25 Q1 34.5%
FY25 Q2 32.4%
FY25 Q3 32.0%
FY25 Q4 33.4%
FY26 Q1 34.9%
FY26 Q2 36.4%
FY26 Q3 36.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Moody's took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $7.7B
  2. Cost of revenue $2B · 25.6%
  3. Gross profit $5.7B · 74.4%
  4. Selling, general and admin $1.8B · 23.4%
  5. Other operating costs $591M · 7.7%
  6. Operating income $3.4B · 43.4%
  7. Income tax $668M · 8.7%
  8. Interest and other $224M · 2.9%
  9. Net income $2.5B · 31.9%

Shares of revenue. Source: Moody's's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,797 2,032 2,281 2,730 2,973 3,334 3,485 3,604 4,204 4,443 4,829 5,371 6,218 5,468 5,916 7,088 7,718 8,176
Gross profit — — — — — — — — 2,988 3,197 3,442 3,896 4,581 3,855 4,229 5,143 5,745 6,102
EBITDA 735 823 947 1,141 1,300 1,506 1,587 778 1,979 2,060 2,198 2,608 3,101 2,214 2,510 3,306 3,831 4,140
Operating income 688 773 888 1,077 1,235 1,439 1,473 651 1,821 1,868 1,998 2,388 2,844 1,883 2,137 2,875 3,351 3,644
Net income 402 508 571 690 805 989 941 267 1,001 1,310 1,422 1,778 2,214 1,374 1,607 2,058 2,459 2,883
Diluted EPS $1.69 $2.15 $2.49 $3.05 $3.60 $4.61 $4.63 $1.36 $5.15 $6.74 $7.42 $9.39 $11.78 $7.44 $8.73 $11.26 $13.67 $16.38
Growth (year on year)
Revenue +2.4% +13.1% +12.2% +19.7% +8.9% +12.2% +4.5% +3.4% +16.6% +5.7% +8.7% +11.2% +15.8% −12.1% +8.2% +19.8% +8.9% +9.0%
EBITDA −7.5% +11.9% +15.1% +20.5% +14.0% +15.9% +5.4% −51.0% +154.5% +4.1% +6.7% +18.7% +18.9% −28.6% +13.4% +31.7% +15.9% +14.6%
Operating income −8.1% +12.4% +15.0% +21.3% +14.6% +16.6% +2.4% −55.8% +179.8% +2.6% +7.0% +19.5% +19.1% −33.8% +13.5% +34.5% +16.6% +16.0%
Net income −12.2% +26.3% +12.5% +20.8% +16.6% +22.9% −4.8% −71.7% +275.5% +30.9% +8.5% +25.0% +24.5% −37.9% +17.0% +28.1% +19.5% +28.5%
Diluted EPS −9.6% +27.2% +15.8% +22.5% +18.0% +28.1% +0.4% −70.6% +278.7% +30.9% +10.1% +26.5% +25.5% −36.8% +17.3% +29.0% +21.4% +31.8%
Margins
Gross margin — — — — — — — — 71.1% 72.0% 71.3% 72.5% 73.7% 70.5% 71.5% 72.6% 74.4% 74.6%
EBITDA margin 40.9% 40.5% 41.5% 41.8% 43.7% 45.2% 45.5% 21.6% 47.1% 46.4% 45.5% 48.6% 49.9% 40.5% 42.4% 46.6% 49.6% 50.6%
Operating margin 38.3% 38.0% 39.0% 39.5% 41.5% 43.2% 42.3% 18.1% 43.3% 42.0% 41.4% 44.5% 45.7% 34.4% 36.1% 40.6% 43.4% 44.6%
Net margin 22.4% 25.0% 25.1% 25.3% 27.1% 29.7% 27.0% 7.4% 23.8% 29.5% 29.4% 33.1% 35.6% 25.1% 27.2% 29.0% 31.9% 35.3%
Free-cash-flow margin 30.8% 28.3% 32.3% 28.5% 29.8% 28.3% 31.8% 31.7% 15.8% 30.8% 33.3% 38.0% 30.0% 21.8% 31.8% 35.6% 33.4% 36.4%
Cash flow
Cash from operations 644 653 803 823 927 1,019 1,198 1,259 755 1,461 1,675 2,146 2,005 1,474 2,151 2,838 2,901 3,329
Capital spending 91 79 68 45 42 75 89 115 91 91 69 103 139 283 271 317 326 352
Free cash flow 553 574 736 778 885 944 1,109 1,144 664 1,370 1,606 2,043 1,866 1,191 1,880 2,521 2,575 2,977
Stock-based pay 57 57 57 65 67 80 87 98 123 130 136 154 175 169 193 220 232 234
Free cash flow after stock pay 496 518 679 714 817 864 1,022 1,046 541 1,240 1,470 1,889 1,691 1,022 1,687 2,301 2,343 2,743
Balance sheet
Cash 474 660 760 1,755 1,920 1,220 1,757 2,052 1,072 1,685 1,832 2,597 1,811 1,769 2,130 2,408 2,384 1,513
Total debt 1,194 1,240 1,244 1,671 2,102 2,547 3,381 3,363 5,541 5,676 5,581 6,422 7,413 7,389 7,001 7,428 6,994 6,911
Net debt (negative = net cash) 720 580 484 −84 182 1,328 1,623 1,312 4,469 3,991 3,749 3,825 5,602 5,620 4,871 5,020 4,610 5,398
Diluted shares 238m 237m 229m 227m 224m 215m 203m 195m 194m 194m 192m 189m 188m 185m 184m 183m 180m 176m
Returned to shareholders
Dividends 95 99 121 143 197 236 272 285 290 337 378 420 463 515 564 620 701 710
Buybacks 0 224 334 197 893 1,221 1,098 739 200 203 991 503 750 983 490 1,292 1,607 2,990
Total returned 95 322 455 340 1,090 1,457 1,370 1,024 490 540 1,369 923 1,213 1,498 1,054 1,912 2,308 3,700

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $14.8bn
Short-term assets $4.2bnLonger-term assets $10.6bn
What it owes, and who funded it · $14.7bn
Short-term liabilities $3.3bnLonger-term liabilities $8.1bnShareholders' equity $3.3bn
  • Short-term assets cover short-term liabilities $4.2bn of assets due within a year against $3.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.2bn short-term assets against $8.1bn of longer-dated liabilities.
  • More cash than debt $1.5bn of cash against $6.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 211% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 304% to 211% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.3bn of operating cash flow against $6.9bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Moody's Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$3B
Dividends (TTM)
$710M
Returned to shareholders
124%
of free cash flow
Buybacks, last 3 fiscal years
$3.4B
Diluted share count
−2.5%
year over year
Total shareholder yield
4.2%
dividends 0.8% + buybacks 3.4% of market value
Dividend payout ratio
25%
of net income paid out
Sales & admin spending
22.6%
of revenue
Days sales outstanding
82 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated MCO NDAQ CME COIN CBOE ICE Median
Revenue, last 12 months $8.2bn $9.1bn $7.0bn $5.6bn $5.3bn $14.0bn $5.3bn
Revenue growth, last 12 months 9.0% 11.5% 9.0% −26.6% 14.3% 12.1% 9.4%
Revenue growth, 3-year average 12.6% 15.1% 9.2% 26.5% 11.5% 13.5% 12.4%
Revenue growth, latest quarter 0.8% 20.9% 13.0% −35.0% 19.0% 20.7% 12.4%
Gross margin 74.6% 63.2% — — 53.9% — 63.1%
Operating margin 44.6% 29.8% 65.7% 3.6% 36.4% 40.6% 40.5%
Operating margin, 3-year average 42.4% 26.7% 64.8% 19.6% 31.2% 38.4% 38.4%
Net margin 35.3% 22.8% 63.5% −12.5% 28.0% 29.6% 29.6%
Cash from operations / revenue 40.7% 27.8% 63.5% 25.0% 49.7% 41.0% 40.7%
Free-cash-flow margin 36.4% 24.7% 62.1% 25.0% 47.9% 37.6% 36.4%
Free-cash-flow margin, 3-year average 34.0% 23.7% 62.0% 31.2% 33.6% 35.5% 34.0%
Stock pay / revenue 2.9% 1.9% 1.4% 16.9% 1.0% 2.0% 2.9%
Change in share count −2.5% −1.7% 0.2% −0.9% −0.1% −1.3% −1.7%

Median of all 11 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 financial exchanges & data companies
Measure Company Peer median Rank
Revenue growth Growth 9.0% 9.4% 7 of 11
Change in growth rate Growth -2.7pp +0.4pp 9 of 11
Operating margin Profitability 44.6% 40.5% 3 of 11
Net margin Profitability 35.3% 29.6% 4 of 11
Free-cash-flow margin Cash generation 36.4% 37.6% 5 of 8
Stock pay as % of revenue Cash generation 2.9% 2.9% 6 of 11
Long-term debt as % of assets Balance sheet 42.8% 21.7% 7 of 8
Change in share count Balance sheet -2.5% -1.7% 5 of 11
Days sales outstanding Balance sheet 82 days 44 days 6 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Moodys Investors Service $4.1B 53.4% ▲ 8.6%
Moodys Analytics $3.6B 46.6% ▲ 9.2%
Products and services
Line of business Revenue Share YoY
Recurring Revenue $4.8B 62.7% ▲ 10.0%
Transaction Revenue $2.9B 37.3% ▲ 7.1%
Geography
Region Revenue Share YoY
United States $4.2B 54.0% ▲ 8.7%
Outside the US $3.5B 46.0% ▲ 9.1%
EMEA $2.4B 67.0% ▲ 9.3%
Asia Pacific $699M 19.7% ▲ 11.1%
Americas $472M 13.3% ▲ 5.1%

From Moody's Corporation's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$71.7B
Institutions reporting
1,405
Shares held vs prior quarter
▼ 1.5%
Positions opened / closed
135 / 110

Top buyers and sellers, Q2 2026: 634 institutions bought and 633 sold ; the biggest buyer was AQR Capital Management LLC (+594K shares) and the biggest seller Blackrock, Inc (−666K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Berkshire Hathaway Inc $11.2B 24.7M 15.6% 0.0%
TCI Fund Management Ltd $6.5B 14.3M 9.0% 0.0%
Blackrock, Inc. $5.6B 12.5M 7.9% ▼ 5.1%
Vanguard Capital Management LLC $4.4B 9.8M 6.2% ▼ 1.3%
State Street Corp $3.2B 7.1M 4.5% ▼ 0.4%
FMR LLC $2.3B 5.0M 3.1% 0.0%
Geode Capital Management, LLC $1.8B 4.0M 2.5% ▼ 1.8%
Vanguard Portfolio Management LLC $1.7B 3.7M 2.4% ▼ 3.8%
Morgan Stanley $1.1B 2.4M 1.5% ▲ 2.5%
Norges Bank $1.1B 2.4M 1.5% —
Pinestone Asset Management Inc. $1B 2.3M 1.4% ▼ 2.8%
Goldman Sachs Group Inc $963M 2.1M 1.3% ▼ 1.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Moody's Corporation's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $18.3M 37 trades by 5 insiders · 53% under pre-set plans
Net ▼ $18.3M net selling
Insider Date Trade Shares Price Value
West Michael L CEO - Moody's Ratings October 29, 2026 Sell 6,820 $487.99 $3.3M
West Michael L CEO - Moody's Ratings October 29, 2026 Sell 2,926 $488.14 $1.4M
West Michael L CEO - Moody's Ratings October 29, 2026 Sell 200 $486.52 $97,304
Fauber Robert President and CEO October 1, 2026 Sell pre-set plan 623 $455.00 $283,465
Fauber Robert President and CEO October 1, 2026 Sell pre-set plan 300 $455.00 $136,500
Fauber Robert President and CEO September 1, 2026 Sell pre-set plan 1,167 $501.89 $585,706
Fauber Robert President and CEO September 1, 2026 Sell pre-set plan 300 $501.89 $150,567
Fauber Robert President and CEO August 3, 2026 Sell pre-set plan 1,167 $484.30 $565,178
Fauber Robert President and CEO August 3, 2026 Sell pre-set plan 300 $484.30 $145,290
Steele Richard G SVP - General Counsel July 1, 2026 Sell pre-set plan 157 $455.49 $71,512
Fauber Robert President and CEO July 1, 2026 Sell pre-set plan 1,167 $455.49 $531,557
Fauber Robert President and CEO July 1, 2026 Sell pre-set plan 300 $455.49 $136,647

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 22 trades and filings

No trades in Moody's Corporation disclosed in the last 12 months; 22 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 11, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Sale (partial), $1,001 - $15,000, traded June 10, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 20, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • February 18, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Moody's Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Moody's Corporation in brief

What does Moody's Corporation do?
Moody's Corporation is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is Moody's Corporation's stock ticker?
Moody's Corporation trades under the ticker MCO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Moody's Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Moody's Corporation reported revenue of $8.2B, 9.0% higher than a year earlier, according to its SEC filings.
What is Moody's Corporation's free cash flow?
Moody's Corporation's free-cash-flow margin is 36.4% of revenue over the trailing twelve months, ranking 5 of the 8 financial exchanges & data companies we cover.
What is Moody's Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Moody's Corporation's free cash flow after stock-based pay gives ~$350 per share in the base case, and ~$250–$470 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Moody's Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Berkshire Hathaway Inc, TCI Fund Management Ltd and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Moody's Corporation buying back stock, and does it pay a dividend?
Moody's Corporation spent $3B on share repurchases over the trailing twelve months, and its diluted share count fell 2.5% over the year.
What is Moody's Corporation's market cap?
On November 2, 2026, Moody's Corporation's market capitalisation was about $89.1B, with a price-to-earnings ratio of 30.9 and net debt of $5.4B. Market figures come from third-party market data and may be delayed.
Does Moody's Corporation pay a dividend?
Yes: Moody's Corporation paid $710M in dividends over the trailing twelve months, a dividend yield of 0.81% and a payout ratio of 24.6%.
How much debt does Moody's Corporation have?
Moody's Corporation's debt-to-equity ratio is 211.5%, from its latest balance sheet (304.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Moody's Corporation's competitors?
In our Financial Exchanges & Data peer group, the companies closest to Moody's Corporation are Nasdaq, Inc., CME Group, Coinbase, Cboe Global Markets and Intercontinental Exchange. The side-by-side comparison below sets their revenue, margins and growth against Moody's Corporation's.
Are insiders buying or selling Moody's Corporation stock?
Over the last 12 months, Moody's Corporation's directors and officers reported 0 open-market purchases and 37 sales on Form 4. The insider trading page charts every trade.
When is Moody's Corporation's next earnings date?
Around January 20, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Moody's Corporation announces its own schedule.